--------------------------------------------------------------------------------
| QPR SOFTWARE PLC | STOCK EXCHANGE RELEASE | OCTOBER 23, 2008 |
| | 8.15 AM
INTERIM REPORT JULY 1-SEPTEMBER 30, 2008
JULY-SEPTEMBER NET SALES GREW BY 23%, PROFITABILITY IMPROVED
JANUARY-SEPTEMBER NET SALES AMOUNTED TO EUR 5.5 MILLION, OPERATING PROFIT 8.8%
OF NET SALES, EARNINGS PER SHARE EUR 0.03
QPR Software Group´s net sales grew 23% in July-September to EUR 1.485 million
(1.205). International net sales showed 26% growth and net sales in Finland
grew 17% compared to respective quarter in 2007. The growth was mainly due to
increase in license sales, which grew by 60% compared to the third quarter in
2007.
The Group's operating profit in the third quarter improved to EUR 0.063 million
(-0.293), representing 4.2% of net sales (-24.3%). Profit before taxes was EUR
0.075 million (-0.289).
January-September net sales grew 8% to EUR 5.454 million (5.064). Cash flow
from operating activities developed positively and rose to EUR 0.955 million
(0.850). Operating profit for the reporting period improved substantially from
previous year and was EUR 0.478 million (-0.041), representing 8.8% of net
sales (-0.8%). Profit before taxes was EUR 0.493 million (-0.014) and profit
for the period EUR 0.385 million (-0.018). Earnings per share rose to EUR 0.03
(0.00).
Outlook for year 2008 remains unchanged. QPR Software's management estimates
both the net sales and operating profit to increase from the previous year.
KEY FIGURES
--------------------------------------------------------------------------------
| (EUR 1,000) | 7-9/ | 7-9/ | Change| 1-9/ | 1-9/ | Change | 1-12/ |
| | 2008 | 2007 | % | 2008 | 2007 | % | 2007 |
--------------------------------------------------------------------------------
| Net sales | 1,485 | 1,205 | 23.2 | 5,454 | 5,064 | 7.7 | 7,059 |
--------------------------------------------------------------------------------
| Operating profit | 63 | -293 | 121.5 | 478 | -41 | | 31 |
--------------------------------------------------------------------------------
| % of net sales | 4.2 | -24.3 | | 8.8 | -0.8 | | 0.4 |
--------------------------------------------------------------------------------
| Profit before | 75 | -289 | 126.0 | 493 | -14 | | 64 |
| tax | | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | 59 | -221 | 126.7 | 385 | -18 | | 204 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 4.0 | -18.3 | | 7.1 | -0.4 | | 2.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per | | | | 0.03 | 0.00 | | 0.02 |
| share, EUR | | | | | | | |
--------------------------------------------------------------------------------
| EPS (diluted), | | | | 0.03 | 0.00 | | 0.02 |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Equity per | | | | 0.18 | 0.17 | 5.9 | 0.18 |
| share, EUR | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from | | | | 955 | 850 | | 438 |
| operating | | | | | | | |
| activities | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | 1,530 | 1,757 | | 1,245 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Net liabilities | | | | -1,269 | -1,388 | | -876 |
--------------------------------------------------------------------------------
| Gearing, % | | | | -56.6 | -67.1 | | -38.7 |
--------------------------------------------------------------------------------
| Equity ratio, % | | | | 63.4 | 58.9 | | 57.0 |
--------------------------------------------------------------------------------
| Return on | | | | 34.2 | -1.0 | | 8.4 |
| equity, % | | | | | | | |
--------------------------------------------------------------------------------
| Return on | | | | 38.7 | -0.5 | | 2.5 |
| investment, % | | | | | | | |
--------------------------------------------------------------------------------
OUTLOOK FOR YEAR 2008
Outlook for year 2008 remains unchanged. QPR Software´s management estimates,
based on business prospects and reseller forecasts, the Group´s net sales and
operating profit to increase from the previous year.
The nature of 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 unaudited financial report has been prepared in accordance with the IFRS
booking and recognition principles. However, not all accounting policies set
forth in International Accounting Standard 34 have been applied.
RESULTS
JULY-SEPTEMBER 2008 COMPARED WITH JULY-SEPTEMBER 2007
QPR Software Group's net sales grew substantially compared to last year and rose
to EUR 1.485 million (1.205). Currency exchange rate changes during the quarter
had a negative impact of EUR 0.026 million. The impact of exchange rate changes
is recorded in its entirety in software license sales.
Net sales outside Finland grew 26% and rose to EUR 1.037 million (0.823). Sales
to Russia and to the Netherlands developed particularly well.
Net sales in Finland rose 17% to EUR 0.448 million (0,382). The positive
development was due to both increased software license and professional services
deliveries.
QPR sold software to 30 countries during the third quarter. Company and its
resellers delivered software e.g. to Eandis CBVA and Belgocontrol in the
Netherlands, Sibur and Troika Dialog in Russia, Commercial Bank of Dubai, Umeå
City in Sweden, Bosch-Siemens in Turkey, Latvian Ministry of Justice and
Tulikivi Oy in Finland. In Finland QPR also continued deliveries to the process
bank service of KuntaIT, the local government IT management unit of Ministry of
Finance.
The Group´s net sales are accrued in its entirety from software business, with
the following break-down, (EUR 1,000):
--------------------------------------------------------------------------------
| | 7-9/ | Share- % | 7-9/ | Share- % | Change- |
| | 2008 | | 2007 | | % |
--------------------------------------------------------------------------------
| Software licenses | 562 | 37.8 | 352 | 29.2 | 59.7 |
--------------------------------------------------------------------------------
| Maintenance services | 734 | 49.4 | 726 | 60.2 | 1.1 |
--------------------------------------------------------------------------------
| Professional services | 189 | 12.7 | 127 | 10.5 | 48.8 |
--------------------------------------------------------------------------------
| Total | 1,485 | 100.0 | 1,205 | 100.0 | 23.2 |
--------------------------------------------------------------------------------
The geographical break-down of net sales was as follows, (EUR 1,000):
--------------------------------------------------------------------------------
| | 7-9/ | Share- | 7-9/ | Share- | Change- | |
| | 2008 | % | 2007 | % | % | |
--------------------------------------------------------------------------------
| Domestic | 448 | 30.2 | 382 | 31.7 | 17.3 | |
--------------------------------------------------------------------------------
| International | 1.037 | 69.8 | 823 | 68.3 | 26.0 | |
--------------------------------------------------------------------------------
| Total | 1.485 | 100.0 | 1.205 | 100.0 | 23.2 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit rose to EUR 0.063 million (-0.293), representing
4.2% of net sales (-24.3%). Growth in operating profit was mainly attributable
to increase in sales and operational efficiency and lower costs. Operating
profit
for the period was negatively affected by the recorded bad debt revisions of EUR
0.037 million (0.060).
Profit before taxes rose to EUR 0.075 million (-0.289), representing 5.1% of
Group's net sales (-24.0%). Profit after taxes for the period was
EUR 0.059 million (-0.221), representing 4.0% of net sales (-18.3%).
RESULTS
JANUARY-SEPTEMBER 2008 COMPARED WITH JANUARY SEPTEMBER 2007
The Group's net sales for the period rose by 8% compared with the equivalent
period in 2007 and totaled in EUR 5.454 million (5.064). Currency exchange rates
during the reporting period, mainly weakening of the U.S. dollar and South
African rand to euro, had a negative impact of EUR 0.069 million to net sales.
The impact of the exchange rate changes is recorded in its entirety in software
license sales.
Net sales outside Finland rose by almost 2% from the previous year. Growth was
impacted negatively by lower sales to Japan and currency exchange rate changes.
The Group sold software to 47 countries. The Group's largest export markets
were South Africa, Russia, USA, Sweden and Japan. QPR technology based solution
sales to Japanese stock exchange companies for local securities market act
(J-SOX) compliance were lower than last year.
Operations of the Group´s Finnish business unit developed very favorably and its
net sales rose almost 23%. Growth is mainly attributable to increased software
sales to private sector and to increased professional services sales.
The company launched QPR ProcessGuide Xpress, a new desk top version of its
process modeling and analysis product, in May. The first sales of QPR
ProcessGuide Xpress were made in the second quarter.
The Group´s net sales are accrued in its entirety from software business, with
the following break-down during the review period, (EUR 1,000):
--------------------------------------------------------------------------------
| | 1-9/2008| Share- | 1-9/ | Share-% | Change-% | 1-12/|
| | | % | 2007 | | | 2007 |
--------------------------------------------------------------------------------
| Software licenses | 2,558 | 46.9 | 2.432 | 48.0 | 5.2 | 3,489 |
--------------------------------------------------------------------------------
| Maintenance | 2,218 | 40.7 | 2.056 | 40.6 | 7.9 | 2,764 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Professional | 678 | 12.4 | 576 | 11.4 | 17.7 | 806 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Total | 5,454 | 100.0 | 5.064 | 100.0 | 100.0 | 7,059 |
--------------------------------------------------------------------------------
The geographical break-down of net sales was as follows, (EUR 1,000):
--------------------------------------------------------------------------------
| | 1-9/| Share-% | 1-9/ | Share-% | Change- | 1-12/ |
| | 2008| | 2007 | | % | 2007 |
--------------------------------------------------------------------------------
| Domestic | 1,813| 33.2 | 1,478 | 29.2 | 22.7 | 2,117 |
| | | | | | | |
--------------------------------------------------------------------------------
| International | 3,641| 66.8 | 3,586 | 70.8 | 1.5 | 4,942 |
| | | | | | | |
--------------------------------------------------------------------------------
| Total | 5,454| 100.00 | 5,064 | 100.0 | 7.7 | 7,059 |
| | | | | | | |
--------------------------------------------------------------------------------
Operating profit was EUR 0.478 million (-0.041), representing 8.8% of net sales
(-0.8). Growth in operating profit is mainly attributable to improved sales and
also to increase operational efficiency and lower costs. Operating profit was
negatively affected by the recorded bad debt provisions of EUR 0.167 million.
Profit before taxes was EUR 0.493 million (-0.014), representing 9.0% of net
sales (0.0%).
Net profit for the period was EUR 0.385 million (-0.018), representing 7.1% of
net sales (-0.4%). Earnings per share were EUR 0.03 (0.00).
FINANCE AND INVESTMENTS
The value of total assets was at the end of September 2008 EUR 5.147 million
(4.799). The Group´s investments during the review period totaled to EUR 0.161
million (0.386).
Cash flow from operating activities was positive EUR 0.955 million (0.850). Cash
and cash equivalents at the end of the review period were EUR 1.530 (1.757) at
the end of the reporting period. The dividend of EUR 0.368 (0.489) was paid in
the reporting period.
The Group´s interest bearing liabilities declined to EUR 0.261 million (0.368).
The gearing ratio as of September 30, 2008 was -56.6% (-67.1). Return on
capital employed was 38.7% (-0.5).
Short-term liabilities include deferred revenue in total of EUR 1.607 million
(1.286). At the end of reporting period, quick ratio was 3.58 (3.10).
At the end of the reporting period, the Group equity stood at EUR 2.244 million
(2.069), and equity to assets ratio reached 63.4% (58.9%). Return on equity was
34.2% (-1.0%). A total of 22,500 new shares were subscribed under the QPR
Software Plc Stock Option Plan 2003/III: 7,500 new shares were subscribed under
Option Plan 2003/III A and 15,000 new shares were subscribed under Option Plan
2003/III B. According to decision made by Annual General Meeting on 12 March
2008, subscription prices of the shares subscribed based on the option
rights were entered into the invested non-restricted equity fund.
PERSONNEL
At the end of the review period, the Group employed a total of 54 people (63).
For incentive and commitment purposes, the Group has personnel bonus scheme
covering the whole personnel and personnel stock option plan.
PRODUCT DEVELOPMENT
The amount of R&D expenses in the review period totaled to MEUR 1.142 (0.974),
representing 20.9% (19.2%) of net sales.
During the review period, R&D expenses have been activated as assets for a total
amount of 95 thousand Euros (187). The depreciation period of capitalized R&D
expenses is 4 years.
Product development employed 14 (14) people at the end of the review period,
corresponding to 26% of the total personnel. The core know-how of product
development remains centralized in the own organization. Long-term co-operation
continues with established subcontractors.
During the review period, Research & Development activities focused on the
development of a new version of the QPR product family, QPR 8, to be released in
the latter part of 2008. The new version will broaden the scope of the QPR
software offering particularly in the areas of risk identification, risk
assessment and control activity management. It will also improve the integration
between QPR products and Microsoft Office with built-in integration to Microsoft
Office SharePoint Server document management and a new reporting module; QPR
Add-in for Microsoft Office.
QPR offers an interactive, easy-to-use, ready-to-run software that combines
process modeling and analysis (QPR ProcessGuide), business process automation
(QPR WorkFlow), performance management and measurement (QPR ScoreCard), and
business intelligence (QPR FactView) into one complete solution for risk
management and compliance. With the help of QPR software solutions,
organizations take control of risk and compliance issues, optimize business
processes, improve operational performance and drive strategy throughout their
organizations. Customers can utilize QPR solutions in order to comply with
rules and regulations as well as manage transitions caused by strategic or
regulatory demands.
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.
The QPR product family has been localized into 24 languages.
DECISIONS MADE BY THE ANNUAL SHAREHOLDER´S MEETING AND GOVENANCE
The Annual Shareholders' Meeting held on 12 March 2008 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 2007 and released the Board of Directors and the Managing Directors
from liability.
The Annual Shareholders' Meeting approved the Board's proposal that a per-share
dividend of EUR 0.03, a total of EUR 368,106.06, be paid for the financial year
2007. The dividend was paid to shareholders entered in the company's shareholder
register, maintained by Finnish Central Securities Depository Ltd., on the
record date of 17 March 2008. The dividend payment date was 26 March 2008.
The Annual Shareholders' Meeting resolved that the Board of Directors consist of
five (5) ordinary members. The Annual Shareholders' Meeting elected the
following persons to members of the Board of Directors: Jyrki Kontio, Vesa-Pekka
Leskinen, Jarmo Niemi, Asko Piekkola and Topi Piela. 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, Authorised Public Accountants, continues as QPR Software Plc's
Auditors, 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 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 web site, and on the stock exchange
release, published by the company on 12 March 2008.
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 web
site, and on the stock exchange release, published by the company on 12 March
2008.
The Annual Shareholders' Meeting decided to decrease the share premium reserve
as shown in the balance sheet as per 31 December 2007 by the total amount of the
share premium reserve of EUR 356,539.89 by transferring the decreased amount to
the invested non-restricted equity fund of the company. After the decrease the
amount of the share premium reserve shall be zero and it is abolished.
The Annual Shareholders' Meeting further resolved to amend the decisions made on
1 October 2003 and on 15 March 2005 regarding the issue of option rights so that
the subscription prices of the shares subscribed based on the option rights will
be entered into the invested non-restricted equity fund.
COMPANY SHARES AND TRADING IN COMPANY SHARES 1-9/2008
The Company's share capital at the end of the reporting period was EUR
1,359,089.93 divided into 12,377,863 shares.
At the end of review period, the Company had a total of 569 shareholders. In the
reporting period, trading in company shares amounted to EUR 0.315 million, i.e.
an average of EUR 1,650 per trading day. Trading in shares totaled 391,131
shares, giving an average of 2,048 shares per trading day. Turnover in shares
corresponds to 3.2% of the total shares and the average price was EUR 0.76 per
share.
At the end of the reporting period, the total market value of the company shares
was EUR 9.407 million at the review period's closing price of EUR 0.76.
The Group announced the following holding change in the reporting period in
accordance with chapter 2, section 10 of the security market act:
On 15 January, 2008: The total holding of Jouko Antero Pelkonen and his
controlled companies Electrosale Oy (company ID 0252032-5) and Pohjolan Rahoitus
Oy (company ID 0486816-5) in QPR Software Plc has increased above one-tenth
(1/10) to 10.098% of QPR Software Plc's share capital and votes.
OWN SHARES
QPR Software Plc has one share class. At the end of the reporting period the
company held 129,111 of its own shares with a total nominal value of EUR
14,202.11 and a total purchase price of EUR 101,373.89. The number of acquired
own shares in the reporting period was 47,350. Own shares held by the company
represent 1.04% of the Company´s capital stock.
The Board of Directors has been granted by the Annual Shareholders Meeting of 12
March 2008, a share repurchases authorization, valid until next Annual
Shareholders Meeting, to repurchase company shares in total of 250,000 shares at
maximum. According to the authorization the company may acquire own shares in
order to strengthen the company's capital structure, to be used as payment in
corporate acquisitions or when the company acquires assets related to its
business or as part of the company's incentive programs in a manner and to the
extent decided by the Board of Directors, or to be transferred for other
purposes or to be cancelled.
STOCK OPTION PROGRAMS
In the review period, the Company had two prevailing stock option programs. Each
stock option issued under these stock option programs entitle to subscribe one
new share in the company.
At the end of third quarter, based on stock option program 2003/III, in total of
180,000 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 were no more unconverted stock
options as of June 30, 2008. QPR Software Plc`s subsidiary held still 150,401
stock options, but their subscription period has ended.
At the end of the review period, a total of 180,000 hitherto unconverted stock
options have been issued, and in addition, a total of 121,290 stock options were
in the possession of the Company's subsidiary, to be subscribed by the present
and future employees and management.
CORPORATE GOVERNANCE
QPR Software Plc complies with the Helsinki Exchanges' Guidelines for Insiders
issued on 2 June 2008 and the Recommendation on Corporate Governance issued on 1
July 2004. The Company's Corporate Governance Statement is available in the
Investor section of the Company's website, http://www.qpr.com. Also, available
in the investor section is further information, such as, administration of
insiders register, public insiders register, list of major shareholders,
articles of association, charter of the Board, description of how internal
control and internal audit is organized, introductions of the members of the
Board and Executive Management Team, and the information published by the
company in the financial year.
OTHER EVENTS IN THE REPORTING PERIOD
The Board of Directors appointed B.A., MBA Jari Jaakkola, 46, as new Chief
Executive Officer. Jaakkola has worked as SVP, Business Operations for QPR
Software since August 2006. QPR Software Plc´s Chief Executive Officer Matti
Kanninen resigned from his position as of 3 January, 2008.
QPR Software´s Executive Management Teams comprises of CEO Jari Jaakkola
(chairman), VP, Channel Sales (Asia & Africa) Antti Ainasoja, VP, Channel Sales
(Europe & Americas) Maija Erkheikki, VP, Sales (Finland) Matti Erkheikki, VP,
and Marketing & Solutions Development Teemu Lehto, acting CFO Päivi Vahvelainen
and VP, Products & Support Tony Virtanen.
OTHER EVENTS AFTER THE REPORTING PERIOD
The strategic guidelines for 2009 were approved by the Board of Directors on
October 23, 2008.
In its domestic market the company will develop its service offering especially
in business process consulting. QPR develops service concepts that include QPR´s
own software and consulting services as well as third party software. These
service concepts focus on quality and process management as well as performance
and productivity improvement and monitoring.
Product development is focused on supporting the chosen service offering by
utilizing both the existing QPR products and their strong Microsoft
compatibility.
In international markets QPR focuses on further tightening the co-operation
with its largest resellers and efficiency improvements in its sales processes.
With service concepts to be built around QPR software, the company aims to boost
its sales and to further improve the replicability of software sales. In the
near regions QPR will invest especially in sales to Russia.
The Group announced in October that Oy AutoCarrera Ab´s holding of QPR
Software´s share capital and votes had decreased under 10.00%. The Group
announced also in October that Oy AutoCarrera Ab´s holding of QPR Software´s
share capital and votes had again reached 10.00%. The decrease below 10% was
due to dilution caused by new 22,500 shares registered by QPR.
RISKS AND FACTORS OF UNCERTAINTY IN THE NEAR FUTURE
In the financial statements of 2007 the risks related to the company's
activities have been reported in more detail. In the reporting period, there
were no significant changes in risks and factors of uncertainty in the near
future.
Reasonable credit risk concerning individual business partners 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
management of QPR estimates that the company´s credit loss risk is on customary
and reasonable level.
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.
FUTURE OUTLOOK
Future outlook for year 2008 remains unchanged. QPR Software´s management
estimates, based on business prospects and reseller forecasts, the Group´s net
sales and operating profit in 2008 to increase from the previous year. 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.
According to strategic guidelines of the company, QPR will develop its service
offering in its domestic market especially in business process consulting. QPR
develops service concepts that include QPR´s own software and consulting
services as well as third party software. These service concepts focus on
quality and process management as well as performance and productivity
improvement and monitoring.
Product development is focused on supporting the chosen service offering, by
utilizing both the existing QPR products and their strong Microsoft
compatibility.
In international markets QPR focuses on further tightening the co-operation
with its largest resellers and efficiency improvements in its sales processes.
With service concepts to be built around QPR software, the company aims to boost
its channel sales and to further improve the replicability of software sales. In
the near regions QPR will invest especially in sales to Russia.
In addition, the Company continues to follow the structural developments in the
software industry, and aims actively to participate in it.
QPR SOFTWARE PLC'S FINANCIAL INFORMATION
QPR Software Plc will publish Financial Statements Bulletin for 2008 on
Thursday, February 12, 2009
ENCLOSURES:
--------------------------------------------------------------------------------
| GROUP INCOME STATEMENT | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 7-9/ | 7-9/ | 1-9/ | 1-9/ | 1-12/ |
| | 2008 | 2007 | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| Net Sales | 1,485 | 1,205 | 5,454 | 5,064 | 7,059 |
--------------------------------------------------------------------------------
| Other operating income | 7 | 7 | 39 | 43 | 46 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Material and services | 225 | 82 | 757 | 538 | 689 |
--------------------------------------------------------------------------------
| Employee benefits | 733 | 879 | 2,662 | 2,983 | 4,048 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation | 69 | 56 | 208 | 146 | 214 |
--------------------------------------------------------------------------------
| Other operating | 402 | 488 | 1,388 | 1,481 | 2,123 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 63 | -293 | 478 | -41 | 31 |
--------------------------------------------------------------------------------
| Financial income and | 12 | 4 | 15 | 27 | 33 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 75 | -289 | 493 | -14 | 64 |
--------------------------------------------------------------------------------
| Income tax expense | -16 | 68 | -108 | -4 | 140 |
--------------------------------------------------------------------------------
| Profit for the period | 59 | -221 | 385 | -18 | 204 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | 59 | -221 | 385 | -18 | 204 |
| parent company | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | 0.00 | -0.02 | 0.03 | 0.00 | 0.02 |
| (diluted), EUR | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.00 | -0.02 | 0.03 | 0.00 | 0.02 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP'S BALANCE SHEET 30.9.2008 | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | | | |
--------------------------------------------------------------------------------
| Assets | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Tangible assets | 256 | 339 | 321 |
--------------------------------------------------------------------------------
| Other intangible assets | 466 | 420 | 448 |
--------------------------------------------------------------------------------
| Trade and other receivables | 5 | 75 | 5 |
--------------------------------------------------------------------------------
| Deferred tax assets | 435 | 368 | 502 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,162 | 1,202 | 1,276 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 2,455 | 1,840 | 2,570 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1,530 | 1,757 | 1,245 |
--------------------------------------------------------------------------------
| Total current assets | 3,985 | 3,597 | 3,815 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 5,147 | 4,799 | 5,091 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and Liabilities | | | |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Share capital | 1,359 | 1,359 | 1,359 |
--------------------------------------------------------------------------------
| Share premium | 0 | 231 | 231 |
--------------------------------------------------------------------------------
| Reserve fund | 21 | 22 | 21 |
--------------------------------------------------------------------------------
| Invested non-restricted equity | 235 | 0 | 0 |
| fund | | | |
--------------------------------------------------------------------------------
| Translation differences | -74 | -64 | -70 |
--------------------------------------------------------------------------------
| Treasure shares | -101 | 0 | -65 |
--------------------------------------------------------------------------------
| Retained earnings | 804 | 521 | 787 |
--------------------------------------------------------------------------------
| Equity attributable to | 2,244 | 2,069 | 2,264 |
| shareholders of the parent company | | | |
--------------------------------------------------------------------------------
| Total equity | 2,244 | 2,069 | 2,264 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 182 | 285 | 182 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 182 | 285 | 182 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Accounts payables and other | 2,642 | 2,362 | 2,458 |
| payables | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 79 | 83 | 187 |
--------------------------------------------------------------------------------
| Total current liabilities | 2,721 | 2,445 | 2,645 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | 2,903 | 2,731 | 2,827 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities | 5,147 | 4,799 | 5,091 |
--------------------------------------------------------------------------------
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 reporting period nor
earlier, are approximately EUR 1.0 million, corresponding to approximately EUR
0.3 million deferred tax assets. In the Group´s balance sheet as of 30
September, 2008, the remaining amount of deferred tax is EUR 0.435 million. The
retained losses of the U.S. subsidiary QPR Software, Inc., are approximately
EUR 0.7 million, for which no entry has been made as deferred tax assets.
--------------------------------------------------------------------------------
| GROUP'S CASH FLOW STATEMENT | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | 1.1.-30.9.| 1.1.-30.9. | 1.1.-31.12. |
| | 2008| 2007 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Profit for the period | 385 | -18 | 204 |
--------------------------------------------------------------------------------
| Adjustments for the profit | | | |
--------------------------------------------------------------------------------
| Depreciation | 208 | 146 | 214 |
--------------------------------------------------------------------------------
| Non-cash transactions | 92 | 4 | -140 |
--------------------------------------------------------------------------------
| Changes in working capital | | | |
--------------------------------------------------------------------------------
| Changes in trade and other | 98 | 1,227 | 560 |
| receivables | | | |
--------------------------------------------------------------------------------
| Changes in accounts payable and | 184 | -494 | -401 |
| other liabilities | | | |
--------------------------------------------------------------------------------
| Interest expense and other | -4 | -4 | -8 |
| financial expenses | | | |
--------------------------------------------------------------------------------
| Interest income and other | 17 | 31 | 41 |
| financial income | | | |
--------------------------------------------------------------------------------
| Income taxes paid | -25 | -42 | -32 |
--------------------------------------------------------------------------------
| Net cash from operating activities | 955 | 850 | 438 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Purchases of tangible assets | -36 | -123 | -140 |
--------------------------------------------------------------------------------
| Purchases of intangible assets | -125 | -263 | -324 |
--------------------------------------------------------------------------------
| Net cash used in investing | -161 | -386 | -464 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Proceeds from issuance of share | 4 | 49 | 49 |
| capital | | | |
--------------------------------------------------------------------------------
| Repayments of financial leases | -108 | -108 | -108 |
--------------------------------------------------------------------------------
| Purchases of own shares | -37 | -44 | -65 |
--------------------------------------------------------------------------------
| Dividends paid | -368 | -489 | -489 |
--------------------------------------------------------------------------------
| Net cash used in financing | -509 | -592 | -613 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash | 285 | -127 | -639 |
| equivalents | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents in the | 1,245 | 1,884 | 1,884 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents in the | 1,530 | 1,757 | 1,245 |
| end of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY | |
| 1.1.2007-30.9.2007 | |
--------------------------------------------------------------------------------
| | Share | Share | Trans- | Trea- |Invested |Retained | Total |
| | hol- | pre- | lation | sure | non- |earnings | |
| | ders´ | mium | differ.| shares | retsr. | | |
| | equity | | | | equity | | |
| | | | | | fund | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 1,346 | 217 | -49 | 0 | 0 | 1,072 | 2,586 |
| 1.1.2007 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shares | 13 | | | | | | 13 |
| issued | | | | | | | |
--------------------------------------------------------------------------------
| Issue | | 36 | | | | | 36 |
| premium | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -489 | -489 |
| paid | | | | | | | |
--------------------------------------------------------------------------------
| Trans- | | | -15 | | | | -15 |
| lation | | | | | | | |
| differen- | | | | | | | |
| ces | | | | | | | |
--------------------------------------------------------------------------------
| Purchase | | | | | | -44 | -44 |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Profit for | | | | | | -18 | -18 |
| the period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | 13 | 36 | -15 | 0 | 0 | -551 | -517 |
| share- | | | | | | | |
| holders' | | | | | | | |
| equity,1-9 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 1,359 | 253 | -64 | 0 | 0 | 521 | 2,069 |
| 30.9.2007 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY | |
| 1.1.2008-30.9.2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Share | Share | Trans- | Treasure| Invested| Retained| Total |
| | hol- | pre- | lation | shares| non-| earnings| |
| | ders´ | mium | differ | | restr.| | |
| | equity | | | | equity | | |
| | | | | | fund | | |
--------------------------------------------------------------------------------
| Equity | 1,359 | 253 | -70 | -65 | 0 | 787 | 2,264 |
| 1.1.2008 | | | | | | | |
--------------------------------------------------------------------------------
| Shares | | | | | 3 | | 3 |
| issues | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -368 | -368 |
| paid | | | | | | | |
--------------------------------------------------------------------------------
| Trans- | | | -4 | | | | -4 |
| lation | | | | | | | |
| diffe- | | | | | | | |
| rences | | | | | | | |
--------------------------------------------------------------------------------
| Purchase | | | | -36 | | | -36 |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Profit for | | | | | | 385 | 385 |
| the period | | | | | | | |
--------------------------------------------------------------------------------
| Transfer | | -232 | | | 232 | | 0 |
| of Share | | | | | | | |
| Premium | | | | | | | |
| fund | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | 0 | -232 | -4 | -36 | 235 | 17 | -20 |
| share- | | | | | | | |
| holders' | | | | | | | |
| equity,1-9 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 1,359 | 21 | -74 | -101 | 235 | 804 | 2,244 |
| 30.9.2008 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP COMMITMENTS AND CONTINGENT LIABILITIES | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.9.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| Commitments and contingent liabilities | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lease liabilities | 303 | 460 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current lease liabilities | | |
--------------------------------------------------------------------------------
| Lease liabilities maturing during one year | 36 | 30 |
--------------------------------------------------------------------------------
| Lease liabilities maturing 2-5 years | 33 | 21 |
--------------------------------------------------------------------------------
| Total | 69 | 51 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total commitments and contingent liabilities | 372 | 511 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN GROUP'S INTEREST BEARING | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest bearing liabilities 1.1. | 369 | 476 | 476 |
--------------------------------------------------------------------------------
| Change | -108 | -108 | -108 |
--------------------------------------------------------------------------------
| Interest bearing liabilities 30.9. / | 261 | 368 | 369 |
| 31.12. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP'S INTANGIBLE AND TANGIBLE ASSETS | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Change in intangible assets | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Acquisition cost 1.1. | 1,744 | 437 | 437 |
--------------------------------------------------------------------------------
| Increase | 125 | 263 | 324|
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Change in tangible assets | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Acquisition cost 1.1. | 1,045 | 748 | 748 |
--------------------------------------------------------------------------------
| Increase | 36 | 123 | 140 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP KEY FIGURES | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR (1,000) | 1-9/ | 1-9/ | 1-6/ | 1-6/ | 1-3/ | 1-3/ | 2007 |
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Net sales |5,454 |5,064 | 3,969 |3,859 | 1,754 | 1,634 | 7,059 |
--------------------------------------------------------------------------------
| Net sales growth, % | 7.7 | -1.0 | 2.9 | 2.9 | 7.3 | -2.2 | 2.3 |
--------------------------------------------------------------------------------
| Operating profit | 478 | -41 | 415 | 252 | 91 | 19 | 31 |
--------------------------------------------------------------------------------
| % of net sales | 8.8 | -0.8 | 10.5 | 6.5 | 5.2 | 1.2 | 0.4 |
--------------------------------------------------------------------------------
| Profit or loss before | 493 | -14 | 419 | 275 | 90 | 34 | 64 |
| tax | | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 9.0 | -0.3 | 10.6 | 7.1 | 5.1 | 2.1 | 0.9 |
--------------------------------------------------------------------------------
| Profit for the period | 385 | -18 | 327 | 203 | 78 | 19 | 204 |
--------------------------------------------------------------------------------
| % of net sales | 7.1 | -0.4 | 8.2 | 5.2 | 4.5 | 1.2 | 2.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity,% | 34.2 | -1.0 | 29.2 | 16.5 | 14.4 | 5.1 | 8.4 |
--------------------------------------------------------------------------------
| Return on investment,% | 38.7 | -0.5 | 32.8 | 19.3 | 14.4 | 1.3 | 2.5 |
--------------------------------------------------------------------------------
| Interest-bearing | 261 | 369 | 285 | 393 | 369 | 476 | 369 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash |1,530 |1,757 | 1,397 |1,389 | 1,077 | 1,244 | 1,245 |
| equivalents | | | | | | | |
--------------------------------------------------------------------------------
| Net liabilities |-1,269|-1,388|-1,112 | -996 | -708 | -768 | -876 |
--------------------------------------------------------------------------------
| Equity |2,244 |2,069 | 2,214 |2,320 | 1,968 | 2,111 | 2,264 |
--------------------------------------------------------------------------------
| Gearing,% |-56.6 |-67.1 | -50.2 -42.9 | -36.0 | -36.4 | -38.7 |
--------------------------------------------------------------------------------
| Equity ratio,% | 63.4 | 58.9 | 53.8 | 52.0 | 53.1 | 52.0 | 57.0 |
--------------------------------------------------------------------------------
| Total balance sheet |5,147 |4,799 |5,926 | 6,191 | 5,158 | 5,876 | 5,091 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments in | 161 | 386 | 91 | 279 | 37 | 104 | 463 |
| non-current assets | | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 3.0 | 7.6 | 2.3 | 7.2 | 2.1 | 6.4 | 6.6 |
--------------------------------------------------------------------------------
| Research and | 1142 | 974 | 770 | 736 | 384 | 344 | 1,502 |
| development expenses | | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 20.9 | 19.2 | 19.4 | 19.1 | 21.9 | 21.0 | 21.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of | 53 | 61 | 53 | 61 | 55 | 59 | 58 |
| personnel | | | | | | | |
--------------------------------------------------------------------------------
| Personnel at the | 58 | 58 | 58 | 58 | 58 | 58 | 58 |
| beginning of period | | | | | | | |
--------------------------------------------------------------------------------
| Personnel at the end | 54 | 63 | 54 | 63 | 52 | 59 | 58 |
| of period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share,€ | 0.03 | 0.00 | 0.03 | 0.02 | 0.01 | 0 | 0.02 |
--------------------------------------------------------------------------------
| Earnings per share | 0.03 | 0.00 | 0.03 | 0.02 | 0.01 | 0 | 0.02 |
| (diluted), € | | | | | | | |
--------------------------------------------------------------------------------
| Equity per share, € | 0.18 | 0.17 | 0.18 | 0.19 | 0.16 | 0.17 | 0.18 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP INCOME STATEMENT PER | | | | | | |
| QUARTER | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-3/ | 1-3/ | 4-6/ | 4-6/ | 7-9/ | 7-9/ | 10-12/|
--------------------------------------------------------------------------------
| (EUR 1,000) | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Sales |1,754 | 1,634 | 2,215 | 2,225 | 1,485 | 1,205 | 1,995 |
--------------------------------------------------------------------------------
| Other operating | 11 | 19 | 21 | 17 | 7 | 7 | 3 |
| income | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Material and services | 259 | 73 | 273 | 383 | 225 | 82 | 151 |
--------------------------------------------------------------------------------
| Employee benefits | 943 | 1,044 | 986 | 1,059 | 733 | 879 | 1,065 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation | 70 | 42 | 69 | 48 | 69 | 56 | 67 |
--------------------------------------------------------------------------------
| Other operating | 402 | 476 | 584 | 518 | 402 | 488 | 642 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 91 | 19 | 324 | 233 | 63 | -293 | 72 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | -2 | 15 | 6 | 8 | 12 | 4 | 6 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 89 | 34 | 330 | 241 | 75 | -289 | 78 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expenses | -11 | -15 | -81 | -58 | -16 | 68 | 144 |
--------------------------------------------------------------------------------
| Profit for the period | 78 | 19 | 249 | 183 | 59 | -221 | 222 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CALCULATION OF KEY INDICATORS:
Return on equity (ROE), % (counted on yearly level):
Profit for the period x 100
__________________________________________________
Shareholders' equity + minority interest (average)
Return on capital employed (ROCE), % (counted on yearly level):
Profit before taxes + interest and other financial
expenses x 100
________________________________________________________________
Balance sheet total - non-interest bearing liabilities (average)
Equity ratio, %:
Shareholders' equity x 100
______________________________________________
Balance sheet total - deferred revenue
Gearing, %:
Interest bearing liabilities - cash and cash equivalents x 100
______________________________________________________________
Shareholders' equity
Earnings per share, euro:
Profit for period
_______________________________________________________________
Adjusted number of shares over the financial year (average)
Equity per share, euro:
Shareholders' equity
_____________________________________________________________
Adjusted number of shares at the end of the financial period
Dividend per share, euro:
Total dividend paid
____________________________________________________________
Adjusted number of shares at the end of the financial period
Market value of share capital:
(Number of shares - own shares) x share price at the end of the
financial period
Turnover of shares, % of share capital:
Turnover (number of shares) x 100
_______________________________________
Number of shares issued (average)
Quick ratio:
Current assets - inventories
_________________________________________
Current liabilities - advances received
MAJOR SHAREHOLDERS 30.9.2008
Number of shares %- share
Shares
and votes
Ulkomarkkinat Oy 1,600,000 12.93%
Jouko Pelkonen 423,300 3.42%
Pohjolan Rahoitus Oy 612,000 4.94%
Electrosale Oy 322,000 2.60%
Total 1,357,300 10.97%
Vesa-Pekka Leskinen 851,400 6.88%
+ Kauppamainos Oy 475,170 3.84%
Total 1,326,570 10.72%
Alesco S.A 1,300,000 10.50%
Autocarrera Oy Ab 1,235,917 9.98%
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 2.64%
Asko Piekkola 316,438 2.56%
Jaakkola Jari 220,000 1.78%
Value FM Oy 30,000 0.24%
Total 250,000 2.02%
Esa Pääkkönen 246,054 1.99%
Veli-Mikko Leskinen 232,530 1.88%
Matti Kanninen 199,101 1.61%
Tony Virtanen 172,112 1.39%
Teemu Lehto 153,654 1.24%
Kai-Erik Becker 140,000 1.13%
Other shareholders 2,207,867 17.84%
Total 12,377,863 100.0 %
Helsinki, October 23, 2008
QPR SOFTWARE PLC
The Board of Directors
For more information, please contact:
QPR SOFTWARE PLC
Jari Jaakkola, CEO
Tel. +35840 502 6397
jari.jaakkola@qpr.com
http://www.qpr.com