QPR SOFTWARE PLC STOCK EXCHANGE RELEASE APRIL 23, 2009 9.15 AM
INTERIM REPORT JANUARY 1 - MARCH 31, 2009
QPR SOFTWARE'S RESULT BEFORE TAXES INCREASED TO EUR 0.149 MILLION,
OPERATING PROFIT WAS 8.8 % OF NET SALES AND EARNINGS PER SHARE EUR 0.01
QPR Software Group´s profit before taxes increased by 66% in January-March 2009
thanks to strong growth in software license sales in Finland and successful cost
control. Net sales in Finland grew by 25%, but decreased in other markets by 24%
due to the substantially prolonged software purchase processes compared to
previous year.
- QPR Software Group´s net sales were EUR 1.628 million (1.754)
- Operating profit increased from last year to EUR 0.143 million (0.091).
- Operating profit margin rose to 8.8% (5.2 %).
- Cash flow from operating activities was EUR 0.251 million (0.239).
- Profit before tax increased to EUR 0.149 million (0.090).
- Profit after tax increased to EUR 0.122 million (0.078)
- Earnings per share was EUR 0.01 (0.01), and diluted earnings per share
EUR 0.01 (0.01)
- Return on equity was 18.6% (14.8)
- Equity ratio increased to 66.2% (53.1)
- Return on investment rose to 21.4% (14.7)
The Company delivered software licenses and services to 48 countries during the
reporting period. Software licenses and services were sold by 58 resellers in
various parts of the world.
QPR Software's operating profit in 2009 is expected to remain on the level of
previous year.
KEY FIGURES
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| (EUR 1,000) | 1-3/2009 | 1-3/2008 | Change % | 1-12/2008 |
--------------------------------------------------------------------------------
| Net sales | 1,628 | 1,754 | -7.2 | 7,512 |
--------------------------------------------------------------------------------
| Operating profit | 143 | 91 | -57.1 | 893 |
--------------------------------------------------------------------------------
| % of net sales | 8.8 | 5.2 | | 11.9 |
--------------------------------------------------------------------------------
| Profit before tax | 149 | 90 | -65.6 | 927 |
--------------------------------------------------------------------------------
| Profit for the period | 122 | 78 | -56.4 | 928 |
--------------------------------------------------------------------------------
| % of net sales | 7.5 | 4.5 | | 12.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.01 | 0.01 | | 0.08 |
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| EPS (diluted), EUR | 0.01 | 0.01 | | 0.07 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 0.20 | 0.16 | | 0.22 |
--------------------------------------------------------------------------------
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| Cash flow from operating | 251 | 239 | | 1,518 |
| activities | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1,163 | 1,077 | | 1,716 |
--------------------------------------------------------------------------------
| Net liabilities | -981 | -708 | | -1,269 |
--------------------------------------------------------------------------------
| Gearing, % | -39.3 | -36.0 | | -56.1 |
--------------------------------------------------------------------------------
| Equity ratio, % | 66.2 | -53.1 | | 61.5 |
--------------------------------------------------------------------------------
| Return on equity, % | 18.6 | 14.8 | | 37.1 |
--------------------------------------------------------------------------------
| Return on investment, % | 21.4 | 14.7 | | 33.6 |
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OUTLOOK FOR 2009
Based on current software market growth forecasts, QPR´s own forecasts and
resellers' forecasts, QPR Software expects its operating profit to stay on the
level of previous year (2008: EUR 0.893 million). The nature of software license
business of 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,
but in preparations not all the requirements of IAS 34-standard have been
considered. The accounting and valuation principles are the same as they were in
2008 financial statements. This interim report is not audited.
As of January 1, 2009 QPR Software Plc has three business segments: Software
Sales International (software license and maintenance sales outside of Finland),
Software Sales Finland (software license and maintenance sales in Finland) and
Service and Solutions (global professional service sales).
The company has re-defined management reporting principles, and does not
anymore monitor minor inter-segment net sales or report it. The company has
also revised accordingly the segment information provided in the 2008 Annual
Report.
The geographical segments used by the Company are Domestic (Finland) and
International markets.
RESULT
JANUARY-MARCH 2009 COMPARED WITH JANUARY-MARCH 2008
QPR Software Group´s net sales in the first quarter of 2009 were EUR 1.628
million (1.754).
The decrease in net sales was due to substantially lower international software
license sales than in previous year. Software license sales in January-March
were EUR 0.529 million (0.817). The decrease was mainly due to customers´
prolonqued software purchase processes and smaller average deal size than in
previous year. A substantial share of the customers have delayed their software
purchases in the current challenging economic climate. However, only few
customers in the first quarter decided entirely to abandon their software
purchase plans.
The largest export markets of QPR Software were South-Africa, Japan, Sweden,
Belgium, United Arab Emirates and Russian Federation. QPR delivered software
licenses in the first quarter to Belgocontrol and EDS Telindus in Belgium,
Vidéotron Ltée in Canada, Nihon Keiei/Japan Business Management Inc in Japan,
Ministry of Education in Slovakia, Göteborgs Energi in Sweden and to National
Bank Of Abu Dhabi and Ernst & Young Abu Dhabi in United Arab Emirates.
Despite of the challenging economic situation, QPR succeeded in Finland to
increase software licenses, maintenance and professional services sales. Net
sales in Finland increased by 25.1% from previous year. The increase was boosted
by QPR's expansion to healthcare sector in the beginning of 2009.
In Finland QPR delivered software to Alma Media Corporation, Neste Oil
Corporation, the health district of Kymenlaakso, Samlink Ltd, Finnish State
Treasury, Finnish Communication and Regulatory Authority and to the local
government IT management unit of Ministry of Finance (KuntaIT).
Maintenance services sales increased both in Finland and abroad, and rose to EUR
0.868 million (0.735). The migration of maintenance customers to the new QPR 8.0
software version started promptly. EUR 0.058 million maintenance sales increase
was due to business acquired from Mawell Ltd. QPR bought at the end of December
2008 all Mawell Ltd´s customer contracts regarding QPR ProcessGuide, QPR
ScoreCard and CostPerform software products that can be transferred to QPR
Software. The transferred customers are mostly healthcare organizations in
Finland. The transaction includes maintenance agreements with an estimated total
invoicing of EUR 330,000 in 2009.
QPR Software Plc sold in 2001 to Mawell Ltd exclusive rights to sell QPR's
software products to healthcare sector in Finland. These exclusive rights ceased
to exist as of January 1, 2009, after which QPR has full business rights also
in this sector in Finland. QPR will write-off the whole Goodwill in five years
time.
The transaction also supports QPR´s strategy to develop a strong home market
service offering in business process consulting, and opens new possibilities to
build service concepts for international resellers.
Professional services sales rose to EUR 0.231 million, which represents 14.2% of
net sales. QPR aims further to increase professional services sales in 2009.
QPR aims at increasing the scale and impact of its solutions by delivering its
customers professional services that enhance their implementation projects. In
its consulting service offering, QPR focuses especially on business process
consulting that aims at productivity increases and systematic risk management
and control. In these services, QPR experts have significant experience across
the industries.
Group net sales by primary business segments, (EUR 1,000):
--------------------------------------------------------------------------------
| | 1-3/2009 | Share-% | 1-3/2008 | Share-% | Change-% |
--------------------------------------------------------------------------------
| Software Sales | 845 | 51.9 | 1,127 | 64.3 | -25.0 |
| International | | | | | |
--------------------------------------------------------------------------------
| Software Sales Finland | 561 | 34.5 | 446 | 25.4 | 25.8 |
--------------------------------------------------------------------------------
| Service and Solutions | 222 | 13.6 | 181 | 10.3 | 22.6 |
--------------------------------------------------------------------------------
| Total | 1,628 | 100.0 | 1,754 | 100.0 | -7,2 |
--------------------------------------------------------------------------------
Group operating profit by business segments, (EUR 1,000):
--------------------------------------------------------------------------------
| | 1-3/2009 | Share-% | 1-3/2008 | Share-% | Change-% |
--------------------------------------------------------------------------------
| Software Sales | 22 | 15.4 | 137 | 150.6 | -83.9 |
| International | | | | | |
--------------------------------------------------------------------------------
| Software Sales Finland | 198 | 138.5 | 146 | 160.4 | 35.6 |
--------------------------------------------------------------------------------
| Service and Solutions | 17 | 11.8 | -23 | -25.3 | 173.9 |
--------------------------------------------------------------------------------
| Non-allocated | -94 | -65.7 | -169 | -185.7 | 44.4 |
--------------------------------------------------------------------------------
| Total | 143 | 100.0 | 91 | 100.0 | 57.1 |
--------------------------------------------------------------------------------
Group net sales by geography, (EUR 1,000):
--------------------------------------------------------------------------------
| | 1-3/ | Share- | 1-3/ | Share-% | Change-% | 1-12/ |
| | 2009 | % | 2008 | | | 2008 |
--------------------------------------------------------------------------------
| Domestic | 758 | 46.6 | 606 | 34.5 | 25.1 | 2,634 |
--------------------------------------------------------------------------------
| International | 870 | 53.4 | 1,148 | 65.5 | -24.2 | 4,878 |
--------------------------------------------------------------------------------
| Total | 1,628 | 100.0 | 1.754 | 100.0 | -7.2 | 7,512 |
--------------------------------------------------------------------------------
Group net sales divided into software licenses, maintenance services and
professional services as follows, (EUR 1,000):
--------------------------------------------------------------------------------
| | 1-3/ | Share- | 1-3/ | Share-% | Change-% | 1-12/ |
| | 2009 | % | 2008 | | | 2008 |
--------------------------------------------------------------------------------
| Software licenses | 529 | 32.5 | 817 | 46.6 | -35.3 | 3,617 |
--------------------------------------------------------------------------------
| Maintenance | 868 | 53.3 | 735 | 41.9 | 18.1 | 2,957 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Professional | 231 | 14.2 | 201 | 11.5 | 14.9 | 938 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Total | 1,628 | 100.0 | 1,754 | 100.0 | -7,2 | 7,512 |
--------------------------------------------------------------------------------
Operating profit in January-March increased to EUR 0.143 million (0.091), and
its share of net sales increased to 8.8% (5.2). Positive development in
operating profit was mainly due to lower expenses than in previous year and
promptly grown direct sales in Finland. The Company succeeded well in
controlling both the fixed and variable costs. Depreciation increased to EUR
0.114 million (0.070), partly due to the write-offs made from the Mawell
acquisition in the end of 2008.
Cash flow from operating activities was positive EUR 0.251 million (0.239)
Net profit after tax for the financial year was EUR 0.122 million (0.078), which
corresponded 7.5% (4.5) from net sales.
In the Group´s balance sheet as of March 31, 2009, the remaining amount of
deferred tax is EUR 0.521 million, of which EUR 0.521 million is in the books of
the parent company.
The (diluted) earnings per share were EUR 0.01 (0.01).
FINANCE AND INVESTMENTS
The value of total assets was at the end of March 2009 EUR 5.501 million
(5.158). The Group´s investments during the review period totaled to EUR 0.096
million (0.036).
Cash flow from operating activities was positive EUR 0.251 million (0.239). Cash
and cash equivalents at the end of the review period were EUR 1.163 (1.077) at
the end of the reporting period. The dividend of EUR 0.368 (0.368) was paid in
the reporting period.
The Group´s interest bearing liabilities were EUR 0.182 million (0.369). The
gearing ratio as of March 31, 2009 was -39.3% (-36.0%). Return on capital
employed was 21.4% (14.7).
Short-term liabilities include deferred revenue in total of EUR 1.729 million
(1.451). At the end of reporting period, quick ratio was 3.08 (2.52).
At the end of the reporting period, the Group equity stood at EUR 2.495 million
(1.968), and equity to assets ratio rose to 66.2% (53.1%). Return on equity was
18.6% (14.8).
PERSONNEL
At the end of the review period, the Group employed a total of 57 persons (52).
Average number of personnel was 57 (55).
PRODUCT DEVELOPMENT
The amount of R&D expenses in the review period was EUR 0.308 million (0.386),
representing 18.9% (21.9%) of net sales.
During the review period, R&D expenses have been activated as assets for a total
amount of EUR 0.019 million (0.020). The depreciation period of capitalized R&D
expenses is 4 years. Depreciations from activated R&D expenses were EUR 0.038
million (0.022).
Product development employed 17 (15) people at the end of the review period,
corresponding to 29% of the total personnel.
The core know-how of product development remains centralized within the own
organization. Long-term co-operation continued with established subcontractors.
QPR Software has been a Microsoft Gold Certified Partner since 2007.
During the review period, Research & Development activities focused on the
development of a new version of the QPR product family, QPR 8.1, to be released
in the second half of 2009. The new version will broaden the integration between
the QPR software products and the Microsoft Office product family by e.g.
enabling publishing and distribution of process, quality, performance and risk
information through Microsoft Office SharePoint Server portals. Furthermore in
March QPR released a new 8.0 version of QPR ProcessGuide Xpress, an easy to use
desktop version of its process modeling, publishing and process documentation
tool, sold and marketed through the web.
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 process
management, quality management, risk management and compliance.
With the help of QPR software solutions, organizations optimize business
processes, take control of risk and compliance issues, improve operational
performance and drive strategy throughout their organization in order to comply
with rules and regulation as well as manage transition 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 especially designed to be compatible with Microsoft
software products and are scalable from a single-user to an organization-wide
management system. The QPR product family has been localized into 26 languages.
BUSINES OPERATIONS JANUARY 1 - MARCH 31, 2009
Software Sales International
The net sales of Software Sales International business segment decreased to EUR
0.845 million (1,127). The decrease was mostly due to customers´ prolonqued
software purchase processes and smaller average deal size than in previous year.
A substantial share of the customers has delayed their software purchases in the
current challenging economic climate.
The operating profit of Software Sales International business segment was EUR
0.022 million (0.137). A changeover to pure channel sales model outside Finland
and improved efficiency in channel management decreased costs compared to
previous year.
Software Sales Finland
The net sales of Software Sales Finland -business segment rose to EUR 0.561
million (0.446) thanks to increased software license and maintenance sales.
Operating profit rose due to increased sales to EUR 0.198 million (0.146).
Service and Solutions
The net sales of Service and Solutions business segment rose to EUR 0.222
million (0.181) and operating profit to EUR 0.017 million (-0.023) during the
reporting period. Net sales were almost entirely derived from Finland, and were
further reinforced by increased focus and resources in service sales.
OTHER EVENTS IN THE REPORTING PERIODS
QPR Software's new business organization came effective as of January 1, 2009.
From the same day, the Executive Management consists of the following persons:
Chief Executive Officer Jari Jaakkola (chairman), Vice President Software Sales
International Antti Ainasoja, Vice President Software Sales Finland Matti
Erkheikki, Vice President Services and Solutions Maija Erkheikki, Vice President
Marketing and Business Development Teemu Lehto, acting CFO Päivi Vahvelainen and
Vice President Products and Technology Tony Virtanen.
In its meeting on January 19, 2009 the QPR Board of Directors approved 67,000
share subscriptions made under QPR Software Plc Stock Option Plan 2003/III A and
2003/B. The new shares were entered into the Trade Register in February 10,
2009, after which the number of company´s shares rose to 12,444,863. The company
has no option schemes in effect.
The Board of Directors of QPR Software Plc decided on February 11, 2009 to
obtain pension loan of EUR 1.1 million, with loan time of 5 years. The loan will
be withdrawn during second quarter.
STRATEGY
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 replication 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.
DECISIONS MADE BY THE ANNUAL SHAREHOLDERS' MEETING AND GOVERNANCE
The Annual Shareholders' Meeting held on March 12, 2009 made the following
decisions:
The Annual Shareholders' Meeting confirmed the company's financial statements
and the group's financial statements for the financial period of
January 1 - December 31, 2008 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 0.03, a total of EUR 368,262.39, be paid for the financial year
2008. The dividend was paid to shareholders entered in the company's shareholder
register, maintained by Euroclear Finland Oy, on the record date of March 17,
2009. The dividend payment date was March 26, 2009.
The Annual Shareholders' Meeting resolved that the Board of Directors shall
consist of five ordinary members. The Annual Shareholders' Meeting elected the
following members to 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, Authorized Public Accountants, continues as QPR Software Plc's
Auditors.
The Annual Shareholders' Meeting decided keep Board of Directors yearly
emoluments the same as in previous year. A yearly emolument of EUR 25,230
is paid to the Chairman of the Board and EUR 16,820 to the other Members of the
Board.
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. The share issue can
be carried out as a share issue against payment or without consideration on
terms to be determined by the Board of Directors.
The authorization also includes the right to issue special rights, in the
meaning of Chapter 10 Section 1 of the Companies Act, which entitle to the
company's new shares or the company's own shares held by the company against
payment. 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 is in force until the next Annual
Shareholders' Meeting.
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.
Further, the Annual Shareholders' Meeting decided to authorize the Board of
Directors to decide on potential distribution of assets from the invested
unrestricted equity fund. The maximum distribution of assets is EUR 0.02 per
share. The Board of Directors must make the decision no later than 31 December,
2009. The authorization is in force until the next Annual Shareholders´ Meeting.
The conditions of all authorizations 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 March 12, 2009.
COMPANY SHARES AND TRADING IN COMPANY SHARES 1-3/2009
The Company's share capital at March 31, 2009 was EUR 1.359 million divided into
12,444,863 shares. QPR Software Plc has one share class. The book counter value
is EUR 0.11.
At the end of review period, the Company had a total of 563 shareholders. In the
reporting period, trading in company shares amounted to EUR 0.091 million, i.e.
an average of EUR 1,465 per trading day. Trading in shares was in total 117,258
shares, giving an average of 1,891 shares per trading day. Turnover in shares
corresponds to 0.94% of the total shares and the average price was EUR 0.77 per
share.
At the end of the reporting period, the total market value of the company shares
was EUR 9.956 million at the March 31, 2009 closing price of EUR 0.80.
OWN SHARES
The number of acquired own shares in the reporting period was 9,300. At the end
of the reporting period the company held 169,450 of its own shares with a total
nominal value of EUR 18,639.50 and a total purchase price of EUR 132,087.60. Own
shares held by the company represent 1.36% of the Company´s capital stock.
The Board of Directors has been granted by the Annual Shareholders Meeting of 12
March 2009, 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.
CORPORATE GOVERNANCE
QPR Software Plc complies with the NASADAQ OMX Helsinki Ltd's Guidelines for
Insiders issued on 2 June 2008 and the Corporate Governance Code, including its
transitional provisions, effective as of January 1, 2009.
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
review period.
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 to regulations and operational principles, reaches its
strategic goals and ensures continuity of its business.
It is the duty of the Board of Directors to monitor the appropriateness,
effectiveness and efficiency of risk management and internal control in QPR
Software Group. The Board of Directors also monitors that the Company has
defined operational principles for internal control and that the Company
monitors the effectiveness of internal control.
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.
External business environment changes, such as economic fluctuations, are
included in the Company´s market and customer risks. General decline in business
activity has been exceptionally abrupt since autumn 2008, and this has created
economic unrest in all markets. The general economic uncertainty, continuation
of negative development or deepening of such a development may have a negative
impact on software market and thus, also to QPR´s business operations.
QPR´s market and customer risks are mitigated by the following factors: the
Company conducts business in over 50 countries, both in public and private
sector as well as in several different business verticals. In addition, the
customer benefits produced by QPR´s products and solutions are related to
optimization and streamlining of operations, strategy implementation as well as
risk management and compliance. QPR believes, based on its earlier experiences
from cyclical fluctuations that demand for these customer benefits remains
relatively strong even in recession.
No significant changes have taken place in QPR's short-term risks and
uncertainties during the financial period.
Risks related to QPR Software´s business are further described in the Annual
Report 2008, page 23 (http://www.qpr.com).
FUTURE OUTLOOK
Market forecasts published in early 2009 estimate that total corporate IT
investments will decrease in 2009. The estimated decrease varies, and is usually
between 3 and 10%, depending on market, the publisher of the forecast and its
timing.
Based on current software market growth forecasts, QPR´s own forecasts and
resellers' forecasts, QPR Software expects its operating profit to stay on the
level of 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.
The Company continues monitoring of the structural development of its industry
and aims actively participate in to it.
QPR SOFTWARE PLC'S FINANCIAL INFORMATION IN 2009
In 2009, QPR Software Plc will publish its financial information as follows:
Interim Report 1-6/2009 Thursday, July 23, 2009
Interim Report 1-9/2009 Thursday, October 22, 2009
QPR SOFTWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO
Tel. +358 (0)40 5026 397
http://www.qpr.com
DISTRIBUTION
Helsinki Stock Exchange
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.
APPENDIX: TABLE SECTION
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| GROUP INCOME STATEMENT | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 1-3/2009 | 1-3/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| Net Sales | 1,628 | 1,754 | 7,512 |
--------------------------------------------------------------------------------
| Other operating income | 7 | 11 | 51 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Material and services | 112 | 259 | 875 |
--------------------------------------------------------------------------------
| Employee benefits expenses | 895 | 943 | 3,653 |
--------------------------------------------------------------------------------
| Depreciation | 114 | 70 | 301 |
--------------------------------------------------------------------------------
| Other operating expenses | 371 | 402 | 1,841 |
--------------------------------------------------------------------------------
| Operating profit | 143 | 91 | 893 |
--------------------------------------------------------------------------------
| Financial income and expenses | 6 | -2 | 34 |
--------------------------------------------------------------------------------
| Profit before tax | 149 | 90 | 927 |
--------------------------------------------------------------------------------
| Income tax expense | -27 | -11 | 1 |
--------------------------------------------------------------------------------
| Profit for the period | 122 | 78 | 928 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income: | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 5 | -3 | -35 |
| translating foreign operations | | | |
--------------------------------------------------------------------------------
| Income tax relating to components | - | - | - |
| of other comprehensive income | | | |
--------------------------------------------------------------------------------
| Other comprehensive income, net | 5 | -3 | -35 |
| of tax | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 127 | 75 | 893 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 122 | 78 | 928 |
| company | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income | | | |
| attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 127 | 75 | 893 |
| company | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (diluted), EUR | 0.01 | 0.01 | 0.07 |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.01 | 0.01 | 0.08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP'S BALANCE SHEET | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | | | |
--------------------------------------------------------------------------------
| Assets | 31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Tangible assets | 207 | 300 | 226 |
--------------------------------------------------------------------------------
| Other intangible assets | 1,078 | 435 | 1,078 |
--------------------------------------------------------------------------------
| Trade and other receivables | 5 | 5 | 5 |
--------------------------------------------------------------------------------
| Deferred tax assets | 521 | 497 | 539 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,811 | 1,237 | 1,848 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 2,527 | 2,844 | 2,483 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1,163 | 1,077 | 1,716 |
--------------------------------------------------------------------------------
| Total current assets | 3,690 | 3,921 | 4,199 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 5,501 | 5,158 | 6,047 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and Liabilities | 31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Share capital | 1,359 | 1,359 | 1,359 |
--------------------------------------------------------------------------------
| Share premium | 0 | 231 | 0 |
--------------------------------------------------------------------------------
| Reserve fund | 21 | 21 | 21 |
--------------------------------------------------------------------------------
| Invested non-restricted equity | 371 | 0 | 360 |
| fund | | | |
--------------------------------------------------------------------------------
| Translation differences | -100 | -73 | -105 |
--------------------------------------------------------------------------------
| Treasure shares | -132 | -67 | -125 |
--------------------------------------------------------------------------------
| Retained earnings | 976 | 497 | 1,222 |
--------------------------------------------------------------------------------
| Equity attributable to | 2,495 | 1,968 | 2,732 |
| shareholders of the parent company | | | |
--------------------------------------------------------------------------------
| Total equity | 2,495 | 1,968 | 2,732 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 79 | 182 | 79 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 79 | 182 | 79 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Accounts payables and other | 2,824 | 2,821 | 3,133 |
| payables | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 103 | 187 | 103 |
--------------------------------------------------------------------------------
| Total current liabilities | 2,927 | 3,008 | 3,236 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | 3,006 | 3,190 | 3,315 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities | 5,501 | 5,158 | 6,047 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP'S CASH FLOW STATEMENT | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | 1.1.-31.03. | 1.1.-31.03. | 1.1.-31.12. |
| | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Profit for the period | 122 | 78 | 928 |
--------------------------------------------------------------------------------
| Adjustments for the profit | | | |
--------------------------------------------------------------------------------
| Depreciation | 114 | 70 | 301 |
--------------------------------------------------------------------------------
| Non-cash transactions | 0 | 14 | 83 |
--------------------------------------------------------------------------------
| Changes in working capital | | | |
--------------------------------------------------------------------------------
| Changes in trade and other | -26 | -285 | -67 |
| receivables | | | |
--------------------------------------------------------------------------------
| Changes in accounts payable and | 35 | 370 | 275 |
| other liabilities | | | |
--------------------------------------------------------------------------------
| Interest expense and other | 0 | -2 | -10 |
| financial expenses | | | |
--------------------------------------------------------------------------------
| Interest income and other | 6 | 0 | 38 |
| financial income | | | |
--------------------------------------------------------------------------------
| Income taxes paid | 0 | -6 | -30 |
--------------------------------------------------------------------------------
| Net cash from operating activities | 251 | 239 | 1,518 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Purchases of tangible assets | -16 | -14 | -54 |
--------------------------------------------------------------------------------
| Purchases of intangible assets | -424 | -23 | -382 |
--------------------------------------------------------------------------------
| Net cash used in investing | -440 | -36 | -436 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Proceeds from issuance of share | 11 | 0 | 4 |
| capital | | | |
--------------------------------------------------------------------------------
| Repayments of financial leases | 0 | 0 | -187 |
--------------------------------------------------------------------------------
| Purchases of own shares | -7 | -3 | -60 |
--------------------------------------------------------------------------------
| Dividends paid | -368 | -368 | -368 |
--------------------------------------------------------------------------------
| Net cash used in financing | -364 | -371 | -611 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash | -553 | -168 | 471 |
| equivalents | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents in the | 1,716 | 1,245 | 1,245 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents in the | 1,163 | 1,077 | 1,716 |
| end of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY | |
| 1.1.2009-31.3.2009 | |
--------------------------------------------------------------------------------
| | Share-| Share | Trans- | Treasure| Invested| Retained| Total |
| |holders'| premium| lation | shares | non- | earnings| |
| | equity | | differ.| | restr.| | |
| | | | | | equity | | |
| | | | | | fund | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 1,359 | 21 | -105 | -125 | 360 | 1,222 | 2,732 |
| 1.1.2009 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shares | | | | | 11 | | 11 |
| issued | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -368 | -368 |
| paid | | | | | | | |
--------------------------------------------------------------------------------
| Purchase | | | | -7 | | | -7 |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Comprehen- | | | 5 | | | 122 | 127 |
| sive income| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | 0 | 0 | 5 | -7 | 11 | -246 | -237 |
| share- | | | | | | | |
| holders' | | | | | | | |
| equity 1-3 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity|
31.03.2009 | 1,359 | 21 | -100 | -132 | 371 | 976 | 2,495 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY | |
| 1.1.2008-31.3.2008 | |
--------------------------------------------------------------------------------
| | Share-| Share | Trans- | Treasure|Invested |Retained | Total |
| |holders'|premium | lation | shares | non- |earnings | |
| | equity | | differ.| | restr. | | |
| | | | | | equity | | |
| | | | | | fund | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 1,359 | 253 | -70 | -65 | 0 | 787 | 2,264 |
| 1.1.2008 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividends | | | | | | -368 | -368 |
| paid | | | | | | | |
--------------------------------------------------------------------------------
| Purchase | | | | -3 | | | -3 |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Comprehen- | | | -3 | | | 78 | 75 |
| sive income| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | 0 | 0 | -3 | -3 | 0 | -290 | -296 |
| share- | | | | | | | |
| holders' | | | | | | | |
| equity 1-12| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity
31.3.2008 | 1,359 | 253 | -73 | -68 | 0 | 497 | 1,968 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY | |
| 1.1.2008-31.12.2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Share- | Share | Trans- |Treasure |Invested |Retained | Total |
| |holders'|premium | lation | shares | non- |earnings | |
| | equity | | differ | | restr. | | |
| | | | | | equity | | |
| | | | | | fund | | |
--------------------------------------------------------------------------------
| Equity | 1,359 | 253 | -70 | -65 | 0 | 787 | 2,264 |
| 1.1.2008 | | | | | | | |
--------------------------------------------------------------------------------
| Shares | | | | | 3 | | 3 |
| issues | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -368 | -368 |
| paid | | | | | | | |
--------------------------------------------------------------------------------
| Purchase | | | | -60 | | | -60 |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Comprehen- | | | -35 | | | 928 | 893 |
| sive income| | | | | | | |
--------------------------------------------------------------------------------
| Transfer | | -232 | | | 357 | -125 | 0 |
| of Share | | | | | | | |
| Premium | | | | | | | |
| fund | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | 0 | -232 | -35 | -60 | 360 | 435 | 468 |
| share- | | | | | | | |
| holders' | | | | | | | |
| equity 1-12| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 1,359 | 21 | -105 | -125 | 360 | 1,222 | 2,732 |
| 31.12.2008 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.03.2009 | 31.03.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Commitments and contingent | | | |
| liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lease liabilities | 197 | 408 | 250 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current lease liabilities | | | |
--------------------------------------------------------------------------------
| Lease liabilities maturing during | 31 | 28 | 34 |
| one year | | | |
--------------------------------------------------------------------------------
| Lease liabilities maturing 2-5 | 15 | 15 | 23 |
| years | | | |
--------------------------------------------------------------------------------
| Total | 46 | 43 | 57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total commitments and contingent | 243 | 451 | 307 |
| liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN GROUP'S INTEREST BEARING LIABILITIES | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.03.2009 | 31.03.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest bearing liabilities 1.1. | 182 | 369 | 369 |
--------------------------------------------------------------------------------
| Change | 0 | 0 | -187 |
--------------------------------------------------------------------------------
| Interest bearing liabilities | 182 | 369 | 182 |
| 31.03./31.12. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP'S INTANGIBLE AND TANGIBLE ASSETS | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Change in intangible assets | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.03.2009 | 31.03.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Acquisition cost 1.1. | 2,528 | 1,744 | 1,744 |
--------------------------------------------------------------------------------
| Increase | 80 | 23 | 784 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Change in tangible assets | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | 31.03.2009 | 31.03.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Acquisition cost 1.1. | 1,099 | 1,045 | 1,045 |
--------------------------------------------------------------------------------
| Increase | 16 | 14 | 54 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP INCOME STATEMENT PER QUARTER | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-3/ | 1-3/ | 4-6/ | 7-9/ | 10-12/ |
--------------------------------------------------------------------------------
| (EUR 1,000) | 2009 | 2008 | 2008 | 2008 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Sales | 1,628 | 1,754 | 2,215 | 1,485 | 2,058 |
--------------------------------------------------------------------------------
| Other operating income | 7 | 11 | 21 | 7 | 12 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Material and services | 112 | 259 | 273 | 225 | 118 |
--------------------------------------------------------------------------------
| Employee benefits expenses | 895 | 943 | 986 | 733 | 991 |
--------------------------------------------------------------------------------
| Depreciation | 114 | 70 | 69 | 69 | 93 |
--------------------------------------------------------------------------------
| Other operating expenses | 371 | 402 | 584 | 402 | 453 |
--------------------------------------------------------------------------------
| Operating profit | 143 | 91 | 324 | 63 | 415 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and expenses | 6 | -2 | 6 | 12 | 19 |
--------------------------------------------------------------------------------
| Profit before tax | 149 | 89 | 330 | 75 | 434 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expenses | -27 | -11 | -81 | -16 | 109 |
--------------------------------------------------------------------------------
| Profit for the period | 122 | 78 | 249 | 59 | 543 |
--------------------------------------------------------------------------------
BUSINESS SEGMENT INFORMATION (PRIMARY SEGMENTS)
--------------------------------------------------------------------------------
| 1.1.-31.3.2008 | | | | | | |
--------------------------------------------------------------------------------
| (1,000 EUR) | Software| Service | Software| Elimi- | Not | Group |
| | Sales | & | Sales | nations| allo- | Total |
| | Inter- | Solu- | Finland | | cated | |
| | national| tions | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income Statement | | | | | | |
| information | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 1,127 | 181 | 446 | | 0 | 1,754 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 137 | -23 | 146 | 0 | -169 | 91 |
| of segment | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | | | 91 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finance income | | | | | -2 | -2 |
| and expenses | | | | | | |
--------------------------------------------------------------------------------
| Income tax | | | | | -11 | -11 |
| expense | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | 137 | -23 | 146 | 0 | -182 | 78 |
--------------------------------------------------------------------------------
| Profit for period | | | | | | 78 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance Sheet | | | | | | |
| information | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segments' assets | 3,652 | 296 | 1,766 | -556 | | 5,158 |
--------------------------------------------------------------------------------
| Non-allocated | | | | | 0 | 0 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Total assets | 3,652 | 296 | 1,766 | -556 | 0 | 5,158 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other information | | | | | | |
--------------------------------------------------------------------------------
| Depreciation | 45 | 7 | 18 | 0 | 0 | 70 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1.1.-31.3.2009 | | | | | | |
--------------------------------------------------------------------------------
| (1,000 EUR) | Software| Service | Software| Elimi- | Not | Group |
| | Sales | & | Sales | nations | allo- | Total |
| | Inter- | Solu- | Finland | | cated | |
| | national| tions | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income Statement | | | | | | |
| information | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 845 | 222 | 561 | 0 | 0 | 1,628 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 22 | 17 | 198 | 0 | -94 | 143 |
| of segment | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | | | 143 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finance income | | | | | 6 | 6 |
| and expenses | | | | | | |
--------------------------------------------------------------------------------
| Income tax | | | | | -27 | -27 |
| expense | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | 22 | 17 | 198 | 0 | -115 | 122 |
--------------------------------------------------------------------------------
| Profit for period | | | | | | 122 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance Sheet | | | | | | |
| information | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segments' assets | 4,131 | 330 | 1,684 | -644 | | 5,501 |
--------------------------------------------------------------------------------
| Non-allocated | | | | | 0 | 0 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Total assets | 4,131 | 330 | 1,664| -664 | 0 | 5,501 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other information | | | | | | |
--------------------------------------------------------------------------------
| Depreciation | 58 | 11 | 45 | 0 | 0 | 114 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP KEY FIGURES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR (1,000) | 1-3/2009 | 1 -3/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| Net sales | 1,628 | 1,754 | 7,512 |
--------------------------------------------------------------------------------
| Net sales growth, % | -7.2 | 7.3 | 6.4 |
--------------------------------------------------------------------------------
| Operating profit | 143 | 91 | 893 |
--------------------------------------------------------------------------------
| % of net sales | 8.8 | 5.2 | 11.9 |
--------------------------------------------------------------------------------
| Profit or loss before tax | 149 | 90 | 927 |
--------------------------------------------------------------------------------
| % of net sales | 9.2 | 5.1 | 12.3 |
--------------------------------------------------------------------------------
| Profit for the period | 122 | 78 | 928 |
--------------------------------------------------------------------------------
| % of net sales | 7.5 | 4.5 | 12.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity,% | 18.6 | 14.8 | 37.1 |
--------------------------------------------------------------------------------
| Return on investment,% | 21.4 | 14.7 | 33.6 |
--------------------------------------------------------------------------------
| Interest bearing liabilities | 182 | 369 | 182 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1,163 | 1,077 | 1,716 |
--------------------------------------------------------------------------------
| Net liabilities | -981 | -708 | -1,534 |
--------------------------------------------------------------------------------
| Equity | 2,495 | 1,968 | 2,732 |
--------------------------------------------------------------------------------
| Gearing,% | -39.3 | -36.0 | -56.1 |
--------------------------------------------------------------------------------
| Equity ratio,% | 66.2 | 53.1 | 61.5 |
--------------------------------------------------------------------------------
| Total balance sheet | 5,501 | 5,158 | 6,047 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments in non-current | 96 | 37 | 837 |
| assets | | | |
--------------------------------------------------------------------------------
| % of net sales | 5.9 | 2.1 | 11.1 |
--------------------------------------------------------------------------------
| Research and development | 308 | 384 | 1,540 |
| expenses | | | |
--------------------------------------------------------------------------------
| % of net sales | 18.9 | 21.9 | 20.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of personnel | 57 | 55 | 53 |
--------------------------------------------------------------------------------
| Personnel at the beginning of | 58 | 58 | 58 |
| period | | | |
--------------------------------------------------------------------------------
| Personnel at the end of period | 57 | 52 | 55 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share,€ | 0.01 | 0.01 | 0.08 |
--------------------------------------------------------------------------------
| Earnings per share (diluted), € | 0.01 | 0.01 | 0.07 |
--------------------------------------------------------------------------------
| Equity per share, € | 0.20 | 0.16 | 0.22 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MAJOR SHAREHOLDERS 31.03.2009 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Number of shares | %- share Shares |
| | | and votes |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ulkomarkkinat Oy | 1,600,000 | 12.86% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jouko Pelkonen | 429,100 | 3.45% |
--------------------------------------------------------------------------------
| Pohjolan Rahoitus Oy | 614,300 | 4.94% |
--------------------------------------------------------------------------------
| Electrosale Oy | 322,000 | 2.59% |
--------------------------------------------------------------------------------
| Total | 1,365,400 | 10.97% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Vesa-Pekka Leskinen | 851,400 | 6.84% |
--------------------------------------------------------------------------------
| + Kauppamainos Oy | 475,170 | 3.82% |
--------------------------------------------------------------------------------
| Total | 1,326,570 | 10.66% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Alesco S.A | 1,300,000 | 10.45% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Autocarrera Oy Ab | 1,245,817 | 10.01% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kari Junkkonen | 512,016 | 4.11% |
--------------------------------------------------------------------------------
| Fortel Invest Oy | 425,326 | 3.42% |
--------------------------------------------------------------------------------
| SR EQ Technology | 341,800 | 2.75% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Päivi Marttila | 292,972 | 2.35% |
--------------------------------------------------------------------------------
| Edina Oy | 33,900 | 0.27% |
--------------------------------------------------------------------------------
| Total | 326,872 | 2.63% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Asko Piekkola | 316,438 | 2.54% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jaakkola Jari | 220,000 | |
--------------------------------------------------------------------------------
| Value FM Oy | 30,000 | |
--------------------------------------------------------------------------------
| Total | 250,000 | 2.01% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Esa Pääkkönen | 246,054 | 1.98% |
--------------------------------------------------------------------------------
| Veli-Mikko Leskinen | 232,530 | 1.87% |
--------------------------------------------------------------------------------
| Matti Kanninen | 199,107 | 1.60% |
--------------------------------------------------------------------------------
| Teemu Lehto | 183,654 | 1.48% |
--------------------------------------------------------------------------------
| Tony Virtanen | 172,112 | 1.38% |
--------------------------------------------------------------------------------
| Kai-Erik Becker | 140,000 | 1.12% |
--------------------------------------------------------------------------------
| Other shareholders | 2,261,167 | 18.17% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 12,444,863 | 100.0 % |
--------------------------------------------------------------------------------
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