QPR SOFTWARE PLC STOCK EXCHANGE RELEASE APRIL 28, 2016 AT 9.00 AM
INTERIM REPORT JANUARY – MARCH 2016
Summary first quarter 2016
- Net sales EUR 2,042 thousand (2015: 2,524). Net sales were negatively affected especially by decrease in consulting services and software license net sales.
- Operating profit excluding non-recurring items EUR -65 thousand (259).
- Operating profit EUR -105 thousand (259).
- Operating margin was -5.1% (10.3%).
- Cash flow from operating activities EUR 1,230 thousand (1,447).
- Profit before taxes EUR -123 thousand (272).
- Profit for the quarter EUR -105 thousand (225).
- Earnings per share EUR -0.009 (0.019).
Business operations
QPR Software focuses on providing organizations software and professional services for strategy execution, performance and process management, process mining and enterprise architecture. Our software and services are used in over 50 countries. The Company offers its customers insight to their business operations through modeling, analysis and performance monitoring. This insight enables customers to streamline and improve operations and to execute their strategies swiftly and effectively.
OUTLOOK
Operating environment and market outlook
QPR expects the demand for process mining software to grow in its home market in Finland, as well as in the broader European market. The software market for process mining is relatively new and, for the time being, its market size is still small. Market maturity varies greatly from one country to another, but already last year we experienced strong market growth in several European countries. This growth is expected to continue this year, and the Company believes that its QPR ProcessAnalyzer product has a strong position in the market.
In developed markets, competition in process and enterprise architecture modeling and performance management software is expected to continue to increase. In developing markets, especially in the Middle East and Africa, there is still strong growth potential for these software products.
Outlook for 2016
The Company´s outlook is unchanged from published outlook in unaudited financial results bulletin on February 11, 2016.
In process mining software and process analysis services, QPR continues its investments in direct sales in Finland and international channel sales, and estimates that this business will continue to grow this year.
In process and enterprise architecture modeling and performance management software, the tightened competition is expected to continue to have a negative impact on sales in part of QPR´s reseller channel, especially in developed markets. To offset this impact, QPR seeks growth from new reseller partnerships initiated in 2015, especially from Middle East and Africa.
The Company believes that in its home market, Finland, it will maintain the leading position as a process modeling and analysis software vendor targeting operational development functions in organizations; as well as to preserve QPR’s in recent years strengthened position in operational development consulting.
The Company estimates that its operating profit excluding non-recurring items will grow in 2016 compared to 2015.
KEY FIGURES | ||||
EUR in thousands, unless otherwise indicated | Jan-Mar, 2016 | Jan-Mar, 2015 | Change, % | Jan-Dec, 2015 |
Net sales | 2,042 | 2,524 | -19.1 | 9,436 |
EBITDA | 86 | 459 | -81.2 | 1,190 |
% of net sales | 4.2 | 18.2 | 12.6 | |
Operating profit | -105 | 259 | -140.6 | 368 |
% of net sales | -5.1 | 10.3 | 3.9 | |
Profit before tax | -123 | 272 | -145.0 | 347 |
Profit for the period | -105 | 225 | -146.5 | 338 |
% of net sales | -5.1 | 8.9 | 3.6 | |
Earnings per share, EUR | -0.009 | 0.019 | -146.3 | 0.028 |
Equity per share, EUR | 0.226 | 0.274 | -17.7 | 0.234 |
Cash flow from operating activities | 1,230 | 1,447 | -15.0 | 406 |
Cash and cash equivalents | 1,116 | 2,427 | -54.0 | 585 |
Free cash flow | 1,031 | 1,006 | 2.5 | -742 |
Net borrowings | -1,116 | -2,427 | -54.0 | -85 |
Gearing, % | -39.8 | -71.2 | -2.9 | |
Equity ratio, % | 66.2 | 57.3 | 42.7 | |
Return on equity, % | -14.6 | 27.3 | 11.1 | |
Return on investment, % | -19.9 | 34.2 | 12.0 |
REPORTING
QPR Software innovates, develops, sells and delivers software and services in international markets aimed at operational development in organizations. QPR Software reports one operating segment: Operational development of organizations. In addition to this, the Company reports revenue from products and services as follows: Software license sales, Software maintenance services, Software rentals, and Consulting. Software rentals and Software maintenance services together form the recurring revenue reported by the Company. Recurring revenue is based on long-term contracts continuing for the time being or for a fixed period of several years. Typically rental and maintenance charges are invoiced annually in advance.
Geographical areas reported are Finland, the rest of Europe (including Russia and Turkey), and the rest of the world. Net sales are reported according to the customer´s location.
REVIEW BY THE CEO
The business environment remained challenging and economic growth was weak in most markets. This was the case especially in the Company’s largest market area, Europe (including Finland).
The Company’s consulting and software net sales decreased compared to the corresponding period last year. Consulting net sales were negatively affected mainly by the decrease in technical SAP consulting and a slow start in operational development consulting projects at the beginning of the year. Software net sales were negatively affected by the tightened competition in process and enterprise architecture modeling software, as well as performance management software.
In the challenging market conditions, we decided to streamline our operations and implemented EUR 0.7 million annual cost savings. This year, we expect these measures to result into approximately EUR 0.4 million in cost reductions after non-recurring items.
In 2015, we invested in recruiting and training new reseller partners; as well as in marketing and product launches in new markets. In process mining software, we expanded distribution especially into developed European markets, such as Germany, Sweden, Belgium and the Netherlands. For performance management and process modeling software, we recruited many new resellers from Middle East, Africa and South America.
We believe these investments will have a positive impact on net sales this year, but at the same time, we estimate that the tightened competition will continue to have a negative impact on sales in part of QPR´s reseller channel. We estimate that the operating profit excluding non-recurring items will grow in 2016, as compared to 2015.
Jari Jaakkola
CEO
NET SALES DEVELOPMENT 1 JANUARY – 31 MARCH, 2016
Net sales in the first quarter were EUR 2,042 thousand (2,524) and decreased 19% compared to the corresponding period last year. The decrease resulted especially due to the decline in consulting net sales and software license net sales.
NET SALES BY PRODUCT GROUP | ||||
EUR in thousands | Jan-Mar, 2016 | Jan-Mar, 2015 |
Change, % |
Jan-Dec, 2015 |
Software licenses | 204 | 355 | -42 | 1,427 |
Software maintenance services | 683 | 736 | -7 | 2,873 |
Software rentals | 414 | 439 | -6 | 1,774 |
Consulting | 740 | 994 | -26 | 3,362 |
Total | 2,042 | 2,524 | -19 | 9,436 |
NET SALES BY GEOGRAPHIC AREA | ||||
EUR in thousands | Jan-Mar, 2016 | Jan-Mar, 2015 |
Change, % |
Jan-Dec, 2015 |
Finland | 1,418 | 1,746 | -19 | 6,499 |
Europe incl. Russia and Turkey | 407 | 459 | -11 | 1,740 |
Rest of the world | 217 | 319 | -32 | 1,197 |
Total | 2,042 | 2,524 | -19 | 9,436 |
Software license net sales decreased 42% compared to previous year. Net sales were negatively affected by the tightened competition in process and enterprise architecture modeling software, as well as performance management software. The majority of license sales derived from international markets.
Net sales from software maintenance services and software rentals decreased (-7% and -6% respectively). Currency exchange rates had a negative impact to software maintenance service net sales. The share of recurring revenues was 54% (47) of total net sales.
Consulting net sales (-26%) were negatively affected by the decrease in technical SAP consulting net sales and a slow start in operational development consulting projects at the beginning of the year.
Of the Group net sales, 69% (69) derived from Finland, 20% (18) from the rest of Europe (including Russia and Turkey) and 11% (13) from the rest of the world.
FINANCIAL PERFORMANCE 1 JANUARY – 31 MARCH, 2016
In the first quarter, the Group’s operating result weakened due to decreased net sales. Operating loss before non-recurring items was EUR -65 thousand (operating profit EUR 259 thousand), or –3.2% of net sales (10.3). Non-recurring items were related to organizational downsizing implemented in the first quarter. Group operating loss was EUR 105 thousand (operating profit EUR 259 thousand), or -5.1% of net sales (10.3).
The Group´s fixed costs were EUR 2,012 thousand (2,160), and decreased 7% compared to the corresponding period in the previous year. Personnel expenses represented 77% (75) of the fixed costs and amounted to EUR 1,557 thousand (1,622). Credit losses, included in fixed costs, were EUR 4 thousand (22).
Net financial expenses in the review period were EUR 18 thousand (net financial income EUR 14 thousand) and included currency exchange losses of EUR 10 thousand (currency exchange gains of EUR 14 thousand). Profit before taxes was EUR -123 thousand (272) and profit for the period was EUR -105 thousand (225). Earnings per share (fully diluted) were EUR -0.009 (0.019).
FINANCE AND INVESTMENTS
Cash flow from operating activities was EUR 1,230 thousand (1,447) in the first quarter. Cash and cash equivalents at the end of the quarter were EUR 1,116 thousand (2,427).
Investments in the first quarter totaled EUR 199 thousand (441). Investments were mainly related to product development expenditure.
At the end of the quarter, the Company had no interest-bearing liabilities. The gearing ratio was -40% (-71). Current liabilities include deferred revenue in total of EUR 2,739 thousand (2,142).
At the end of the quarter, the equity ratio was 66% (57) and the consolidated shareholders’ equity was EUR 2,807 thousand (3,411).
PRODUCT DEVELOPMENT
Product development expenses in the first quarter added up to EUR 488 thousand (479), equal to 24% (19) of net sales. Product development expenses do not include amortization of capitalized product development expenses.
During the quarter, product development expenses were capitalized for a total amount of EUR 180 thousand (166). The amortization period for capitalized product development expenses is four years. The amortization of capitalized product development expenses for the quarter was EUR 108 thousand (115).
The Company develops the following software products: QPR EnterpriseArchitect, QPR Metrics, QPR ProcessDesigner, and QPR ProcessAnalyzer. In addition, QPR develops services and solutions that are complementary to its software.
PERSONNEL
At the end of the quarter, the Group employed a total of 76 persons (85). The average number of personnel during the quarter was 80 (84).
For incentive purposes, the Company has a bonus program that covers all employees. Remuneration of the top management consists of salary, fringe benefits and a possible annual bonus based on net sales performance. In 2016, the maximum annual bonus of the executive management team, including the CEO, is 30% of the annual base salary. More information on the bonus program can be found in the Annual Report 2015 (http://cdn.qpr.com/sites/default/files/QPR_Software_Annual_Report_2015_1.pdf).
SHARES AND SHAREHOLDERS | ||||
Trading of shares | Jan-Mar, 2016 | Jan-Mar, 2015 | Change, % | Jan-Dec, 2015 |
Shares traded, pcs | 235,112 | 2,041,032 | -88 | 4,558,065 |
Volume, EUR | 255,262 | 2,682,845 | -90 | 6,350,859 |
% of shares | 2.0 | 16.4 | 38.0 | |
Average trading price, EUR | 1.09 | 1.31 | -17 | 1.39 |
Shares and market capitalization | Mar 31, 2016 | Mar 31, 2015 | Change, % | Dec 31, 2015 |
Total number of shares, pcs | 12,444,863 | 12,444,863 | - | 12,444,863 |
Treasury shares, pcs | 457,009 | 457,009 | - | 457,009 |
Book counter value, EUR | 0.11 | 0.11 | - | 0.11 |
Outstanding shares, pcs | 11,987,854 | 11,987,854 | - | 11,987,854 |
Number of shareholders | 1,213 | 1,085 | 12 | 1,212 |
Closing price, EUR | 1.03 | 1.49 | -31 | 1.20 |
Market capitalization, EUR | 12,347,490 | 17,861,902 | -31 | 14,385,425 |
Book counter value of all treasury shares, EUR | 50,271 | 50,271 | - | 50,271 |
Total purchase value of all treasury shares, EUR | 439,307 | 439,307 | - | 439,307 |
Treasury shares, % of all shares | 3.7 | 3.7 | - | 3.7 |
The Annual General Meeting held on March 22, 2016 approved the Board's proposal to pay a per-share dividend of EUR 0.02 (0.05), a total of EUR 240 thousand (599) for the financial year 2015. Dividends were paid to all shareholders registered in the Company's shareholder register, maintained by Euroclear Finland Oy, on the record date of March 24, 2016. Dividends were paid on April 5, 2016.
The Annual General Meeting approved the Board´s proposal to authorize the Board of Directors, subject to its discretion, on payment of an extra dividend of EUR 0.01 during 2016. The authorization is valid until 31 December, 2016.
OTHER EVENTS DURING THE QUARTER
In January, QPR and the Swedish business and IT services company iStone announced that they have signed a reseller agreement for QPR ProcessAnalyzer - the software that enables automated process analysis based on existing data from Enterprise Resource Planning (ERP) systems. The partnership creates new opportunities in automated process mapping and process flow optimization, especially for those organizations using the ERP system Infor M3.
QPR Software and PricewaterhouseCoopers (PwC) Portugal announced in February that they have signed a consulting agreement on using QPR ProcessAnalyzer in PwC’s process and operational improvement consulting in Portugal. QPR ProcessAnalyzer enables automated process analysis based on existing data from enterprise IT systems, utilizing technology patented in the United States by QPR.
In March, QPR completed co-determination negotiations with its personnel. As a result of the negotiations, the Company reduces its annual expenses by approximately EUR 0.7 million. Of the total, EUR 0.1 million will be realized by reducing external purchases and EUR 0.6 million through personnel reductions.
QPR signed an agreement in March on delivering software for business process management purposes in one of the world’s largest lighting manufacturing companies. The signed agreement is valid for three years, and the value of the entire three year agreement is approximately EUR 0.2 million before reseller commissions.
In March, QPR announced the launch of QPR MobileDashboard, an application that makes it even easier to access and browse actionable performance information on the go.
EVENTS AFTER THE REPORTING PERIOD
There were no significant events after the reporting period.
GOVERNANCE
The Annual General Meeting on March 22, 2016 resolved that the number of Board Members is four (4).
The Annual General Meeting re-elected Kirsi Eräkangas, Vesa-Pekka Leskinen, Juho Malmberg and Topi Piela as members of the Company´s Board of Directors. The term of office of the members of the Board of Directors expires at the end of the next Annual General Meeting. At its organizing meeting, the Board of Directors elected Vesa-Pekka Leskinen as its Chairman.
The Annual General Meeting re-elected Authorized Public Accountants KPMG Oy Ab as QPR Software´s auditor with Kirsi Jantunen, Authorized Public Accountant, acting as principal auditor. The term of office of the auditor expires at the end of the next Annual General Meeting.
The Annual General 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.
All authorizations of the Board and other decisions made by the Annual General Meeting are available in their entirety on the stock exchange release published by the Company on March 22, 2016 and available on the investors section of the Company's web site, http://www.qpr.com/investors/stock-exchange-releases.htm.
SHORT-TERM RISKS AND UNCERTAINTIES
Internal control and risk management at QPR Software aims to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and operational environment; and ensures the continuity of its business.
QPR has identified the following groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data security) and risks related to financing (foreign currency, short-term cash flow). The Company has an insurance policy for property, operational and liability risks.
Financial risks include reasonable credit risk concerning individual business partners, which is characteristic to any international business. QPR seeks to limit this credit risk by continuous monitoring of standard payment terms, receivables and credit limits. In the reporting period, EUR 4 thousand (22) of credit losses were recorded. The amount of trade receivables over 60 days past due was 13% (6) of total trade receivables at the end of the quarter.
Approximately 71% of Group’s trade receivables were in Euro at the end of the quarter (66). At the end of the quarter, the Company had not hedged its non-euro trade receivables.
No significant changes have taken place in the Company’s short-term risks and uncertainties during the quarter. Risks and risk management related to the Company’s business are further described in the Annual Report 2015, pages 14-15 (http://cdn.qpr.com/sites/default/files/QPR_Software_Annual_Report_2015_1.pdf).
FINANCIAL INFORMATION
In 2016, QPR Software will publish interim reports in English and Finnish on the following dates:
- Interim Report Q2/2016: Tuesday, August 2, 2016.
- Interim Report Q3/2016: Thursday, October 27, 2016
QPR SOFTWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO
Tel. +358 (0) 40 5026 397
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Main Media
Neither this press release nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into the United States of America or its territories or possessions.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT | ||||
EUR in thousands, unless otherwise indicated | Jan-Mar, 2016 | Jan-Mar, 2015 |
Change, % |
Jan-Dec, 2015 |
Net sales | 2,042 | 2,524 | -19 | 9,436 |
Other operating income | 6 | 0 | 1 | |
Materials and services | 141 | 105 | 33 | 558 |
Employee benefit expenses | 1,557 | 1,622 | -4 | 6,477 |
Other operating expenses | 264 | 338 | -22 | 1,211 |
EBITDA | 86 | 459 | -81 | 1,190 |
Depreciation and amortization | 191 | 200 | -4 | 822 |
Operating profit | -105 | 259 | -141 | 368 |
Financial income and expenses | -18 | 14 | -21 | |
Profit before tax | -123 | 272 | -145 | 347 |
Income taxes | 18 | -47 | -138 | -9 |
Profit for the period | -105 | 225 | -146 | 338 |
Earnings per share, EUR | ||||
(basic and diluted) | -0.009 | 0.019 | -146 | 0.028 |
Consolidated statement of comprehensive income: |
||||
Profit for the period | -105 | 225 | 338 | |
Other items in comprehensive income that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translating foreign operations |
-2 | -10 | -21 | |
Income tax relating to components of other comprehensive income |
- | - | - | |
Total comprehensive income | -107 | 215 | 317 |
CONSOLIDATED BALANCE SHEET | |||||||||
EUR in thousands |
March 31, 2016 |
March 31, 2015 |
Change, % |
Dec 31, 2015 | |||||
Assets | |||||||||
Non-current assets: | |||||||||
Intangible assets | 2,066 | 1,910 | 8 | 2,041 | |||||
Goodwill | 513 | 513 | 0 | 513 | |||||
Tangible assets | 257 | 320 | -20 | 274 | |||||
Other non-current assets | 27 | 27 | 0 | 27 | |||||
Total non-current assets | 2,863 | 2,770 | 3 | 2,855 | |||||
Current assets: | |||||||||
Trade and other receivables | 3,002 | 2,894 | 4 | 4,592 | |||||
Cash and cash equivalents | 1,116 | 2,427 | -54 | 585 | |||||
Total current assets | 4,118 | 5,321 | -23 | 5,177 | |||||
Total assets | 6,981 | 8,092 | -14 | 8,033 | |||||
Equity and liabilities | |||||||||
Equity: | |||||||||
Share capital | 1,359 | 1,359 | 0 | 1,359 | |||||
Other funds | 21 | 21 | 0 | 21 | |||||
Treasury shares | -439 | -439 | 0 | -439 | |||||
Translation differences | -244 | -231 | 6 | -242 | |||||
Invested non-restricted equity fund | 5 | 5 | 0 | 5 | |||||
Retained earnings | 2,105 | 2,696 | -22 | 2,210 | |||||
Equity attributable to shareholders of the parent company | 2,807 | 3,411 | -18 | 2,914 | |||||
Non-current liabilities: | |||||||||
Non-interest-bearing liabilities | 5 | 21 | -75 | 9 | |||||
Total non-current liabilities | 5 | 21 | -75 | 9 | |||||
Current liabilities: | |||||||||
Interest-bearing liabilities | - | - | 500 | ||||||
Advances received | 2,739 | 2,142 | 28 | 1,209 | |||||
Accrued expenses and prepaid income | 1,102 | 1,985 | -44 | 2,932 | |||||
Trade and other payables | 328 | 533 | -39 | 468 | |||||
Total current liabilities | 4,169 | 4,658 | -11 | 5,109 | |||||
Total liabilities | 4,174 | 4,681 | -11 | 5,119 | |||||
Total equity and liabilities | 6,981 | 8,092 | -14 | 8,033 | |||||
CONSOLIDATED CASH FLOW STATEMENT | |||||||||
EUR in thousands | Jan-Mar, 2016 | Jan-Mar, 2015 |
Change, % |
Jan-Dec, 2015 |
|||||
Cash flow from operating activities: | |||||||||
Profit for the period | -105 | 225 | -147 | 338 | |||||
Adjustments to the profit | 189 | 189 | 0 | 850 | |||||
Working capital changes | 1,178 | 1,057 | 11 | -645 | |||||
Interest and other financial expenses paid | -20 | -1 | 1,864 | -38 | |||||
Interest and other financial income received | 2 | 0 | 12 | ||||||
Income taxes paid | -14 | -23 | -39 | -111 | |||||
Net cash from operating activities | 1,230 | 1,447 | -15 | 406 | |||||
Cash flow from investing activities: | |||||||||
Purchases of tangible and intangible assets | -199 | -441 | -55 | -1,148 | |||||
Net cash used in investing activities | -199 | -441 | -55 | -1,148 | |||||
Cash flow from financing activities: | |||||||||
Proceeds from short term borrowings | - | - | 500 | ||||||
Repayments of long-term borrowings |
-500 | - | - | ||||||
Dividends paid | - | - | -599 | ||||||
Net cash used in financing activities | -500 | 0 | -99 | ||||||
Net change in cash and cash equivalents |
531 | 1,006 | -47 | -841 | |||||
Cash and cash equivalents at the beginning of the period | 585 | 1,426 | -59 | 1,426 | |||||
Effects of exchange rate changes on cash and cash equivalents | 0 | -5 | -102 | 1 | |||||
Cash and cash equivalents at the end of the period | 1,116 | 2,427 | -54 | 585 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||
EUR in thousands | Share capital | Other funds | Translation differences | Treasury shares | Invested non-restricted equity fund | Retained earnings | Total |
Equity Jan 1, 2015 | 1,359 | 21 | -221 | -439 | 5 | 2,471 | 3,196 |
Comprehensive income | -10 | 225 | 215 | ||||
Equity Mar 31, 2015 | 1,359 | 21 | -231 | -439 | 5 | 2,696 | 3,411 |
Dividends paid | -599 | -599 | |||||
Comprehensive income | -11 | 113 | 102 | ||||
Equity Dec 31, 2015 | 1,359 | 21 | -242 | -439 | 5 | 2,210 | 2,914 |
Comprehensive income | -2 | -105 | -107 | ||||
Equity Mar 31, 2016 | 1,359 | 21 | -244 | -439 | 5 | 2,105 | 2,807 |
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRICIPLES
This report complies with requirements of IAS 34 ”Interim Financial Reporting”. Starting from the beginning of 2016, the Group has applied certain new or revised IFRS standards and IFRIC interpretations as described in the Consolidated Financial Statements 2015. The implementation of these new and revised requirements have not impacted the reported figures. For all other parts, the accounting principles and methods are the same as they were in the 2015 financial statements.
When preparing the consolidated financial statements, management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.
All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported. This report is unaudited.
During the reporting period, the Group did not have any financial instruments measured at fair value.
INTANGIBLE AND TANGIBLE ASSETS | |||
EUR in thousands | Jan-Mar, 2016 | Jan-Mar, 2015 | Jan-Dec, 2015 |
Increase in intangible assets: | |||
Acquisition cost Jan 1 | 7,862 | 6,956 | 6,956 |
Increase | 182 | 266 | 906 |
Increase in tangible assets: | |||
Acquisition cost Jan 1 | 1,707 | 1,465 | 1,465 |
Increase | 16 | 175 | 242 |
CHANGE IN INTEREST-BEARING LIABILITIES | |||
EUR in thousands | Jan-Mar, 2016 | Jan-Mar, 2015 | Jan-Dec, 2015 |
Interest-bearing liabilities Jan 1 | 500 | - | - |
Proceeds from short term borrowings | - | - | 500 |
Repayments | 500 | - | - |
Interest-bearing liabilities Mar 31/Dec 31 | - | - | 500 |
PLEDGES AND COMMITMENTS | ||||
EUR in thousands | Mar 31, 2016 | Mar 31, 2015 | Dec 31, 2015 |
Change, % |
Business mortgages (held by the Company) | 1,391 | 1,391 | 1,392 | 0 |
Minimum lease payments based on lease | ||||
agreements | ||||
Maturing in less than one year | 353 | 329 | 357 | -1 |
Maturing in 1-5 years | 6 | 347 | 89 | -93 |
Total | 359 | 676 | 446 | -20 |
Total pledges and commitments | 1,750 | 2,067 | 1,838 | -5 |
CONSOLIDATED INCOME STATEMENT BY QUARTER | |||||
EUR in thousands | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 |
Net sales | 2,042 | 2,520 | 1,989 | 2,402 | 2,524 |
Other operating income | 6 | - | - | 1 | - |
Materials and services | 141 | 156 | 148 | 149 | 105 |
Employee benefit expenses | 1,557 | 1,734 | 1,398 | 1,723 | 1,622 |
Other operating expenses | 264 | 346 | 239 | 287 | 338 |
EBITDA | 86 | 284 | 204 | 243 | 459 |
Depreciation and amortization | 191 | 206 | 206 | 211 | 200 |
Operating profit | -105 | 78 | -1 | 32 | 259 |
Financial income and expenses | -18 | -30 | 11 | -16 | 14 |
Profit before tax | -123 | 48 | 10 | 16 | 272 |
Income taxes | 18 | 7 | 13 | 18 | -47 |
Profit for the period | -105 | 55 | 23 | 35 | 225 |
GROUP KEY FIGURES | |||
EUR in thousands, unless otherwise indicated | Jan-Mar or Mar 31, 2016 | Jan-Mar or Mar 31, 2015 | Jan-Dec or Dec 31, 2015 |
Net sales | 2,042 | 2,524 | 9,436 |
Net sales growth, % | -19.1 | 13.4 | -1.1 |
EBITDA | 86 | 459 | 1,190 |
% of net sales | 4.2 | 18.2 | 12.6 |
Operating profit | -105 | 259 | 368 |
% of net sales | -5.1 | 10.3 | 3.9 |
Profit before tax | -123 | 272 | 347 |
% of net sales | -6.0 | 10.8 | 3.7 |
Profit for the period | -105 | 225 | 338 |
% of net sales | -5.1 | 8.9 | 3.6 |
Return on equity (per annum), % | -14.6 | 27.3 | 11.1 |
Return on investment (per annum), % | -19.9 | 34.2 | 12.0 |
Borrowings | - | - | 500 |
Cash and cash equivalents | 1,116 | 2,427 | 585 |
Free cash flow | 1,031 | 1,006 | -742 |
Net borrowings | -1,116 | -2,427 | -85 |
Equity | 2,807 | 3,411 | 2,914 |
Gearing, % | -39.8 | -71.2 | -2.9 |
Equity ratio, % | 66.2 | 57.3 | 42.7 |
Total balance sheet | 6,981 | 8,092 | 8,033 |
Investments in non-current assets | 199 | 441 | 1,148 |
% of net sales | 9.7 | 17.5 | 12.2 |
Product development expenses | 488 | 479 | 1,821 |
% of net sales | 23.9 | 19.0 | 19.3 |
Average number of personnel | 80 | 84 | 86 |
Personnel at the beginning of period | 83 | 78 | 78 |
Personnel at the end of period | 76 | 85 | 83 |
Earnings per share, EUR | -0.009 | 0.019 | 0.028 |
Equity per share, EUR | 0.226 | 0.274 | 0.234 |