STOCK EXCHANGE RELEASE APRIL 27, 2017 AT 9.30 AM
NET SALES INCREASED 13%, PROFITABILITY IMPROVED SIGNIFICANTLY
Summary first quarter 2017
- Net sales EUR 2,307 thousand (2016: 2,042). Net sales increased 13% due to strong growth in software license sales (+159%).
- Operating profit EUR 276 thousand (-105).
- Operating margin was 12% (-5).
- Cash flow from operating activities EUR 1,715 thousand (1,230).
- Profit before taxes EUR 265 thousand (-123).
- Profit for the quarter EUR 153 thousand (-105).
- Earnings per share EUR 0.013 (-0.009).
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
We estimate the growth of process mining software and related services to accelerate compared to previous year. This software product category is still relatively new, but competition and investments are increasing strongly in this market.
In developed markets, competition is expected to increase for process and enterprise architecture modeling software and performance management software. Whereas in emerging markets, meaningful growth potential for these software products is still expected.
Outlook for 2017
QPR will continue to invest in sales activities for its in-house developed process mining software and the related services. QPR estimates that this business will grow significantly this year.
Tightened competition in the software business for process and enterprise architecture modeling and performance management is expected to have a negative impact on sales in parts of QPR’s reseller channel, especially in developed markets. To offset this negative impact, QPR seeks growth in emerging markets by renewing its reseller partner channel related to these products.
In its home market in Finland, QPR will especially focus to develop and deliver process modeling and performance management products. In operational development consulting we will invest in developing and expanding our key accounts.
QPR estimates that its net sales will grow in 2017, but operating profit will remain slightly lower than previous year due to growth investments. The planned increase in costs is mainly related to accelerating software development and growth investments in international business.
Net sales in individual quarters are expected to fluctuate to some extent, due to timing of software license deals in each quarter.
KEY FIGURES | ||||
EUR in thousands, unless otherwise indicated | Jan-Mar, 2017 | Jan-Mar, 2016 | Change, % | Jan-Dec, 2016 |
Net sales | 2,307 | 2,042 | 13 | 8,634 |
EBITDA | 482 | 86 | 459 | 1,628 |
% of net sales | 20.9 | 4.2 | 18.9 | |
Operating profit | 276 | -105 | 363 | 761 |
% of net sales | 12.0 | -5.1 | 8.8 | |
Profit before tax | 265 | -123 | 316 | 710 |
Profit for the period | 153 | -105 | 246 | 568 |
% of net sales | 6.6 | -5.1 | 6.6 | |
Earnings per share, EUR | 0.013 | -0.009 | 246 | 0.047 |
Equity per share, EUR | 0.274 | 0.226 | 21 | 0.261 |
Cash flow from operating activities |
1,715 | 1,230 | 39 | 1,419 |
Cash and cash equivalents | 2,015 | 1,116 | 80 | 565 |
Net borrowings | -2,015 | -1,116 | 80 | -565 |
Gearing, % | -59.2 | -39.8 | 49 | -17.4 |
Equity ratio, % | 60.5 | 66.2 | -9 | 46.3 |
Return on equity, % | 18.4 | -14.6 | 18.4 | |
Return on investment, % | 33.9 | -19.9 | 24.6 |
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
Our net sales increased 13% in the review period, due to strong growth (+159%) in software license sales. Our total software net sales recorded 22% growth.
A significant share of software license sales was derived from our growth area, process mining business. In the first quarter, we delivered process mining software to a leading global high tech company and to a leading European telecommunications company, among others. These companies want to ensure, before making investments in automation and robotics, that these investments are correctly targeted and prioritized. Data-driven process mining and analysis is an excellent solution to this challenge.
International net sales increased 20% in the review period. Growth in our international software business is our most important target for this year. Keeping this target in mind, we started in late 2016 to increase our product development resources. This year, we will increase especially our marketing and delivery resources and will target growth especially in process mining software sales.
We have traditionally developed easy-to-use solutions for various customer needs based on our process and enterprise architecture modeling, as well as performance management software. These solutions provide value to operational development in customer organizations, and increasingly also in supporting operations in customer organizations. This operations support is provided by publishing the structures and processes to all personnel, and by ensuring that the solution provides all individuals applicable, role-based, and meaningful process descriptions and instructions.
Jari Jaakkola
CEO
NET SALES DEVELOPMENT 1 JANUARY – 31 MARCH 2017
Net sales in the first quarter were EUR 2,307 thousand (2,042) and increased 13% compared to the corresponding period last year. The increase was mainly due to the increase in software license net sales, which was 159%. Especially increase in direct process mining and modeling software sales contributed to this positive development. Furthermore, international channel sales in performance management software increased.
Software maintenance services net sales were on the same level as last year (-1%), and churn remained low. Software rental net sales decreased (-7%) as new software sales were focused mainly on license sales. The share of recurring revenues (software maintenance services and software rentals) was 46% (54) of total net sales.
Consulting net sales decreased slightly (-3%). Vast majority of QPR´s consulting net sales derived from software solutions development and delivery to customers in our home market Finland. Consulting sales to private sector increased, but sales to public sector decreased. In the first quarter QPR was successful in many large public tenders, and in the future the Company expects public sector consulting net sales growth from projects to be sold under these tenders.
Consolidated net sales in Finland increased 10%, and in international markets 20%. Net sales are reported according to the customer´s headquarter location. Of the Group net sales, 68% (69) derived from Finland, 22% (20) from the rest of Europe (including Russia and Turkey) and 10% (11) from the rest of the world.
NET SALES BY PRODUCT GROUP | ||||
EUR in thousands | Jan-Mar, 2017 | Jan-Mar, 2016 |
Change, % |
Jan-Dec, 2016 |
Software licenses | 529 | 204 | 159 | 1,316 |
Software maintenance services | 677 | 683 | -1 | 2,776 |
Software rentals | 387 | 414 | -7 | 1,670 |
Consulting | 715 | 740 | -3 | 2,872 |
Total | 2,307 | 2,042 | 13 | 8,634 |
NET SALES BY GEOGRAPHIC AREA | ||||
EUR in thousands | Jan-Mar, 2017 | Jan-Mar, 2016 |
Change, % |
Jan-Dec, 2016 |
Finland | 1,562 | 1,418 | 10 | 5,634 |
Europe incl. Russia and Turkey | 507 | 407 | 25 | 1,748 |
Rest of the world | 238 | 217 | 10 | 1,252 |
Total | 2,307 | 2,042 | 13 | 8,634 |
FINANCIAL PERFORMANCE 1 JANUARY – 31 MARCH 2017
In the first quarter, the Group’s operating profit increased significantly, mainly due to increased net sales, and was EUR 276 thousand (-105), or 12% of net sales (-5).
The Group´s fixed costs were EUR 1,956 thousand (2,012), and decreased 3% compared to the corresponding period in the previous year. Personnel expenses represented 72% (77) of the fixed costs and amounted to EUR 1,399 thousand (1,557). Credit losses, included in fixed costs, were EUR 38 thousand (4).
Net financial expenses in the review period were EUR 11 thousand (18) and included currency exchange losses of EUR 10 thousand (10). Profit before taxes was EUR 265 thousand (-123) and profit for the period was EUR 153 thousand (-105). Taxes recorded for the period were EUR 112 thousand (-18). Taxes resulted from both the increased profit and withholding taxes as well as tax bookings related to prior year. Earnings per share (fully diluted) were EUR 0.013 (-0.009).
FINANCE AND INVESTMENTS
Cash flow from operating activities was EUR 1,715 thousand (1,230) in the first quarter. The strong cash flow resulted from the increased profit as well as from a significant number of recurring revenue invoicing due dates falling in the beginning of the year. Cash and cash equivalents at the end of the quarter were EUR 2,015 thousand (1,116).
Investments in the first quarter totaled EUR 265 thousand (199). 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 -59% (-40). Current liabilities include deferred revenue in total of EUR 1,790 thousand (2,739).
At the end of the quarter, the equity ratio was 61% (66) and the consolidated shareholders’ equity was EUR 3,405 thousand (2,807).
PRODUCT DEVELOPMENT
QPR innovates and develops software products that analyze, measure and model operations in organizations. Furthermore, we offer customers a variety of related solutions.
At the end of 2016, we started to accelerate our product development by adding resources in a controlled manner. Subsequently, we expect product development expenses to grow this year. Product development expenses in the first quarter added up to EUR 564 thousand (488), equal to 24% (24) 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 231 thousand (180). The amortization period for capitalized product development expenses is four years. The amortization of capitalized product development expenses for the quarter was EUR 151 thousand (108).
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 75 persons (76). The average number of personnel during the quarter was 72 (80).
The average age of employees is 38.9 (39.3) years. Women account for 26 % (29) of employees, men for 74% (71). 15% (21) work in sales and marketing, 43% (40) in consulting, 32% (29) in product development, and 10% (10) in administration.
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 mainly on net sales performance.
QPR SOFTWARE’S STRATEGY FOR 2017–2019
QPR Software innovates, develops and sells in international markets software aimed at analyzing, monitoring and modeling operations in organizations. Furthermore, the Company offers customers a variety of services for operational development planning and execution.
The Company focuses its product development especially to meet with the challenges organizations face in leading and developing their operations in a digitalizing world. The Company’s focus areas for development are process mining and performance monitoring. The Company believes that the relevant market for these focus areas grows significantly in the future, as companies collect more and more transaction and other event data from their operations.
The Company accelerates product development by increasing its resources in a controlled manner and allocating them especially to process mining, with the target of gaining a significant share of this growing market. In software development, special focus is placed on excellent user experience.
In the next few years, QPR seeks to grow especially its international software sales. In order to reach this target, the Company will this year increase resources and investments in international marketing and sales.
SHARES AND SHAREHOLDERS | ||||
Trading of shares | Jan-Mar, 2017 | Jan-Mar, 2016 | Change, % | Jan-Dec, 2016 |
Shares traded, pcs | 580,957 | 235,112 | 147 | 901,526 |
Volume, EUR | 822,746 | 255,262 | 222 | 970,905 |
% of shares | 4.8 | 2.0 | 7.5 | |
Average trading price, EUR | 1.42 | 1.09 | 30 | 1.08 |
Shares and market capitalization | Mar 31, 2017 | Mar 31, 2016 | Change, % | Dec 31, 2016 |
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 | 1,189 | 1,213 | -2 | 1,171 |
Closing price, EUR | 1.44 | 1.03 | 40 | 1.20 |
Market capitalization, EUR | 17,262,510 | 12,347,490 | - | 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 28, 2017 approved the Board's proposal to pay a per-share dividend of EUR 0.03 (0.02), a total of EUR 360 thousand (240) for the financial year 2016. Dividends were paid to all shareholders registered in the Company's shareholder register, maintained by Euroclear Finland Oy, on the record date of March 30, 2017. Dividends were paid on April 7, 2017.
OTHER EVENTS DURING THE QUARTER
In the beginning of 2017 the Company´s international channel sales, customer care and marketing were merged into process mining business. Matti Erkheikki was appointed to lead the new Process Mining and Strategy Management business unit.
Tero Aspinen, responsible for Middle East business and offering development in Strategy Management, joined the Executive Management Team as of 1st January 2017.
EVENTS AFTER THE REPORTING PERIOD
There were no significant events after the reporting period.
GOVERNANCE
The Annual General Meeting on March 28, 2017 resolved that the number of Board Members is five (5).
The Annual General Meeting re-elected Kirsi Eräkangas, Vesa-Pekka Leskinen and Topi Piela as members of the Company´s Board of Directors. In addition, the Annual General Meeting elected Juha Häkämies and Taina Sipilä as new members of the Board of Directors.
Juha Häkämies is Vice President, Strategy, and a member of the management team of Gasum. Prior to this, he has worked as Head of M&A and Business Development at Basware and, among other things, in managerial and business development positions at Digia and Sonera. Taina Sipilä is the CEO and Founder of the software company Dear Lucy. She is also a member of the board in the software company Sympa. Prior to this, she worked as the chairman of the board in Sympa and earlier as the CEO.
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 28, 2017 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 three 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. The amount of trade receivables over 60 days past due was 9% (13) 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 (71). At the end of the quarter, the Company had not hedged its non-euro trade receivables.
QPR has initiated an arbitration process due to a customer’s decision to dissolve a contract, as QPR regards this dissolution unjustified. The value of the contract is less than EUR 100 thousand and less than EUR 50 thousand has been recognized as revenue. The customer has made a counterclaim with demands worth under EUR 100 thousand. QPR believes that the counterclaim made by the customer is unfounded.
During the quarter, the Company has identified an increased credit risk with regards to receivables from one customer. Slightly over EUR 100 thousand revenue has been recognized from these receivables. A payment plan has been made together with the customer, and its implementation is closely monitored.
Risks and risk management related to the Company’s business are further described in the Annual Report 2016, pages 13-15 (https://www.qpr.com/investors/financial-information/annual-reports)
FINANCIAL INFORMATION
In 2017, QPR Software will publish interim reports in English and Finnish on the following dates:
- Half Year Report Q2/2017: Thursday, August 3, 2017.
- Interim Report Q3/2017: Thursday, October 26, 2017
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, 2017 | Jan-Mar, 2016 | Change, % | Jan-Dec, 2016 |
Net sales | 2,307 | 2,042 | 13 | 8,634 |
Other operating income | 0 | 6 | 18 | |
Materials and services | 76 | 141 | -46 | 419 |
Employee benefit expenses | 1,399 | 1,557 | -10 | 5,362 |
Other operating expenses | 351 | 264 | 33 | 1,243 |
EBITDA | 482 | 86 | 459 | 1,628 |
Depreciation and amortization | 206 | 191 | 8 | 866 |
Operating profit | 276 | -105 | 363 | 761 |
Financial income and expenses | -11 | -18 | -39 | -51 |
Profit before tax | 265 | -123 | 316 | 710 |
Income taxes | -112 | 18 | -729 | -142 |
Profit for the period | 153 | -105 | 246 | 568 |
Earnings per share, EUR (basic and diluted) |
0.013 | -0.009 | 246 | 0.047 |
Consolidated statement of comprehensive income: |
||||
Profit for the period | 153 | -105 | 568 | |
Other items in comprehensive income that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translating foreign operations |
0 | -2 | 9 | |
Total comprehensive income | 153 | -107 | 577 |
CONSOLIDATED BALANCE SHEET | ||||
EUR in thousands |
Mar 31, 2017 |
Mar 31, 2016 |
Change, % |
Dec 31, 2016 |
Assets | ||||
Non-current assets: | ||||
Intangible assets | 2,008 | 2,066 | -3 | 1,955 |
Goodwill | 513 | 513 | 0 | 513 |
Tangible assets | 199 | 257 | -23 | 193 |
Other non-current assets | 5 | 27 | -83 | 27 |
Total non-current assets | 2,724 | 2,863 | -5 | 2,687 |
Current assets: | ||||
Trade and other receivables | 2,677 | 3,002 | -11 | 4,619 |
Cash and cash equivalents | 2,015 | 1,116 | 80 | 565 |
Total current assets | 4,692 | 4,118 | 14 | 5,184 |
Total assets | 7,416 | 6,981 | 6 | 7,871 |
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 | -233 | -244 | -5 | -233 |
Invested non-restricted equity fund | 5 | 5 | 0 | 5 |
Retained earnings | 2,691 | 2,105 | 28 | 2,538 |
Equity attributable to shareholders of the parent company | 3,405 | 2,807 | 21 | 3,252 |
Non-current liabilities: | ||||
Non-interest-bearing liabilities | 0 | 5 | -100 | 0 |
Total non-current liabilities | 0 | 5 | -100 | 0 |
Current liabilities: | ||||
Advances received | 1,790 | 2,739 | -35 | 852 |
Accrued expenses and prepaid income | 1,886 | 1,102 | 71 | 3,033 |
Trade and other payables | 335 | 328 | 2 | 735 |
Total current liabilities | 4,011 | 4,169 | -4 | 4,619 |
Total liabilities | 4,011 | 4,174 | -4 | 4,619 |
Total equity and liabilities | 7,416 | 6,981 | 6 | 7,871 |
CONSOLIDATED CASH FLOW STATEMENT | ||||
EUR in thousands | Jan-Mar, 2017 | Jan-Mar, 2016 | Change, % | Jan-Dec, 2016 |
Cash flow from operating activities: | ||||
Profit for the period | 153 | -105 | 246 | 568 |
Adjustments to the profit | 329 | 189 | 75 | 1,070 |
Working capital changes | 1,274 | 1,178 | 8 | -110 |
Interest and other financial expenses paid |
-17 | -20 | -12 | -47 |
Interest and other financial income received |
4 | 2 | 140 | 5 |
Income taxes paid | -28 | -14 | 96 | -66 |
Net cash from operating activities | 1,715 | 1,230 | 39 | 1,419 |
Cash flow from investing activities: | ||||
Purchases of tangible and intangible assets |
-265 | -199 | 34 | -698 |
Net cash used in investing activities | -265 | -199 | 34 | -698 |
Cash flow from financing activities: | ||||
Repayments of short term borrowings |
- | -500 | -500 | |
Dividends paid | - | - | -240 | |
Net cash used in financing activities | - | -500 | -740 | |
Net change in cash and cash equivalents |
1,450 | 531 | 173 | -19 |
Cash and cash equivalents at the beginning of the period | 565 | 585 | -3 | 585 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | -1 | |
Cash and cash equivalents at the end of the period | 2,015 | 1,116 | 80 | 565 |
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, 2016 | 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 |
Dividends paid | -240 | -240 | |||||
Comprehensive income | 11 | 673 | 684 | ||||
Equity Dec 31, 2016 | 1,359 | 21 | -233 | -439 | 5 | 2,538 | 3,252 |
Comprehensive income | 0 | 153 | 153 | ||||
Equity Mar 31, 2017 | 1,359 | 21 | -233 | -439 | 5 | 2,691 | 3,405 |
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
This report complies with requirements of IAS 34 ”Interim Financial Reporting”. Starting from the beginning of 2017, the Group has applied certain new or revised IFRS standards and IFRIC interpretations as described in the Consolidated Financial Statements 2016. 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 2016 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, 2017 | Jan-Mar, 2016 | Jan-Dec, 2016 |
Increase in intangible assets: | |||
Acquisition cost Jan 1 | 8,521 | 7,862 | 7,862 |
Increase | 231 | 182 | 659 |
Increase in tangible assets: | |||
Acquisition cost Jan 1 | 1,746 | 1,707 | 1,707 |
Increase | 34 | 16 | 39 |
CHANGE IN INTEREST-BEARING LIABILITIES | |||
EUR in thousands | Jan-Mar, 2017 | Jan-Mar, 2016 | Jan-Dec, 2016 |
Interest-bearing liabilities Jan 1 | - | 500 | 500 |
Proceeds from short term borrowings | - | - | - |
Repayments | - | 500 | 500 |
Interest-bearing liabilities Mar 31 | - | - | - |
PLEDGES AND COMMITMENTS | ||||
EUR in thousands | Mar 31, 2017 | Mar 31, 2016 | Dec 31, 2016 | Change, % |
Business mortgages (held by the Company) | 1,390 | 1,391 | 1,390 | 0 |
Minimum lease payments based on lease agreements: | ||||
Maturing in less than one year | 280 | 353 | 289 | -3 |
Maturing in 1-5 years | 295 | 6 | 345 | -15 |
Total | 575 | 359 | 635 | -9 |
Total pledges and commitments | 1,965 | 1,750 | 2,024 | -3 |
CONSOLIDATED INCOME STATEMENT BY QUARTER | ||||||
EUR in thousands | Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | Q4 2015 |
Net sales | 2,307 | 2,315 | 2,104 | 2,173 | 2,042 | 2,520 |
Other operating income | 0 | - | - | 12 | 6 | - |
Materials and services | 76 | 98 | 68 | 112 | 141 | 156 |
Employee benefit expenses | 1,399 | 1,337 | 1,108 | 1,361 | 1,557 | 1,734 |
Other operating expenses | 351 | 401 | 321 | 257 | 264 | 346 |
EBITDA | 482 | 479 | 607 | 456 | 86 | 284 |
Depreciation and amortization | 206 | 227 | 222 | 226 | 191 | 206 |
Operating profit | 276 | 252 | 385 | 230 | -105 | 78 |
Financial income and expenses | -11 | -10 | -11 | -12 | -18 | -30 |
Profit before tax | 265 | 242 | 374 | 217 | -123 | 48 |
Income taxes | -112 | -25 | -93 | -42 | 18 | 7 |
Profit for the period | 153 | 217 | 281 | 175 | -105 | 55 |
GROUP KEY FIGURES | |||
EUR in thousands, unless otherwise indicated | Jan-Mar or Mar 31, 2017 | Jan-Mar or Mar 31, 2016 | Jan-Dec or Dec 31, 2016 |
Net sales | 2,307 | 2,042 | 8,634 |
Net sales growth, % | 13.0 | -19.1 | -8.5 |
EBITDA | 482 | 86 | 1,628 |
% of net sales | 20.9 | 4.2 | 18.9 |
Operating profit | 276 | -105 | 761 |
% of net sales | 12.0 | -5.1 | 8.8 |
Profit before tax | 265 | -123 | 710 |
% of net sales | 11.5 | -6.0 | 8.2 |
Profit for the period | 153 | -105 | 568 |
% of net sales | 6.6 | -5.1 | 6.6 |
Return on equity (per annum), % | 18.4 | -14.6 | 18.4 |
Return on investment (per annum), % | 33.9 | -19.9 | 24.6 |
Cash and cash equivalents | 2,015 | 1,116 | 565 |
Net borrowings | -2,015 | -1,116 | -565 |
Equity | 3,405 | 2,807 | 3,252 |
Gearing, % | -59.2 | -39.8 | -17.4 |
Equity ratio, % | 60.5 | 66.2 | 46.3 |
Total balance sheet | 7,416 | 6,981 | 7,871 |
Investments in non-current assets | 265 | 199 | 698 |
% of net sales | 11.5 | 9.7 | 8.1 |
Product development expenses | 564 | 488 | 1,818 |
% of net sales | 24.5 | 23.9 | 21.1 |
Average number of personnel | 72 | 80 | 71 |
Personnel at the beginning of period | 63 | 83 | 83 |
Personnel at the end of period | 75 | 76 | 63 |
Earnings per share, EUR | 0.013 | -0.009 | 0.047 |
Equity per share, EUR | 0.274 | 0.226 | 0.261 |