TIDMQPR1V
QPR SOFTWARE STOCK EXCHANGE RELEASE, FEBRUARY 18, 2021 AT 9:00 AM
Coronavirus had a negative impact on software sales, consulting net
sales increased
January -- December 2020
-- Net sales amounted to EUR 8,971 thousand (2019: 9,513), down 6%.
-- EBITDA was EUR 248 thousand (1,036).
-- Operating result (EBIT) was EUR -936 thousand (-213).
-- Result before taxes was EUR -952 thousand (-240).
-- Result for the period was EUR -812 thousand (-161).
-- Earnings per share was EUR -0.068 (-0.013).
October -- December 2020
-- Net sales amounted to EUR 2,341 thousand (2019: 2,499), down 6%.
-- EBITDA was EUR 27 thousand (199).
-- Operating result (EBIT) was EUR -184 thousand (-123).
-- Result before taxes was EUR -191 thousand (-126).
-- Result for the quarter was EUR -157 thousand (-119).
-- Earnings per share decreased to EUR -0.013 (-0.010).
Business operations
QPR Software's mission is to make customers agile and efficient in their
operations. We innovate, develop, and sell software aimed at analyzing,
monitoring, and modeling operations in organizations. Furthermore, we
offer customers consulting services.
OUTLOOK
Outlook for 2021
In 2020, the coronavirus pandemic had a negative impact especially on
new software sales. Customers postponed new purchases of our software
offering due to uncertainties in their own future outlook, as well as
due to uncertainties related to operating through remote work and in
lock-down circumstances.
The exceptional circumstances caused by the pandemic will continue to
have an impact on our business in the first months of this year, but we
are already seeing signs of normalization in software purchase
decisions. Based on actual sales performance in early 2020 and current
sales funnel, QPR expects net sales to grow in 2021 (2020: EUR 8,971
thousand). At the end of 2020, our software sales funnel size increased
by well over 20% compared to a time one year ago and before the
pandemic. Furthermore, service sales funnel increased even more than
software sales funnel.
QPR plans to moderately increase its sales, marketing and product
development costs this year. The Company estimates EBITDA and operating
result to improve compared to 2020, despite the planned increase in
costs.
KEY FIGURES
EUR in thousands, Oct-Dec, Oct-Dec, Change, Jan-Dec, Jan-Dec, Change,
unless otherwise indicated 2020 2019 % 2020 2019 %
Net sales 2,341 2,499 -6 8,971 9,513 -6
EBITDA 27 199 -86 248 1,036 -76
% of net sales 1.2 7.9 2.8 10.9
Operating result -184 -123 -49 -936 -213 -338
% of net sales -7.9 -4.9 -10.4 -2.2
Result before tax -191 -126 -52 -952 -240 -297
Result for the period -157 -119 -32 -812 -161 -403
% of net sales -6.7 -4.8 -9.0 -1.7
Earnings per share, EUR
(basic and diluted) -0.013 -0.010 -32 -0.068 -0.013 -403
Equity per share, EUR 0.161 0.222 -27 0.161 0.222 -27
Cash flow from operating
activities 120 413 -71 334 1,349 -75
Cash and cash equivalents 185 1,035 -82 185 1,035 -82
Net borrowings 762 -251 -404 762 -251 -404
Gearing, % 38.0 -9.1 -519 38.0 -9.1 -519
Equity ratio, % 34.6 44.5 -22 34.6 44.5 -22
Return on equity, % -30.3 -17.0 -78 -34.1 -5.7 -494
Return on investment,
% -24.8 -13.9 -78 -28.0 -5.9 -376
REPORTING
QPR Software innovates, develops, sells and delivers software and
services in international markets aimed at facilitating 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 licenses, Renewable software licenses, Software maintenance
services, Cloud services and Consulting.
Recurring revenue reported by the Company consists of Software
maintenance services and Cloud services. In addition, recurring revenue
includes Renewable software licenses.
Software licenses are sold to customers for perpetual use or for an
agreed, limited period. Renewable software licenses are sold to
customers as a user right with an indefinite duration. These contracts
are automatically renewed at the end of the agreed period, usually one
year, unless the agreement is terminated within notice period. Renewable
license revenue is recognized at one point in time, in the beginning of
the invoicing period.
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 headquarter location.
REVIEW BY THE CEO
The coronavirus pandemic created numerous challenges for our business in
2020. Partly we managed these challenges very well, but partly there
were negative effects that were reflected in our results. Our personnel,
like many other organizations, moved almost fully into remote work in
March, and this transition was very smooth. The results of our product
development were excellent throughout the year and we have been able to
make progress as planned. Moving into remote work was very smooth also
in most other parts of our operations. Most of the negative effects
arising from the lock-down caused by the pandemic we saw in new sales,
which were clearly down from the previous year. Consulting business and
agreed software deliveries were, however, much less impacted by the
pandemic and consulting net sales actually increased clearly (+13%) from
the previous year.
In the autumn we decided to adjust costs to the current challenging
market situation and decided to implement temporary part-time lay-offs
with most of our personnel in Finland. These measures will reduce our
costs during the first months of the year. The top management has taken
part into these cost savings, either through temporary salary cuts or
part-time lay-offs.
To ensure long term growth, we recruited last year new sales resources
to our European key markets United Kingdom and France. We also entered
in several new partnerships in process mining software sales. The
functionality of the visual reporting tool in QPR ProcessAnalyzer
software has been significantly enhanced in recent releases, and we now
believe it to be one of the best and most versatile in visual reporting.
Also performance in processing large amounts of data has been
significantly improved, and the software is now localized in seven
languages.
To provide further value to our process modeling customers, we developed
a new software tool to support their operations and quality systems.
With the help of the new QPR BusinessPortal, our customers can now
communicate their processes and quality documentation to their personnel,
as well as to get better visibility to their service and application
portfolios. QPR BusinessPortal is now on a piloting phase and will be
fully launched to the markets this year.
Performance management software QPR Metrics sales increased last year in
the Middle East market area, despite the coronavirus pandemic. The
excellent sales development in this market was continued in this
February, when QPR signed a major agreement with a large central
government organization to deliver strategy management solution. The
value of the deal is approximately EUR 1.2 million, and we estimate that
almost EUR 1 million of the deal value will be booked into net sales
over the course of 2021. Based on this major deal, actual sales
performance in early 2020 and current sales funnel, we expect net sales
to grow in 2021.
I would like to warmly thank all our customers, partners, personnel and
shareholders for their valuable contribution and collaboration in 2020.
Jari Jaakkola
CEO
NET SALES DEVELOPMENT
October -- December 2020
Net sales in the fourth quarter were EUR 2,341 thousand (2,499) and
decreased 6 % compared to the equivalent period in the previous year.
Net sales development was two-folded. Consulting net sales, including
software deliveries, increased in Finnish and Middle Eastern markets.
However, software net sales decreased when customers postponed new
purchases of our software offering due to uncertainties in their own
outlook, as well as due to uncertainties related to operating through
remote work and in lock-down circumstances.
The longer sales cycles and increased customer requests for proposals in
the latter half of 2020 led to a significant increase in sales funnel
size. At the end of 2020, our software sales funnel size increased by
well over 20% compared to a time one year ago and before the pandemic.
Furthermore, service sales funnel increased even more than software
sales funnel.
Currency exchange rates had a negative impact on software maintenance
net sales, since a significant part maintenance services are invoiced in
US dollars. Part of our maintenance customers opted to transfer their
services to QPR cloud and are now using our SaaS services.
Net sales decreased 3% in Finland and 10% in international markets,
which led Group net sales to decrease by 6%. Of the Group net sales, 51%
(49) derived from Finland, 31% (29) from the rest of Europe (including
Russia and Turkey) and 18% (22) from the rest of the world.
January -- December 2020
Net sales in January -- December were EUR 8,971 thousand (9,513), down
6%. Recurring revenue accounted for 47% (52) of net sales.
Consulting net sales, including software deliveries, increased both in
Finnish and Middle Eastern markets. However, software net sales
decreased when customers postponed new purchases of our software
offering due to uncertainties in their own future outlook, as well as
due to uncertainties related to operating through remote work and in
lock-down circumstances.
In the latter half of 2020 customers started to prepare to post pandemic
times by initiating requests for proposals and offers for process
development and performance management software. This led to a
significant increase in QPR's software and service sales funnels.
Currency exchange rates had a negative impact on software maintenance
net sales, since a significant part maintenance services are invoiced in
US dollars. Part of our maintenance customers opted to transfer their
services to QPR cloud and are now using our SaaS services. In January --
December, our SaaS net sales increased slightly, despite temporary
service pauses or discounts that were agreed with some customers that
had to cope with the hardest negative impacts from the coronavirus
pandemic.
Net sales decreased 3% in Finland and 9% in international markets, which
led Group net sales to decrease by 6%. Of the Group net sales, 53% (51)
derived from Finland, 28% (31) from the rest of Europe (including Russia
and Turkey) and 20% (18) from the rest of the world.
NET SALES BY PRODUCT GROUP
Oct-Dec, Oct-Dec, Change, Jan-Dec, Jan-Dec, Change,
EUR in thousands 2020 2019 % 2020 2019 %
Software licenses 407 459 -11 1,344 1,552 -13
Renewable software
licenses 167 194 -14 900 1,102 -18
Software maintenance
services 518 686 -25 2,195 2,731 -20
Cloud services 261 281 -7 1,081 1,068 1
Consulting 989 879 12 3,452 3,061 13
Total 2,341 2,499 -6 8,971 9,513 -6
NET SALES BY GEOGRAPHIC AREA
Oct-Dec, Oct-Dec, Change, Jan-Dec, Jan-Dec, Change,
EUR in thousands 2020 2019 % 2020 2019 %
Finland 1,194 1,225 -3 4,718 4,863 -3
Europe incl. Russia
and Turkey 716 716 0 2,474 2,965 -17
Rest of the world 432 557 -23 1,780 1,686 6
Total 2,341 2,499 -6 8,971 9,513 -6
FINANCIAL PERFORMANCE
October -- December 2020
The Group's earnings before interest, tax, depreciation and amortization
(EBITDA) were EUR 27 thousand (199) and operating result (EBIT) was EUR
-184 thousand (-123). The decrease in operating result was due to a
decrease in net sales, as well as outlays in growth business areas.
In the autumn we decided to adjust costs to the current challenging
market situation and decided to implement temporary part-time lay-offs
with most of our personnel in Finland. The Group's fixed costs in
October-December were EUR 2,083 thousand (2,243) and decreased by 7%
from the previous year. Employee benefit expenses were EUR 1,679
thousand (1,743) and 81% (78) of fixed costs.
The Group's October -- December result before tax was EUR -191 thousand
(-126) and result for the period was EUR -157 thousand (-119). Earnings
per share were EUR -0.013 (-0.010).
January -- December 2020
The Group's EBITDA was EUR 248 thousand (1,036) and operating result
(EBIT) amounted to EUR -936 thousand (-213). The decrease in operating
result was due to a decrease in net sales, as well as outlays in growth
business areas. Strategic investments in growth businesses continued,
which increased personnel, sales and marketing costs. To ensure long
term growth, QPR recruited last year new sales resources to European key
markets United Kingdom and France.
The Group's fixed costs were EUR 8,585 thousand (8,583) in the reporting
period and remained on the same level as in previous year. Employee
benefit expenses were EUR 6,649 thousand (6,455) and 77% (75) of fixed
costs. Credit losses and credit loss reserves, included in fixed costs,
increased slightly and were EUR 100 thousand (76).
Result before taxes was EUR -952 thousand (-240) and result for the
period was EUR -812 thousand (-161). Earnings per share (fully diluted)
were EUR -0.068 (-0.013).
FINANCE AND INVESTMENTS
Cash flow from operating activities in the reporting period January -
December was EUR 334 thousand (1,349). The decrease in cash flow from
operating activities was due to lower net sales and increased working
capital.
Net financial expenses were EUR 16 thousand (26) and included currency
exchange losses of EUR 0 thousand (21).
Investments totaled EUR 1,210 thousand (1,156). Investments were mainly
related to product development expenditure. A new subsidiary, QPR
Software Limited, was founded in Great Britain.
The Group's financial position is good. Cash and cash equivalents at the
end of the reporting period were EUR 185 thousand (1,035), and in
addition the Group has access to EUR 1.3 million other short-term
financial instruments. At the end of the period, the Group had a
short-term bank loan of EUR 700 thousand and no long-term
interest-bearing bank loans.
The gearing ratio was 38% (-9). At the end of the reporting period, the
equity ratio was 35% (45).
PRODUCT DEVELOPMENT
QPR innovates and develops software products that analyze, measure and
model operations in organizations. The Company develops the following
software products: QPR ProcessAnalyzer, QPR Business Portal, QPR
EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.
QPR decided to start in June a new Digital delivery project that focuses
on planning and developing a new digital business model. In this project,
we researched new models to fully deliver and deploy on-premise software
digitally and remotely. This new digital business model was developed in
the Middle Eastern market by creating a strategy monitoring software
pilot. The pilot included, among other things, digital workflows and
approvals of strategy and performance management measures. Business
Finland decided to grant this project EUR 100 thousand direct funding
from their Covid-19 related program for business development in
disruptive circumstances. The closing report of the project was
delivered to Business Finland in December and the funding has been fully
paid.
In the reporting period 2020, product development expenses were EUR
2,050 thousand (2,293) and represented 23% of net sales (24). Product
development expenses worth EUR 825 thousand (788) were capitalized. The
amortization of capitalized product development expenses was EUR 733
thousand (827). The amortization period for capitalized product
development expenses is four years.
PERSONNEL
At the end of the reporting period, the Group employed a total of 88
persons (83). The average number of personnel during the reporting
period 2020 was 86 (82).
The average age of employees is 42.3 (42.7) years. Women account for 20%
(23) of employees, men for 80% (77). 18% (17) work in sales and
marketing, 44% (41) in consulting and customer care, 29% (33) in product
development, and 8% (10) in administration.
For incentive purposes, the Company has a bonus program that covers all
employees. Short term remuneration of the top management consists of
salary, fringe benefits, and a possible annual bonus based mainly on the
Group and business unit net sales performance. Furthermore, the Company
launched a key employee stock option plan in 2019.
In 2020, the maximum annual bonus for members of the executive
management team, including the CEO, was 40% of the annual base salary. A
bonus totaling EUR 13 thousand (5) is paid to the executive management
team for 2020.
STRATEGY
Our target is to grow our net sales by an average of 15 -- 20% per annum
over the next three years. The target is mainly based on growth in
international software sales. We foresee significant growth potential
especially in the process mining business, where we aim for an annual
growth of more than 50%.
We innovate, develop and sell software and related services aimed at
analyzing, measuring and modeling operations in organizations.
Furthermore, we offer customers consulting services in operational
development and digital business optimization.
We will further accelerate product development by increasing our
resources in a controlled manner. In software development, we place
special focus on excellent user experience. We focus our product
development to meet the challenges our client organizations face,
especially in leading and developing their operations in a digitalizing
world. A special focus area for development is process mining.
In the next few years, we seek growth especially in our international
software sales. To reach this target, we will continue to increase our
resources and investments in international marketing and sales.
We also actively seek strategic partnerships to strengthen our
international software sales and product development.
SHARES AND SHAREHOLDERS
Jan-Dec, Jan-Dec, Change,
Trading of shares 2020 2019 %
Shares traded, pcs 1,403,426 1,091,153 29
Volume, EUR 2,825,365 2,229,163 27
% of shares 11.7 9.1
Average trading price, EUR 2.01 2.04 -1
Dec 31, Dec 31, Change,
Shares and market capitalization 2020 2019 %
Total number of shares, pcs 12,444,863 12,444,863 -
Treasury shares, pcs 457,009 457,009 -
Book counter value, EUR 0.11 0.11 -
Outstanding shares, pcs 11,987,854 11,987,854 -
Number of shareholders 1,240 1,146 8
Closing price, EUR 2.24 2.34 -4
Market capitalization, EUR 26,852,793 28,051,578 -4
Book counter value of all treasury
shares, EUR 50,271 50,271 -
Total purchase value of all treasury
shares, EUR 439,307 439,307 -
Treasury shares, % of all shares 3.7 3.7 -
In August QPR Software received a notification pursuant to Chapter 9,
Section 5 of the Finnish Securities Markets Act (SMA), that Oy Fincorp
Ab's direct holding of the shares and votes in QPR Software has exceeded
the threshold of ten (10) percent.
GOVERNANCE
A notice was given in February 2020 to the shareholders of QPR Software
Plc that the Annual General Meeting will be held on Tuesday 7 April,
2020 starting at 1:00 p.m. at the Company's headquarters. Due to the
coronavirus pandemic, the Board of Directors resolved in March to cancel
this meeting and convene the Annual General Meeting at a later stage as
soon as it is practically possible to organize the meeting.
In May 2020, the Board of Directors gave a notice to the shareholders of
QPR Software Plc that the Annual General Meeting will be held on Monday
June 8, 2020. The Board of Directors of the Company resolved on
extraordinary measures pursuant to the temporary legislation approved by
the Finnish Parliament on April 24, 2020. In order to prevent the spread
of the Covid-19 pandemic, the Annual General Meeting was held without
shareholders' presence at the Meeting venue. Participation and exercise
of shareholder rights in the Meeting was possible only by way of proxy
representation, by submitting counterproposals and asking questions in
advance.
The Annual General Meeting held on June 8, 2020 approved the Board's
proposal that no dividend be paid for the financial year 2019. The
Annual General Meeting made an advisory decision on the Remuneration
Policy and decided to support the proposed Remuneration Policy.
The Annual General Meeting resolved that the number of Board Members is
four (4) and re-elected Vesa-Pekka Leskinen, Topi Piela, Jarmo Rajala
and Salla Vainio 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 elected Authorized Public Accountants KPMG Oy
Ab as QPR Software's auditor with Miika Karkulahti, 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 June 8, 2020 on the investors
section of the Company's web site,
https://www.globenewswire.com/Tracker?data=UjPTkQr787GZL7lkL0c0g6vOvVcVLqvcfAi6xaNI2EawWpn06sO8TllI4Tt0Baex70XrMXRyZN-BXI46TwCwNmUdVvK_5l7NLPAxhbB37T8-YOCkgE1Il9GjyjnKVc0toTMifgvzG__MKJKOzT-lbsl0dklc1wzjvWP9k7W7oEH3lhKh_KhVnRENZMQu-6DeQaOZu1Wk0K1bAapLqy_0HQ==
https://www.qpr.com/investors/stock-exchange-and-press-releases
EVENTS AFTER THE REVIEW PERIOD
In February 2021 QPR signed a major agreement with a large central
government organization from the Middle East to deliver strategy
management solution. The value of the deal is approximately EUR 1.2
million and it consists of software licenses, software maintenance and
implementation services. QPR estimates that almost EUR 1 million of the
deal value will be booked into net sales over the course of 2021.
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
covering 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.
Approximately 68% of Group's trade receivables were in euro at the end
of the reporting period (56). At the end of the quarter, the Company had
not hedged its non-euro trade receivables.
Risks and risk management related to the Company's business are further
described in the Annual Report 2019, pages 24-25 (
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https://www.qpr.com/investors/financial
https://www.globenewswire.com/Tracker?data=g0SQrkoQQtOWd6LNIJEt_hSm3XbK2GdZV_E2KKCkBBHhW98SUw-2IqrHlic8EpqwYfALpY_jM9dBkZcOkKCU8V5V8BEuFBiPzALZrOOyXJwJehz2sqrA3aMboyIAo36V
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information/annual
https://www.globenewswire.com/Tracker?data=RfQTNAWDkyomfDnTvqMFrIFkEIe3LAaAEd-V1BMZl5pKTRkQl2xG2F96Lsug_2q31BFvWeTdftusJIfGsPpLkO7nRdNg7ZScsiLTeZEVsSI9iDKWTHz0RELMZqNJBrYA
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reports).
THE BOARD OF DIRECTORS' PROPOSAL ON DIVID
The distributable funds of the parent company were EUR 572 thousand on
December 31, 2020. The Board of Directors will propose to the Annual
General Meeting that no dividend be paid for the financial year 2020.
No material changes have taken place in the Company's financial position
after the end of the financial year.
FINANCIAL INFORMATION AND ANNUAL GENERAL MEETING
In 2021, QPR Software Plc will publish its financial information, in
Finnish and English, as follows:
-- Annual Report 2020: Thursday, March 4, 2021
(https://www.qpr.com/investors/financial-information/annual-reports)
-- Interim Report 1-3/2021: Friday, April 23, 2021
-- Half-year Financial Report 1-6/2021: Wednesday, August 4, 2021
-- Interim Report 1-9/2021: Friday, October 22, 2021
Notice to the Annual General Meeting and proposals of the Board of
Directors will be published on March 4, 2021. Annual General Meeting
will be held on Thursday March 25, 2021.
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.
FINANCIAL STATEMENTS
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR in thousands, unless Oct-Dec, Oct-Dec, Change, Jan-Dec, Jan-Dec, Change,
otherwise indicated 2020 2019 % 2020 2019 %
Net sales 2,341 2,499 -6 8,971 9,513 -6
Other operating income - - 100 0
Materials and services 443 379 17 1,422 1,143 24
Employee benefit expenses 1,679 1,743 -4 6,649 6,455 3
Other operating expenses 193 178 8 753 878 -14
EBITDA 27 199 -86 248 1,036 -76
Depreciation and amortization 211 322 -34 1,183 1,250 -5
Operating result -184 -123 -49 -936 -213 -338
Financial income and expenses -8 -3 151 -16 -26 37
Result before tax -191 -126 -52 -952 -240 -297
Income taxes 34 7 383 140 78 80
Result for the period -157 -119 -32 -812 -161 -403
Earnings per share, EUR
(basic and diluted) -0.013 -0.010 -32 -0.068 -0.013 -403
Consolidated statement of
comprehensive income:
Result for the period -157 -119 -32 -812 -161 -403
Other items in comprehensive
income that may be reclassified
subsequently to profit or
loss:
Exchange differences on
translating foreign operations -1 -1 -48 -3 -5 -60
Total comprehensive income -158 -121 -31 -814 -166 -389
CONDENSED CONSOLIDATED BALANCE SHEET
Dec 31, Dec 31, Change,
EUR in thousands 2020 2019 %
Assets
Non-current assets:
Intangible assets 2,054 2,044 1
Goodwill 513 513 0
Tangible assets 387 371 4
Other non-current assets 277 141 97
Total non-current assets 3,231 3,068 5
Current assets:
Trade and other receivables 2,901 2,904 0
Cash and cash equivalents 185 1,035 -82
Total current assets 3,086 3,939 -22
Total assets 6,317 7,007 -10
Equity and liabilities
Equity:
Share capital 1,359 1,359 0
Other funds 21 21 0
Treasury shares -439 -439 0
Translation differences -69 -66 4
Invested non-restricted
equity fund 5 5 0
Retained earnings 1,126 1,882 -40
Equity attributable to
shareholders of
the parent company 2,004 2,762 -27
Current liabilities:
Interest-bearing liabilities 947 784 21
Advances received 527 800 -34
Accrued expenses and prepaid
income 2,305 2,083 11
Trade and other payables 533 579 -8
Total current liabilities 4,313 4,245 2
Total liabilities 4,313 4,245 2
Total equity and liabilities 6,317 7,007 -10
CONSOLIDATED CONDENCED CASH FLOW STATEMENT
Oct-Dec, Oct-Dec, Change, Jan-Dec, Jan-Dec, Change,
EUR in thousands 2020 2019 % 2020 2019 %
Cash flow from operating
activities:
Result for the period -157 -119 -32 -812 -161 -403
Adjustments to the result 205 372 -45 1,135 1,250 -9
Working capital changes 83 133 -38 45 306 -85
Interest and other financial
expenses paid -6 -9 28 -40 -51 21
Interest and other financial
income received 2 6 -72 27 25 -7
Income taxes paid -5 29 -118 -21 -18 -16
Net cash from operating
activities 120 413 -71 334 1,349 -75
Cash flow from investing
activities:
Purchases of tangible and
intangible assets -209 -278 -25 -1,098 -1,041 5
Net cash used in investing
activities -209 -278 -25 -1,098 -1,041 5
Cash flow from financing
activities:
Proceeds from short term
borrowings - 500 700 500 40
Repayments of short term
borrowings -33 -70 -53 -761 -278 174
Dividends paid - 0 0 0
Net cash used in financing
activities -33 430 -108 -61 222 -128
Net change in cash and cash
equivalents -121 564 -122 -825 530 -256
Cash and cash equivalents
at the beginning of the period 317 470 -33 1,035 505 105
Effects of exchange rate changes
on cash and cash equivalents -11 0 - -25 0 -
Cash and cash equivalents
at the end of the period 185 1,035 -82 185 1,035 -82
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Invested
non-
EUR in Share Other Translation Treasury restricted Retained
thousands capital funds differences shares equity fund earnings Total
Equity Jan 1,
2019 1,359 21 -61 -439 5 1,987 2,873
Dividends paid 0 0
Stock option
scheme 56 56
Comprehensive
income -5 -161 -166
Equity Dec 31,
2019 1,359 21 -66 -439 5 1,882 2,762
Stock option
scheme 56 56
Comprehensive
income -3 -812 -814
Equity Dec 31,
2020 1,359 21 -69 -439 5 1,126 2,004
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
This report complies with requirements of IAS 34 "Interim Financial
Reporting". Starting from the beginning of 2020, the Group has applied
certain new or revised IFRS standards and IFRIC interpretations, as
described in the Consolidated Financial Statements 2019. The
implementation of these new and revised requirements has not impacted
the reported figures. For all other parts, the accounting principles and
methods are the same as they were in the 2019 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.
Definitions for key indicators can be found in the end of the latest
annual report, on pages 64-65:
https://www.globenewswire.com/Tracker?data=UjPTkQr787GZL7lkL0c0g6vOvVcVLqvcfAi6xaNI2EZ-6X1ky4r07udSuy-oZMYImhwPHKjOv0U0PPAt732SzARuudUwRhdX1mc5tIEhzufbpM-DUmtyDAsMY3ByWqYAZLMkHrEenBf7EH-0pZFjMh_JCaBK6x8QB3wwqHNmIf0t1abFOdTIVxFXmYcDMQKJ-5YTifJ-Oa91x94-Ghmznw==
https://www.qpr.com/investors/financial-information/annual-reports
INTANGIBLE AND TANGIBLE ASSETS
Jan-Dec, Jan-Dec,
EUR in thousands 2020 2019
Increase in intangible assets:
Acquisition cost Jan 1 11,159 10,057
Increase 828 1,102
Increase in tangible assets:
Acquisition cost Jan 1 2,487 2,433
Increase 135 54
CHANGE IN INTEREST-BEARING LIABILITIES
Jan-Dec, Jan-Dec,
EUR in thousands 2020 2019
Interest-bearing liabilities
Jan 1 784 562
Proceeds from short term borrowings 947 500
Repayments 784 278
Interest-bearing liabilities
Sep 30 947 784
PLEDGES AND COMMITMENTS
Dec 31, Dec 31, Change,
EUR in thousands 2020 2019 %
Business mortgages (held by the
Company) 2,387 1,385 72
Minimum lease payments based
on lease agreements:
Maturing in less than one year 7 17 -58
Maturing in 1-5 years 7 0 -
Total 14 17 -20
Total pledges and commitments 2,401 1,402 71
CONSOLIDATED INCOME STATEMENT BY QUARTER
Q4 Q3 Q2 Q1 Q4 Q3
EUR in thousands 2020 2020 2020 2020 2019 2019
Net sales 2,341 1,801 2,041 2,789 2,499 1,981
Other operating income - 75 25 - 0 -
Materials and services 443 279 260 440 379 243
Employee benefit
expenses 1,679 1,474 1,757 1,739 1,743 1,375
Other operating expenses 193 232 109 220 178 175
EBITDA 27 -109 -60 390 199 188
Depreciation and
amortization 211 304 324 345 322 307
Operating result -184 -413 -384 45 -123 -119
Financial income
and expenses -8 -6 6 -9 -3 3
Result before tax -191 -419 -378 36 -126 -116
Income taxes 34 74 57 -25 7 31
Result for the period -157 -345 -321 11 -119 -85
GROUP KEY FIGURES
EUR in thousands, unless Jan-Dec or Jan-Dec or
otherwise indicated Dec 31, 2020 Dec 31, 2019
----------------------------------
Net sales 8,971 9,513
Net sales growth, % -5.7 -4.9
EBITDA 248 1,036
% of net sales 2.8 10.9
Operating result -936 -213
% of net sales -10.4 -2.2
Result before tax -952 -240
% of net sales -10.6 -2.5
Result for the period -812 -161
% of net sales -9.0 -1.7
Return on equity (per annum),
% -34.1 -5.7
Return on investment (per annum),
% -28.0 -5.9
Cash and cash equivalents 185 1,035
Net borrowings 762 -251
Equity 2,004 2,762
Gearing, % 38.0 -9.1
Equity ratio, % 34.6 44.5
Total balance sheet 6,317 7,007
Investments in non-current assets 1,210 1,156
% of net sales 13.5 12.2
Product development expenses 2,050 2,293
% of net sales 22.9 24.1
Average number of personnel 86 82
Personnel at the beginning of
period 83 84
Personnel at the end of period 88 83
Earnings per share, EUR
(basic and diluted) -0.068 -0.013
Equity per share, EUR 0.161 0.222
(END) Dow Jones Newswires
February 18, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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