TIDMQPR1V
QPR SOFTWARE STOCK EXCHANGE RELEASE, APRIL 23, 2021 AT 9:00 AM
Profitability improved and net sales increased, driven by software sales
January - March 2021
-- Net sales increased to EUR 2,904 thousand (January -- March 2020: 2,789).
-- Software net sales increased 6%, license and SaaS net sales grew, but
maintenance net sales decreased.
-- Consulting net sales were on the same level as in previous year.
-- International net sales represented 50% of Group net sales (50).
-- Operating result (EBIT) increased to EUR 286 thousand (45) and was 10% of
net sales (2).
-- Expenses were smaller than in the previous year mainly due to smaller
reseller commissions. Direct sales represented a significantly larger
proportion of software sales than in the previous year.
-- Result before taxes EUR 206 thousand (36).
-- Earnings per share EUR 0.014 (0.001).
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 related to our software.
Outlook for 2021 (unchanged)
The exceptional circumstances caused by the pandemic continue to have an
impact on our business, but we are already seeing signs of normalization
in software purchase decisions. Based on actual sales performance in
early 2021 and current sales funnel, QPR expects net sales to grow in
2021 (2020: EUR 8,971 thousand).
QPR plans to moderately increase its sales, marketing and product
development costs this year. Despite the planned increase in costs, the
Company estimates EBITDA and operating result to improve compared to
2020.
KEY FIGURES
EUR in thousands, Jan-Mar, Jan-Mar, Change, Jan-Dec,
unless otherwise indicated 2021 2020 % 2020
Net sales 2,904 2,789 4 8,971
EBITDA 566 390 45 248
% of net sales 19.5 14.0 2.8
Operating result 286 45 530 -936
% of net sales 9.8 1.6 -10.4
Result before tax 206 36 467 -952
Result for the period 170 11 1,450 -812
% of net sales 5.9 0.4 -9.0
Earnings per share, EUR
(basic and diluted) 0.014 0.001 1,450 -0.068
Equity per share, EUR 0.176 0.224 -21 0.161
Cash flow from operating
activities 906 409 122 334
Cash and cash equivalents 857 572 50 185
Net borrowings 1 -343 -100 762
Gearing, % 0.0 -12.3 -100 38.0
Equity ratio, % 40.9 51.4 -20 34.6
Return on equity, % 32.5 1.6 1,955 -34.1
Return on investment, % 38.1 7.1 440 -28.0
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, SaaS (Software-as-a-service) and Consulting.
Recurring revenue reported by the Company consists of Saas net sales,
Renewable software licenses and Software maintenance services.
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 year 2021 had a positive start with an increase in net sales and a
significant profitability improvement, despite the continuing
coronavirus pandemic.
In the past year we have strengthened our process mining business by
recruiting new sales and development resources. This year we will
continue this development by building new sales and consulting
partnerships especially in our European key markets. The new visual
reporting tool in QPR ProcessAnalyzer software has helped to expand its
use in customer organizations and further strengthened the
competitiveness of this product. Furthermore, performance in processing
large amounts of data has been significantly improved, and the software
is now available localized in eight languages. Great user experience,
high performance and excellent service scalability remain our
priorities.
To support our process modeling customers in their operations and
quality systems, we will continue this year the development of a new
software tool QPR BusinessPortal. With the help of this tool, our
customers can 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.
The excellent sales development of our performance management software
QPR Metrics in the Middle East market was continued in 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 deal, actual sales performance in early 2020 and
current sales funnel, we expect net sales to grow in 2021. Furthermore,
profitability is expected to improve, despite the planned moderate
increase in sales, marketing and product development costs.
Jari Jaakkola
CEO
NET SALES DEVELOPMENT
January -- March 2021
Net sales in the first quarter increased to EUR 2,904 thousand (2,789).
The share of recurring revenue was 44% of net sales (47).
New software license net sales amounted to EUR 734 thousand (587) and
grew by 25 %, due to increase in international software sales. Renewable
software license net sales decreased to EUR 443 thousand (487), which
was mainly due to customer transitions to use our cloud services
(SaaS).
Software maintenance net sales were EUR 518 thousand (571), and
decreased by 9% mainly due to decrease in international channel sales.
SaaS net sales amounted to EUR 323 thousand (263). Consulting net sales
remained on the same level than in the previous year and amounted to EUR
886 thousand (880).
International net sales increased by 4%, as well as net sales in
Finland. Of the Group net sales, 50% (50) derived from Finland, 24% (26)
from the rest of Europe (including Russia and Turkey) and 26% (24) from
the rest of the world.
NET SALES BY PRODUCT GROUP
Jan-Mar, Jan-Mar, Change, Jan-Dec,
EUR in thousands 2021 2020 % 2020
Software licenses 734 587 25 1,344
Renewable software licenses 443 487 -9 900
Software maintenance services 518 571 -9 2,195
Cloud services 323 263 23 1,081
Consulting 886 880 1 3,452
Total 2,904 2,789 4 8,971
NET SALES BY GEOGRAPHIC AREA
Jan-Mar, Jan-Mar, Change, Jan-Dec,
EUR in thousands 2021 2020 % 2020
Finland 1,448 1,389 4 4,718
Europe incl. Russia and Turkey 687 733 -6 2,474
Rest of the world 769 667 15 1,780
Total 2,904 2,789 4 8,971
FINANCIAL PERFORMANCE
January -- March 2021
The Group's operating result (EBIT) was EUR 286 thousand (45) and
represented 10% of net sales (2). The increase in operating result was
mainly due to higher net sales and smaller reseller commissions than in
the previous year. The share of direct sales in new software sales
increased significantly from the previous year. Personnel expenses
increased to EUR 1,772 thousand (1,739) and represented 78% of fixed
costs. Outlays in European sales resources, general salary increases as
well as higher bonus reservations in short-term incentive system
increased our personnel expenses. On the other hand, expenses were
lowered by temporary part-time lay-offs in January-March. The Group's
fixed costs in the reporting period were EUR 2,281 thousand (2,304).
Result before taxes was EUR 206 thousand (36) and result for the period
was EUR 170 thousand (11). Taxes recorded for the period were EUR 35
thousand (25) and earnings per share (basic and fully diluted) were EUR
0.014 (0.001).
FINANCE AND INVESTMENTS
Cash flow from operating activities was EUR 906 thousand (409). Increase
in cash flow was mainly due to higher net sales and a decrease in
operative working capital. Cash and cash equivalents at the end of the
reporting period were EUR 857 thousand (572).
Net financial expenses were EUR 80 thousand (9) and included a one-off
guarantee payment related to a closed project. The payment was made in
January 2021.
Investments totaled EUR 184 thousand (278) and were mainly product
development expenditure.
The Group's financial position is good. Cash and cash equivalents at
the end of the reporting period were EUR 857 thousand (572), 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 0% (-12). At the end
of the reporting period, the equity ratio was 41% (51).
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 EnterpriseArchitect, QPR
ProcessDesigner, and QPR Metrics.
In the first quarter product development expenses were EUR 486 thousand
(579). Product development expenses worth EUR 174 thousand (231) were
capitalized. The amortization of capitalized product development
expenses was EUR 178 thousand (226). 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 81
persons (82). The average number of personnel during the reporting was
84 (83).
The average age of employees is 42.2 (42.1) years. Women account for 22%
(21) of employees and men for 78% (79). Of the total, 18% (17) work in
sales and marketing, 44% (44) in consulting and customer care, 30% (32)
in product development and 8% (9) 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
has a key employee stock option plan in use.
SHARES AND SHAREHOLDERS
Jan-Mar, Jan-Mar, Change, Jan-Dec,
Trading of shares 2021 2020 % 2020
Shares traded, pcs 666,969 253,097 164 1,403,426
Volume, EUR 1,420,641 546,999 160 2,825,365
% of shares 5.6 2.1 11.7
Average trading price, EUR 2.13 2.16 -1 2.01
Mar 31, Mar 31, Change, Dec 31,
Shares and market capitalization 2021 2020 % 2020
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 1,289 1,167 10 1,240
Closing price, EUR 2.08 1.93 8 2.24
Market capitalization, EUR 24,934,736 23,136,558 8 26,852,793
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
GOVERNANCE
In March 2021, the Board of Directors gave a notice to the shareholders
of QPR Software Plc that the Annual General Meeting will be held on
Thursday March 25, 2021. The Board of Directors of the Company resolved
on extraordinary measures pursuant to the temporary legislation approved
by the Finnish Parliament. 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 approved the Board's proposal that no
dividend be paid for the financial year 2020. The Annual General
Meeting made an advisory decision on the Remuneration Report and decided
to approve the presented Remuneration Report.
The Annual General Meeting resolved that the number of Board Members is
four (4) and elected Pertti Ervi, Matti Heikkonen, Antti Koskela and
Jukka Tapaninen 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 Pertti Ervi 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 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 previous
Annual General Meeting are available in their entirety in the stock
exchange release published by the Company on March 25, 2021. The release
can be found in Investors section of the Company's website,
https://www.globenewswire.com/Tracker?data=S85mkAs2yLHw-M9JhfFxtGbJ-OJ0OFOD8V-NR55q79SBYIetAylS1d8frzDmZKjBNDNub4W-Hfn_Kb8NmgWuf8BsE5-fA0ie6JRdD67QBbmzWtn_DYma5JLaM7SXjZvcyMUAQB15wcsXZYClzxiBmhjbBzBNERGoN7EdcfqTNY5NQJl_ry4MF2INMiihJzP-pti3yaR3-iAuuWxzoE9qE8_ZV08VkZX0360gghLNYxjkqqsymR0Xtm8cJMZ240TCs8MTN5jqNU3LV6Co1AiCqMiGdJuBLrJgRvX6i56X7vHtIpdTzqVVPt1_htzzeZSaSerP3HpsEclK1cJxGCa55JGFFEDBuxTbPxTzWJGV6l1Bdn6i7mHHRJ8Vnv7KWLyIvtgqomeQ5M-DBEm1bTBv4sSmLv17jsIUumgpzOFvuGp6adDn2_X79nq6qtqzEZBeBzKkYfg8FtvXre2_8v-1BDBtodR9-AM_0pfpWxaB2o2ohb-jRH9Pol6yxHHzvhH8_c7ODxGy1TEH8kUYRh0wOTE36Gj6l26AXBt8x7MZKYRpzjl4c6YH_N_k8KMODAb6VnigeB1iX9ZTYix6U8sBSXpaNn4ZdXXGYro_9F1TssiEktIPW_hYa9G39BsKGIZm86wkneIsAA8358-b87MtBkNzdnCBBVXgh6Lz-IazHTONaUAdBrhKkivMLvxuRuHXpvNHJ6ZQDQzZIwdix3CCbgxKLpNiYslr6WRHaYc7hyCOLJ2dCbbISFKdvXPTNaeuQdA7gEGuO968JIoCFhWs1qlIeg7VHfK6oBEv7SAKzmM=
https://www.qpr.com/investors/stock-exchange-and-press-releases.
EVENTS AFTER THE REVIEW PERIOD
The Company has no significant events after the review period to report.
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 of any international
business. QPR seeks to limit this credit risk by continuously monitoring
standard payment terms, receivables and credit limits.
Approximately 63% of the Group's trade receivables were in euro at the
end of the quarter (52). At the end of the quarter, the Company had not
hedged its non-euro trade receivables.
Risks and risk management practices related to the Company's business
are further described in the Annual Report 2020, pages 22-24 (
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https://www.qpr.com/investors/financial
https://www.globenewswire.com/Tracker?data=JfesuFaw50p-4a8RmoFEsIcQFPsR89vkwbwzcDrIkn--TP8uM10Gl_Dlo7PzSrsA2OVts59W8K3xGhInnwBAy-hwGV_rXyod7t0KZKC1EAbBiJ7X2zZiP10zoBOsXSib
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information/annual
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reports)
FINANCIAL INFORMATION
In 2021, QPR Software Plc will publish its financial information, in
Finnish and English, as follows:
Half-year Financial Report 1-6/2021: Wednesday, August 4, 2021
Interim Report 1-9/2021: Friday, October 22, 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 Jan-Mar, Jan-Mar, Change, Jan-Dec,
otherwise indicated 2021 2020 % 2020
Net sales 2,904 2,789 4 8,971
Other operating income - - 100
Materials and services 337 440 -23 1,422
Employee benefit expenses 1,772 1,739 2 6,649
Other operating expenses 228 220 4 753
EBITDA 566 390 45 248
Depreciation and amortization 280 345 -19 1,183
Operating result 286 45 530 -936
Financial income and expenses -80 -9 786 -16
Result before tax 206 36 467 -952
Income taxes -35 -25 39 140
Result for the period 170 11 1,450 -812
Earnings per share, EUR
(basic and diluted) 0.014 0.001 1,450 -0.068
Consolidated statement of
comprehensive income:
Result for the period 170 11 1,450 -812
Other items in comprehensive
income that may be reclassified
subsequently to profit or loss:
Exchange differences on
translating foreign operations 1 1 39 -3
Total comprehensive income 172 12 1,344 -814
CONDENSED CONSOLIDATED BALANCE SHEET
Mar 31, Mar 31, Change, Dec 31,
EUR in thousands 2021 2020 % 2020
------------------------------ ------- ------- ------- -------
Assets
Non-current assets:
Intangible assets 2,033 2,022 1 2,054
Goodwill 513 513 0 513
Tangible assets 164 100 64 176
Right-of-use assets 121 226 -47 211
Other non-current assets 277 62 347 277
Total non-current assets 3,108 2,923 6 3,231
Current assets:
Trade and other receivables 2,649 2,698 -2 2,901
Cash and cash equivalents 857 572 50 185
Total current assets 3,506 3,270 7 3,086
Total assets 6,614 6,193 7 6,317
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 -67 -65 3 -69
Invested non-restricted
equity fund 5 5 0 5
Retained earnings 1,311 1,907 -31 1,126
Equity attributable to
shareholders of
the parent company 2,190 2,788 -21 2,004
Current liabilities:
Interest-bearing liabilities 700 - 700
Interest-bearing lease
liabilities 158 229 -31 247
Advances received 1,263 766 65 527
Accrued expenses and prepaid
income 1,693 1,853 -9 2,305
Trade and other payables 610 556 10 533
Total current liabilities 4,424 3,405 30 4,313
Total liabilities 4,424 3,405 30 4,313
Total equity and liabilities 6,614 6,193 7 6,317
CONSOLIDATED CONDENCED CASH FLOW STATEMENT
Jan-Mar, Jan-Mar, Change, Jan-Dec,
EUR in thousands 2021 2020 % 2020
Cash flow from operating activities:
Result for the period 170 11 1,450 -812
Adjustments to the result 203 389 -48 1,135
Working capital changes 678 23 2,845 45
Interest and other financial
expenses paid -142 -22 -555 -40
Interest and other financial
income received 2 13 -88 27
Income taxes paid -5 -5 -1 -21
Net cash from operating activities 906 409 122 334
Cash flow from investing activities:
Purchases of tangible and
intangible assets -157 -301 -48 -1,098
Net cash used in investing activities -157 -301 -48 -1,098
Cash flow from financing activities:
Proceeds from short term
borrowings 700 - 700
Repayments of short term
borrowings -700 -500 40 -500
Payment of lease liabilities -89 -76 18 -261
Net cash used in financing activities -89 -576 -84 -61
Net change in cash and cash
equivalents 660 -468 241 -825
Cash and cash equivalents
at the beginning of the period 185 1,035 -82 1,035
Effects of exchange rate changes
on cash and cash equivalents 12 5 152 -25
Cash and cash equivalents
at the end of the period 857 572 50 185
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Invested
non-
Share Other Translation Treasury restricted Retained
EUR in thousands capital funds differences shares equity fund earnings Total
Equity Jan 1, 2020 1,359 21 -66 -439 5 1,882 2,762
Stock option scheme 14 14
Comprehensive income 1 11 12
Equity March 31,
2020 1,359 21 -65 -439 5 1,907 2,788
Stock option scheme 42 42
Comprehensive income -4 -823 -826
Equity Dec 31, 2020 1,359 21 -69 -439 5 1,127 2,004
Stock option scheme 14 14
Comprehensive income 1 170 172
Equity March 31,
2021 1,359 21 -68 -439 5 1,311 2,190
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
This report complies with requirements of IAS 34 "Interim Financial
Reporting". Starting from the beginning of 2021, the Group has applied
certain new or revised IFRS standards and IFRIC interpretations, as
described in the Consolidated Financial Statements 2020. 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 2020 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.
INTANGIBLE AND TANGIBLE ASSETS
Jan-Mar, Jan-Mar, Jan-Dec,
EUR in thousands 2021 2020 2020
Increase in intangible assets:
Acquisition cost Jan 1 11,987 11,159 11,159
Increase 174 228 828
Increase in tangible assets:
Acquisition cost Jan 1 2,622 2,487 2,487
Increase 10 50 135
CHANGE IN INTEREST-BEARING LIABILITIES
Jan-Mar, Jan-Mar, Jan-Dec,
EUR in thousands 2021 2020 2020
Interest-bearing liabilities
Jan 1 947 784 784
Proceeds from short term borrowings 700 21 947
Repayments 789 576 784
Interest-bearing liabilities
Sep 30 858 229 947
PLEDGES AND COMMITMENTS
Jan-Mar, Jan-Mar, Dec 31, Change,
EUR in thousands 2021 2020 2020 %
Business mortgages (held by the
Company) 2,386 2,382 2,387 0
Minimum lease payments based
on lease agreements:
Maturing in less than one year 7 8 7 0
Maturing in 1-5 years 5 14 7 -25
Total 12 22 14 -10
Total pledges and commitments 2,398 2,404 2,401 0
CONSOLIDATED INCOME STATEMENT BY QUARTER
Q1 Q4 Q3 Q2 Q1
EUR in thousands 2021 2020 2020 2020 2020
Net sales 2,904 2,341 1,801 2,041 2,789
Other operating income - - 75 25 -
Materials and services 337 443 279 260 440
Employee benefit
expenses 1,772 1,679 1,474 1,757 1,739
Other operating expenses 228 193 232 109 220
EBITDA 566 27 -109 -60 390
Depreciation and
amortization 280 211 304 324 345
Operating result 286 -184 -413 -384 45
Financial income
and expenses -80 -8 -6 6 -9
Result before tax 206 -191 -419 -378 36
Income taxes -35 34 74 57 -25
Result for the period 170 -157 -345 -321 11
GROUP KEY FIGURES
EUR in thousands, unless Jan-Mar or Jan-Mar or Jan-Dec or
otherwise indicated Mar 31, 2021 Mar 31, 2020 Dec 31, 2020
------------------------------- -------------
Net sales 2,904 2,789 8,971
Net sales growth, % 4.1 1.5 -5.7
EBITDA 566 390 248
% of net sales 19.5 14.0 2.8
Operating result 286 45 -936
% of net sales 9.8 1.6 -10.4
Result before tax 206 36 -952
% of net sales 7.1 1.3 -10.6
Result for the period 170 11 -812
% of net sales 5.9 0.4 -9.0
Return on equity (per annum),
% 32.5 1.6 -34.1
Return on investment (per
annum), % 38.1 7.1 -28.0
Cash and cash equivalents 857 572 185
Net borrowings 1 -343 762
Equity 2,190 2,788 2,004
Gearing, % 0.0 -12.3 38.0
Equity ratio, % 40.9 51.4 34.6
Total balance sheet 6,614 6,193 6,317
Investments in non-current
assets 157 278 1,210
% of net sales 5.4 10.0 13.5
Product development expenses 486 579 2,050
% of net sales 16.7 20.8 22.9
Average number of personnel 84 83 86
Personnel at the beginning
of period 88 83 83
Personnel at the end of period 81 81 88
Earnings per share, EUR
(basic and diluted) 0.014 0.001 -0.068
Equity per share, EUR 0.176 0.224 0.161
(END) Dow Jones Newswires
April 23, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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