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 ( 
https://www.globenewswire.com/Tracker?data=S85mkAs2yLHw-M9JhfFxtGbJ-OJ0OFOD8V-NR55q79RR6Rb3Z_wwQK638qogFz3gxzHyDrnOjL7_DUws_P39kVrGrBqCCRXuWhQnkYesWRVb1epkTrpmppdim_c-FgzMBCcf23XJ42VR3jE5FxcKPLDlH0XNBQw-nPSnpy2SnipY9Kl2YS882EI3j64T-hIc 
https://www.qpr.com/investors/financial 
https://www.globenewswire.com/Tracker?data=JfesuFaw50p-4a8RmoFEsIcQFPsR89vkwbwzcDrIkn--TP8uM10Gl_Dlo7PzSrsA2OVts59W8K3xGhInnwBAy-hwGV_rXyod7t0KZKC1EAbBiJ7X2zZiP10zoBOsXSib 
- 
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information/annual 
https://www.globenewswire.com/Tracker?data=RKOhXVzV-kylpeOYIZ_h-15X2BsDML8n313WQwMRBEgDULpsVaxtxKe5rbutHBo4-joHHSOwGQs8ioHwipWyqlVDLQk6OS8BAloC1fiRNhpr_IRl6i-A3C38_ZOCqq-K 
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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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