TIDMQPR1V
QPR SOFTWARE STOCK EXCHANGE RELEASE, OCTOBER 22, 2021 AT 9.00
AM
Net sales increased 13% and operating profit improved in July --
September 2021
January -- September 2021
-- Net sales amounted to EUR 7,085 thousand (January -- September 2020:
6,630), growth 7%.
-- SaaS net sales as well as consulting and software license net sales
increased. Software maintenance net sales decreased from previous year.
-- International net sales represented 51% of Group net sales (47).
-- EBITDA increased to EUR 671 thousand (221).
-- Operating result (EBIT) amounted to EUR -198 thousand (-752).
-- Earnings per share EUR -0.019 (-0.055).
July -- September 2021
-- Net sales amounted to EUR 2,043 thousand (July -- September 2020: 1,801).
-- Net sales increased 13%, driven by growth in international net sales.
-- SaaS net sales as well as consulting and software license net sales
increased.
-- EBITDA amounted to EUR 103 thousand (-109).
-- Operating result (EBIT) amounted to EUR -208 thousand (-413).
-- Operating expenses remained on the same level as in previous year.
Business operations
QPR Software's mission is to make customers agile and efficient
in their operations. We innovate, develop, and sell software for
analyzing, monitoring, and modeling organizations' operations.
Furthermore, we offer customers consulting services related to our
software.
Outlook for 2021 (adjusted)
The exceptional circumstances caused by the Covid-19 pandemic
continue to affect new customer acquisition, but there are signs of
customer decision making normalizing when it comes to software
procurement. Based on actual net sales year-to-date, recurring
customer revenues, consulting booking levels, and the current
portfolio of sales opportunities, QPR expects its net sales to grow
by 4-9% in 2021 (2020: EUR 8,971 thousand), and EBITDA and
operating result to improve compared to 2020.
KEY FIGURES
EUR in thousands, July-Sept, July-Sept, Change, Jan-Sept, Jan-Sept, Change, Jan-Dec,
unless otherwise indicated 2021 2020 % 2021 2020 % 2020
Net sales 2,043 1,801 13 7,085 6,630 7 8,971
EBITDA 103 -109 194 671 221 204 248
% of net sales 5.0 -6.1 9.5 3.3 2.8
Operating result -208 -413 50 -198 -752 74 -936
% of net sales -10.2 -22.9 -2.8 -11.3 -10.4
Result before tax -213 -419 49 -291 -761 62 -952
Result for the period -165 -345 52 -225 -655 66 -812
% of net sales -8.1 -19.1 -3.2 -9.9 -9.0
Earnings per share,
EUR
(basic and diluted) -0.014 -0.029 52 -0.019 -0.055 -66 -0.068
Equity per share, EUR 0.144 0.199 -28 0.144 0.199 -28 0.161
Cash flow from operating
activities -642 -890 28 569 101 464 334
Cash and cash equivalents 251 317 -21 251 317 -21 185
Net borrowings 1,002 459 118 1,002 459 118 762
Gearing, % 55.8 21.4 161 55.8 -21.4 361 38.0
Equity ratio, % 36.9 47.0 -21 36.9 47.0 -21 34.6
Return on equity, % -34.9 -59.5 41 -15.8 35.5 -145 -34.1
Return on investment,
% -14.2 -59.3 76 -8.8 -30.0 71 -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 time 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 location of the customer's
headquarters.
REVIEW BY THE CEO
The Company's net sales grew by 13% in the third quarter when
compared year on year. Software license revenue and SaaS revenue,
which are central to long-term success, grew driven by
international sales. Consulting revenue grew clearly, especially
supported by ongoing long-term customer relationships. Although the
negative effects of the Covid-19 pandemic were still felt in the
new logo sales of software solutions, the Company won several
contracts, entering into, among others, a major process software
deal with a global technology Company and expanding its cooperation
with several major current customers.
The Company continues to invest in the process excellence
business with sales and business development resources as well as
new sales channels in 2021. The measures taken support the positive
development in the new sales of QPR ProcessAnalyzer, the process
mining software, and for expanding usage with current customers. In
the past quarter, the Company started developing functionalities
for task mining, which will enable customers to have a more
operational understanding and actionable insights for the
development of business processes.
The pilot deliveries of QPR Business Portal, a solution for the
development of organizations' operations and quality systems, have
progressed and we are developing the next phase of capabilities in
cooperation with our customers. The feedback received through
customer co-creation have already resulted in the design and
implementation of new features for role-based views and metrics in
the solution in production.
The sales of performance management software, QPR Metrics, and
related software consulting have increased over the past year in
the Middle Eastern market. During the reporting period, we
strengthened our solution delivery capability by hiring a new
delivery team leader and further developing our software solution.
Tero Aspinen, a member of the Management Team responsible for
business in the Middle East, moved to Dubai in August to support
our local partner network in sales and business development.
After long-term CEO, Jari Jaakkola, left his position, I started
as the new CEO on October 1, 2021. I want to thank Mr. Jaakkola for
his meaningful contribution to the development and management of
the Company during his 13-year tenure as CEO. QPR Software is
celebrating its 30th anniversary this year as a pioneer and leader
in its industry. The position we have achieved among a broad and
significant international customer base, combined with a strong
product portfolio and service offering, creates a solid foundation
for the Company's success and growth in the future.
Jussi Vasama
Chief Executive Officer
NET SALES DEVELOPMENT
NET SALES BY PRODUCT GROUP
July-Sept, July-Sept, Change, Jan-Sept, Jan-Sept, Change, Jan-Dec,
EUR in thousands 2021 2020 % 2021 2020 % 2020
Software licenses 289 271 7 1,155 937 23 1,344
Renewable software
licenses 140 125 12 664 733 -9 900
Software maintenance
services 528 519 2 1,527 1,677 -9 2,195
SaaS 308 284 9 949 820 16 1,081
Consulting 779 602 29 2,790 2,463 13 3,452
Total 2,043 1,801 13 7,085 6,630 7 8,971
NET SALES BY GEOGRAPHIC AREA
July-Sept, July-Sept, Change, Jan-Sept, Jan-Sept, Change, Jan-Dec,
EUR in thousands 2021 2020 % 2021 2020 % 2020
Finland 907 965 -6 3,500 3,524 -1 4,718
Europe incl. Russia and
Turkey 764 480 59 1,996 1,758 14 2,474
Rest of the world 372 355 5 1,589 1,348 18 1,780
Total 2,043 1,801 13 7,085 6,630 7 8,971
July - September 2021
Net sales in the third quarter increased by 13% and amounted to
EUR 2,043 thousand (1,801). Significant growth in consulting (+29%)
and in SaaS net sales (+9%) had a positive impact on net sales. The
annual value of SaaS offers to customers increased year-on-year by
over 60% to almost EUR 2.5 million.
Consulting net sales, including software deliveries, amounted to
EUR 779 thousand (602). Software deliveries were positively
impacted by significant projects sold to the Middle East early this
year. SaaS net sales increased to EUR 308 thousand (284),
New software license net sales increased to EUR 289 thousand
(271) and renewable software license net sales to EUR 140 thousand
(125). SaaS net sales increased 9% to EUR 308 thousand (284).
Software maintenance net sales amounted to EUR 528 thousand
(519).
Net sales in Finland decreased by 6%, but international net
sales increased by 36%. Of the Group net sales, 44% (54) derived
from Finland, 37% (27) from the rest of Europe (including Russia
and Turkey), and 16% (20) from the rest of the world.
January - September 2021
Net sales between January and September amounted to EUR 7,085
thousand (6,630) and increased by 7%. The share of recurring
revenue was 43% of net sales (49).
Net sales in Finland were on the same level as in the previous
year (-1%). International net sales increased by 15%, driven by
software sales.
Of the Group net sales, 49% (53) derived from Finland, 28% (27)
from the rest of Europe (including Russia and Turkey), and 22% (20)
from the rest of the world.
FINANCIAL PERFORMANCE
July - September 2021
The Group's EBITDA amounted to 103 thousand (-109) and operating
result (EBIT) to EUR -208 thousand (-413). The improvement in
operating result was mainly due to an increase in net sales.
Operating expenses were at a similar level as the year before
(-2%).
The result for the period was EUR -165 thousand (-345). Earnings
per share were EUR -0.014 (-0.029).
January - September 2021
The Group's EBITDA amounted to EUR 671 thousand (221) and
operating result (EBIT) amounted to EUR -198 thousand (-752). The
improvement in operating result was due to an increase in net sales
and a decrease in depreciation. Operating expenses remained almost
at the same level as the year before (-1%).
The Group's fixed costs were EUR 6,401 thousand (6,503) in the
reporting period. Credit losses, included in fixed costs, were EUR
60 thousand (47).
The result before taxes was EUR -291 thousand (-761) and the
result for the period was EUR -225 thousand (-655). Earnings per
share were EUR -0.019 (-0.055).
FINANCE AND INVESTMENTS
Cash flow from operating activities between January and
September was EUR 569 thousand (101). Cash and cash equivalents at
the end of the reporting period were EUR 251 thousand (317).
Net financial expenses were EUR 93 thousand (9) and included a
one-off guarantee payment related to a closed project. The payment
was made in January 2021.
Investments between January and September totaled EUR 593
thousand (777). Investments were mainly related to product
development expenditure.
The Group's financial position is good. Cash and cash
equivalents at the end of the reporting period were EUR 251
thousand (317), in addition to which the Group has access to EUR
1.0 million worth of other short-term financial instruments. At the
end of the period, the Group had a short-term bank loan of EUR 1.0
million and no long-term interest-bearing bank loans. The gearing
ratio was 56% (23). At the end of the reporting period, the equity
ratio was 37% (47).
PRODUCT DEVELOPMENT
QPR innovates and develops software products that analyze,
measure, and model organization's operations. The Company develops
the following software products: QPR ProcessAnalyzer, QPR
BusinessPortal, QPR EnterpriseArchitect, QPR ProcessDesigner, and
QPR Metrics.
From January to September, product development expenses were EUR
1,409 thousand (1,587) and product development expenses worth EUR
542 thousand (627) were capitalized. The amortization of
capitalized product development expenses stood at EUR 542 thousand
(629). Capitalized product development expenses are amortized over
a period of four years.
PERSONNEL
At the end of the quarter, the Group employed a total of 79
persons (85). The average number of personnel during the quarter
was 80 (86).
The average age of employees is 42.9 (42) years. Women account
for 25% (20) of employees, men for 75% (80). Of all personnel, 20%
(19) work in sales and marketing, 39% (42) in consulting and
customer care, 33% (31) 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
mainly based 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-Sept, Jan-Sept, Change, Jan-Dec,
Trading of shares 2021 2020 % 2020
Shares traded, pcs 1,737,247 714,500 143 1,403,426
Volume, EUR 3,639,851 1,462,356 149 2,825,365
% of shares 14.5 6.0 11.7
Average trading price, EUR 2.10 2.05 2 2.01
September September
30, 30, 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 1,412 1,179 20 1,240
Closing price, EUR 1,98 1,96 1 2,24
Market capitalization, EUR 23,735,951 23,496,194 1 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 on one or 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=z-ix_U4i_pFZXZLRYIAEezo9PEAdsztI9REFg_9La6YY3jEmdzzzZf0tf8M6sWh5aAR1bXcsV2JiZekWzCqfPnhyidevh-iWq5mChzg61dXacg95iMOVordJCFaQuBJyK37AnTMFTnimvH04Op7L5EuhiiCJw5MEE2-54-CoUTUfHaqRTBTc3t9vf_YBmARSr8Z6ChuI1lorAJ9iKm1sY3064MXspoOCV_uwa905xbsHQOifru3jSBBOOrqokFShMy939NWVU-WqOIlzBwD4Nde_PXp1lX5zLWvIDvqkxfMtQhQJy6F4U1yyt3JuAIzQ12aXrFdWApubSgnxOnIDkw9B3R4kSZ-xlQoii4MVtrXkNLqhwdPWlrgaDqFu5gM2PIAuwamCPQs0kxSd8ceK47LyOs59YxD-wG81T1gar7EMvE4xKQOO74HD3Ibju37O8t3Lqz0n6punSOZjzwwzlFDIcZsJ1K1Qpb6cmlRvOtoZ2krWUsPjZihssui88DNy7VmEUnCuzl0CJmK35feoFJKMZO6G1AgLsJL0EDhB0yMyUB0Y5PjFikQ9uS4sfm2BGdM9A1RIx4zwdYF3D04tmZArr6L2YIPCq-o2zcHmK8NHFpICG-voHBFxemMygyB54PgWArbXQ6f-MfpQehWw8ZRP0sFJs-2ZbteOXifTls8b_PScp_KSnYazokHrmRbx5Vvs8tw6BZzVkdgMv5zgdYaT2L-U5-u5sDGbh8_lE3nqsigLj_W6XO-y5Chb0v-4MHYjTmiQ5YmboqpF9DsKU9CwyIgM457bhIwrrImFcvk=
https://www.qpr.com/investors/stock-exchange-and-press-releases.
Jari Jaakkola announced on May 5, 2021, to the Board of
Directors that he will resign as the Company's Chief Executive
Officer. To ensure a smooth transition, the Board and Jaakkola
agreed that Jaakkola will continue in office until approximately
the beginning of September. The Board of Directors appointed on
June 24, 2021, Jussi Vasama as the new CEO of QPR Software Plc. He
assumed his position on October 1, 2021. Vasama has a Master's
degree in Industrial Engineering and Management, specializing in
the international operations of industrial companies. He has held
various global and regional management positions in the software
industry since 2012.
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 risk by
continuously monitoring standard payment terms, receivables and
credit limits.
Approximately 61% of the Group's trade receivables were in euro
at the end of the quarter (44). 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=4mGxfx3qY9-lOLBDkcqQLJuNNlSajfHRZUE8UunacmPt0VEDmgYZN4tNRGoH_g29_eD73-mDTmOnsqEYSA9FvQX5oAPFg2R6GGj1Y76hBGM2AWFrwCoYOhaH6gRq2P6h
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information/annual
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reports)
QPR SOFTWARE PLC
BOARD OF DIRECTORS
Further information:
Jussi Vasama, CEO
Tel. +358 (0) 50 380 9893
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 July-Sept, July-Sept, Change, Jan-Sept, Jan-Sept, Change, Jan-Dec,
otherwise indicated 2021 2020 % 2021 2020 % 2020
Net sales 2,043 1,801 13 7,085 6,630 7 8,971
Other operating income 0 75 -100 0 100 - 100
Materials and services 248 279 -11 882 979 -10 1,422
Employee benefit expenses 1,434 1,474 -3 4,898 4,970 -1 6,649
Other operating expenses 259 232 12 633 560 13 753
EBITDA 103 -109 194 671 221 204 248
Depreciation and amortization 311 304 2 869 972 -11 1,183
Operating result -208 -413 50 -198 -752 74 -936
Financial income and expenses -5 -6 14 -93 -9 -941 -16
Result before tax -213 -419 49 -291 -761 62 -952
Income taxes 49 74 -34 66 106 -38 140
Result for the period -165 -345 52 -225 -655 66 -812
Earnings per share, EUR
(basic and diluted) -0.014 -0.029 52 -0.019 -0.055 66 -0.068
Consolidated statement
of
comprehensive income:
Result for the period -165 -345 52 -225 -655 66 -812
Other items in comprehensive
income that may be reclassified
subsequently to profit
or loss:
Exchange differences on
translating foreign operations 2 -1 300 3 -1 400 -3
Total comprehensive income -163 -346 -53 -222 -656 66 -814
CONDENSED CONSOLIDATED BALANCE SHEET
Sept 30, Sept 30, Change, Dec 31,
EUR in thousands 2021 2020 % 2020
Assets
Non-current assets:
Intangible assets 2,003 1,975 1 2,054
Goodwill 513 513 0 513
Tangible assets 156 75 108 176
Right-of-use assets 221 190 16 211
Other non-current assets 360 263 37 277
Total non-current assets 3,252 3,016 8 3,231
Current assets:
Trade and other receivables 2,045 1,949 5 2,901
Cash and cash equivalents 251 317 -21 185
Total current assets 2,297 2,266 1 3,086
Total assets 5,549 5,282 5 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 -67 0 -69
Invested non-restricted equity
fund 5 5 0 5
Retained earnings 916 1,270 -28 1,126
Equity attributable to shareholders
of
the parent company 1,795 2,149 -16 2,004
Current liabilities:
Interest-bearing liabilities 1,000 700 43 700
Interest-bearing lease liabilities 254 77 229 247
Advances received 684 708 -3 527
Accrued expenses and prepaid
income 1,303 1,267 3 2,305
Trade and other payables 513 381 35 533
Total current liabilities 3,753 3,133 20 4,313
Total liabilities 3,753 3,133 20 4,313
Total equity and liabilities 5,549 5,282 5 6,317
CONSOLIDATED CONDENCED CASH FLOW STATEMENT
July-Sept, July-Sept, Change, Jan-Sept, Jan-Sept, Change, Jan-Dec,
EUR in thousands 2021 2020 % 2021 2020 % 2020
Cash flow from operating activities:
Result for the period -165 -345 52 -225 -655 66 -812
Adjustments to the result 294 263 12 887 930 -5 1,135
Working capital changes -742 -796 -7 72 -149 -148 45
Interest and other financial
expenses paid -2 -7 75 -150 -34 -341 -40
Interest and other financial
income received 1 1 -34 2 25 91 27
Income taxes paid -28 -6 -370 -17 -16 -4 -21
Net cash from operating activities -642 -890 28 569 101 464 334
Cash flow from investing activities:
Purchases of tangible and
intangible assets -215 -124 73 -593 -777 -24 -1,098
Net cash used in investing
activities -215 -124 73 -593 -777 -24 -1,098
Cash flow from financing activities:
Proceeds from short term
borrowings 300 700 -57 1,000 700 43 700
Repayments of short term
borrowings - - - -700 -700 0 -500
Payment of lease liabilities -69 -76 9 -208 -28 642 -261
Net cash used in financing
activities 231 624 -63 92 -28 430 -61
Net change in cash and cash
equivalents -626 -390 -61 68 -704 110 -825
Cash and cash equivalents
at the beginning of the period 878 722 22 185 1,035 -82 1,035
Effects of exchange rate changes
on cash and cash equivalents -1 -14 95 -2 -14 88 -25
Cash and cash equivalents
at the end of the period 251 317 -21 251 317 -21 185
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,
2020 1,359 21 -66 -439 5 1,882 2,762
Stock option
scheme 42 42
Comprehensive
income -1 -655 -656
Equity Sept
30, 2020 1,359 21 -67 -439 5 1,270 2,149
Stock option
scheme 14 14
Comprehensive
income -3 -157 -159
Equity Dec 31,
2020 1,359 21 -70 -439 5 1,126 2,004
Stock option
scheme 15 15
Comprehensive
income 3 -225 -222
Equity Sept
30, 2021 1,359 21 -67 -439 5 916 1,795
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.
In April 2021, the IFRS Interpretations Committee issued a final
agenda decision on the accounting for the costs of configuring or
customizing cloud computing arrangements (IAS 38 Intangible
Assets). In this agenda decision, the Interpretation Committee
considered whether in applying IAS 38, the customer recognizes an
intangible asset in relation to configuration or customization of
the application software, and if an intangible asset is not
recognized, how does the customer account for the configuration or
customization costs. IFRIC agenda decisions do not have an
effective date, and they are expected to be applied as soon as
possible. As the Group has cloud computing arrangements in place,
it has begun an analysis of whether this agenda decision has an
impact on the accounting policies applied to the costs of
implementing cloud arrangements. The analysis will be performed in
the Group during autumn 2021, and the possible effects will be
taken into account retrospectively in the 2021 financial statements
at the latest.
INTANGIBLE AND TANGIBLE ASSETS
Jan-Sept, Jan-Sept, Jan-Dec,
EUR in thousands 2021 2020 2020
Increase in intangible assets:
Acquisition cost Jan 1 11,987 11,159 11,159
Increase 542 627 828
Increase in tangible assets:
Acquisition cost Jan 1 2,622 2,487 2,487
Increase 45 171 135
CHANGE IN INTEREST-BEARING LIABILITIES
Jan-Sept, Jan-Sept, Jan-Dec,
EUR in thousands 2021 2020 2020
Interest-bearing liabilities Jan 1 947 784 784
Proceeds from short term borrowings 1,249 721 947
Repayments 942 728 784
Interest-bearing liabilities June 30/Dec
31 1,254 777 947
PLEDGES AND COMMITMENTS
Sept 30, Sept 30, Dec 31, Change,
EUR in thousands 2021 2020 2020 %
Business mortgages (held by the
Company) 2,386 2,385 2,387 0
Minimum lease payments based on
lease agreements:
Maturing in less than one year 23 7 7 228
Maturing in 1-5 years 29 8 7 324
Total 52 16 14 285
Total pledges and commitments 2,491 2,401 2,401 4
CONSOLIDATED INCOME STATEMENT BY QUARTER
Q3 Q2 Q1 Q4 Q3 Q2 Q1
EUR in thousands 2021 2021 2021 2020 2020 2020 2020
Net sales 2,043 2,138 2,904 2,341 1,801 2,041 2,789
Other operating income 0 0 0 0 75 25 0
Materials and services 248 297 337 443 279 260 440
Employee benefit expenses 1,434 1,692 1,772 1,679 1,474 1,757 1,739
Other operating expenses 259 146 228 193 232 109 220
EBITDA 103 3 566 27 -109 -60 390
Depreciation and amortization 311 278 280 211 304 324 345
Operating result -208 -275 286 -184 -413 -384 45
Financial income and
expenses -5 -8 -80 -8 -6 6 -9
Result before tax -213 -283 206 -191 -419 -378 36
Income taxes 49 52 -35 34 74 57 -25
Result for the period -165 -231 170 -157 -345 -321 11
GROUP KEY FIGURES
EUR in thousands, unless Jan-Sept or Jan-Sept or Jan-Dec or
otherwise indicated Sept 30, 2021 Sept 30, 2020 Dec 31, 2020
---------------------------------- -------------
Net sales 7,085 6,630 8,971
Net sales growth, % 6.9 -5.5 -5.7
EBITDA 671 221 248
% of net sales 9.5 3.3 2.8
Operating result -198 -752 -936
% of net sales -2.8 -11.3 -10.4
Result before tax -291 -761 -952
% of net sales -4.1 -11.5 -10.6
Result for the period -225 -655 -812
% of net sales -3.2 -9.9 -9.0
Return on equity (per annum),
% -15.8 -35.5 -34.1
Return on investment (per annum),
% -8.8 -30.0 -28.0
Cash and cash equivalents 251 317 185
Net borrowings 1,002 459 762
Equity 1,795 2,149 2,004
Gearing, % 55.8 21.4 38.0
Equity ratio, % 36.9 47.0 34.6
Total balance sheet 5,549 5,282 6,317
Investments in non-current
assets 750 798 1 210
% of net sales 10.6 12.0 13.5
Product development expenses 1,409 1,587 2,050
% of net sales 19.9 23.9 22.9
Average number of personnel 80 86 86
Personnel at the beginning
of period 88 83 83
Personnel at the end of period 79 85 88
Earnings per share, EUR
(basic and diluted) -0.019 -0.055 -0.068
Equity per share, EUR 0.144 0.173 0.161
(END) Dow Jones Newswires
October 22, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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