Published: 2015-04-23 08:10:00 CEST
QPR Software
Interim report (Q1 and Q3)

NET SALES INCREASED 13% AND PROFITABILITY MORE THAN DOUBLED FROM PREVIOUS YEAR JANUARY – MARCH

QPR SOFTWARE PLC       STOCK EXCHANGE RELEASE APRIL 23, 2015 AT 9.10 AM
 

INTERIM REPORT JANUARY – MARCH 2015

NET SALES INCREASED 13% AND PROFITABILITY MORE THAN DOUBLED FROM PREVIOUS YEAR JANUARY – MARCH

Summary first quarter 2015

  • Net sales EUR 2,524 thousand (2014: 2,225).
  • Net sales rose 13% due to increase in consulting and software license net sales.
  • Operating profit grew 142% to EUR 259 thousand, (107).
  • Operating margin was 10.3% (4.8)
  • Cash flow from operating activities EUR 1,447 thousand (517).
  • Profit before taxes EUR 272 thousand (103).
  • Profit for the quarter EUR 225 thousand (93).
  • Earnings per share EUR 0.019 (0.008).

Business operations

QPR Software focuses on providing organizations software and professional services for operational development. Our software and services are used in over 50 countries. The Company offers its customers insight to their business operations though modeling, analysis and performance monitoring. This insight enables customers to streamline and improve business operations and to execute their strategies swiftly and effectively. The Company´s product portfolio has been strongly renewed in recent years. The new software products offer customers innovative and efficient tools to model enterprise architecture, to automatically discover any processes based on actual event data and to analyze causes for potential performance problems.

OUTLOOK

Operating environment and market outlook

The leading market research companies estimate that global IT services market demand grows in 2015 by 2-3 %, compared to 2014.

The Company estimates that in its relevant markets demand for enterprise architecture modeling, measurement and process analysis software as well as related services will develop faster than the global IT services market.

Outlook for 2015                            

In 2015, the Company increases its growth investments in international distribution of innovative software products developed by the Company. In international markets, the Company operates mainly through its resellers and continues to put effort in recruiting new resellers.

In Finland, the Company seeks growth especially from its expanding consulting business, enterprise architecture and process modeling software sales as well as process analysis software sales.

The Company estimates its net sales and operating profit in euros to increase in 2015, compared to 2014.

 

KEY FIGURES        
         
EUR in thousands, unless otherwise indicated Jan-Mar 2015 Jan-Mar 2014 Change, % Jan-Dec 2014
         
Net sales 2,524 2,225 13.4 9,541
EBITDA 459 305 50.3 1,857
 % of net sales 18.2 13.7   19.5
Operating profit 259 107 141.9 1,095
 % of net sales 10.3 4.8   11.5
Profit before tax 272 103 164.5 1,065
Profit for the period 225 93 142.2 890
 % of net sales 8.9 4.2   9.3
         
Earnings per share, EUR 0.019 0.008 142.2 0.074
Equity per share, EUR 0.274 0.235 16.6 0.274
         
Cash flow from operating activities 1,447 517 179.9 1,617
Cash and cash equivalents 2,427 1,496 62.3 2,427
Free cash flow 1,006 282   702
Net borrowings -2,427 -1,496 62.3 -2,427
Gearing, % -71.2 -51.2   -71.2
Equity ratio, % 57.3 55.8   57.3
Return on equity, % 27.3 12.9   29.3
Return on investment, % 34.2 14.6   35.4

REPORTING

This report complies with requirements of IAS 34 Interim Financial Reporting. Starting from the beginning of 2015, the Group has applied certain new or revised IFRS standards and IFRIC interpretations as described in the Consolidated Financial Statements 2014. The implementation of these new and revised requirements have not impacted the reported figures. For all other parts, the accounting principles and methods are the same as they were in the 2014 financial statements. This report is unaudited.

QPR Software innovates, develops, sells and delivers to international markets software and services aimed at operational development in organizations. QPR Software reports one operating segment: Operational development of organizations. In addition to this, the Company reports revenue from products and services as follows: Software license sales, Software maintenance services, Software rentals, and Consulting. Software rentals and Software maintenance services together form the recurring revenue reported by the Company. Recurring revenue is based on long-term contracts continuing for the time being or for a fixed period of several years. Typically rental and maintenance charges are invoiced annually in advance.

As geographic information QPR Software reports geographical areas Finland, rest of Europe including Russia and Turkey, and rest of the world. Net sales are reported by the customer´s location.

REVIEW BY THE CEO

The Company´s business developed well in the first quarter, although the business environment remained challenging and economic growth was weak in most markets. This was the case especially in the Company’s largest market area Europe (including Finland). However, even in the economic downturn, the sales development of QPR´s products and services was positive.

In the first quarter 2015, the Company’s consulting net sales grew 39% compared to corresponding period in the previous year. The growth was organic and based on extending previous customer accounts and good success in new customer acquisitions.

The Company´s software license net sales develop also favorably and reached 18% net sales growth. This was mainly due to success in sales of the Company´s new software products. Software maintenance service net sales (-4%) and software rental net sales (-1%) were, however, slightly lower than in the previous year. This was mainly due to expiration of a few significant contracts last year or in the beginning of this year. Customer churn remained low measured by the number of expired contracts, but among them there were several economically significant ones. Software rental net sales were also impacted negatively by the shift of focus in new software sales from rental sales to license sales in several markets.

The Company seeks organic growth especially through its new software products, launched in the 2010s, and through its expanding operational development consulting. In the international business, the Company’s growth strategy is based on software sales and continued expansion of international reseller channel. In Finland, the Company’s software products have a leading position in their markets. The strengthening of this position, together with further expansion of local consulting business, are the main targets in the Finnish business.

Jari Jaakkola
CEO

NET SALES DEVELOPMENT 1 JANUARY – 31 MARCH, 2015

Net sales in the first quarter were EUR 2,524 thousand (2,225) and increased 13% from the corresponding period of the previous year. The increase was especially due to successful consulting sales and growth in software license net sales.

 

NET SALES BY PRODUCT GROUP      
         
         
EUR in thousands Jan-Mar 2015 Jan-Mar 2014 Change, % Jan-Dec 2014
         
Software licenses 355 300 18 1,470
Software maintenance services 736 764 -4 3,093
Software rentals 439 444 -1 1,901
Consulting 994 717 39 3,077
Total 2,524 2,225 13 9,541
         
NET SALES BY GEOGRAPHIC AREA    
         
         
EUR in thousands Jan-Mar 2015 Jan-Mar 2014 Change, % Jan-Dec 2014
         
Finland 1,746 1,443 21 6,193
Europe incl. Russia and Turkey 459 465 -1 2,035
Rest of the world 319 317 1 1,313
Total 2,524 2,225 13 9,541

Software license net sales grew 18% compared to previous year, and a major part of license sales was derived from international markets. The development was favorable especially in Sweden and The Netherlands. However, software maintenance services net sales and software rental net sales decreased slightly (-4% and -1%). This was due to expiration of a few significant contracts, which was not fully compensated by maintenance services and rental new sales. Customer churn remained low measured by the number of expired contracts, but among them there were several economically significant ones. The share of recurring revenues was 47% (54) of total net sales.

Consulting net sales in the first quarter grew strongly and rose by 39% compared to previous year. Operational development consulting based on modeling, process analysis consulting and technical consulting related to QPR software products all grew rapidly. In addition, the Company offers in Finland consulting services to improve implementation of SAP enterprise resource planning processes. Net sales of also these services developed favorably compared to the previous year.

Out of the of the Group net sales 69% (65) were derived from Finland, 18% (21) from rest of the Europe (including Russia and Turkey) and 13% (14) from the rest of the world.

FINANCIAL PERFORMANCE 1 JANUARY 2015 – 31 MARCH 2015

In the first quarter, the Group’s operating profit was EUR 259 thousand (107), or 10.3% of net sales (4.8). Operating profit increased from the previous year mainly due to higher net sales and moderate increase in costs.

The Group´s fixed costs were EUR 2,265 thousand (2,132), and grew 6.3% compared to the corresponding period in the previous year. Personnel expenses represented 72% (72) of the fixed costs and were EUR 1,622 thousand (1,525). Credit losses, inclusive in fixed costs, were EUR 22 thousand (3).

Financial income and expenses in the review period were EUR 14 thousand (-4). Financial income included foreign exchange gains of EUR 14 thousand (-4). Profit before taxes in the quarter was EUR 272 thousand (103) and profit for the period was EUR 225 thousand (93).

Taxes recorded for the period were EUR -47 thousand (-10). Earnings per share (fully diluted) were EUR 0.019 (0.008).

FINANCE AND INVESTMENTS

Cash flow from operating activities was EUR 1,447 thousand (517) in the first quarter. Strong cash flow was due to growing sales and a change in invoicing practices compared to previous year. Cash and cash equivalents at the end of the quarter were EUR 2,427 thousand (1,496).

Investments in the first quarter totaled EUR 441 thousand (235). Investments consisted mainly of product development and extension of the office facilities.

At the end of the quarter, the Company had no interest-bearing liabilities. The gearing ratio was -71% (-51). Current liabilities include deferred revenue in total of EUR 2,142 thousand (2,072). Return on investment was 34% (15) in the first quarter.

At the end of the quarter, equity ratio was 57% (56) and the consolidated shareholders’ equity was EUR 3,411 thousand (2,920). Return on equity was 27% (13) in the first quarter.

The Annual General Meeting on March 12, 2015 authorized the Board of Directors to decide on issuing a maximum of 4,000,000 new shares, to decide on conveyance of a maximum of 700,000 own shares held by the Company, and to decide on acquiring a maximum of 250,000 own shares. The authorizations are in force until the next Annual General Meeting.

PRODUCT DEVELOPMENT

Product development expenses in the first quarter were EUR 479 thousand (465), equal to 19% (21) of net sales. Product development expenses do not include amortization of capitalized product development expenses.

During the quarter, product development expenses were capitalized for a total amount of EUR 166 thousand (147). The amortization period for capitalized product development expenses is four years. The amortization of capitalized product development expenses in the quarter was EUR 115 thousand (84).

The Company develops the following software products: QPR EnterpriseArchitect, QPR Metrics, QPR ProcessDesigner, and QPR ProcessAnalyzer.

By developing its consulting service products, the Company aims to grow its local business in Finland, and to accelerate its international software sales by offering complementary service concepts and solutions to its reseller partners.

PERSONNEL

At the end of the quarter, the Group employed a total of 85 persons (79). Average number of personnel during the quarter was 84 (81).

For incentive purposes, the Company has a bonus program that covers all employees. Remuneration of the top management consists of salary, fringe benefits and a possible annual bonus based on net sales and operating profit performance. In 2015, the maximum annual bonus of executive management team, including the CEO, is 30% of the annual base salary. More information on incentive plans can be found in the Annual Report 2014(http://www.qpr.com/sites/default/files/QPRSoftwareAnnualReport2014.pdf).

SHARES AND SHAREHOLDERS

         
Trading of shares Jan-Mar 2015 Jan-Mar 2014 Change, % Jan-Dec 2014
         
Shares traded, pcs 2,041,032 501,248 307 2,828,001
Volume, EUR 2,682,845 464,534 478 2,751,903
% of shares 16.4 4.0   22.7
Average trading price, EUR 1.31 0.93 42 0.97
Treasury shares acquired during the year, pcs 0 37,400 -100 37,400
         
Shares and market capitalization Mar 31, 2015 Mar 31, 2014 Change, % Dec 31, 2014
         
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 1,085 661 64 820
Closing price, EUR 1.49 0.93 60 1.01
Market capitalization, EUR 17,861,902 11,148,704 60 12,107,733
Book counter value of all treasury shares, EUR 50,271 50,271 0 50,271
Total purchase value of all treasury shares, EUR 439,307 430,307 2 439,307
Treasury shares, % of all shares 3.7 3.7 - 3.7

The Annual General Meeting held on March 12, 2015 approved the Board's proposal that a per-share dividend of EUR 0.05 (0.04), a total of EUR 599 thousand (480), be paid for the financial year 2014. The dividend was paid to shareholders entered in the Company's shareholder register, maintained by Euroclear Finland Oy, on the record date of March 16, 2015. The dividend payment date was April 8, 2015.

OTHER EVENTS DURING THE QUARTER

QPR Software´s sales and deliveries were organized from the beginning of 2015 into four units: Operational Development Software, Operational Development Consulting, Process Intelligence and Channel Business.

Miika Nurminen was appointed Senior Vice President, Operational Development Consulting, and member of the Executive Management Team as of 1 January, 2015. Nurminen has previously held several leadership positions in QPR Software.

Sari Törmälä was appointed Senior Vice President, Operational Development Software, and member of the Executive Management Team as of 23 February, 2015. She is also responsible for the Company´s marketing globally. Before QPR Törmälä worked in Kunnan Taito Oy, a service provider for the local government sector in Finland providing financial and personnel management services (2011–2015). As a member of the corporate management team she was responsible for sales and customer relations. Prior to this she worked as a member of the corporate management team in Profit Software ltd, a company offering insurance and banking solutions and services to financial sector in Northern and Baltic Countries, Germany and Poland, first as Executive Vice President responsible for client service (2000–2008) and later as Country Manager (2008–2011).

In February, QPR announced that it expands co-operation with a European public sector health care organization and delivers a project for the organization’s operational development purposes. The total value of the software and consulting services, delivered by QPR and thus recognizable during the first half of 2015, is around EUR 140 thousand. Target of the agreed project is to improve the customer’s operations, development and performance as well as project management. In addition, the project aims for better alignment between business and IT by linking the business area service layer with IT services.

In March, QPR announced that QPR Software is recognized in international research company Gartner Inc.´s Market Guide for Enterprise Business Process Analysis (EBPA) report. The Gartner EBPA Market Guide evaluated the Enterprise business process analysis marketplace and depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace. Gartner evaluated the EBPA vendors on the focus and importance of different use cases, as well as about the focus and importance of the different EBPA capabilities.

EVENTS AFTER THE REPORTING PERIOD

In April, QPR announced that The U.S. Patent and Trademark Office has granted a patent to a technology for analyzing and improving business processes with event instance date, developed by QPR Software. The patented technology utilizes event instance data obtained from information management systems, and helps organizations to analyze and develop their business processes. The patent supports the sale of QPR ProcessAnalyzer software and QPR process intelligence consulting as well as opens up new opportunities for OEM business.

In April, the Company also announced that the City of Helsinki, the capital of Finland, has decided to approve QPR Software’s offer for delivering process and enterprise architecture tool as a service. The total value of the delivery during the year 2015 is approximately 150 thousand €. The value of the entire four year agreement period is 1.5 million €, out of which the share of revenue booked as software rentals is over 75%.

The purchase agreement will be confirmed and signed between the parties later, not earlier than 21 days after all the providers have been notified of the decision and the appeal instructions.  When confirmed, the agreement period is four years, after which the agreement will continue for the time being.

GOVERNANCE

The Annual General Meeting on March 12, 2015 resolved that the Board of Directors consists of four (4) ordinary members. The AGM re-elected the following members to the Board of Directors: Kirsi Eräkangas, Vesa-Pekka Leskinen and Topi Piela. The AGM selected Juho Malmberg, as a new member, to join the Board of Directors. Juho Malmberg has previously held leadership positions, among others, in Accenture, KONE and Zenrobotics. In its meeting following the Annual General Meeting, the Board of Directors elected Vesa-Pekka Leskinen as Chairman of the Board.

The AGM elected KPMG Oy Ab, Authorized Public Accountants, to continue as QPR Software Plc's auditors, with Kirsi Jantunen, Authorized Public Accountant, acting as principal auditor.

The AGM authorized the Board to decide on issuing new shares, conveying own shares held by the Company, and repurchasing the Company’s own shares.

All authorizations of the Board and other decisions made by the Annual General Meeting are available in their entirety on the stock exchange release published by the Company on March 12, 2015 and available on the investors section of the Company's web site: https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=649425&messageId=807345

SHORT-TERM RISKS AND UNCERTAINTIES

Internal control and risk management in 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 four groups of risks related to its operations: risks related to business operations (country, customer, service delivery, personnel, legal and financial risks as well as risks related to the Company’s resellers), risks related to information and products (QPR products, IPR, data security), risks related to financing (foreign currency, bad debt), and risks related to new businesses (growth of new business, product development investments in new business). The Company has an insurance policy for property, operational and liability risks.

Financial risks include reasonable credit risk concerning individual business partners, which is characteristic to any international business. QPR seeks to limit this credit risk by continuous monitoring of standard payment terms, receivables and credit limits. In the first quarter of 2015 EUR 22 thousand (3) of credit losses were recorded. The amount of trade receivables over 60 days past due was 10% (10) of total trade receivables at the end of the quarter.

Approximately 66% of Group’s trade receivables were in euro at the end of the quarter (75). At the end of the quarter, the Company had not hedged its non-euro trade receivables.

No significant changes have taken place in the Company’s short-term risks and uncertainties during the quarter. Risks and risk management related to the Company’s business are further described in the Annual Report 2014, pages 12-14. (http://www.qpr.com/sites/default/files/QPRSoftwareAnnualReport2014.pdf).

FINANCIAL INFORMATION

In 2015, QPR Software will publish interim reports in English and Finnish on the following dates:

  • Interim Report Q2/2015: Thursday, July 30, 2015
  • Interim Report Q3/2015: Wednesday, October 22, 2015

QPR SOFTWARE PLC

BOARD OF DIRECTORS

Further information:

Jari Jaakkola, CEO
Tel. +358 (0) 40 5026 397

DISTRIBUTION:

NASDAQ OMX Helsinki Ltd
Main Media

Neither this press release nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into the United States of America or its territories or possessions.

 

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT  
         
EUR in thousands, unless otherwise indicated Jan-Mar 2015 Jan-Mar 2014 Change, % Jan-Dec 2014
         
Net sales 2,524 2,225 13 9,541
Other operating income   15   26
         
Materials and services 105 85 24 337
Employee benefit expenses 1,622 1,525 6 6,092
Other operating expenses 338 325 4 1,281
EBITDA 459 305 50 1,857
         
Depreciation and amortization 200 197 1 761
Operating profit 259 107 142 1,095
         
Financial income and expenses 14 -4   -30
Profit before tax 272 103 165 1,065
         
Income taxes -47 -10 372 -175
Profit for the period 225 93 142 890
         
         
Earnings per share, EUR (basic and diluted) 0.019 0.008 142 0.074
         
Consolidated statement of comprehensive income:        
Profit for the period 225 93   890
Other items in comprehensive income that        
may be reclassified subsequently to        
profit or loss:        
  Exchange differences on        
  translating foreign operations -10 -8   -40
  Income tax relating to components of        
 other comprehensive income - -   -
  Total comprehensive income 215 85   850

 

CONSOLIDATED BALANCE SHEET      
         
EUR in thousands Mar 31,2015 Mar 31, 2014 Change, % Dec 31,2014
         
Assets        
         
Non-current assets:        
Intangible assets 1,910 1,672 14 1,815
Goodwill 513 513 0 513
Tangible assets 320 202 59 175
Other non-current assets 27 86 -68 27
Total non-current assets 2,770 2,473 12 2,529
         
Current assets:        
Trade and other receivables 2,894 3,336 -13 4,572
Cash and cash equivalents 2,427 1,496 62 1,426
Total current assets 5,321 4,832 10 5,998
         
Total assets 8,092 7,305 11 8,527
         
Equity and liabilities        
         
Equity:        
Share capital 1,359 1,359 0 1,359
Other funds 21 21 1 21
Treasury shares -439 -430 2 -439
Translation differences -231 -189 22 -221
Invested non-restricted equity fund 5 5 7 5
Retained earnings 2,696 2,154 25 2,471
Equity attributable to shareholders of the parent company 3,411 2,920 17 3,196
         
Non-current liabilities:        
Non-interest-bearing liabilities 21 38 -44 25
Total non-current liabilities 21 38 -44 25
         
Current liabilities:        
Advances received 2,142 2,072 3 1,261
Accrued expenses and prepaid income 1,985 2,033 -2 3,223
Trade and other payables 533 243 119 822
Total current liabilities 4,658 4,348 7 5,305
         
Total liabilities 4,681 4,385 7 5,331
         
Total equity and liabilities 8,092 7,305 11 8,527
         
         
CONSOLIDATED CASH FLOW STATEMENT        
           
EUR in thousands Jan-Mar 2015 Jan-Mar 2014 Change, % Jan-Dec 2014  
           
Cash flow from operating activities:          
Profit for the period 225 93 142 887  
Adjustments to the profit 189 190 -1 725  
Working capital changes 1,057 279 279 25  
Interest and other financial expenses paid -1 -4 -75 -13  
Interest and other financial income received 0 0 0 3  
Income taxes paid -23 -42 -45 -10  
Net cash from operating activities 1,447 517 180 1,617  
           
Cash flow from investing activities:          
Purchases of tangible and intangible assets -441 -235 88 -915  
Net cash used in investing activities -441 -235 88 -915  
           
Cash flow from financing activities:          
Repayments of long-term borrowings - -113 -100 -113  
Repurchase of shares - -35 -100 -44  
Dividends paid - -   -480  
Net cash used in financing activities 0 -148 -100 -637  
           
Net change in cash and cash equivalents 1,006 133 656 65  
Cash and cash equivalents at the beginning of the period 1,426 1,365 4 1,365  
Effects of exchange rate changes on cash and cash equivalents -5 -1   -4  
Cash and cash equivalents at the end of the period 2,427 1,496 62 1,426  

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY    
               
EUR in thousands Share capital Other funds Translation differences Treasury shares Invested non-restricted equity fund Retained earnings Total
Equity Jan 1, 2014 1 359 21 -181 -395 5 2 061 2 871
Repurchase of shares       -35     -35
Comprehensive income     -8     93 85
Equity Mar 31, 2014 1 359 21 -189 -430 5 2 154 2 920
Dividends paid           -480 -480
Repurchase of shares       -9     -9
Comprehensive income     -32     797 765
Equity Dec 31, 2014 1 359 21 -221 -439 5 2 471 3 196
Comprehensive income     -10     225 215
Equity Mar 31, 2015 1 359 21 -231 -439 5 2 696 3 411


NOTES TO INTERIM FINANCIAL STATEMENTS

ACCOUNTING PRICIPLES

This report complies with requirements of IAS 34 ”Interim Financial Reporting”. Starting from the beginning of 2015, the Group has applied certain new or revised IFRS standards and IFRIC interpretations as described in the Consolidated Financial Statements 2014. The implementation of these new and revised requirements have not impacted the reported figures. For all other parts, the accounting principles and methods are the same as they were in the 2014 financial statements.

When preparing the consolidated financial statements, management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.

All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported. This report is unaudited.

During the reporting period, the Group did not have any financial instruments measured at fair value.
 

INTANGIBLE AND TANGIBLE ASSETS    
       
EUR in thousands Jan-Mar 2015 Jan-Mar 2014 Jan-Dec 2014
       
Increase in intangible assets:      
Acquisition cost Jan 1 6,650 6,112 6,112
Increase 266 221 538
       
Increase in tangible assets:      
Acquisition cost Jan 1 1,425 1,351 1,351
Increase 175 20 74
       
       
CHANGE IN INTEREST-BEARING LIABILITIES  
       
EUR in thousands Jan-Mar 2015 Jan-Mar 2014 Jan-Dec 2014
       
Interest-bearing liabilities Jan 1 - 113 113
Repayments - -113 -113
Interest-bearing liabilities Mar 31/
Dec 31
- - -

 

PLEDGES AND COMMITMENTS        
         
EUR in thousands Mar 31,  2015 Mar 31,  2014 Dec 31,  2014 Change, %
         
Business mortgages (held by the Company) 1,391 1,393 1,391 0
         
Minimum lease payments based on lease        
agreements        
  Maturing in less than one year 329 167 304 8
  Maturing in 1-5 years 347 54 436 -20
  Total 676 221 740 -9
         
Total pledges and commitments 2,067 1,614 2,131 -3

 

CONSOLIDATED INCOME STATEMENT BY QUARTER
                 
EUR in thousands Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014      
                 
Net sales 2,524 2,685 2,167 2,465 2,225      
Other operating income - - 1 10 15      
                 
Materials and services 105 94 66 92 85      
Employee benefit expenses 1,622 1,640 1,370 1,557 1,525      
Other operating expenses 338 336 316 304 325      
EBITDA 459 615 416 522 305      
                 
Depreciation and amortization 200 198 189 178 197      
Operating profit 259 417 227 344 107      
                 
Financial income and                
expenses 14 -8 -5 -12 -4      
Profit before tax 272 409 222 332 103      
                 
Income taxes -47 -68 -54 -43 -10      
Profit for the period 225 341 167 288 93      

 

GROUP KEY FIGURES      
       
EUR in thousands, unless otherwise indicated Jan-Mar or Mar 31, 2015 Jan-Mar or Mar 31, 2014 Jan-Dec or Dec 31, 2014
       
Net sales 2,524 2,225 9,541
Net sales growth, % 13.4 6.9 9.8
EBITDA 459 305 1,857
 % of net sales 18.2 13.7 19.5
Operating profit 259 107 1,095
 % of net sales 10.3 4.8 11.5
Profit before tax 272 103 1,065
 % of net sales 10.8 4.6 11.2
Profit for the period 225 93 890
 % of net sales 8.9 4.2 9.3
       
Return on equity (per annum), % 27.3 12.9 29.3
Return on investment (per annum), % 34.2 14.6 35.4
Borrowings - - -
Cash and cash equivalents 2,427 1,496 1,426
Free cash flow 1,006 282 702
Net borrowings -2,427 -1,496 -1,426
Equity 3,411 2,920 3,196
Gearing, % -71.2 -51.2 -44.6
Equity ratio, % 57.3 55.8 -44.0
Total balance sheet 8,092 7,305 8,527
       
Investments in non-current assets 441 236 915
 % of net sales 17.5 10.6 9.6
Product development expenses 479 465 1,847
 % of net sales 19.0 20.9 19.4
       
Average number of personnel 84 81 81
Personnel at the beginning of period 78 79 79
Personnel at the end of period 85 79 78
       
Earnings per share, EUR 0.019 0.008 0.074
Equity per share, EUR 0.274 0.235 0.257