QPR Software Interim Report January – September 2021


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,
unless otherwise indicated
July-Sept,
2021
July-Sept,
2020
Change,
%
Jan-Sept,
2021
Jan-Sept,
2020
Change,
%
Jan-Dec,
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          
               
EUR in thousands July-Sept,
2021
July-Sept,
2020
Change,
%
Jan-Sept,
2021
Jan-Sept,
2020
Change,
%
Jan-Dec,
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          
               
EUR in thousands July-Sept,
2021
July-Sept,
2020
Change,
%
Jan-Sept,
2021
Jan-Sept,
2020
Change,
%
Jan-Dec,
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        
         
Trading of shares Jan-Sept,
2021
Jan-Sept,
2020
Change,
%
Jan-Dec,
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
         
Shares and market capitalization September 30,
2021
September 30,
2020
Change,
%
Dec 31,
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.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 (https://www.qpr.com/investors/financialinformation/annualreports)

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
otherwise indicated
July-Sept,
2021
July-Sept,
2020
Change,
%
Jan-Sept,
2021
Jan-Sept,
2020
Change,
%
Jan-Dec,
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

       
           
EUR in thousands Sept 30,
2021
Sept 30,
2020
Change,
%
Dec 31,
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

         
               
EUR in thousands July-Sept,
2021
July-Sept,
2020
Change,
%
Jan-Sept,
2021
Jan-Sept,
2020
Change,
%
Jan-Dec,
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      
               
EUR in thousands Share
capital
Other
funds
Translation
differences
Treasury
shares
Invested non-
restricted
equity fund
Retained
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      
       
EUR in thousands Jan-Sept,
2021
Jan-Sept,
2020
Jan-Dec,
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    
       
EUR in thousands Jan-Sept,
2021
Jan-Sept,
2020
Jan-Dec,
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        
         
EUR in thousands Sept 30,
2021
Sept 30,
2020
Dec 31,
2020
Change,
%
         
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        
               
EUR in thousands Q3
2021
Q2
2021
Q1
2021
Q4
2020
Q3
2020
Q2
2020
Q1
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
otherwise indicated
Jan-Sept or
Sept 30, 2021
Jan-Sept or
Sept 30, 2020
Jan-Dec or
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

QPR Software Oyj



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