Correction to the stock exchange release: QPR Software Plc Interim
Report January-March 2023
QPR SOFTWARE
PLC
STOCK EXCHANGE
RELEASE 4 May
2023, AT 10.00 AM EET
Correction to the stock exchange release published by
QPR Software Plc on May 3, 2023, at 9 am EET
QPR Software Plc corrects the stock exchange release published
on May 3, 2023, at 9 a.m. EET, which announced the company's
January-March 2023 interim report.
In the stock exchange release, it was also stated in the section
"Net sales development, January-March" that the company's net sales
for January-March was 2,237 thousand euros (2,201) and it grew by
2%. The release also stated that the share of net sales from
continuous income was 45% (37) of the total net
sales. The share of net sales of continuous
income as a percentage was incorrect. The correct share of
continuous income net sales from the total net sales was 58%
(55).
In addition, in the stock exchange release’s part “Finance and
investments” it was stated that “The financial situation of the
group is unavoidable”. The company corrects this point as follows:
The financial situation of the group is fair.
QPR Software Plc Interim Report January-March
2023
QPR Software Plc interim report January-March: SaaS net
sales increased by 64% and net sales by 2%. The EBITDA became
positive, but the operating result was a loss. QPR Software Named
Visionary in 2023 in Gartner® Magic Quadrant™ for Process Mining
Tools -report
FINANCIAL DEVELOPMENT BRIEFLY
JANUARY-MARCH 2023
- SaaS software business grew +64%
- Net sales amounted to EUR 2,237 thousand, an increase of 2%
(January-March 2022: 2,201)
- EBITDA was EUR 26 thousand (-201)
- Operating result (EBIT) amounted to EUR -225 thousand
(-472)
- Result before taxes was EUR -264 thousand (-483)
- Result was EUR -269 thousand (-380)
- Earnings per share was EUR -0,017 (-0,032)
OUTLOOK FOR 2023
The exceptional circumstances caused by increased interest rate,
inflation, and a market downturn in Europe continue to affect new
customer acquisition, companies' investments, and prolong
decision-making in early 2023.
Supported by the current contract base and the projected growth
of SaaS (Software as a Service) net sales, QPR expects the growth
of SaaS net sales to be more than 35% and estimates that the entire
net sales increase in 2023 (2022: 7,823 thousand euros).
The company expects the EBITDA to improve considerably and reach
the break-even point in the financial year 2023. The EBITDA in 2022
was - 1,753 thousand euros.
CEO HEIKKI VEIJOLA’S
REVIEW
"The year 2023 has generally started in an uncertain market
situation. Regarding acquiring new customers, the general economic
uncertainty has clearly postponed customers' decisions and the
launch of new tenders. At the beginning of the year, we succeeded
in expanding individual contracts with our existing customers. This
indicates high customer satisfaction and our ability to respond
quickly to our customers' needs with our high-quality solutions and
services.
The company's first quarter net sales increased slightly (2%)
from the comparison period after a longer period of decline. SaaS
(Software as a Service) net sales grew by 64%, mainly boosted by
the significant agreement announced at the end of December 2022.
The company's operating result was negative but improved
significantly from the comparison period. The net sales of
renewable software licenses decreased (-22%), which is, however, in
line with the company's current SaaS business model. The company's
recurring net sales increased by 22%.
The consulting net sales continued to decrease from the
comparison period. The most significant factor is the difficulties
in the Middle East software delivery projects sold in previous
years. At the end of 2022, the company had to reassess the
profitability of several software delivery projects concluded
during 2020–2021, as well as the realization of related contract
revenues and invoicing. The projects in question are fixed-price
implementations of software solutions in the application area of
strategy and performance management for public administration
customers in the Middle East.
Previously, it was estimated that the projects in question would
be completed at the beginning of the second quarter of 2023. There
have been delays in the projects, but our goal is to finish them by
the end of the second quarter of the year. These projects continue
to strain the company's profitability until they are completed. The
discussion with the client about the continuation of the project
has been started.
I started as CEO of the company at the beginning of March 2023.
In the first quarter of the year, we adapted the company's
operations and enhanced the implementation of the strategy. The
organizational structure has been condensed so that it enables even
more efficient performance of growth-oriented investments.
QPR Software has been a pioneer of process mining technology
since 2010, having a solid forerunner and vision of customers'
changing needs in the highly competitive process mining market. I
am incredibly proud of our achievement of being named a visionary
in Gartner's March 2023 Magic Quadrant™ for Process Mining Tools.
According to Gartner, "visionaries" are innovators who move the
market forward by responding to new, growing demands of high-end
customers and providing them with new opportunities for success.
Typically, these players appeal to leading customers in their
industries.
According to the report, the latest development in process
mining comes from QPR ProcessAnalyzer, which runs natively on the
Snowflake Data Cloud. This means solving performance, scalability,
and security issues. With QPR's process mining solution, users can
use Snowflake's virtually limitless scalability, finding process
inefficiencies in even billions of data rows in the blink of an
eye. The solution comes with direct and real-time access to the
data in the Snowflake Data Cloud. Data management, authentication,
and access rights are perfectly synchronized with Snowflake. QPR is
the first and only Process Mining Powered by Snowflake software
partner worldwide.
Process mining using Snowflake Data Cloud technology has shown
interest among new and existing customers, and we currently have
several POC (Proof Of Concept) projects underway. The general
market situation is also reflected here, and customers'
decision-making is slow.
More than 80% of Snowflake's customers are in the US market,
where QPR is not present. The company plans to explore the
possibility of building a partner ecosystem to take this unique
process mining solution to the US market.
I am particularly pleased to report that we have also promoted
several strategic partnerships during the first quarter. The
partnership agreement with Solution BI, which specializes in data
analysis and performance management, is an excellent example of how
innovations and the value produced for our customers are
strategically created together. Solution BI has included process
mining and QPR ProcessAnalyzer as part of its offering, enabling
them to help their customers understand their operations with the
help of data and support organizations' investment decisions and
transformations in all business areas. Our solutions and services
complement each other and speed up the utilization of new
innovations to benefit our current and new customers' business.
Despite the current challenging operating environment, QPR has a
solid core business, which is backed by growth opportunities and a
growing market. Our technological capabilities, our innovation, and
the strategic partnerships that support it offer us the opportunity
to help many new customers in achieving their business goals. We
are pleased that the first quarter shows a clear improvement
compared to the comparison period. After a challenging last year,
in the current market situation, the company’s business space is
tight in terms of cash resources and equity ratio, while operations
are still loss-making. The company is actively taking measures to
reach the guidance given for the financial year 2023.
I warmly thank our customers and stakeholders for their trust in
QPR at the beginning of this year. I would also like to thank all
our employees for their dedication and hard work for the company's
future and success.”
Heikki Veijola
Chief Executive Officer
KEY FIGURES
EUR in thousands, unless otherwise indicated |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Change, % |
Jan-Dec, 2022 |
|
|
|
|
|
Net sales |
2,237 |
2,201 |
2 |
7,823 |
EBITDA |
26 |
-201 |
113 |
-1,753 |
% of net
sales |
1.2 |
-9.1 |
|
-22.4 |
Operating
result |
-225 |
-472 |
52 |
-2,770 |
% of net
sales |
-10.1 |
-21.5 |
|
-35.4 |
Result before
tax |
-264 |
-483 |
45 |
-2,864 |
Result for the
period |
-269 |
-380 |
29 |
-2,868 |
% of net
sales |
-12.0 |
-17.3 |
|
-36.7 |
|
|
|
|
|
Earnings per
share, EUR (basic and diluted) |
-0.017 |
-0.032 |
47 |
-0.202 |
Equity per
share, EUR |
0.010 |
0.004 |
141 |
0.030 |
|
|
|
|
|
Cash flow from
operating activities |
475 |
42 |
1,032 |
-1,798 |
Cash and cash
equivalents |
172 |
61 |
182 |
17 |
Net
borrowings |
2,041 |
1,542 |
32 |
2,262 |
Gearing,
% |
1285.1 |
2998.9 |
-57 |
464.9 |
Equity ratio,
% |
3.6 |
1.4 |
150 |
7.4 |
Return on
equity, % |
-333.0 |
-631.4 |
47 |
-625.7 |
Return on investment, % |
-47.9 |
-104.7 |
54 |
-120.3 |
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
revenue, 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 for an indefinite duration. These
contracts are automatically renewed at the end of the agreed
period, usually one year, unless the agreement is terminated within
the notice period. Renewable license revenue is recognized at one
point in time, at 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 headquarters location.
The company has closed its business and partnerships in Russia for
the time being.
BUSINESS OPERATIONS
QPR’s purpose is to help customers achieve more with less. We
help our customers drive process and business transparency, ensure
that their operations are run as required and designed, and create
actionable intelligence where modern AI meets thought
leadership.
We do so by innovating, developing, and delivering software for
analyzing, monitoring, and modelling organizations’ operations. To
ensure maximum customer value, we also offer a wide range of
complementary consulting services. By providing organizations with
the technologies and methods to transform the invisible into
visible and the unknown into manageable, they are empowered to
reach long-lasting, continuous results.
NET SALES DEVELOPMENT
NET SALES BY PRODUCT GROUP
EUR in thousands |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Change, % |
Jan-Dec, 2022 |
|
|
|
|
|
Software
licenses |
179 |
133 |
35 |
560 |
Renewable
software licenses |
302 |
388 |
-22 |
583 |
Software
maintenance services |
422 |
463 |
-9 |
1,803 |
SaaS |
575 |
350 |
64 |
1,738 |
Consulting |
759 |
868 |
-13 |
3,139 |
Total |
2,237 |
2,201 |
2 |
7,823 |
NET SALES BY GEOGRAPHIC AREA
EUR in thousands |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Change, % |
Jan-Dec, 2022 |
|
|
|
|
|
Finland |
1,078 |
1,161 |
-7 |
4,126 |
Europe incl.
Turkey |
940 |
677 |
39 |
2,745 |
Rest of the world |
220 |
363 |
-39 |
953 |
Total |
2,237 |
2,201 |
2 |
7,823 |
JANUARY-MARCH 2023
The net sales for January-March was 2,237 thousand euros (2,201)
and it grew by 2%. The share of net sales from continuous income
was 58% (55) of the total net sales. The net sales of new software
licenses was 179 thousand euros (133) and it grew by 35%, mainly
due to the significant contract concluded in the last quarter of
last year with a leading global pharmaceutical company, one batch
of which was signed in January-March 2023. During the beginning of
the year, we also succeeded in expanding individual contracts with
existing customers.
The net sales of renewable software licenses decreased to 302
thousand euros (388), which was mainly due to the company's
strategic focus shifting to the SaaS business model.
The net sales of software maintenance services was 422 thousand
euros (463) and decreased by 9% due to international channel sales
and current customers switching to SaaS services.
SaaS revenue grew by 64%, to 575 thousand euros (350). SaaS
growth accelerated partly due to a major deal announced in the last
quarter of 2022 with a pharmaceutical company, along with other
undisclosed deals, and less due to the transition from licenses to
a SaaS model.
The entire offer backlog at the end of the quarter was 7,000
thousand euros (Q4; more than 7,300 thousand euros) and the annual
estimate of the SaaS offer base for the next 12 months was more
than 1,200 thousand euros (Q4; more than 1,200 thousand euros).
QPR is developing its Lead-to-Cash process, and the bidding
phase will have strict qualitative evaluation requirements. During
the fourth quarter, the first parts of the process related to the
Lead-to-Deal process were implemented. The development of the
process may lead to a reduction in the offer pool, albeit with a
proportionality and a higher success rate.
The net sales of consulting was 759 thousand euros (868) and it
decreased by 13% due to the higher net sales of the Middle East
project recorded during the first quarter of the reference year
2022.
48% (53) of the group's net sales came from Finland, 42% (31)
from the rest of Europe (including Turkey) and 10% (16) from the
rest of the world.
FINANCIAL DEVELOPMENT
January-March 2023
The group's EBITDA in January-March was 26 thousand euros (-201)
and the operating result was -225 thousand euros (-472). The result
of the period was -269 thousand euros (-380) and was higher than in
the comparison period of 2022, although the January-March 2022
operating result included tax receivables of 103 thousand euros.
The tax receivables in question were written off in the second
quarter of the reference year 2022.
The group's fixed expenses were 2,068 thousand euros (2,345),
11% lower than the comparison period due to the personnel
reductions and savings implemented in the last quarter of 2022, the
effect of which was partially reduced by investments in product
development and higher subcontracting costs of projects in the
Middle East.
The credit losses, which are included in the fixed expenses were
three (1) thousand euros (32).
The result before taxes was -264 thousand euros (-483) and the
result for the review period was -269 thousand euros (-380).
Earnings per share were EUR -0.017 (-0.032) per share.
FINANCE AND INVESTMENTS
Cash flow from operations in the review period January-March was
475 thousand euros (42). The change in operating cash flow compared
to the first quarter of the comparison period 2022 was due to
operating profit and changes in working capital. Accounts
receivables were lower compared to the comparison period due to the
advance of the invoicing cycle in the end of the year.
Additionally, the contract with the pharmaceutical company
published earlier brought a significant change in operating cash
flow, which was partly reduced by the Middle East project, as well
as higher costs related to product development.
The net financial expenses were 39 thousand euros (10) and they
included exchange losses of 4 thousand euros (4).
The investments were 275 thousand euros (344), and they were
mainly product development investments.
The net cash flow from financing was -45 thousand euros,
consisting mainly of interest expenses.
The financial situation of the group is fair.
At the end of the review period, the group's cash and cash
equivalents were 172 thousand euros (61) and short-term receivables
were 1,685 thousand euros (2,200). The company has changed its
billing cycle and made its collection more efficient. In addition,
the group has available other short-term cash resources of 500
thousand euros. At the end of the review period, the group had bank
loans, of which long-term 1.0 million euros and short-term 500
thousand euros. Covenants are attached to the loan, which are based
on the company's EBITDA and equity ratio. The EBITDA of the
covenants is tested every six months, and the equity ratio is
tested annually according to the situation on the last day of the
year.
The company renewed the financing agreement with its main
financing bank on January 24, 2023, according to which the previous
short-term loan of EUR 1.5 million will be converted into a
long-term loan. According to the financing agreement, the first
installment of 0.5 million euros is due on January 31, 2024. After
this, installments of 0.5 million euros are due annually in
January. The last loan repayment date is January 24, 2026. The
company withdraw the loan during the first quarter of the year.
Net debt in relation to equity (gearing) was 1285% (3026) and
the equity ratio at the end of the review period was 3.6% (1.4).
The net debt ratio and the equity ratio were affected by the
decrease in equity and cash resources, as well as the 5.5-year
lease agreement made in the last quarter of 2022, which is related
to the head office premises, where the monthly rental costs are
significantly lower.
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 of the year, product development expenses
were EUR 510 thousand (604). Product development expenses worth EUR
270 thousand (344) were capitalized. The amortization of
capitalized product development expenses was EUR 171 thousand
(167).
The amortization period for capitalized product development
expenses is four years.
PERSONNEL
At the end of the financial year, the Group employed a total of
65 people (79). The average number of personnel during
January-March was 67 (75). The number of personnel has decreased
due to change negotiations that ended in the last quarter of
2022.
The average age of employees was 45,5 (43,7) years. Women
account for 26% (25) of employees, and men for 74% (75). Of all the
personnel, 16% (18) work in sales and marketing, 43% (42) in
consulting and customer service, 29% (31) in product development
and 12% (9) in administration.
For incentive purposes, the company has a bonus program covering
the entire personnel. The top management's short-term remuneration
consists of monetary salary, fringe benefits and a possible annual
bonus, mainly determined by the net sales development of the group
and profit units. In addition, the company has an option program
for key personnel.
SHARES AND SHAREHOLDER
Trading of shares |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Change, % |
Jan-Dec, 2022 |
|
|
|
|
|
Shares traded,
pcs |
483,326 |
755,902 |
-36 |
2,263,135 |
Volume,
EUR |
304,257 |
1,120,862 |
-73 |
2,315,155 |
% of
shares |
3.0 |
6.3 |
-52 |
14.1 |
Average
trading price, EUR |
0.63 |
1.48 |
-58 |
1.02 |
Average
trading value per day, EUR |
1207 |
4448 |
-73 |
9187 |
Treasury
shares acquired during the year, pcs |
0 |
0 |
0 |
0 |
Shares and market capitalization |
Mar 31, 2023 |
Mar 31, 2022 |
Change, % |
Dec 31, 2021 |
|
|
|
|
|
Total number
of shares, pcs |
16,455,321 |
12,444,863 |
32 |
16,455,321 |
Treasury
shares, pcs |
413,487 |
457,009 |
-10 |
413,487 |
Book counter
value, EUR |
0.11 |
0.11 |
- |
0.11 |
Outstanding
shares, pcs |
16,041,834 |
11,987,854 |
34 |
16,041,834 |
Number of
shareholders |
1,794 |
1,577 |
14 |
1,747 |
Closing price,
EUR |
0.69 |
1.34 |
-48 |
0.56 |
Market
capitalization, EUR |
11,036,782 |
16,003,785 |
-31 |
8,983,427 |
Book counter
value of all treasury shares, EUR |
45,484 |
50,271 |
-10 |
45,484 |
Total purchase
value of all treasury shares, EUR |
405,726 |
439,307 |
-8 |
405,726 |
Treasury shares, % of all shares |
2.5 |
3.7 |
-31.6 |
2.5 |
The number of shares in the company increased (4,010,458 new
shares) compared to the comparison period due to the rights issue
organized by the company in the second quarter of 2022.
All the related stock exchange releases can be found in the
Investors section of the Company's website.
GOVERNANCE
In March 2022, the Board of Directors gave notice to the
shareholders of QPR Software Plc that the Annual General Meeting
will be held on Wednesday, April 6, 2022. 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 by asking questions in
advance.
The Annual General Meeting approved the Board's proposal that no
dividend be paid for the financial year 2021. 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 3 May 2023.
The Annual General Meeting decided to authorize the Board of
Directors to decide on the conveyance of the own shares held by the
Company (share issue) either on one or on 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.
The Annual General Meeting decided also on the establishment of
the shareholders' nomination committee. According to the situation
in October 2022, the company's three largest shareholders were each
entitled to nominate one member. If the shareholder does not use
naming right, the right is transferred to the next largest
owner.
Roger Kempe, Erkki Myllärniemi, and Eero Leskinen were appointed
to the nomination committee of QPR's shareholders.
The nomination committee of QPR Software's shareholders prepares
and presents to the general meeting the proposals regarding the
remuneration of the board members, the number, and the members to
be elected to the board. The now-elected nomination committee will
submit its proposal to the company's board for the 2023 annual
general meeting at the latest on the fourth Monday of January
preceding the next Annual General Meeting.
The Shareholders' Nomination Committee submitted the proposals
to the Annual General Meeting 2023, to re-elect Pertti Ervi as
Chairman of Board and Matti Heikkonen, Antti Koskela, and Jukka
Tapaninen as Board members. All the nominees have given their
consent to the position, and they are independent of the company
and of the company’s significant shareholders. The Board's
Nomination Committee proposes that the remuneration of the Board
members be kept unchanged.
The Annual General Meeting is planned to be held on May 3, 2023.
The proposals will be also included in the annual general meeting
invitation, which will be announced later.
All relevant stock exchange releases and the company's annual
report 2022 can be found on the company's website in the Investors
section.
SHORT-TERM RISKS AND UNCERTAINTIES
Internal control and risk management at QPR Software aim 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 that
business continuity is secured considering the financial
position.
The Company 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 privacy and security), and
risks related to financing and liquidity (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 70% of the Group’s trade receivables were in euros
at the end of the quarter (73%). At the end of the quarter, the
Company had not hedged its non-euro trade receivables.
EVENTS AFTER THE REVIEW PERIOD
The company has no reportable events after the review
period.
FINANCIAL INFORMATION AND ANNUAL GENERAL
MEETING
During 2023, QPR will publish financial announcements in Finnish
and English as follows:
- Half-year report January-June 2023 on Friday 21 July 2023
- Interim report January-September 2023 on Friday 20 October
2023
QPR's annual report 2022 was published on 20 March 2023 and
QPR's 2023 annual general meeting will be held on Wednesday 3 May
2023. The board of directors has convened the general meeting with
a separately published invitation.
The annual report can be found on the company's website in the
Investors section.
QPR SOFTWARE PLC
BOARD OF DIRECTORS
For further information:
Heikki Veijola
Chief Executive Officer
QPR Software Plc
Tel. +358 40 922 6029
About QPR Software
QPR Software Plc (Nasdaq Helsinki) provides process mining,
performance management, and enterprise architecture solutions for
digital transformation, strategy execution, and business process
improvement in over 50 countries. QPR software allows customers to
gain valuable insights for informed decisions that make a
difference.
Dare to improve. www.qpr.com
DISTRIBUTION
Nasdaq Helsinki
Key medias
www.qpr.com
FINANCIAL STATEMENT INFORMATION
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR in thousands, unless otherwise indicated |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Change, % |
Jan-Dec, 2022 |
|
|
|
|
|
Net sales |
2,237 |
2,201 |
2 |
7,823 |
Other
operating income |
- |
- |
- |
4 |
|
|
|
|
|
Materials and
services |
394 |
328 |
20 |
1,552 |
Employee
benefit expenses |
1,599 |
1,811 |
-12 |
7,214 |
Other operating expenses |
218 |
263 |
-17 |
814 |
EBITDA |
26 |
-201 |
113 |
-1,753 |
|
|
|
|
|
Depreciation and amortization |
251 |
271 |
-7 |
1,017 |
Operating
result |
-225 |
-472 |
52 |
-2,770 |
|
|
|
|
|
Financial
income and expenses |
-39 |
-10 |
-278 |
-62 |
Provisions |
- |
- |
- |
-33 |
Result before tax |
-264 |
-483 |
45 |
-2,864 |
|
|
|
|
|
Income taxes |
-5 |
103 |
-105 |
-3 |
Result for the
period |
-269 |
-380 |
29 |
-2,868 |
|
|
|
|
|
|
|
|
|
|
Earnings per
share, EUR (basic and diluted) |
-0.017 |
-0.032 |
47 |
-0.202 |
|
|
|
|
|
Consolidated
statement of comprehensive income: |
|
|
|
|
Result
for the period |
-269 |
-380 |
29 |
-2,868 |
Other items in
comprehensive income that may be reclassified subsequently to
profit or loss: |
|
|
|
|
Exchange differences on translating foreign
operations |
1 |
0 |
- |
-2 |
Total comprehensive income |
-268 |
-380 |
29 |
-2,870 |
CONDENSED CONSOLIDATED BALANCE SHEET
EUR in thousands |
Mar 31, 2023 |
Mar 31, 2022 |
Change, % |
Dec 31, 2022 |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
Intangible assets |
2,513 |
1,847 |
36 |
2,411 |
Goodwill |
358 |
358 |
0 |
358 |
Tangible
assets |
141 |
186 |
-24 |
171 |
Right-of-use assets |
707 |
70 |
910 |
756 |
Other non-current assets |
277 |
280 |
-1 |
277 |
Total
non-current assets |
3,997 |
2,741 |
46 |
3,973 |
|
|
|
|
|
Current
assets: |
|
|
|
|
Trade
and other receivables |
1,685 |
2,200 |
-23 |
3,452 |
Cash and cash equivalents |
172 |
61 |
182 |
17 |
Total current
assets |
1,857 |
2,261 |
-18 |
3,469 |
|
|
|
|
|
Total assets |
5,853 |
5,002 |
17 |
7,442 |
|
|
|
|
|
Equity and
liabilities |
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
Share
capital |
1,359 |
1,359 |
0 |
1,359 |
Other
funds |
21 |
21 |
0 |
21 |
Treasury
shares |
-406 |
-439 |
-8 |
-406 |
Translation differences |
-67 |
-67 |
0 |
-66 |
Invested
non-restricted equity fund |
2,943 |
5 |
54932 |
2,943 |
Retained earnings |
-3,691 |
-828 |
-346 |
-3,364 |
Equity
attributable to shareholders of the parent company |
159 |
51 |
212 |
487 |
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
Interest-bearing liabilities |
1,000 |
- |
- |
- |
Interest-bearing lease liabilities |
609 |
- |
- |
609 |
Total
non-current liabilities |
1,609 |
- |
- |
609 |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Provisions |
8 |
- |
- |
- |
Interest-bearing liabilities |
500 |
1,500 |
-67 |
1,521 |
Interest-bearing lease liabilities |
104 |
105 |
-1 |
149 |
Advances
received |
1,438 |
1,432 |
0 |
885 |
Accrued
expenses and prepaid income |
1,438 |
1,277 |
13 |
2,598 |
Trade and other payables |
597 |
637 |
-6 |
1,161 |
Total current
liabilities |
4,085 |
4,951 |
-17 |
6,346 |
|
|
|
|
|
Total
liabilities |
5,694 |
4,951 |
15 |
6,955 |
|
|
|
|
|
Total equity and liabilities |
5,853 |
5,002 |
17 |
7,442 |
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
EUR in thousands |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Change, % |
Jan-Dec, 2022 |
|
|
|
|
|
Cash flow from
operating activities: |
|
|
|
|
Result
for the period |
-269 |
-380 |
29 |
-2,868 |
Adjustments to the result |
192 |
270 |
-29 |
840 |
Working
capital changes* |
583 |
161 |
262 |
307 |
Interest
and other financial expenses paid |
-27 |
-9 |
195 |
-58 |
Interest
and other financial income received |
0 |
0 |
- |
0 |
Income taxes paid |
-5 |
0 |
- |
-21 |
Net cash from
operating activities |
475 |
42 |
1,032 |
-1,798 |
|
|
|
|
|
Cash flow from
investing activities: |
|
|
|
|
Purchases of tangible and intangible assets |
-275 |
-344 |
-20 |
-1,353 |
Net cash used
in investing activities |
-275 |
-344 |
-20 |
-1,355 |
|
|
|
|
|
Cash flow from
financing activities: |
|
|
|
|
Proceeds
from short term borrowings |
1,500 |
- |
- |
1,521 |
Repayments of short term borrowings |
-1,500 |
- |
- |
-1,500 |
Payment
of lease liabilities |
-45 |
-77 |
-42 |
-266 |
Sales of
own shares |
- |
- |
- |
34 |
Share issue net |
- |
- |
- |
2,937 |
Net cash used
in financing activities |
-45 |
-77 |
-42 |
2,692 |
|
|
|
|
|
Net change in
cash and cash equivalents |
156 |
-379 |
141 |
-425 |
Cash and cash
equivalents at the beginning of the period |
17 |
441 |
-96 |
441 |
Effects of exchange rate changes on cash and cash equivalents |
0 |
-1 |
63 |
1 |
Cash and cash equivalents at the end of the period |
172 |
61 |
182 |
17 |
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 Dec 31, 2021 |
1,359 |
21 |
-68 |
-439 |
5 |
-448 |
430 |
Comprehensive income |
|
|
1 |
|
|
-380 |
-379 |
Equity March 31, 2022 |
1,359 |
21 |
-67 |
-439 |
5 |
-829 |
51 |
Stock option
scheme |
|
|
|
|
|
-47 |
-47 |
Disposal of
own shares |
|
|
|
34 |
|
|
34 |
Share issue
,net |
|
|
|
|
2,937 |
|
2,937 |
Comprehensive income |
|
|
1 |
|
|
-2,488 |
-2,487 |
Equity Dec 31, 2022 |
1,359 |
21 |
-66 |
-406 |
2,943 |
-3,364 |
487 |
Stock option
scheme |
|
|
|
|
|
-59 |
-59 |
Comprehensive income |
|
|
-1 |
|
|
-268 |
-269 |
Equity March 31, 2023 |
1,359 |
21 |
-67 |
-406 |
2,943 |
-3,691 |
159 |
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
This report complies with the requirements of IAS 34” Interim
Financial Reporting”.
In preparation of the consolidated interim report, company’s
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
EUR in thousands |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Jan-Dec, 2022 |
|
|
|
|
Increase in
intangible assets: |
|
|
|
Acquisition cost Jan 1 |
14,217 |
12,846 |
12,846 |
Increase |
275 |
304 |
1,371 |
|
|
|
|
Increase in
tangible assets: |
|
|
|
Acquisition cost Jan 1 |
2,816 |
2,705 |
2,705 |
Increase |
0 |
40 |
111 |
CHANGE IN INTEREST-BEARING LIABILITIES
EUR in thousands |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Jan-Dec, 2022 |
|
|
|
|
Interest-bearing liabilities Jan 1 |
2,279 |
1,682 |
1,682 |
Proceeds from
borrowings |
1,500 |
800 |
597 |
Repayments |
1,566 |
878 |
0 |
Interest-bearing liabilities Dec 31 |
2,213 |
1,604 |
2,279 |
PLEDGES AND COMMITMENTS
EUR in thousands |
Jan-Mar, 2023 |
Jan-Mar, 2022 |
Dec 31, 2022 |
Change, % |
|
|
|
|
|
Business
mortgages (held by the Company) |
2,382 |
2,386 |
2,382 |
0 |
|
|
|
|
|
Minimum lease
payments based on lease agreements: |
|
|
|
|
Maturing
in less than one year |
42 |
22 |
47 |
-11 |
Maturing in 1-5 years |
69 |
19 |
80 |
-13 |
Total |
111 |
41 |
127 |
-13 |
|
|
|
|
|
Total pledges and commitments |
2,493 |
2,426 |
2,509 |
-1 |
CONSOLIDATED INCOME STATEMENT BY QUARTER
EUR in thousands |
Jan-Mar, 2023 |
Oct-Dec, 2022 |
Jul-Sep, 2022 |
Apr-Jun, 2022 |
Jan-Mar, 2022 |
|
|
|
|
|
|
Net sales |
2,237 |
2,142 |
1,468 |
2,012 |
2,201 |
Other
operating income |
0 |
4 |
0 |
0 |
0 |
|
|
|
|
|
|
Materials and
services |
394 |
411 |
406 |
407 |
328 |
Employee
benefit expenses |
1,599 |
1,951 |
1,711 |
1,740 |
1,811 |
Other operating expenses |
218 |
214 |
204 |
135 |
263 |
EBITDA |
26 |
-430 |
-853 |
-270 |
-201 |
|
|
|
|
|
|
Depreciation and amortization |
251 |
251 |
249 |
245 |
271 |
Operating
result |
-225 |
-681 |
-1,102 |
-515 |
-472 |
|
|
|
|
|
|
Financial
income and expenses |
-39 |
-32 |
-9 |
-11 |
-10 |
Provisions |
- |
-33 |
- |
- |
- |
Result before tax |
-264 |
-745 |
-1,111 |
-526 |
-483 |
|
|
|
|
|
|
Income taxes |
-5 |
-3 |
- |
-103 |
103 |
Result for the period |
-269 |
-748 |
-1,111 |
-629 |
-380 |
GROUP KEY FIGURES
EUR in thousands, unless otherwise indicated |
Jan-Mar or Mar 31, 2023 |
Jan-Mar or Mar 31, 2022 |
Jan-Dec or Dec 31, 2022 |
|
|
|
|
Net sales |
2,237 |
2,201 |
7,823 |
Net sales
growth, % |
1.6 |
-24.2 |
-14.4 |
EBITDA |
26 |
-201 |
-1,753 |
% of net
sales |
1.2 |
-9.1 |
-22.4 |
Operating
result |
-225 |
-472 |
-2,770 |
% of net
sales |
-10.1 |
-21.5 |
-35.4 |
Result before
tax |
-264 |
-483 |
-2,864 |
% of net
sales |
-11.8 |
-21.9 |
-36.6 |
Result for the
period |
-269 |
-380 |
-2,868 |
% of net
sales |
-12.0 |
-17.3 |
-36.7 |
|
|
|
|
Return on
equity (per annum), % |
-333.0 |
-631.4 |
-625.7 |
Return on
investment (per annum), % |
-47.9 |
-104.7 |
-120.3 |
Cash and cash
equivalents |
172 |
61 |
17 |
Net
borrowings |
2,041 |
1,542 |
2,262 |
Equity |
159 |
51 |
487 |
Gearing,
% |
1285.1 |
3026.4 |
464.9 |
Equity ratio,
% |
3.6 |
1.4 |
7.4 |
Total balance
sheet |
5,853 |
5,002 |
7,442 |
|
|
|
|
Investments in
non-current assets |
270 |
344 |
2,324 |
% of net
sales |
12.1 |
16 |
29.7 |
Product
development expenses |
510 |
604 |
2,674 |
% of net
sales |
22.8 |
27 |
34.2 |
|
|
|
|
Average number
of personnel |
67 |
75 |
81 |
Personnel at
the beginning of period |
85 |
80 |
80 |
Personnel at
the end of period |
65 |
79 |
85 |
|
|
|
|
Earnings per
share, EUR (basic and diluted) |
-0.017 |
-0.032 |
-0.202 |
Equity per share, EUR |
0.010 |
0.004 |
0.030 |
The formulas for calculating key figures can be found on the
company's website in the investors section.
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