QPR SOFTWARE PLC STOCK EXCHANGE RELEASE October 21, 2022, AT 9.00 AM
QPR Software Plc’s interim report January-September 2022: SaaS income grew in keeping with the technique. Revenue and working revenue clearly fell wanting the comparability interval, weakened by the supply difficulties of some Middle East software program tasks signed in earlier years. The companion ecosystem strengthened, and progressive course of mining options had been launched available on the market.
FINANCIAL DEVELOPMENT BRIEFLY
In July-September 2022
- SaaS software program business grew +43%
- Net gross sales amounted to EUR 1,468 thousand and decreased 28% (July-September 2021: 2,043)
- EBITDA amounted to EUR -853 thousand (103)
- Operating consequence (EBIT) amounted to EUR -1,102 thousand (-208)
- Result earlier than taxes was EUR -1,111 thousand (-213)
- The quarter’s consequence was EUR -1,111 thousand (-165)
January-September 2022 highlights
- SaaS software program business grew +29%
- Net gross sales amounted to EUR 5,680 thousand, a lower of 20% (January-September 2021: 7,085)
- EBITDA was EUR -1,324 thousand (671)
- Operating consequence (EBIT) amounted to EUR -2,090 thousand (-198)
- Result earlier than taxes was EUR -2,119 thousand (-291)
- Result was EUR -2,119 thousand (-225)
OUTLOOK FOR 2022
The revenue steering for the 12 months 2022 modified by the inventory alternate launch on 7 September 2022:
QPR Software Plc expects income and working revenue to be considerably beneath the reported figures for 2021 (turnover in 2021: 9,140 thousand euros, working revenue in 2021: -1,248 thousand euros) and SaaS income to develop by 25-35% in comparison with 2021 (2021: 1,283 thousand euros).
The earlier monetary steering for 2022 (printed on 22 April 2022):
Based on the elevated gross sales supply base, steady buyer revenues, and consulting reserving fee, QPR Software estimates that its turnover will enhance in 2022 (2021: 9,140 thousand euros) supported by the expansion of SaaS turnover.
CEO JUSSI VASAMA’S REVIEW:
“The third quarter of the fiscal year was challenging for QPR Software. During the quarter, the full scale of the challenges with Middle East software delivery projects sold in previous years came to light, which had a significant impact on the quarter’s operations and financial results. On September 7, 2022, we issued a negative profit warning and communicated that we would immediately take action to improve profitability. On September 20, we announced the start of change negotiations, which will aim for significant annual savings compared to the size of the company. According to preliminary estimates, the plans that may be implemented after the change negotiations may lead to personnel temporary layoffs and the termination of at most 25 work tasks. The company anticipates the realization of significant savings from the beginning of 2023 onwards.
The company had to reassess the revenue, invoicing, and profitability of several contracts signed during 2020 and at the beginning of 2021 related to software delivery projects, which weakens the outlook of the consulting business and software maintenance for 2022. 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. The subcontracting costs of the ongoing project deliveries in question clearly increased in the third quarter, while the company’s Consulting revenue related to these deliveries was postponed. The impact on business operations is expected to decrease gradually at the beginning of 2023.
In line with the company’s strategy, the strong focus on growing the SaaS (Software as a Service) business has changed the focus of new customer acquisition to SaaS contracts instead of software license deals. The focus on growing the SaaS business can be seen in a clear 43% increase compared to the comparison period. The revenue from new software one-time license deals was clearly below the comparison period. Regarding the acquisition of new customers, the general economic uncertainty has partly postponed customers’ decisions and the launch of new tenders. This is despite the fact that at the core of the company’s offering are solutions that enable operational efficiency and cost savings for customers.
As a whole, the recurring revenue items of the software business, SaaS and maintenance revenues, grew by 7% in the third quarter compared to the comparison period. In the third quarter, the share of recurring profits in turnover rose to 61% from 41% in the comparison period. The increase in the relative share of continuing revenues is partially explained by the weak third quarter of the consulting business.
The increase in business expenses compared to the comparison period is partly related to the mentioned Middle East project, from investments to product development, marketing, and IT services, and on the other hand to changes supporting the company’s transformation.
Despite the challenging situation, we have continued to implement QPR’s new strategy to ensure continuous SaaS revenue growth. We have also continued investing especially in process mining product development, strengthening the partner ecosystem, and ensuring the effectiveness of marketing and sales.
I am very satisfied with our ability to launch a new generation of process mining technology solutions to the market. During the second and third quarters, we have offered our customers new innovative solutions that distinguish us from our competitors in the growing process mining market.
Earlier in the summer, we communicated about the new production version of QPR’s process mining software QPR ProcessAnalyzer, which offers our customers the opportunity to improve operations and find cost savings by combining a deep understanding of business processes and real-time transparency of processes. The solution uses the market-leading Snowflake Data Cloud technology. QPR ProcessAnalyzer is the first and only process mining solution that works natively in the Snowflake data cloud. QPR also signed a partnership agreement and is globally the first and only Process Mining Powered by Snowflake software partner. QPR will present its unique solution and its customer benefits to an international audience in October at the Snowflake Data Cloud World Tour events in Paris, Stockholm, and Dubai.
At the end of the third quarter, together with our partner Tietoevry, we announced a new process mining solution, SAP S/4HANA Vectorial. SAP S/4HANA Vectorial is designed for customers and SAP and business -analysts as a tool for S/4HANA transformation projects. The projects in question are currently highly relevant for organizations around the globe. The tool provides users with a fast and effective way of analyzing current processes as compared to SAP best practices. Furthermore, throughout a S/4HANA migration project the tool allows for an easy estimate of the magnitude of necessary changes and the associated risks.
In the solution, QPR and Tietoevry have combined modern technology with the SAP transformation experience of top experts to create a solution that gives organizations much-needed support in difficult digital transformation projects. I believe that this is a significant and potential solution that stands out from our competitors for the successful implementation of ERP and IT system projects both in Finland and on the international market.
The ongoing change negotiations in the company are aimed at adapting the operations in order to improve the profitability of the business and to make the implementation of the company’s strategy more efficient. The change negotiations deal with actions aimed at adapting the company’s operation, structure, and related personnel costs to meet the requirements of a scalable business model. In addition, the company has already initiated actions to improve cost efficiency and minimize the effects of the general increase in cost levels in all areas of business.
Our goal is to be able to start the coming year with a significantly more cost-effective structure than the current one, which supports the implementation of our strategy as planned.”
KEY FIGURES
EUR in hundreds, until in any other case indicated |
July-Sept, 2022 |
July-Sept, 2021 |
Change,% | Jan-Sept, 2022 |
Jan-Sept, 2021 |
Change,% | Jan-Dec, 2021 |
Net gross sales | 1,468 | 2,043 | -28 | 5,680 | 7,085 | -20 | 9,140 |
EBITDA | -853 | 103 | -931 | -1,324 | 671 | -297 | 241 |
% of web gross sales | -58.1 | 5.0 | -23.3 | 9.5 | 2.6 | ||
Operating consequence | -1,102 | -208 | -429 | -2,090 | -198 | -956 | -1,248 |
% of web gross sales | -75.1 | -10.2 | -36.8 | -2.8 | -13.7 | ||
Result earlier than tax | -1,111 | -213 | -420 | -2,119 | -291 | -628 | -1,356 |
Result for the interval | -1,111 | -165 | -575 | -2,119 | -225 | -840 | -1,356 |
% of web gross sales | -75.7 | -8.1 | -37.3 | -3.2 | -14.8 | ||
Earnings per share, EUR (primary and diluted) |
-0.069 | -0.014 | -404 | -0.147 | -0.019 | -683 | -0.113 |
Equity per share, EUR | 0.079 | 0.144 | -45 | 0.144 | 0.159 | -9 | 0.035 |
Cash move from working actions |
-1,419 | -642 | -121 | -2,042 | 569 | -459 | 692 |
Cash and money equivalents | 36 | 251 | -86 | 36 | 251 | -86 | 441 |
Net borrowings | 1,504 | 1,002 | 50 | 1,504 | 1,002 | 50 | 1,241 |
Gearing, % | 115.8 | 55.8 | 107 | 115.8 | 55.8 | 107 | 288.5 |
Equity ratio, % | 27.7 | 36.9 | -25 | 27.7 | 36.9 | -25 | 8.3 |
Return on fairness, % | -326.9 | -34.9 | -837 | -326.9 | -15.8 | -1,966 | -111.4 |
Return on funding, % | -115.8 | -14.2 | -716 | -115.8 | -8.8 | -1,216 | -49.3 |
REPORTING
QPR Software innovates, develops, sells, and delivers software program and providers in worldwide markets geared toward facilitating operational growth in organizations. QPR Software studies one working phase: Operational growth of organizations.
In addition to this, the Company studies income from services as follows: Software licenses, Renewable software program licenses, Software upkeep providers, SaaS (Software-as-a-service,) and Consulting.
The ongoing revenues reported by the corporate encompass upkeep providers and SaaS (Software-as-a-Service) income.
Software licenses are bought to clients for perpetual use or for an agreed, restricted interval. Renewable software program licenses are bought to clients as a person proper for an indefinite length. These contracts are robotically renewed on the finish of the agreed interval, often one 12 months, until the settlement is terminated inside the discover interval. Renewable license income is acknowledged at one time limit, originally of the invoicing interval.
Geographical areas reported are Finland, the remainder of Europe (together with Russia and Turkey), and the remainder of the world. Net gross sales are reported in keeping with the client´s headquarters location. The firm has closed its business and partnerships in Russia in the interim.
BUSINESS OPERATIONS
QPR’s objective is to assist clients obtain extra with much less. We assist our clients drive course of and business transparency, be sure that their operations are run as required and designed, and create actionable intelligence the place trendy AI meets thought management.
We accomplish that by innovating, growing, and delivering software program for analyzing, monitoring, and modelling organizations’ operations. To guarantee most buyer worth, we additionally supply a variety of complementary consulting providers. By offering organizations with the applied sciences and strategies to rework the invisible into seen and the unknown into manageable, they’re empowered to achieve long-lasting, steady outcomes.
NET SALES DEVELOPMENT
NET SALES BY PRODUCT GROUP
EUR in hundreds | July-Sept, 2022 |
July-Sept, 2021 |
Change, % |
Jan-Sept, 2022 |
Jan-Sept, 2021 |
Change, % |
Jan-Dec, 2021 |
Software licenses | 56 | 289 | -80 | 357 | 1,155 | -69 | 1,317 |
Renewable software program licenses | 80 | 140 | -43 | 631 | 664 | -5 | 797 |
Software upkeep providers | 452 | 528 | -14 | 1,265 | 1,527 | -17 | 2,034 |
SaaS | 441 | 308 | 43 | 1,227 | 949 | 29 | 1,283 |
Consulting | 438 | 779 | -44 | 2,200 | 2,790 | -21 | 3,709 |
Total | 1,468 | 2,043 | -28 | 5,680 | 7,085 | -20 | 9,140 |
NET SALES BY GEOGRAPHIC AREA
EUR in hundreds | July-Sept, 2022 |
July-Sept, 2021 |
Change, % |
Jan-Sept, 2022 |
Jan-Sept, 2021 |
Change, % |
Jan-Dec, 2021 |
Finland | 920 | 907 | 1 | 3,037 | 3,500 | -13 | 4,614 |
Europe incl. Russia and Turkey | 530 | 764 | -31 | 1,868 | 1,996 | -6 | 2,689 |
Rest of the world | 18 | 372 | -95 | 775 | 1,589 | -51 | 1,837 |
Total | 1,468 | 2,043 | -28 | 5,680 | 7,085 | -20 | 9,140 |
July-September 2022
Net gross sales within the third quarter amounted to EUR 1,468 thousand (2,043). Recurring income accounted for 61% (41) of web gross sales.
The income of latest software program licenses was EUR 56 thousand (289) and decreased by 80%, due to a couple particular person license offers within the comparability interval, which weren’t realized within the reporting interval. The web gross sales of renewable software program licenses decreased to 80 thousand euros (140), which was primarily due to the corporate’s strategic focus shifting to SaaS business and adjustments within the contract schedule.
The web gross sales of software program upkeep providers was EUR 452 thousand (528) and decreased by 14%, which was due to the lower in upkeep revenue in worldwide channel gross sales, and partly to present clients transferring to SaaS providers.
SaaS income elevated EUR 441 thousand (308). At the tip of the quarter, all the supply backlog was greater than EUR 8 million (Q2; over EUR 8 million) and the annual estimate of the SaaS supply backlog for the following 12 months was over EUR 1.2 million (Q2; over EUR 1.5 million).
Consulting income was 438 thousand euros (779) and decreased by 44%. This is primarily as a result of above-mentioned difficulties in delivering tasks within the Middle East and adjustments within the monetization schedule of one of many important tasks on this market space.
Group web gross sales in Finland elevated by 1% and worldwide web gross sales decreased by 52%. The web gross sales, 63% (44) derived from Finland, 36% (37) from the remainder of Europe (together with Turkey), and 1% (18) from the remainder of the world.
January-September 2022
The income for January-September was 5,680 thousand euros (7,085) and decreased by 20%. The share of recurring income was 44% (35) of web gross sales, supported by sturdy SaaS progress. In the primary two quarters of the overview interval, SaaS business gross sales developed nicely, which is in keeping with the technique.
In the third quarter, there was a shift in orders associated to new buyer acquisition, and the total scale of the supply challenges of software program license tasks within the Middle East grew to become obvious. This had a big influence on the consulting income.
In addition, within the comparability interval of 2021, there have been important license transactions in relation to the dimensions of the corporate. The share of constant income has developed within the course in keeping with the technique and the share of income has elevated by 9%-units from the comparability interval.
53% (49) of the group’s income got here from Finland, 33% (28) from the remainder of Europe (together with Turkey), and 14% (22) from the remainder of the world.
FINANCIAL DEVELOPMENT
July – September 2022
The Group’s EBITDA was -853 thousand euros (103) and the working consequence was -1,102 thousand euros (-208). The working revenue was weakened by the decreased income as a result of timing of the Middle East mission’s monetization, the absence of serious new license gross sales, and the invoicing schedule of renewable licenses.
The Group’s bills had been 20% greater in comparison with the comparability interval attributable to important subcontracting prices for tasks within the Middle East, investments in accordance with the brand new technique for SaaS business growth, in addition to product growth, advertising and marketing, and worldwide gross sales.
The consequence for the overview interval was -1,111 thousand euros (-165) and the revenue per share was -0.069 euros (-0.014) per share.
January – September 2022
The Group’s EBITDA in January-September was -1,324 thousand euros (671) and the working consequence was -2,090 thousand euros (-198). The working revenue was weakened primarily by the diminished income.
The Group’s bills had been 9% greater in comparison with the comparability interval attributable to subcontracting prices for tasks within the Middle East, in addition to investments in product growth, strengthening worldwide business, and advertising and marketing. In addition, the corporate has invested within the growth of companion ecosystem companies in addition to in recruitments supporting the corporate’s transformation and business help providers acquired as professional providers.
The Group’s fastened bills had been EUR 5,863 thousand (5,532) within the overview interval. Credit losses, that are included in fastened prices, had been 30 thousand euros (60).
The consequence earlier than taxes was -2,119 thousand euros (-291) and the consequence for the overview interval was -2,119 thousand euros (-225). Earnings per share had been EUR -0.147 (-0.019) per share.
FINANCE AND INVESTMENTS
Cash move from operations within the overview interval, January-September, was -2,042 thousand euros (569). The change in working money move in comparison with 2021 was attributable to working outcomes and adjustments in working capital.
Net monetary bills had been 30 thousand euros (93), they usually included alternate fee losses of seven thousand euros (9). In 2021, the prices embody a one-time assured fee associated to the finished mission, which the corporate paid in January.
The investments had been 1,164 thousand euros (593), they usually had been primarily product growth investments.
The group’s monetary place is honest. At the tip of the overview interval, the group’s money property had been EUR 36 thousand (251), along with which the group has out there different short-term money property of EUR 1 million. At the tip of the overview interval, the group had 1,500 thousand euros of short-term financial institution loans and no long-term financial institution loans. The interim report has been ready on the Going Concern precept, and in keeping with the administration’s view, a secure monetary place may be achieved each by the continuing change negotiations and financial savings program. The firm has obtained a preliminary resolution on conditional financing preparations, which can be confirmed in December 2022. This secures the corporate’s financing till the primary quarter of 2024.
Net debt in relation to fairness (Gearing) was 116% (56).
The fairness ratio on the finish of the overview interval was 28% (37).
PRODUCT DEVELOPMENT
QPR innovates and develops software program merchandise that analyze, measure, and mannequin operations in organizations. The Company develops the next software program merchandise: QPR ProcessAnalyzer, QPR EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.
In the third quarter of the 12 months, product growth bills had been EUR 710 thousand (470). Product growth bills price EUR 364 thousand (184) had been capitalized. The amortization of capitalized product growth bills was EUR 249 thousand (311). The amortization interval for capitalized product growth bills is 4 years.
Product growth bills for the reporting interval had been 2,141 thousand euros (1,409) and product growth bills had been capitalized within the steadiness sheet within the quantity of 1,023 thousand euros (542). Product growth depreciation of 496 thousand euros (542) was recorded within the reporting interval. Capitalized product growth prices are depreciated in 4 years.
PERSONNEL
At the tip of the reporting interval, the Group employed a complete of 88 folks (79). The common variety of personnel in the course of the interval was 78 (80).
The common age of the workers is 44 (42.9) years. Women account for 25% (25) and males for 75% (75). Of all personnel, 17% (20) work in gross sales and advertising and marketing, 45% (39) in consulting and buyer care, 30% (33) in product growth, and eight% (8) in administration.
For incentive functions, the Company has a bonus program that covers all staff. Short-term remuneration of the highest administration consists of wage, fringe advantages, and a attainable annual bonus, primarily based mostly on the web gross sales efficiency of the Group and business models. Furthermore, the Company has a key worker inventory choice plan in use.
SHARES AND SHAREHOLDER
Trading of shares | Jan-Sept, 2022 |
Jan-Sept, 2021 |
Change, % |
Jan-Dec, 2021 |
Shares traded, pcs | 1,671,546 | 1,737,247 | -4 | 3,323,915 |
Volume, EUR | 1,980,554 | 3,639,851 | -46 | 6,255,379 |
% of shares | 10.4 | 14.5 | 27.7 | |
Average buying and selling value, EUR | 1.18 | 2.10 | -43 | 1.88 |
Shares and market capitalization | Sept 30, 2022 |
Sept 30, 2021 |
Change, % |
Dec 31, 2021 |
Total variety of shares, pcs | 16,455,321 | 12,444,863 | 32 | 12,444,863 |
Treasury shares, pcs | 413,487 | 457,009 | -10 | 457,009 |
Book counter worth, EUR | 0.11 | 0.11 | – | 0.11 |
Outstanding shares, pcs | 16,041,834 | 11,987,854 | 34 | 11,987,854 |
Number of shareholders | 1,705 | 1,412 | 21 | 1,509 |
Closing value, EUR | 0.55 | 1.98 | -72 | 1.85 |
Market capitalization, EUR | 8,823,009 | 23,735,951 | -63 | 22,177,530 |
Book counter worth of all treasury shares, EUR |
45,484 | 50,271 | -10 | 50,271 |
Total buy worth of all treasury shares, EUR |
405,726 | 439,307 | -8 | 439,307 |
Treasury shares, % of all shares | 2.5 | 3.7 | -32 | 3.7 |
On April 6, 2022, the Annual General Meeting licensed the corporate’s Board of Directors to determine on the share concern. On April 22, 2022, the corporate introduced in a separate launch that it had begun preparations for the rights concern in the course of the second quarter to allow the required progress investments to be made.
On May 19, 2022, with the authorization granted by the Annual General Meeting on 6 April 2022, the Board of Directors of the Company selected a rights providing and printed the phrases and situations of the providing the place the Company issued as much as 4,010,458 new shares within the Company.
On June 13, 2022, the Company introduced the preliminary results of its oversubscribed rights providing, and on June 15, 2022, the ultimate results of its oversubscribed rights providing and amendments to the phrases and situations of the inventory choices 2019 because of the providing.
On June 17, 2022, the Company introduced, that new shares issued within the rights providing have been registered with the commerce register.
All the associated inventory alternate releases may be discovered within the Investors part of the Company’s web site.
GOVERNANCE
In March 2022, the Board of Directors gave discover to the shareholders of QPR Software Plc that the Annual General Meeting can be held on Wednesday, April 6, 2022. The Board of Directors of the Company resolved on extraordinary measures pursuant to the short-term laws authorized by the Finnish Parliament. In order to forestall the unfold of the Covid-19 pandemic, the Annual General Meeting was held with out shareholders’ presence on the Meeting venue. Participation and train of shareholder rights within the Meeting was attainable solely by means of proxy illustration, by submitting counterproposals, and by asking questions upfront.
The Annual General Meeting authorized the Board’s proposal that no dividend be paid for the monetary 12 months 2021. The Annual General Meeting made an advisory resolution on the Remuneration Report and determined to approve the offered Remuneration Report. The Annual General Meeting resolved that the variety of Board Members is 4 (4) and elected Pertti Ervi, Matti Heikkonen, Antti Koskela, and Jukka Tapaninen members of the Company ́s Board of Directors. The time period of workplace of the members of the Board of Directors expires on the finish of the following Annual General Meeting. At its organizing assembly, the Board of Directors elected Pertti Ervi as its Chairman. In addition, the Annual General Meeting selected the formation of the shareholders’ nomination committee.
The Annual General Meeting elected Authorized Public Accountants KPMG Oy Ab as QPR Software ́s auditor with Miika Karkulahti, Authorized Public Accountant, appearing as principal auditor.
The time period of workplace of the auditor expires on the finish of the following Annual General Meeting. The Annual General Meeting determined to authorize the Board of Directors to determine on the conveyance of the personal shares held by the Company (share concern) both on one or on a number of events. The share concern may be carried out as a share concern towards fee or with out consideration on phrases to be decided by the Board of Directors.
All authorizations of the Board and different choices made by the earlier Annual General Meeting can be found of their entirety within the inventory alternate launch printed by the Company on April 6, 2022.
The launch may be discovered within the Investors part of the Company’s web site.
EVENTS AFTER THE REVIEW PERIOD
The firm has obtained a preliminary resolution on conditional financing preparations, which can be confirmed in December 2022. This secures the corporate’s financing till the primary quarter of 2024.
SHORT-TERM RISKS AND UNCERTAINTIES
Internal management and danger administration at QPR Software goal to make sure that the Company operates effectively and successfully, distributes dependable data, complies with rules and operational rules, reaches its strategic objectives, reacts to adjustments available in the market and operational surroundings, and that business continuity is secured taking into consideration the monetary place.
The Company has recognized the next three teams of dangers associated to its operations: dangers associated to business operations (nation, buyer, personnel, authorized), dangers associated to data and merchandise (QPR merchandise, IPR, information safety), and dangers associated to financing (international foreign money, short-term money move).
The Company has an insurance coverage protecting property, operational, and legal responsibility dangers. Financial dangers embody affordable credit score danger regarding particular person business companions, which is attribute of any worldwide business. QPR seeks to restrict this credit score danger by repeatedly monitoring commonplace fee phrases, receivables, and credit score limits.
Approximately 60% of the Group’s commerce receivables had been in euros on the finish of the quarter (61%). At the tip of the quarter, the Company had not hedged its non-euro commerce receivables.
Risks and danger administration practices associated to the Company’s business are additional described within the Annual Report 2021, pages 23-24.
QPR SOFTWARE PLC
BOARD OF DIRECTORS
For additional data:
Jussi Vasama
Chief Executive Officer
QPR Software Plc
Tel. +358 50 380 9893
About QPR Software
QPR Software Plc (Nasdaq Helsinki) offers course of mining, efficiency administration, and enterprise structure options for digital transformation, technique execution, and business course of enchancment in over 50 nations. QPR software program permits clients to realize precious insights for knowledgeable choices that make a distinction.
Dare to enhance. www.qpr.com
DISTRIBUTION
Nasdaq Helsinki
Key medias
www.qpr.com
FINANCIAL STATEMENT INFORMATION
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR in hundreds. until in any other case indicated |
July-Sept. 2022 |
July-Sept. 2021 |
Change. % |
Jan-Sept. 2022 |
Jan-Sept. 2021 |
Change. % |
Jan-Dec. 2021 |
Net gross sales | 1,468 | 2,043 | -28 | 5,680 | 7,085 | -20 | 9,140 |
Other working revenue | |||||||
Materials and providers | 406 | 248 | 64 | 1,141 | 882 | 29 | 1,106 |
Employee profit bills | 1,711 | 1,434 | 19 | 5,262 | 4,898 | 7 | 6,824 |
Other working bills | 204 | 259 | -21 | 601 | 633 | -5 | 968 |
EBITDA | -853 | 103 | 931 | -1,324 | 671 | -297 | 241 |
Depreciation and amortization | 249 | 311 | -20 | 766 | 869 | -12 | 1,489 |
Operating consequence | -1,102 | -208 | -429 | -2,090 | -198 | -956 | -1,248 |
Financial revenue and bills | -9 | -5 | -73 | -30 | -93 | -68 | -108 |
Result earlier than tax | -1,111 | -213 | -420 | -2,119 | -291 | -628 | -1,356 |
Income taxes | 0 | 49 | -100 | 0 | 66 | -100 | 0 |
Result for the interval | -1,111 | -165 | -575 | -2,119 | -225 | -840 | -1,356 |
Earnings per share. EUR (primary and diluted) |
-0.069 | -0.014 | -404 | -0.147 | -0.019 | -683 | -0.113 |
Consolidated assertion of complete revenue: |
|||||||
Result for the interval | -1,111 | -165 | -575 | -2,119 | -225 | -840 | -1,356 |
Exchange variations on translating international operations |
0 | 2 | -81 | 1 | 3 | -67 | -3 |
Total complete revenue | -1,110 | -163 | -583 | -2,118 | -222 | -852 | -1,359 |
CONDENSED CONSOLIDATED BALANCE SHEET
EUR in hundreds | Sept 30, 2022 |
Sept 30, 2021 |
Change, % |
Dec 31, 2021 |
Assets | ||||
Non-current property: | ||||
Intangible property | 2,268 | 2,003 | 13 | 1,563 |
Goodwill | 358 | 513 | -30 | 358 |
Tangible property | 198 | 156 | 27 | 319 |
Right-of-use property | 5 | 221 | -98 | 148 |
Other non-current property | 280 | 360 | -22 | 277 |
Total non-current property | 3,110 | 3,252 | -4 | 2,666 |
Current property: | ||||
Trade and different receivables | 2,325 | 2,045 | 14 | 2,694 |
Cash and money equivalents | 36 | 251 | -86 | 441 |
Total present property | 2,361 | 2,297 | 3 | 3,135 |
Total property | 5,470 | 5,549 | -1 | 5,800 |
Equity and liabilities | ||||
Equity: | ||||
Share capital | 1,359 | 1,359 | 0 | 1,359 |
Other funds | 21 | 21 | 0 | 21 |
Treasury shares | -406 | -439 | -8 | -439 |
Translation variations | -66 | -67 | -2 | -68 |
Invested non-restricted fairness fund | 2,943 | 5 | 54932 | 5 |
Retained earnings | -2,552 | 916 | -379 | -448 |
Equity attributable to shareholders of the mother or father firm |
1,299 | 1,795 | -28 | 430 |
Current liabilities: | ||||
Interest-bearing liabilities | 1,500 | 1,000 | 50 | 1,500 |
Interest-bearing lease liabilities | 40 | 254 | -84 | 182 |
Advances obtained | 786 | 684 | 15 | 627 |
Accrued bills and pay as you go revenue | 1,490 | 1,303 | 14 | 2,293 |
Trade and different payables | 355 | 513 | -31 | 768 |
Total present liabilities | 4,171 | 3,753 | 11 | 5,370 |
Total liabilities | 4,171 | 3,753 | 11 | 5,370 |
Total fairness and liabilities | 5,470 | 5,549 | -1 | 5,800 |
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
EUR in hundreds | July-Sept, 2022 |
July-Sept, 2021 |
Change, % |
Jan-Sept, 2022 |
Jan-Sept, 2021 |
Change, % |
Jan-Dec, 2021 |
Cash move from working actions: | |||||||
Result for the interval | -1,111 | -165 | -575 | -2,119 | -225 | -840 | -1,356 |
Adjustments to the consequence | 252 | 294 | -15 | 768 | 887 | -13 | 1,518 |
Working capital adjustments | -553 | -742 | -25 | -662 | 72 | -1,023 | 713 |
Interest and different monetary bills paid |
-8 | -2 | 335 | -29 | -150 | -81 | -164 |
Interest and different monetary revenue obtained |
0 | 1 | -100 | 0 | 2 | 100 | 3 |
Income taxes paid | 0 | -28 | -100 | 0 | -17 | 100 | -22 |
Net money from working actions | -1,419 | -642 | 121 | -2,042 | 569 | -459 | 692 |
Cash move from investing actions: | |||||||
Purchases of tangible and intangible property |
-429 | -215 | 100 | -1,164 | -593 | 96 | -942 |
Net money utilized in investing actions | -429 | -215 | 100 | -1,164 | -593 | 96 | -942 |
Cash move from financing actions: | |||||||
Proceeds from quick time period borrowings |
800 | 300 | 167 | 1,600 | 1,000 | 60 | 1,500 |
Repayments of quick time period borrowings |
-800 | – | – | -1,600 | -700 | 129 | -991 |
Payment of lease liabilities | -49 | -69 | -30 | -183 | -208 | -12 | – |
Sales of personal shares | – | – | – | 34 | – | – | – |
Share concern web | 16 | – | – | 2,948 | – | – | – |
Net money utilized in financing actions | -33 | 231 | -114 | 2,798 | 92 | 2,930 | 509 |
Net change in money and money equivalents |
-1,882 | -626 | -201 | -408 | 68 | -697 | 258 |
Cash and money equivalents originally of the interval |
1,918 | 878 | 118 | 441 | 185 | 138 | 185 |
Effects of alternate fee adjustments on money and money equivalents |
0 | -1 | 72 | 2 | -2 | 244 | -2 |
Cash and money equivalents on the finish of the interval |
36 | 251 | -86 | 36 | 251 | -86 | 441 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR in hundreds | Share capital |
Other funds |
Translation variations |
Treasury shares |
Invested non- restricted fairness fund |
Retained earnings |
Total | |
Equity Jan 1, 2021 | 1,359 | 21 | -70 | -439 | 5 | 881 | 1,759 | |
Stock choice scheme | 15 | 15 | ||||||
Comprehensive revenue | 3 | -225 | -222 | |||||
Equity June 30, 2021 | 1,359 | 21 | -67 | -439 | 5 | 671 | 1,552 | |
Stock choice scheme | 11 | 11 | ||||||
Comprehensive revenue | 0 | -1,131 | -1,131 | |||||
Equity Dec 31, 2021 | 1,359 | 21 | -67 | -439 | 5 | -449 | 430 | |
Stock choice scheme | 5 | 5 | ||||||
Disposal of personal shares | 34 | 34 | ||||||
Share concern web | 2,937 | 2,937 | ||||||
Exchange fee variations in fairness of international operations | 12 | 12 | ||||||
Comprehensive revenue | 1 | -2,119 | -2,118 | |||||
Equity June 30, 2022 | 1,359 | 21 | -66 | -406 | 2,943 | -2,552 | 1,299 |
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
This report complies with the necessities of IAS 34” Interim Financial Reporting”. Starting from the start of 2022, the Group has utilized sure new or revised IFRS requirements and IFRIC interpretations, as described within the Consolidated Financial Statements 2021. The implementation of those new and revised necessities has not impacted on the reported figures. For all different elements, the accounting rules and strategies are the identical as they had been within the 2021 monetary statements. Considering the corporate’s monetary place, this interim report has been ready on the Going Concern -principle and taking into consideration the administration’s view of reaching a secure monetary place each by ongoing change negotiations and the financial savings program and thru ongoing monetary negotiations.
In preparation of the consolidated monetary statements, administration is required to make estimates and assumptions concerning the long run and to think about the suitable software of accounting rules, which implies that precise outcomes might differ from these estimated.
All quantities offered on this report are consolidated figures, until in any other case famous. The quantities offered within the report are rounded, so the sum of particular person figures might differ from the sum reported. This report is unaudited.
INTANGIBLE AND TANGIBLE ASSETS
EUR in hundreds | Jan-Sept, 2022 |
Jan-Sept, 2021 |
Jan-Dec, 2021 |
Increase in intangible property: | |||
Acquisition price Jan 1 | 12,846 | 11,987 | 11,987 |
Increase | 1,055 | 542 | 859 |
Increase in tangible property: | |||
Acquisition price Jan 1 | 2,705 | 2,622 | 2,622 |
Increase | 108 | 45 | 83 |
CHANGE IN INTEREST-BEARING LIABILITIES
EUR in hundreds | Jan-Sept, 2022 |
Jan-Sept, 2021 |
Jan-Dec, 2021 |
Interest-bearing liabilities Jan 1 | 1,682 | 947 | 947 |
Proceeds from quick time period borrowings | 1,600 | 1,249 | 1,500 |
Repayments | 1,741 | 942 | 765 |
Interest-bearing liabilities Sept 30/ Dec 31 | 1,540 | 1,254 | 1,682 |
PLEDGES AND COMMITMENTS
EUR in hundreds | Sept, 2022 |
Sept, 2021 |
Dec 31, 2021 |
Change, % |
Business mortgages (held by the Company) | 2,383 | 2,386 | 2,386 | 0 |
Minimum lease funds based mostly on lease agreements: | ||||
Maturing in lower than one 12 months | 18 | 23 | 23 | -21 |
Maturing in 1-5 years | 11 | 29 | 23 | -53 |
Total | 29 | 52 | 46 | -37 |
Total pledges and commitments | 2,412 | 2,491 | 2,432 | -1 |
CONSOLIDATED INCOME STATEMENT BY QUARTER
EUR in hundreds | July-Sept, 2022 |
April-June, 2022 |
Jan-Mar, 2022 |
Oct- Dec 2021 |
July-Sept, 2021 |
April-June, 2021 |
Net gross sales | 1,468 | 2,012 | 2,201 | 2,054 | 2,043 | 2,138 |
Other working revenue | 0 | 0 | 0 | 0 | 0 | 0 |
Materials and providers | 406 | 407 | 328 | 224 | 248 | 297 |
Employee profit bills | 1,711 | 1,740 | 1,811 | 1,925 | 1,434 | 1,692 |
Other working bills | 204 | 135 | 263 | 335 | 259 | 146 |
EBITDA | -853 | -270 | -201 | -430 | 103 | 3 |
Depreciation and amortization | 249 | 245 | 271 | 620 | 311 | 278 |
Operating consequence | -1,102 | -515 | -472 | -1,050 | -208 | -275 |
Financial revenue and bills | -9 | -11 | -10 | -15 | -5 | -8 |
Result earlier than tax | -1,111 | -526 | -483 | -1,065 | -213 | -283 |
Income taxes | 0 | -103 | 103 | -66 | 49 | 52 |
Result for the interval | -1,111 | -629 | -380 | -1,131 | -165 | -231 |
GROUP KEY FIGURES
EUR in hundreds, until in any other case indicated |
Jan-Sept or Sept 30, 2022 |
Jan-Sept or Sept 30, 2021 |
Jan-Dec or Dec 31, 2021 |
Net gross sales | 5,680 | 7,085 | 9,140 |
Net gross sales progress, % | -19.8 | 6.9 | 1.9 |
EBITDA | -1,324 | 671 | 241 |
% of web gross sales | -23.3 | 9.5 | 2.6 |
Operating consequence | -2,090 | -198 | -1,248 |
% of web gross sales | -36.8 | -2.8 | -13.7 |
Result earlier than tax | -2,119 | -291 | -1,356 |
% of web gross sales | -37.3 | -4.1 | -14.8 |
Result for the interval | -2,119 | -225 | -1,356 |
% of web gross sales | -37.3 | -3.2 | -14.8 |
Return on fairness (every year), % | -326.9 | -15.8 | -111.4 |
Return on funding (every year), % | -115.8 | -8.8 | -49.3 |
Cash and money equivalents | 36 | 251 | 441 |
Net borrowings | 1,504 | 1,002 | 1,241 |
Equity | 1,299 | 1,795 | 430 |
Gearing, % | 115.8 | 55.8 | 288.5 |
Equity ratio, % | 27.7 | 36.9 | 8.3 |
Total steadiness sheet | 5,470 | 5,549 | 5,800 |
Investments in non-current property | 1,207 | 750 | 942 |
% of web gross sales | 21.3 | 11 | 10.3 |
Product growth bills | 2,141 | 1409 | 2,115 |
% of web gross sales | 37.7 | 20 | 23.1 |
Average variety of personnel | 78 | 80 | 80 |
Personnel originally of interval | 80 | 88 | 88 |
Personnel on the finish of interval | 88 | 79 | 80 |
Earnings per share, EUR (primary and diluted) |
-0.147 | -0.019 | -0.113 |
Equity per share, EUR | 0.081 | 0.144 | 0.035 |