QPR Software Plc Interim Report January-September 2022

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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           -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



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