QPR Software Interim Report January - March 2020
QPR SOFTWARE STOCK EXCHANGE RELEASE, APRIL 28, 2020 AT 9:00 AM
International net sales increased by 13%, driven by software sales
January - March 2020
- Net sales increased to EUR 2,789 thousand (January – March 2019: 2,748).
- International net sales increased by 13%, driven by software license sales.
- International net sales represented 50% of Group net sales (45).
- EBITDA was EUR 390 thousand (497).
- Subcontracting and personnel expenses, as well as recruiting and marketing expenses increased in line with strategy.
- Operating result (EBIT) EUR 45 thousand (187).
- EBIT 2% of net sales (7).
- Result before taxes EUR 36 thousand (167).
- Earnings per share EUR 0.001 (0.012).
Business operations
QPR Software´s mission is to make customers agile and efficient in their operations. We innovate, develop, and sell software aimed at analyzing, monitoring, and modeling operations in organizations. Furthermore, we offer customers consulting services related to our software.
OUTLOOK
Operating environment and market outlook
In recent years, QPR Software has made significant investments in developing the Company´s process mining software, as well as in renewing the user interfaces of its software products. The Company estimates that the demand for process mining software and related services will continue to grow rapidly over the course of 2020.
In developed markets, we expect the competition for process and enterprise architecture modeling software, as well as for performance management software to remain tight. However, there is still growth potential for these products in emerging markets, especially for performance management software.
Outlook for 2020
Despite the apparent negative effects to its business due to corona virus pandemic, QPR does not change its outlook for 2020, published on February 27, 2020. Based on current information, we estimate that the pandemic will have negative effects on our business mainly on the second and third quarter of this year.
In the first quarter, the effects of coronavirus pandemic were relatively limited. We saw negative effects of the pandemic mainly in private sector consulting business. Furthermore, there were delays in software purchases and decisions started to take longer time than usually.
Outlook published on February 27, 2020 remains intact
Based on actual sales performance in early 2020 and current sales funnel, QPR expects net sales to grow in 2020 (2019: EUR 9,513 thousand). The most significant sources of growth are international process mining and performance management software sales and deliveries. Operating result (EBIT) is estimated to be negative (2019: -213 thousand) due to planned increase in European sales personnel and growth investments in software products. EBITDA is expected to be positive (2019: EUR 1,036 thousand).
Mid-term financial targets
The Company´s mid-term target in 2020 – 2022 is to grow net sales by an average of 15 – 20% per annum. The target is mainly based on international net sales growth in process mining, where we target an annual growth of over 50%.
| KEY FIGURES | ||||
| EUR in thousands, unless otherwise indicated | Jan-Mar, 2020 | Jan-Mar, 2019 | Change, % | Jan-Dec, 2019 |
| Net sales | 2,789 | 2,748 | 1 | 9,513 |
| EBITDA | 390 | 497 | -22 | 1,036 |
| % of net sales | 14.0 | 18.1 | 10.9 | |
| Operating result | 45 | 187 | -76 | -213 |
| % of net sales | 1.6 | 6.8 | -2.2 | |
| Result before tax | 36 | 167 | -78 | -240 |
| Result for the period | 11 | 141 | -92 | -161 |
| % of net sales | 0.4 | 5.1 | -1.7 | |
| Earnings per share, EUR (basic and diluted) | 0.001 | 0.012 | -92 | -0.013 |
| Equity per share, EUR | 0.224 | 0.242 | -7 | 0.222 |
| Cash flow from operating activities | 409 | 1,010 | -60 | 1,349 |
| Cash and cash equivalents | 572 | 1,204 | -53 | 1,035 |
| Net borrowings | -343 | -711 | -52 | -251 |
| Gearing, % | -12.3 | -23.6 | -48 | -9.1 |
| Equity ratio, % | 51.4 | 53.2 | -3 | 44.5 |
| Return on equity, % | 1.6 | 19.1 | -92 | -5.7 |
| Return on investment, % | 7.1 | 24.1 | -71 | -5.9 |
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, Cloud services and Consulting.
Recurring revenue reported by the Company consists of Software maintenance services and Cloud services. In addition, recurring revenue includes Renewable software licenses.
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 with an indefinite duration. These contracts are automatically renewed at the end of the agreed period, usually one year, unless the agreement is terminated within notice period. Renewable license revenue is recognized at one point in time, in the beginning of the invoicing period.
Geographical areas reported are Finland, the rest of Europe (including Russia and Turkey), and the rest of the world. Net sales are reported according to the customer´s headquarter location.
REVIEW BY THE CEO
The most important target for us this year is to grow our international software business. Our recent investments into process mining software development and into renewal of all user interfaces of our software products have significantly strengthened our competitiveness in international software markets. After these investments we now focus on growing of our international direct sales and building new strategic partnerships.
We are currently increasing sales resources in European key markets, such as the United Kingdom and France. We have already acquired the first significant reference customers in these markets, and now is the right time to add sales resources. We continue to strengthen also our product development resources this year. Great user experience, high performance and excellent cloud service scalability remain our priorities.
Our personnel has, for the time being, moved almost fully into remote work due to coronavirus pandemic. This transition has been very smooth. The results of our product development are excellent and we have been able to proceed as planned. The deliveries of software have generally proceeded well and without delays. Most of the effects arising from the lock-down caused by the pandemic we have seen in sales and consulting, but together with our customers we have been able to find new and well working methods also in these functions. For this, I would like to extend my warmest thanks to our team and customers.
Jari Jaakkola
CEO
NET SALES DEVELOPMENT
January – March 2020
Net sales in the first quarter increased to EUR 2,789 thousand (2,748). The share of recurring revenue was 47% of net sales (53).
New software license net sales amounted to EUR 587 thousand (491) and grew by 20 %, due to increase in international sales. Renewable software license net sales decreased to EUR 487 thousand (543), due to lower sales in Finland and in international channel sales.
Software maintenance net sales were EUR 571 thousand (644), and decreased by 11% mainly due to decrease in international channel sales. Currency exchange rate changes had a negative impact on software maintenance net sales.
Cloud services net sales amounted to EUR 263 thousand (264). Cloud net sales of our process mining product increased, but cloud net sales of other products decreased. Consulting net sales amounted to EUR 880 thousand (806) and increased by 9%.
International net sales increased by 13%, but net sales in Finland decreased by 8%. Of the Group net sales, 50% (55) derived from Finland, 26% (33) from the rest of Europe (including Russia and Turkey) and 24% (12) from the rest of the world.
| NET SALES BY PRODUCT GROUP | ||||
| EUR in thousands | Jan-Mar, 2020 | Jan-Mar, 2019 | Change, % | Jan-Dec, 2019 |
| Software licenses | 587 | 491 | 20 | 1,552 |
| Renewable software licenses | 487 | 543 | -10 | 1,102 |
| Software maintenance services | 571 | 644 | -11 | 2,731 |
| Cloud services | 263 | 264 | 0 | 1,068 |
| Consulting | 880 | 806 | 9 | 3,061 |
| Total | 2,789 | 2,748 | 1 | 9,513 |
| NET SALES BY GEOGRAPHIC AREA | ||||
| EUR in thousands | Jan-Mar, 2020 | Jan-Mar, 2019 | Change, % | Jan-Dec, 2019 |
| Finland | 1,389 | 1,506 | -8 | 4,863 |
| Europe incl. Russia and Turkey | 733 | 906 | -19 | 2,965 |
| Rest of the world | 667 | 336 | 99 | 1,686 |
| Total | 2,789 | 2,748 | 1 | 9,513 |
FINANCIAL PERFORMANCE
January – March 2020
The Group´s operating result was EUR 45 thousand (187) and represented 2% of net sales (7). The decrease in operating result was mainly due to increase in subcontracting and personnel expenses, as well in recruitment and marketing expenses. Personnel expenses increased to EUR 1,739 thousand (1,693) and represented 76% of fixed costs.
The Group´s fixed costs in the reporting period were EUR 2,304 thousand (2,299).
Result before taxes was EUR 36 thousand (167) and result for the period was EUR 11 thousand (141). Taxes recorded for the period were EUR 25 thousand (26) and earnings per share (basic and fully diluted) were EUR 0.001 (0.012).
FINANCE AND INVESTMENTS
Cash flow from operating activities was EUR 409 thousand (1,010). Decrease in cash flow was mainly due to an increase in operative working capital. Working capital increased mainly due to later invoicing of recurring revenue than in the previous year. Cash and cash equivalents at the end of the reporting period were EUR 572 thousand (1,204).
Net financial expenses were EUR 9 thousand (20) and included currency exchange losses of EUR 4 thousand (19).
Investments totaled EUR 278 thousand (240) and were mainly product development expenditure.
The Group´s financial position is strong and it had no long-term interest-bearing bank loans at the end of the reporting period. The gearing ratio was -12% (-24). At the end of the quarter, the equity ratio was 51% (53).
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 product development expenses were EUR 579 thousand (584). Product development expenses worth EUR 231 thousand (169) were capitalized. The amortization of capitalized product development expenses was EUR 226 thousand (203). The amortization period for capitalized product development expenses is four years.
PERSONNEL
At the end of the reporting period, the Group employed a total of 82 persons (83). The average number of personnel during the reporting was 83 (84).
The average age of employees is 42.1 (41.8) years. Women account for 21% (23) of employees, men for 79% (77). 17% (17) work in sales and marketing, 44% (41) in consulting and customer care, 30% (32) in product development, and 9% (10) in administration.
For incentive purposes, the Company has a bonus program that covers all employees. Short term remuneration of the top management consists of salary, fringe benefits, and a possible annual bonus based mainly on the Group and business unit net sales performance. Furthermore, the Company launched a key employee stock option plan in 2019.
STRATEGY
Our target is to grow our net sales by an average of 15 – 20% per annum over the next three years. The target is mainly based on international net sales growth in process mining, where we target annual growth of over 50%.
We innovate, develop and sell software and related services aimed at analyzing, measuring and modeling operations in organizations. Furthermore, we offer customers consulting services in operational development and digital business optimization.
We will further accelerate product development by increasing our resources in a controlled manner. In software development, we place special focus on excellent user experience. We focus our product development to meet the challenges our client organizations face, especially in leading and developing their operations in a digitalizing world. A special focus area for development is process mining.
In the next few years, we seek growth especially in our international software sales. To reach this target, we will continue to increase our resources and investments in international marketing and sales.
We also actively seek strategic partnerships to strengthen our international software sales and product development.
| SHARES AND SHAREHOLDERS | ||||
| Trading of shares | Jan-Mar, 2020 | Jan-Mar, 2019 | Change, % | Jan-Dec, 2019 |
| Shares traded, pcs | 253,097 | 226,487 | 12 | 1,091,153 |
| Volume, EUR | 546,999 | 393,368 | 39 | 2,229,163 |
| % of shares | 2.1 | 1.9 | 9.1 | |
| Average trading price, EUR | 2.16 | 1.74 | 24 | 2.04 |
| Shares and market capitalization | Mar 31, 2020 | Mar 31, 2019 | Change, % | Dec 31, 2019 |
| Total number of shares, pcs | 12,444,863 | 12,444,863 | - | 12,444,863 |
| Treasury shares, pcs | 457,009 | 457,009 | - | 457,009 |
| Book counter value, EUR | 0.11 | 0.11 | - | 0.11 |
| Outstanding shares, pcs | 11,987,854 | 11,987,854 | - | 11,987,854 |
| Number of shareholders | 1,167 | 1,129 | 3 | 1,146 |
| Closing price, EUR | 1.93 | 2.08 | -7 | 2.34 |
| Market capitalization, EUR | 23,136,558 | 24,934,736 | -7 | 28,051,578 |
| Book counter value of all treasury shares, EUR | 50,271 | 50,271 | - | 50,271 |
| Total purchase value of all treasury shares, EUR | 439,307 | 439,307 | - | 439,307 |
| Treasury shares, % of all shares | 3.7 | 3.7 | - | 3.7 |
GOVERNANCE
QPR Software gave notice to its shareholders in February 2020 that the Annual General Meeting (AGM) will be held on Tuesday 7 April, 2020 starting at 1:00 p.m. at the Company's headquarters. In March, the Company decided to cancel the AGM due to coronavirus pandemic and announced that it will convene the AGM at a later stage as soon as it is practically possible to organize the meeting.
The Board of Directors consists of four (4) members. The members are Vesa-Pekka Leskinen (Chairman), Topi Piela, Jarmo Rajala and Salla Vainio. The term of office of the members of the Board of Directors expires at the end of the next Annual General Meeting.
All authorizations of the Board and other decisions made by the previous Annual General Meeting are available in their entirety on the stock exchange release published by the Company on April 4, 2019, and available in the Investors section of the Company's website, .
EVENTS AFTER THE REVIEW PERIOD
The Company has no significant events after the review period to report.
SHORT-TERM RISKS AND UNCERTAINTIES
Internal control and risk management at QPR Software aims to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and operational environment, and ensures the continuity of its business.
QPR has identified the following three groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data security) and risks related to financing (foreign currency, short-term cash flow). The Company has an insurance policy covering property, operational and liability risks.
Financial risks include reasonable credit risk concerning individual business partners, which is characteristic of any international business. QPR seeks to limit this credit risk by continuously monitoring standard payment terms, receivables and credit limits.
Approximately 52% of the Group’s trade receivables were in euro at the end of the quarter (61). At the end of the quarter, the Company had not hedged its non-euro trade receivables.
Risks and risk management practices related to the Company’s business are further described in the Annual Report 2019, pages 24-25 ()
FINANCIAL INFORMATION
In 2020, QPR Software Plc will publish its financial information, in Finnish and English, as follows:
Half-year Financial Report 1-6/2020: Thursday, July 30, 2020
Interim Report 1-9/2020: Tuesday, October 27, 2020
QPR SOFTWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO, Tel. +358 (0) 40 5026 397
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Main Media
Neither this press release nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into the United States of America or its territories or possessions.
FINANCIAL STATEMENTS
| CONSOLIDATED COMPREHENSIVE INCOME STATEMENT | ||||
| EUR in thousands, unless otherwise indicated | Jan-Mar, 2020 | Jan-Mar, 2019 | Change, % | Jan-Dec, 2019 |
| Net sales | 2,789 | 2,748 | 1 | 9,513 |
| Other operating income | - | - | 0 | |
| Materials and services | 440 | 263 | 68 | 1,143 |
| Employee benefit expenses | 1,739 | 1,693 | 3 | 6,455 |
| Other operating expenses | 220 | 296 | -26 | 878 |
| EBITDA | 390 | 497 | -22 | 1,036 |
| Depreciation and amortization | 345 | 310 | 11 | 1,250 |
| Operating result | 45 | 187 | -76 | -213 |
| Financial income and expenses | -9 | -20 | 55 | -26 |
| Result before tax | 36 | 167 | -78 | -240 |
| Income taxes | -25 | -26 | 3 | 78 |
| Result for the period | 11 | 141 | -92 | -161 |
| Earnings per share, EUR (basic and diluted) | 0.001 | 0.012 | -92 | -0.013 |
| Consolidated statement of comprehensive income: | ||||
| Result for the period | 11 | 141 | -92 | -161 |
| Other items in comprehensive income that may be reclassified subsequently to profit or loss: | ||||
| Exchange differences on translating foreign operations | 1 | 1 | 8 | -5 |
| Total comprehensive income | 12 | 141 | -92 | -166 |
| CONDENSED CONSOLIDATED BALANCE SHEET | ||||
| EUR in thousands | Mar 31, 2020 | Mar 31, 2019 | Change, % | Dec 31, 2019 |
| Assets | ||||
| Non-current assets: | ||||
| Intangible assets | 2,022 | 1,842 | 10 | 2,044 |
| Goodwill | 513 | 513 | 0 | 513 |
| Tangible assets | 327 | 597 | -45 | 371 |
| Other non-current assets | 62 | 62 | 0 | 141 |
| Total non-current assets | 2,923 | 3,013 | -3 | 3,068 |
| Current assets: | ||||
| Trade and other receivables | 2,698 | 2,740 | -2 | 2,904 |
| Cash and cash equivalents | 572 | 1,204 | -53 | 1,035 |
| Total current assets | 3,270 | 3,944 | -17 | 3,939 |
| Total assets | 6,193 | 6,958 | -11 | 7,007 |
| Equity and liabilities | ||||
| Equity: | ||||
| Share capital | 1,359 | 1,359 | 0 | 1,359 |
| Other funds | 21 | 21 | 0 | 21 |
| Treasury shares | -439 | -439 | 0 | -439 |
| Translation differences | -65 | -60 | 8 | -66 |
| Invested non-restricted equity fund | 5 | 5 | 0 | 5 |
| Retained earnings | 1,907 | 2,128 | -10 | 1,882 |
| Equity attributable to shareholders of the parent company | 2,788 | 3,014 | -7 | 2,762 |
| Non-controlling interests | - | - | - | - |
| Total equity | 2,788 | 3,014 | -7 | 2,873 |
| Non-current liabilities: | ||||
| Interest-bearing liabilities | - | 213 | - | |
| Total non-current liabilities | - | 213 | - | |
| Current liabilities: | ||||
| Interest-bearing liabilities | 229 | 280 | -18 | 784 |
| Advances received | 766 | 1,292 | -41 | 800 |
| Accrued expenses and prepaid income | 1,853 | 1,610 | 15 | 2,083 |
| Trade and other payables | 556 | 549 | 1 | 579 |
| Total current liabilities | 3,405 | 3,730 | -9 | 4,245 |
| Total liabilities | 3,405 | 3,943 | -14 | 4,245 |
| Total equity and liabilities | 6,193 | 6,958 | -11 | 7,007 |
| CONSOLIDATED CONDENSED CASH FLOW STATEMENT | ||||
| EUR in thousands | Jan-Mar, 2020 | Jan-Mar, 2019 | Change, % | Jan-Dec, 2019 |
| Cash flow from operating activities: | ||||
| Result for the period | 11 | 141 | -92 | -161 |
| Adjustments to the result | 389 | 359 | 8 | 1,250 |
| Working capital changes | 23 | 546 | -96 | 306 |
| Interest and other financial expenses paid | -22 | -24 | -10 | -51 |
| Interest and other financial income received | 13 | 6 | 114 | 25 |
| Income taxes paid | -5 | -17 | -69 | -18 |
| Net cash from operating activities | 409 | 1,010 | -60 | 1,349 |
| Cash flow from investing activities: | ||||
| Purchases of tangible and intangible assets | -301 | -240 | 25 | -1,041 |
| Net cash used in investing activities | -301 | -240 | 25 | -1,041 |
| Cash flow from financing activities: | ||||
| Proceeds from short term borrowings | - | - | 500 | |
| Repayments of short term borrowings | -576 | -69 | 734 | -278 |
| Dividends paid | - | 0 | 0 | |
| Net cash used in financing activities | -576 | -69 | 734 | 222 |
| Net change in cash and cash equivalents | -468 | 700 | -167 | 530 |
| Cash and cash equivalents at the beginning of the period | 1,035 | 505 | 105 | 505 |
| Effects of exchange rate changes on cash and cash equivalents | 5 | -1 | 450 | 0 |
| Cash and cash equivalents at the end of the period | 572 | 1,204 | -53 | 1,035 |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||
| EUR in thousands | Share capital | Other funds | Translation differences | Treasury shares | Invested non- restricted equity fund | Retained earnings | Total |
| Equity Jan 1, 2019 | 1,359 | 21 | -61 | -439 | 5 | 1,987 | 2,873 |
| Comprehensive income | 1 | 141 | 141 | ||||
| Equity Mar 31, 2019 | 1,359 | 21 | -60 | -439 | 5 | 2,128 | 3,014 |
| Dividends paid | 0 | 0 | |||||
| Repurchase of shares | 56 | 56 | |||||
| Comprehensive income | -6 | -302 | -308 | ||||
| Equity Dec 31, 2019 | 1,359 | 21 | -66 | -439 | 5 | 1,882 | 2,762 |
| Stock option plan | 14 | 14 | |||||
| Comprehensive income | 1 | 11 | 12 | ||||
| Equity Mar 31, 2019 | 1,359 | 21 | -65 | -439 | 5 | 1,907 | 2,788 |
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
This report complies with requirements of IAS 34 ”Interim Financial Reporting”. Starting from the beginning of 2020, the Group has applied certain new or revised IFRS standards and IFRIC interpretations, as described in the Consolidated Financial Statements 2019. The implementation of these new and revised requirements has not impacted the reported figures. For all other parts, the accounting principles and methods are the same as they were in the 2019 financial statements.
When preparing the consolidated financial statements, management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.
All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported. This report is unaudited.
| INTANGIBLE AND TANGIBLE ASSETS | |||
| EUR in thousands | Jan-Mar, 2020 | Jan-Mar, 2019 | Jan-Dec, 2019 |
| Increase in intangible assets: | |||
| Acquisition cost Jan 1 | 11,159 | 10,057 | 10,057 |
| Increase | 228 | 232 | 1,102 |
| Increase in tangible assets: | |||
| Acquisition cost Jan 1 | 2,487 | 2,433 | 2,433 |
| Increase | 50 | 8 | 54 |
| CHANGE IN INTEREST-BEARING LIABILITIES | |||
| EUR in thousands | Jan-Mar, 2020 | Jan-Mar, 2019 | Jan-Dec, 2019 |
| Interest-bearing liabilities Jan 1 | 784 | 562 | 562 |
| Proceeds from short term borrowings | 21 | - | 500 |
| Repayments | 576 | 69 | 278 |
| Interest-bearing liabilities Mar 31 | 229 | 493 | 784 |
| PLEDGES AND COMMITMENTS | ||||
| EUR in thousands | Mar 31, 2020 | Mar 31, 2019 | Dec 31, 2019 | Change, % |
| Business mortgages (held by the Company) | 2,382 | 1,385 | 1,385 | 72 |
| Minimum lease payments based on lease agreements: | ||||
| Maturing in less than one year | 8 | 7 | 17 | -51 |
| Maturing in 1-5 years | 14 | 8 | 0 | |
| Total | 22 | 15 | 17 | 30 |
| Total pledges and commitments | 2,404 | 1,401 | 1,402 | 71 |
| CONSOLIDATED INCOME STATEMENT BY QUARTER | |||||
| EUR in thousands | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 |
| Net sales | 2,789 | 2,499 | 1,981 | 2,285 | 2,748 |
| Other operating income | - | 0 | - | 0 | - |
| Materials and services | 440 | 379 | 243 | 260 | 263 |
| Employee benefit expenses | 1,739 | 1,743 | 1,375 | 1,644 | 1,693 |
| Other operating expenses | 220 | 178 | 175 | 228 | 296 |
| EBITDA | 390 | 199 | 188 | 153 | 497 |
| Depreciation and amortization | 345 | 322 | 307 | 310 | 310 |
| Operating result | 45 | -123 | -119 | -158 | 187 |
| Financial income and expenses | -9 | -3 | 3 | -6 | -20 |
| Result before tax | 36 | -126 | -116 | -164 | 167 |
| Income taxes | -25 | 7 | 31 | 66 | -26 |
| Result for the period | 11 | -119 | -85 | -98 | 141 |
| GROUP KEY FIGURES | |||
| EUR in thousands, unless otherwise indicated | Jan-Mar or Mar 31, 2020 | Jan-Mar or Mar 31, 2019 | Jan-Dec or Dec 31, 2019 |
| Net sales | 2,789 | 2,748 | 9,513 |
| Net sales growth, % | 1.5 | -4.6 | -5.3 |
| EBITDA | 390 | 497 | 1,036 |
| % of net sales | 14.0 | 18.1 | 10.9 |
| Operating result | 45 | 187 | -213 |
| % of net sales | 1.6 | 6.8 | -2.2 |
| Result before tax | 36 | 167 | -240 |
| % of net sales | 1.3 | 6.1 | -2.5 |
| Result for the period | 11 | 141 | -161 |
| % of net sales | 0.4 | 5.1 | -1.7 |
| Return on equity (per annum), % | 1.6 | 19.1 | -5.7 |
| Return on investment (per annum), % | 7.1 | 24.1 | -5.9 |
| Cash and cash equivalents | 572 | 1,204 | 1,035 |
| Net borrowings | -343 | -711 | -251 |
| Equity | 2,788 | 3,014 | 2,762 |
| Gearing, % | -12.3 | -23.6 | -9.1 |
| Equity ratio, % | 51.4 | 53.2 | 44.5 |
| Total balance sheet | 6,193 | 6,958 | 7,007 |
| Investments in non-current assets | 278 | 240 | 1,156 |
| % of net sales | 10.0 | 8.7 | 12.2 |
| Product development expenses | 579 | 584 | 2,293 |
| % of net sales | 20.8 | 21.2 | 24.1 |
| Average number of personnel | 83 | 84 | 82 |
| Personnel at the beginning of period | 83 | 84 | 84 |
| Personnel at the end of period | 82 | 83 | 83 |
| Earnings per share, EUR (basic and diluted) | 0.001 | 0.012 | -0.013 |
| Equity per share, EUR | 0.224 | 0.242 | 0.222 |
