BASWARE INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2009 (IFRS)
Basware Corp. Stock Exchange Release October 13, 2009 at 09.00AM
SUMMARY
January-September
- Net sales EUR 66 054 thousand (EUR 59 804 thousand) - growth 10.5 percent
- Operating profit EUR 7 767 thousand (EUR 4 557 thousand) - growth 70.4 percent
- Operating profit 11.8 percent of net sales (7.6%)
- International operations accounted for 54.3 percent of net sales (51.9%) - growth 15.5 percent
- Cash flows from operating activities were EUR 8 540 thousand (EUR 6 205 thousand).
- Earnings per share EUR 0.45 (EUR 0.28)
July-September Q3
- Net sales EUR 21 609 thousand (EUR 19 259 thousand) - growth 12.2 percent
- Operating profit EUR 4 028 thousand (EUR 2 381 thousand) - growth 69.2 percent
- Operating profit 18.6 percent of net sales (12.4%)
- International operations accounted for 58.0 percent of net sales (55.1%) - growth 18.0 percent
- Earnings per share EUR 0.27 (EUR 0.17)
Basware expects its net sales for 2009 to develop positively on the level of 2008. Operating profit (EBIT) for 2009 is expected to be from 10 to 15 percent of net sales.
The figures are unaudited.
GROUP KEY FIGURES
|
EUR thousand |
7-9/ 2009 |
7-9/ 2008 |
Change, % |
1-9/ 2009 |
1-9/ 2008 |
Change, % |
1-12/ 2008 |
|
|
|
|
|
|
|
|
|
|
Net sales |
21 609 |
19 259 |
12.2% |
66 054 |
59 804 |
10.5% |
86 098 |
|
EBITDA |
5 134 |
3 070 |
67.2% |
10 943 |
6 611 |
65.5% |
11 722 |
|
Operating profit before
IFRS-3 amortization |
4 596 |
2 577 |
78.4% |
9 188 |
5 146 |
78.5% |
9 730 |
|
Operating profit |
4 028 |
2 381 |
69.2% |
7 767 |
4 557 |
70.4% |
8 679 |
|
% of net sales |
18.6% |
12.4% |
|
11.8% |
7.6% |
|
10.1% |
|
Profit before tax |
3 946 |
2 370 |
66.5% |
7 553 |
4 548 |
66.1% |
8 410 |
|
Profit for the period |
3 005 |
1 941 |
54.8% |
5 066 |
3 290 |
54.0% |
6 585 |
|
|
|
|
|
|
|
|
|
|
Return on equity, % |
23.7% |
16.3% |
|
13.3% |
9.2 % |
|
13.7% |
|
Return on investment, % |
24.5% |
17.6% |
|
16.4% |
11.0% |
|
16.6% |
|
Liquid assets* |
7 567 |
8 680 |
-12.8% |
7 567 |
8 680 |
-12.8% |
8 777 |
|
Gearing, % |
3.2% |
8.3% |
|
3.2% |
8.3% |
|
9.3% |
|
Equity ratio, % |
61.9% |
60.0% |
|
61.9% |
60.0% |
|
59.5% |
|
|
|
|
|
|
|
|
|
|
Earnings per share, EUR |
0.27 |
0.17 |
60.9% |
0.45 |
0.28 |
58.8% |
0.56 |
|
Earnings per share (diluted), EUR |
0.27 |
0.17 |
60.9% |
0.45 |
0.28 |
58.8% |
0.56 |
|
Equity per share, EUR |
4.58 |
4.19 |
9.3% |
4.58 |
4.19 |
9.3% |
4.23 |
*) Includes cash, cash equivalents and financial assets at fair value through profit or loss
Basware's business operations consist of product sales, maintenance and support, consulting and services, Software as a Service (SaaS) sales and other operations. The core of Basware's product sales consists of the Basware Enterprise Purchase to Pay product suite and the Basware Financial Management (FIMA) suite. The Group's reported market areas are Finland, Scandinavia, Europe and other areas.
Basware's CEO Ilkka Sihvo comments in conjunction with the Interim Report:
"Our operating result for the third quarter is the best ever Q3 result in the company's history. The cumulative operating result is also at a record high. The 10.5 percent increase in net sales we attained is an excellent achievement amid a recession. In particular, we succeeded in growing the Automation Services business, and we have secured customer accounts with major international corporations. We also made one of our biggest license sales ever during the third quarter. The deal boosts our business in Australia significantly, supporting the business acquisition we made earlier this year.
At this point, our situation seems good with regard to reaching our target for the entire year, but the last quarter of the year is nevertheless rather challenging in the current economic situation," says Ilkka Sihvo, Basware's CEO.
In Espoo, Finland, October 13, 2009
BASWARE CORPORATION
Board of Directors
For more information, please contact
CEO Ilkka Sihvo, Basware Corp.,
Tel. +358 9 8791 7251 or +358 40 501 8251
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