BASWARES RESTATED FIGURES FOR Q1 2005Q3 2006
BASWARE CORP. STOCK EXCHANGE RELEASE FEBRUARY 1, 2007
As announced on January 15, BasWare Corp. adjusts its accounting
principles regarding the revenue recognition of license sales, as
recommended by the new auditor. The Company will prepare the 2006
Financial Statements according to the adjusted principles and restates
the interim reports for the first three quarters of 2006 and the 2005
comparative figures for all four quarters.
BasWare has previously in some cases at the end of the quarters entered
license sales as revenue based on agreements where the actual license
delivery has been delayed by some days. As a result, license sales have
been recognized as revenue a month beforehand. For the 2006 Financial
Statements, valuation principles have also been tightened with regards
to accounts receivables.
Additionally, the accounting principles regarding the revenue recognition
of license sales have been adjusted for 2006.
The now applied principles will also be applied in the future Financial
Statements and Interim Reports of the Company.
The attached tables present the restated as well as the previously
reported key figures published in respective Q1 2005Q3 2006 interim
reports.
For further information, please contact:
CEO Ilkka Sihvo, BasWare, tel. +358 40 501 8251
PREVIOUSLY REPORTED QUARTERLY GROUP KEY FIGURES
EUR thousand 1-3/ 1-6/ 1-9/ 1-12/ 1-3/ 1-6/ 1-9/
2005 2005 2005 2005 2006 2006 2006
Net sales 8 527 20 490 29 780 42 810 14 243 30 056 42 715
Growth of
net sales, % 16.2% 25.9% 27.6% 26.3% 67.0% 46.7% 43.4%
Operating profit 534 1 884 2 451 4 756 1 339 3 749 5 540
Growth of
operating profit -57.3% -37.8% -43.0% -24.0% 150.7% 99.0% 126.0%
% of net sales 6.3% 9.2% 8.2% 11.1% 9.4% 12.5% 13.0%
Profit before tax 539 1 901 2 482 4 792 1 417 3 866 5 725
% of net sales 6.3% 9.3% 8.3% 11.2% 9.9% 12.9% 13.4%
Profit for the period 117 1 270 1 806 3 097 1 112 2 570 3 951
% of net sales 1.4% 6.2% 6.1% 7.2% 7.8% 8.6% 9.3%
Return on equity, % 3.1% 16.0% 14.6% 17.4% 13.7% 16.7% 15.3%
Return on
investment, % 13.3% 22.2% 18.7% 25.5% 17.6% 22.7% 21.7%
Interest bearing
liabilities 1 514 1 635 1 673 1 230 1 113 990 870
Cash and
liquid assets *) 10 847 10 058 10 514 9 987 11 153 11 312 9 909
Gearing, % -51.3% -43.0% -42.4% -37.4% -24.3% -23.6% -19.9%
Equity ratio, % 67.5% 62.8% 64.4% 69.1% 69.2% 71.7% 76.9%
Total assets 26 927 31 192 32 374 33 912 59 674 61 136 59 182
Gross investments **) 492 4 330 6 164 6 925 21 695 23 074 24 492
% of net sales 5.8% 21.1% 20.7% 16.2% 152.3% 76.8% 57.3%
Capital expenditure 303 515 600 749 158 450 510
% of net sales 3.6% 2.5% 2.0% 1.7% 1.1% 1.5% 1.2%
Research and
development costs 1 319 3 099 4 370 6 204 2 639 5 445 7 640
% of net sales 15.5% 15.1% 14.7% 14.5% 18.5% 18.1% 17.9%
Unrestated Share Indicators
Earnings per share,
EUR 0.01 0.14 0.19 0.33 0.11 0.24 0.36
Earnings per share,
EUR (diluted) 0.01 0.14 0.19 0.32 0.11 0.23 0.35
Equity per share, EUR 1.91 2.04 2.16 2.37 3.64 3.84 3.97
*) Includes cash, cash equivalents and financial assets at fair value
through profit or loss
**) Includes acquisitions, share investments and capitalized R&D costs.
RESTATED QUARTERLY GROUP KEY FIGURES
EUR thousand 1-3/ 1-6/ 1-9/ 1-12/ 1-3/ 1-6/ 1-9/
2005 2005 2005 2005 2006 2006 2006
Net sales 8 136 20 016 30 843 41 666 15 432 30 083 43 446
Growth of
net sales, % 10.9% 23.0% 32.2% 29.4% 89.7% 50.3% 40.9%
Operating profit 143 1 409 3 514 3 611 2 529 3 776 6 271
Growth of
operating profit, -88.6% -53.5% -18.2% -20.8% 1 665.6% 168.1% 78.5%
% of net sales 1.8% 7.0% 11.4% 8.7% 16.4% 12.6% 14.4%
Profit before tax 148 1 426 3 546 3 647 2 606 3 894 6 457
% of net sales 1.8% 7.1% 11.5% 8.8% 16.9% 12.9% 14.9%
Profit for the period -188 912 2 590 2 229 1 994 2 795 4 460
Return on equity, % -2.3% 4.6% 8.4% 5.4% 12.9% 9.3% 10.3%
Return on equity, % -5.5% 12.6% 35.0% 13.9% 26.0% 17.8% 18.2%
Return on
investment, % 4.3% 18.3% 41.2% 21.4% 33.5% 24.3% 25.8%
Interest bearing
liabilities 1 514 1 635 1 673 1 230 1 113 990 870
Cash and
liquid assets *) 10 847 10 058 10 514 9 987 11 153 11 312 9 909
Gearing, % -56.2% -46.9% -43.4% -41.1% -25.1% -24.8% -20.6%
Equity ratio, % 66.2% 61.6% 64.1% 68.2% 68.8% 71.1% 76.6%
Total assets 25 105 29 163 31 777 31 228 58 237 58 655 57 293
Gross investments **) 492 4 330 1 834 6 925 21 695 23 501 24 492
% of net sal 6.0% 21.6% 16.9% 16.6% 140.6% 78.1% 56.4%
Capital expenditure 303 515 85 749 158 368 510
% of net sal 3.7% 2.6% 0.8% 1.8% 1.0% 1.2% 1.2%
Research and
development costs 1 319 3 099 1 271 6 204 2 639 5 445 7 640
% of net sales 16.2% 15.5% 11.7% 14.9% 17.1% 18.1% 17.6%
Restated Share Indicators
Earnings per share,
EUR -0.02 0.10 0.28 0.24 0.19 0.26 0.40
Earnings per share,
EUR (diluted) -0.02 0.10 0.27 0.23 0.19 0.25 0.40
Equity per share,
EUR 1.75 1.87 2.11 2.16 3.53 3.67 3.83
*) Includes cash, cash equivalents and financial assets at fair value
through profit or loss
**) Includes acquisitions, share investments and capitalized R&D costs.
RESTATED GROUP QUARTERLY INCOME STATEMENT
1-3/ 1-6/ 1-9/ 1-12/ 1-3/ 1-3/ 1-6/ 1-12/
EUR thousand 2005 2005 2005 2005 2005 2006 2006 2006
NET SALES 8 136 11 879 10 827 10 823 41 666 15 432 14 651 13 363
Other operating
income 21 13 13 13 60 41 61 25
Materials and
services -694 -1031 -778 -669 -3 172 -778 -689 -468
Employee benefits
expenses -4 743 -6 375 -4 847 -6 604 -22 56 -8 259 -8 710 -6 942
Depreciation and
amortization -217 -267 -316 -277 -1 077 -453 -488 -520
Other operatin
expenses -2 360 -2 953 -2 794 -3 190 -11 29 -3 454 -3 578 -2 963
Operating
profit 143 1 266 2 105 97 3 611 2 529 1 247 2 495
% 1.8% 10.7% 19.4% 0.9% 8.7% 16.4% 8.5% 18.7%
Finance income 23 40 39 44 146 138 48 56
Finance expenses -18 -28 -25 -40 -111 -60 -8 12
Profit before tax 148 1 278 2 119 101 3 647 2 606 1 287 2 563
% 1.8% 10.8% 19.6% 0.9% 8.8% 16.9% 8.8% 19.2%
Tax on income
from operations -336 -179 -441 -462 -1 417 -613 -486 -898
PROFIT FOR
THE PERIOD -188 1 099 1 679 -361 2 229 1 994 801 1 665
% -2.3% 9.3% 15.5% -3.3% 5.4% 12.9% 5.5% 12.5%
RESTATED GROUP QUARTERLY INCOME STATEMENT
1-3/ 1-6/ 1-9/ 1-12/ 1-3/ 1-3/ 1-6/ 1-12/
EUR thousand 2005 2005 2005 2005 2005 2006 2006 2006
NET SALES 8 136 11 879 10 827 10 823 41 666 15 432 14 651 13 363
Other operating
income 21 13 13 13 60 41 61 25
Materials
and services -694 -1031 -778 -669 -3 172 -778 -689 -468
Employee
benefits
expenses -4 743 -6 375 -4 847 -6 604 -22 56 -8 259 -8 710 -6 942
Depreciation and
amortization -217 -267 -316 -277 -1 077 -453 -488 -520
Other operating
expenses -2 360 -2 953 -2 794 -3 190 -11 29 -3 454 -3 578 -2 963
Operating
profit 143 1 266 2 105 97 3 611 2 529 1 247 2 495
% 1.8% 10.7% 19.4% 0.9% 8.7% 16.4% 8.5% 18.7%
Finance income 23 40 39 44 146 138 48 56
Finance expenses -18 -28 -25 -40 -111 -60 -8 12
Profit
before tax 148 1 278 2 119 101 3 647 2 606 1 287 2 563
% 1.8% 10.8% 19.6% 0.9% 8.8% 16.9% 8.8% 19.2%
Tax on income
from operations -336 -179 -441 -462 -1 417 -613 -486 -898
PROFIT
FOR THE PERIOD -188 1 099 1 679 -361 2 229 1 994 801 1 665
% -2.3% 9.3% 15.5% -3.3% 5.4% 12.9% 5.5% 12.5%
RESTATED GROUP BALANCE SHEET
EUR thousand 31.3. 30.6. 30.9. 31.12. 31.1. 30.6. 30.9.
2005 2005 2005 2005 2006 2006 2006
ASSETS
NON-CURRENT ASSETS
Intangible assets 1 986 3 075 3 853 4 040 9 103 9 428 9 384
Goodwill 982 3 372 4 168 4 481 17 763 18 350 18 228
Tangible assets 740 804 747 729 1 013 962 841
Investments in associates 3 3 10 3 3 3 3
Available-for-sale
investments 2 606 2 612 2 612
Trade and other
receivables 16 34 33 24 12 12 12
Deferred tax assets 2 084 2 762 2 698 3 296 4 056 3 588 3 446
Non-current assets 5 811 10 050 11 509 12 573 34 557 34 955 34 527
CURRENT ASSETS
Inventories 30 26 24 9 21 14 8
Trade and other
receivables 8 417 9 029 9 731 8 616 12 434 12 262 12 724
Income tax
receivables 43 72 112 125
Financial assets
at fair value
through profit and loss 5 835 5 873 5 915
Cash and cash
equivalents 10 847 10 058 10 514 9 987 5 318 5 439 3 993
Current assets 19 294 19 113 20 268 18 655 23 680 23 700 22 766
TOTAL ASSETS 25 105 29 163 31 777 31 228 58 237 58 655 57 293
EQUITY AND LIABILITIES
SHAREHOLDERS EQUITY
Share capital 2 851 2 875 2 900 2 963 3 402 3 404 3 440
Share premium
account 12 659 13 030 13 639 15 010 32 213 32 444 33 127
Other reserves 540 514
Translation
differences -22 -140 -40 -203 163 381 211
Retained earnings 1 121 2 192 3 881 3 527 4 282 4 915 6 584
Shareholders' equity 16 610 17 956 20 380 21 296 40 061 41 685 43 877
NON-CURRENT LIABILITIES
Deferred tax liability 179 326 283 1 541 1 457 1 415
Interest-bearing
liabilities 1 037 1 054 868 757 653 545 437
Non-current
liabilities 1 037 1 233 1 194 1 040 2 195 2 001 1 851
CURRENT LIABILITIES
Interest-bearing
liabilities 478 581 806 474 459 445 433
Trade payables and
other liabilities 5 899 9 014 9 130 8 066 14 575 13 738 10 085
Tax liability from
income tax 1 081 379 268 352 947 786 1 046
Current liabilities 7 458 9 974 10 203 8 892 15 982 14 969 11 565
TOTAL EQUITY
AND LIABILITIES 25 105 29 163 31 777 31 228 58 237 58 655 57 293
PREVIOUSLY REPORTED GROUP BALANCE SHEET
EUR thousand 31.3. 30.6. 30.9. 31.12. 31.1. 30.6. 30.9.
2005 2005 2005 2005 2006 2006 2006
ASSETS
NON-CURRENT ASSETS
Intangible assets 1 986 3 075 3 853 4 040 9 103 9 428 9 384
Goodwill 982 3 372 4 168 4 481 17 763 18 350 18 228
Tangible assets 740 804 747 729 1 013 962 841
Investments in
associates 3 3 10 3 3 3 3
Available-for-sale
investments 2 606 2 612 2 612
Trade and other
receivables 16 34 33 24 12 12 12
Deferred tax assets 1 559 2 208 2 541 2 582 3 651 2 924 2 958
Non-current assets 5 287 9 496 11 352 11 859 34 152 34 291 34 039
CURRENT ASSETS
Inventories 30 26 24 9 21 14 8
Trade and other
receivables 10 763 11 612 10 485 12 014 14 332 15 407 15 102
Income tax
receivables 43 72 112 125
Financial assets
at fair value
through profit and loss 5 835 5 873 5 915
Cash and cash
equivalents 10 847 10 058 10 514 9 987 5 318 5 439 3 993
Current assets 21 640 21 696 21 023 22 053 25 578 26 844 25 143
TOTAL ASSETS 26 927 31 192 32 374 33 912 59 730 61 136 59 182
EQUITY AND LIABILITIES
SHAREHOLDERS EQUITY
Share capital 2 851 2 875 2 900 2 963 3 402 3 404 3 440
Share premium
account 12 659 13 030 13 639 15 010 32 213 32 444 33 127
Other reserves 540 514
Translation
differences -22 -140 -40 -211 163 381 211
Retained earnings 2 691 3 814 4 356 5 662 5 526 6 808 8 191
Shareholders' equity 18 179 19 578 20 855 23 424 41 304 43 578 45 484
NON-CURRENT LIABILITIES
Deferred tax liability 179 326 283 1 541 1 457 1 415
Interest-bearing
liabilities 1 037 1 054 868 757 653 545 437
Non-current
liabilities 1 037 1 233 1 194 1 040 2 195 2 001 1 851
CURRENT LIABILITIES
Interest-bearing
liabilities 478 581 806 474 459 445 433
Trade payables and
other liabilities 6 152 9 421 9 252 8 623 14 824 14 080 10 368
Tax liability from
income tax 1 081 379 268 352 947 1 032 1 046
Current liabilities 7 711 10 381 10 326 9 448 16 231 15 557 11 847
TOTAL EQUITY
AND LIABILITIES 26 927 31 192 32 374 33 912 59 730 61 136 59 182
BASWARE CORP.
Ilkka Sihvo
Distribution:
Helsinki Stock Exchange
Principal media
www.basware.com
