Quarterly Report • Apr 13, 2011
Quarterly Report
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Basware expects, as earlier estimated, its net sales for 2011 to grow over 10 percent from the previous year. Operating profit (EBIT) for 2011 is expected to be over 13 percent of net sales
The interim report is unaudited.
| EUR thousand | 1–3/ 2011 |
1–3/ 2010 |
Change, % |
1–12/ 2010 |
|---|---|---|---|---|
| Net sales | 26 058 | 23 132 | 12.7 | 103 094 |
| EBITDA | 4 169 | 3 373 | 23.6 | 18 604 |
| Operating profit before IFRS3 amortization |
3 458 | 2 692 | 28.4 | 15 691 |
| Operating profit | 2 957 | 2 136 | 38.4 | 13 487 |
| % of net sales | 11.3% | 9.2% | 13.1 | |
| Profit before tax | 2 930 | 2 142 | 36.8 | 13 325 |
| Profit for the period | 2 268 | 1 582 | 43.3 | 10 331 |
| Return on equity, % | 11.4% | 11.2% | 16.7 | |
| Return on investment, % | 14.7% | 14.1% | 20.1 | |
| Liquid assets *) | 48 295 | 16 351 | 195.4 | 13 822 |
| Gearing, % | -50.7% | -19.4% | -15.3 | |
| Equity ratio, % | 71.0% | 59.1% | 73.3 | |
| Earnings per share, EUR | 0.19 | 0.14 | 33.9 | 0.90 |
| Earnings per share (diluted), EUR | 0.19 | 0.14 | 34.9 | 0.89 |
| Equity per share, EUR | 7.11 | 4.92 | 44.4 | 5.78 |
*) Includes cash, cash equivalents and financial assets at fair value through profit or loss
Basware's reporting segment is based upon geography as follows: Finland, Scandinavia, Europe and Other. The Finland segment includes the Finnish, Russian, Asia-Pacific (excluding Australia) business operations and corporate services. The Other segment includes North America and Australia.
In addition, the company reports revenue from products and services as follows: License Sales, Professional Services, Maintenance and Automation Services. License Sales consist of the Purchase to Pay (P2P) product suite and financial management and payment automation solutions that are only marketed in Finland. Automation Services include paper invoice scanning services, exchange of purchase catalogues and purchase messages, e-invoicing, activation service, and Software as a Service (SaaS) services.
The company also reports an estimate of revenue to be recognized for current Automation Services agreements in the next twelve months. Automation Services agreements are typically in force for a fixed period of several years or until further notice.
"The first quarter of the year succeeded according to our expectations. Net sales grew by 12.7 percent and operating profit by as much as 38.4 percent to EUR 2 957 thousand. Automation Services grew by 48.6 percent and Professional Services showed a solid growth of 9.9 percent during the first quarter, compared to the soft growth in early 2010. All geographical areas showed stable growth. Recurring revenues (includes Maintenance and Automation Services) accounted for over 48 percent of total net sales. Strong growth of recurring revenue and number of personnel growing mainly in India contributed to the improved profitability. The performance in the first quarter provides a good starting point for the rest of the year.
Basware ranked second in The Forrester Wave TM: eProcurement Solution Q1 2011 study published in March in all sectors: strategy, portfolio and regional coverage. This is a significant acknowledgement to Basware in an international comparison, proving the competitiveness of our product and service offering in the international market."
Market forecasts updated at the end of 2010 and at the beginning of 2011 expect software purchases to increase by 7.1 percent globally and 8.4 percent in the U.S. in 2011. The entire IT services market is expected to grow by 7.3 percent globally and by 7.4 percent in the U.S. in 2011.
The number of acquisitions and partnerships has increased in the market. Companies active in the market are trying to strengthen their supplier networks and expand geographically. Consolidation is expected to continue in the business environment, with the role of services growing in companies' portfolios.
Basware software still offer a competitive edge, thanks to the integrated offering consisting of new added value products, services and products. The next generation of solutions will improve the company's competitiveness in the long term. Automation Services will have a positive impact on the competitiveness, improving the predictability and transparency of the company's net sales and profitability in the long term.
Basware aims to become a leading company in e-invoicing worldwide. E-invoicing and the supporting Connectivity Services are targeted to connect suppliers and buyers also outside of Basware's existing software customer base, leading into a higher potential. The penetration rate of e-invoicing is low, which creates a solid foundation for the future growth of Basware Automation Services.
In order to consolidate international growth further, Basware is increasing the focus on acquisitions in its strategy and organization. The company has been active in mergers and acquisitions and is now further strengthening the activity by establishing a new executive team-level M&A function.
The role of offshoring operations will continue to grow in the company's strategy. R&D and Automation Services operations at Basware's Indian office have already succeeded in gaining a significant role. The company is surveying the development of offshoring in order to improve profitability also with regard to new service business operations and internal support functions. The company is also investigating the possibility of new geographical regions in expanding offshoring.
The geographical division of net sales by the location of assets:
| Net sales (EUR thousand) | 1–3/2011 | 1–3/2010 | Change, % | 1–12/2010 |
|---|---|---|---|---|
| Finland | 13 656 | 12 191 | 12.0 | 53 606 |
| Scandinavia | 6 096 | 5 253 | 16.0 | 24 188 |
| Europe | 5 518 | 5 069 | 8.9 | 21 347 |
| Other | 2 611 | 2 373 | 10.1 | 12 101 |
| Sales between segments | -1 823 | -1 754 | 3.9 | -8 149 |
| Group total | 26 058 | 23 132 | 12.7 | 103 094 |
The geographical division of net sales by the location of customers:
| Net sales (EUR thousand) | 1–3/2011 | 1–3/2010 | Change, % | 1–12/2010 |
|---|---|---|---|---|
| Finland | 11 856 | 10 695 | 10.9 | 46 550 |
| Scandinavia | 6 083 | 4 995 | 21.8 | 23 346 |
| Europe | 5 256 | 4 915 | 6.9 | 20 249 |
| Other | 2 863 | 2 527 | 13.3 | 12 949 |
| Group total | 26 058 | 23 132 | 12.7 | 103 094 |
Basware Group's net sales for the period increased by 12.7 percent to EUR 26 058 thousand (EUR 23 132 thousand). The growth in comparable currencies was 10.6 percent.
The Company's license sales grew by 3.6 percent during the period, accounting for 18.5 percent (20.1%) of net sales. Maintenance revenue increased by 9.4 percent and accounted for 34.1 percent (35.1%) of net sales. Professional Services revenue increased by 9.9 percent and accounted for 33.2 percent (34.0%) of net sales.
During the period, Automation Services increased by 48.6 percent and accounted for 14.3 percent (10.8%) of net sales. The transaction volume processed by the Automation Services business was 4.4 million during the reporting period (growth of 51.7 percent). The estimated revenue to be recognized for current Automation Services agreements in the next twelve months is EUR 15.8 million (growth of 8.0 percent from the estimate made at the end of last quarter).
The international share of Basware's net sales was 54.5 percent (53.8 %) in the period. International operations grew by 14.2 percent.
Basware's operating profit for the period increased by 38.4 percent to EUR 2 957 thousand (EUR 2 136 thousand). Operating profit represented 11.3 percent (9.2%) of net sales.
The geographical division of operating profit by the location of assets:
| Operating profit (EUR | ||||
|---|---|---|---|---|
| thousand) | 1–3/2011 | 1–3/2010 | Change, % | 1–12/2010 |
| Finland | 1 782 | 1 092 | 63.1 | 7 703 |
| Scandinavia | 1 122 | 762 | 47.1 | 4 136 |
| Europe | 520 | 509 | 2.3 | 2 354 |
| Other | -54 | 179 | -130.2 | 924 |
| Operating profit between | ||||
| segments | -413 | -406 | 1.7 | -1 629 |
| Group total | 2 957 | 2 136 | 38.4 | 13 487 |
|---|---|---|---|---|
The Company's fixed costs were EUR 19 957 thousand (EUR 18 520 thousand) in the period, up 7.8 percent on the corresponding period the previous year. Personnel costs made up 73.8 percent (74.0%) or EUR 14 738 thousand (EUR 13 703 thousand) of the fixed costs. Bad debt and bad debt reservations are included in fixed costs. Bad debt reservations at the end of the first quarter amounted to EUR 984 thousand (EUR 657 thousand) on the balance sheet.
The research and development expenses amounted to EUR 3 450 thousand (EUR 3 748 thousand), or 13.2 percent (16.2%) of net sales. Research and development expenses decreased by 7.9 percent compared with the same period last year. Research and development expenses capitalized during the period amounted to EUR 809 thousand (EUR 324 thousand). Basware's research and development costs for the period totaled EUR 2 642 thousand (EUR 3 424 thousand), or 10.1 percent (14.8%) of net sales.
The Company's finance income and finance expenses were EUR -26 thousand (EUR 5 thousand). Profit before tax was EUR 2 930 thousand (EUR 2 142 thousand) and profit for the period was EUR 2 268 thousand (EUR 1 582 thousand) or 8.7 percent (6.8%) of net sales. Taxes for the period amounted to EUR 662 thousand (EUR 560 thousand). Undiluted earnings per share were EUR 0.19 (EUR 0.14).
Basware Group's total assets on the balance sheet at the end of the period were EUR 129 048 thousand (EUR 95 606 thousand). The Company's cash and liquid assets were EUR 48 295 thousand (EUR 16 351 thousand), of which cash and cash equivalents were EUR 33 251 thousand (EUR 16 318 thousand) and financial assets at fair value through profit or loss were EUR 15 043 thousand (EUR 34 thousand).
Equity ratio was 71.0 percent (59.1%) and gearing was -50.7 percent (-19.4%). The Company's interest-bearing liabilities totaled EUR 1 789 thousand (EUR 5 388 thousand), of which current liabilities accounted for EUR 1 789 thousand (EUR 3 551 thousand). Return on investment was 14.7 percent (14.1%) and return on equity 11.4 percent (11.2%).
Cash flows from operating activities were EUR 14 623 thousand (EUR 11 115 thousand). Cash flows from investments were EUR -1 224 thousand (EUR -1 438 thousand).
The Company's capital expenditure, resulting from regular additional and replacement investments required for growth, was EUR 411 thousand (EUR 263 thousand) in the period. Gross investments which include - in addition to those mentioned above - capitalized research and development expenses totaled EUR 1 219 thousand (EUR 845 thousand).
Amortization of intangible assets totaled EUR 1 086 thousand (EUR 1 093 thousand). There are no indications of impairments of assets.
Invested non-restricted equity increased by EUR 27.4 million as the result of a share issue of 1 170 000 new shares to select Finnish and international institutional investors. The 1 170 000 new shares were registered with the Finnish Trade Register on February 16, 2011. Following the registration the number of issued and outstanding shares of the Company is 12 890 829. Public trading in the shares on NASDAQ OMX Helsinki Ltd. commenced on February 17, 2011 together with existing shares.
The research and development expenses amounted to EUR 3 450 thousand (EUR 3 748 thousand), or 13.2 percent (16.2%) of net sales. Research and development expenses decreased by 7.9 percent compared with the same period last year. Research and development expenses capitalized during the period amounted to EUR 809 thousand (EUR 324 thousand). Basware's research and development costs for the period totaled EUR 2 642 thousand (EUR 3 424 thousand), or 10.1 percent (14.8%) of net sales.
The development of the next generation of software had an effect on the amount of capitalized research and development costs.
A total of 270 (192) people worked in Producs at the end of March 2011. The Products unit is expanding at the fastest rate in India.
Basware employed 959 (797) people on average during the first quarter and 981 (808) at the end of the period. The number of personnel increased by 173 persons and by 21.4 percent compared with the same period the previous year. The increase in the number of personnel is mainly due to an increase in the number of employees in the Indian unit.
The share of personnel working in foreign units has increased compared with the previous year. At the end of the period, 56.1 percent (45.5%) of Basware personnel worked outside of Finland and 43.9 percent (50.4%) in Finland. 13.8 percent of the personnel work in sales and marketing, 50.7 percent in consulting and services, 27.5 percent in Products, and 8.1 percent in administration.
The average age of employees is 35.4 (36.1) years. Of the employees, 33.2 percent have a Master's degree and 34.5 percent have a Bachelor's degree. Women account for 33.6 percent of employees, men for 66.4 percent. For incentive purposes, the company has a bonus program that covers all employees.
The short-term remuneration of the top management consists of salary, fringe benefits and a possible annual bonus based on performance. Long-term remuneration of the top management consists of warrants and a sharebased incentive scheme. The bonus based on performance is no more than 50 percent of annual basic salary. The bonus is determined on the basis of the attainment of goals supporting to the company's growth and profitability according to its strategy, and personal objectives. The Board of Directors monitors the fulfillment of the performance and result criteria of the incentive scheme twice a year and approves the bonus to be paid.
A long-term incentive scheme was in use in 2006–2008, based on which warrants could be granted to the members of the top management, country managers of the business units and key personnel. After this, the sharebased incentive scheme effective in 2009–2011 mentioned above was introduced.
The possible reward of the share-based incentive scheme for the vesting period 2009–2011 is based on Basware Corporation's earnings per share (EPS). The bonus of the share-based incentive scheme is paid two years after the end of the vesting period, and therefore no other restrictions are associated with the ownership of the shares received.
Geographical distribution of personnel:
| Personnel | ||||
|---|---|---|---|---|
| (employed, on average) | 1–3/2011 | 1–3/ 2010 | Change, % | 1–12/ 2010 |
| Finland | 639 | 501 | 27.7 | 539 |
| Scandinavia | 120 | 127 | -5.3 | 124 |
| Europe | 136 | 122 | 11.4 | 126 |
| Other | 63 | 48 | 32.2 | 55 |
| Group total | 959 | 797 | 20.2 | 845 |
The Finland segment includes the business operations in Finland, Russia, Asia-Pacific (excluding Australia) and the head office functions. Net sales for the first quarter increased by 12.0 percent to EUR 13 656 thousand (EUR
12 191 thousand). The profitability of the segment increased by 63.1 percent and operating profit was EUR 1 782 thousand (EUR 1 092 thousand). A decrease in the amount of research and development costs included in the result for the period contributed to the improvement of profitability. The development of the next generation of software had an effect on the amount of capitalized research and development costs.
Net sales of the Finnish and Russian operations increased by 12.0 percent during the first quarter to EUR 12 151 thousand (EUR 10 853 thousand). In particular, the growth of net sales was boosted by growth in both Professional Services and Automation Services.
The number of personnel averaged 639 (501) during the first quarter.
Basware's Nordic organization consists of a centrally directed Scandinavian (Sweden, Denmark and Norway) unit.
Net sales in Scandinavia increased by 16.0 percent to EUR 6 096 thousand (EUR 5 253 thousand). In local currency terms, net sales in the area increased by 10.4 percent. The profitability of the operations has improved by 47.1 percent and operating profit was EUR 1 122 thousand (EUR 762 thousand). Maintenance and Professional Services grew at the fastest rate during the first quarter.
There were 120 (127) employees on average in the area.
Basware's European business operations consist of the units in Germany, France, the Netherlands and the United Kingdom. Additionally, the reseller network covers the eastern part of Central Europe.
Net sales in the Europe segment increased by 8.9 percent to EUR 5 518 thousand (EUR 5 069 thousand). ). In local currency terms, net sales in the area increased by 7.5 percent. The profitability of the operations improved by 2.3 percent and operating profit was EUR 520 thousand (EUR 509 thousand). Growth of license sales and Automation Services had a strong impact on the growth of net sales in the Europe segment.
Basware personnel averaged 136 (122) during the period.
Business operations in North America and Australia are reported in this segment.
Net sales of the area increased by 10.1 percent to EUR 2 611 thousand (EUR 2 373 thousand). Growth in comparable currencies was 5.5 percent. The profitability of the operations has decreased by 130.2 percent and operating profit was EUR -54 thousand (EUR 179 thousand). The growth of Maintenance and Automation Services had an impact on the growth of net sales in the area.
On average, there were 63 (48) employees in the area.
Basware's Board of Directors and company management have adjusted the company's strategy and goals for the next 4-year period and the company focuses on strong international growth. In order to support international growth, Basware organized a directed share issue to institutional investors during the first quarter of the year. In order to consolidate international growth further, Basware is increasing the focus on acquisitions in its strategy and
organization. The company has been active in mergers and acquisitions and is now further strengthening the activity by establishing a new executive team-level M&A function.
The company aims to be the leading e-invoice company worldwide. Acquisitions will support the growth of the einvoicing service. Its annual volume in 2010 amounted to 13.6 million transactions. The e-invoicing market is growing strongly, and Basware aims to reach the 100 million invoice mark by 2014.
In order to support international growth, Basware is developing its organizational structure into stronger geographical regions. The country-specific organizations will be merged into regional structures. According to Basware's view, the significance of the service concept will continue its solid growth in the future as well, which is the reason for marketing the company's next-generation product concept strongly also as services. Basware has adjusted its pricing model to be very flexible according to customer needs. From now on, software solutions will be available to customers with one-time license fee, monthly subscription, and according to the SaaS model.
The role of offshoring operations will continue to grow in the company's strategy. R&D and Automation Services operations at Basware's Indian office have already succeeded in gaining a significant role. The company is surveying the development of offshoring in order to improve profitability also with regard to new service business operations and internal support functions. The company is also investigating the possibility of new geographical regions in expanding offshoring.
Basware's long-term objectives were specified further. The new strategic guidelines facilitate strong international growth and positive development of operating profit margin. The long-term target is to grow annually 15-30 percent in net sales and more than 50 percent in Automation Services. The company's long-term target for operating profit margin is 15-20 percent, improving towards the end of the period.
A separate stock exchange release about the strategy update has been issued on January 25, 2011.
Basware issued 1 170 000 new shares in the company to selected Finnish and international institutional investors. The new 1 170 000 shares were registered with the Finnish Trade Register on 16 February 2011. Following the registration the number of issued and outstanding shares of the Company is 12 890 829. Public trading in the shares on NASDAQ OMX Helsinki Ltd. commenced on 17 February 2011 together with existing shares.
Separate stock exchange releases about the share issue have been sent on February 14, 2011 and February 16, 2011.
Basware Corporation's share capital totaled EUR 3 516 248.70 at the end of the period and the number of shares was 12 890 829.
A separate stock exchange release has been issued on the Board authorizations and other resolutions of the Annual General Meeting of Shareholders on February 17, 2011.
During the reporting period, the highest price of the share was EUR 27.00 (EUR 18,58), the lowest was EUR 23.02 (EUR 15.00) and the closing price was EUR 26.40 (EUR 16.86). The average price of the share was EUR 25.26 (EUR 16.99) during the period.
A total of 2 625 376 (400 317) shares were traded during the period, equivalent to 21.5 percent (3.5%) of the average number of shares. Market capitalization with the period's closing price on March 31, 2011 was EUR 337 933 966 (EUR 192 024 003).
Basware had 15 518 (16 416) shareholders on March 31, 2011 including nominee-registered holdings (9). Nominee-registered holdings accounted for 11.1 (8.7) percent of the total number of shares.
The company holds 90 300 Basware Corporation shares, corresponding to approximately 0.70% of all shares in the company.
During the period, Basware announced three notifications of change in ownership when the total number of shares held by Nordea Rahastoyhtiö Suomi Oy exceeded 5% of Basware Corporation's shares on February 22, 2011, when the total number of shares held by Kirsi Eräkangas fell below of 5% of Basware Corporation's shares on February 15, 2011 and when the total number of shares held by Nordea Rahastoyhtiö Suomi Oy fell below 5% of Basware Corporation's share capital on February 2, 2011.
According to the share register maintained by Euroclear Finland Ltd, CEO Ilkka Sihvo held 877 300 shares in Basware Corporation, Matti Copeland 2 771 shares, Esa Tihilä 500 shares and Olli Hyppänen 500 shares on March 31, 2011. Other members of the Executive Team did not hold shares in Basware Corporation.
According to the share register maintained by Euroclear Finland Ltd, Hannu Vaajoensuu held 673 800, Pentti Heikkinen 2 049, Ilkka Toivola 2 790, Sakari Perttunen 665 900 and Eeva Sipilä 1 033 shares in Basware Corporation on March 31, 2011.
The Annual General Meeting of Shareholders on February 17, 2011, confirmed the number of Board members as five. The Annual General Meeting resolved to agree on the proposal to elect Sakari Perttunen, Pentti Heikkinen, Eeva Sipilä, Ilkka Toivola, and Hannu Vaajoensuu members of the Board of Directors. In its first meeting held after the Annual General Meeting, the Board of Directors elected Hannu Vaajoensuu as chairman and Sakari Perttunen as vice chairman of the Board.
The Annual General Meeting further resolved to elect Ernst & Young Oy, Authorized Public Accountants as the auditor, with APA Heikki Ilkka in charge and APA Terhi Mäkinen as the deputy auditor.
The Annual General Meeting decided to authorize the Board of Directors to decide on the repurchase of the company's own shares in accordance with the proposal of the Board of Directors. Based on the authorization, the Board of Directors may repurchase a maximum of 1 160 000 of the company's own shares otherwise than in proportion to the holdings of the shareholders using the non-restricted equity at the market price of the shares on the NASDAQ OMX Helsinki Ltd at the time of the acquisition. The shares shall be repurchased to be used as consideration in possible acquisitions or in other arrangements that are part of the company's business, to finance investments, as part of the company's incentive program, or to be retained, otherwise conveyed or cancelled. The authorization to repurchase the company's own shares is valid until March 31, 2012.
The Annual General Meeting authorized the Board of Directors to decide on issuing new shares and/or conveying the company's own shares held by the company and/or granting special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act in accordance with the proposal of the Board of Directors. Based on the authorization, the Board of Directors may decide to issue a maximum of 2 320 000 new shares and convey a maximum of 1 250 300 of the company's own shares held by the company. The number of shares to be issued to the company itself together with the shares repurchased to the company on basis of the repurchase authorization shall not exceed 1 160 000 shares. The maximum number of new shares that may be subscribed by virtue of the special rights granted by the company is 1 000 000 shares in total which number shall be included in the abovementioned maximum number of new shares. The authorization is valid until March 31, 2012.
A separate stock exchange release has been issued on the Board authorizations and other resolutions of the Annual General Meeting of Shareholders on February 17, 2011.
Basware issued Corporate Governance Statement in accordance with Recommendation 51 of the new Corporate Governance Code and Chapter 2, Section 6 of the Finnish Securities Market Act. The Corporate Governance Statement was issued separately from the company's annual report.
The Corporate Governance Statement can be read at: http://www.basware.com/Investors/corporate\_governance/Pages/default.aspx
Basware Board of Directors approved in its meeting on January 20, 2011 the subscription of a total of 30 805 shares under Basware Warrant Programs. The share subscriptions were based on the Warrant Program 2006 series C and on the Warrant Program 2007 series E.
Members of the Executive Team as of January 1, 2011 are Ilkka Sihvo (CEO), Mika Harjuaho (CFO), Mari Heusala (Vice President, HR&Dev), Olli Hyppänen (Senior Vice President, Strategy and Global Operations), Jorma Kemppainen (Senior Vice President, Products), Pekka Lindfors, (Senior Vice President, NorthEast), Steve Muddiman (Senior Vice President, Global Marketing), Matti Rusi (Senior Vice President, Europe), Ari Salonen (General Manager, North America), Esa Tihilä (Senior Vice President, Automation Services), and Jukka Virkkunen (Senior Vice President, Scandinavia). In addition, Matti Copeland (Senior Vice President, M&A, IR) has been a member of the Executive Team as of January 25, 2011.
Matti Copeland resigned from the Board of Directors of Basware on January 24, 2011.
No significant changes have taken place in Basware's short-term risks and uncertainties during the financial period.
In accordance with Basware's risk management policy, risks are divided into six categories: risks related to business operations, products, personnel as well as legal, financial and data security risks. Basware takes risks that are a natural part of its strategy and objectives. These risks are managed and decreased in various ways. Short-term risks are considered to be risks in the current reporting year.
Market forecasts updated at the end of 2010 and early 2011 expect the software market to grow by 7.1 percent globally and 8.4 percent in the U.S. in 2011. The entire IT services market is expected to grow by 7.3 percent globally and by 7.4 percent in the U.S. in 2011. The penetration rate of e-invoicing outside Scandinavia is low, which creates a solid foundation for the future growth of Basware.
Sales receivables are part of operational business risks and accuracy of financial reporting in this respect is managed through reservations for bad debt. Basware Corporation's sales receivable are calculated on a monthly basis in Basware's centralized Financial Shared Service Center. The company will intensify its management and collection of sales receivables. Business management regularly monitors the payment of sales receivables as part of the management of customer accounts.
The Group's main currency is the Euro, accounting for approximately 60 percent of net sales in 2010 (approximately 61% in 2009). The significance of exchange rate fluctuations between the euro and other currencies will increase hand in hand with the share of international operations. In addition to the euro area, Basware operates in various areas, the most significant of them in 2010 being Norway, the United Kingdom, the United States, Sweden, and Australia. The company is exposed to exchange rate risks in these countries through intra-company trade, exports and imports as well as through the equity and funding of foreign subsidiaries. The company did not realize hedging for exchange rate fluctuations during the financial year as the foreign-currency-denominated cash flow in the subsidiaries did not exceed the foreign-currency-specific limit for hedging measures in accordance with the company's hedging policy.
Goodwill has been tested during the last quarter of 2010. In accordance with the testing for impairment of assets, no depreciation of goodwill was made. According to testing for asset impairment, goodwill has not been impaired, and there were no indications of impairment.
Basware's objective is to become the world's leading company in e-invoicing. Automation Services including einvoicing and the supporting scan and capture services also target suppliers and buyers outside Basware's existing customer base, which increases the customer potential. The company's long-term objective is annual growth of more than 50 percent in Automation Services. SaaS and e-invoicing are scalable business models with a high business potential. The realization of this growth potential requires a new operating model as well as active and continuous development of competencies because of the strong growth of the number of customers and transaction volumes. These include sales and commissioning as well as customer support and product development.
Basware has complemented its organic growth through acquisitions in accordance with its strategy. Acquisition projects are managed carefully and internal as well as external expertise is utilized in planning phase (e.g. due diligence), take over phase (e.g. immediate implementation of Basware's IT systems) and in integration phase (e.g. implementation of HR processes).
Basware Board of Directors approved in its meeting on April 12, 2011 the subscription of a total of 40 400 shares subscribed for with Basware Warrant Programs. The share subscriptions were based on the Warrant Program 2006 series C (19 400 shares) and on the Warrant Program 2007 series E (21 000 shares). The last subscription date for Basware Warrant Programs was March 31, 2011.
After the period, Basware announced notification of change in ownership when the total number of shares held by Nordea Rahastoyhtiö Suomi Oy fell below 5% of Basware Corporation's share capital on March 24, 2011. This notification was given to Basware Corporation's information on April 11, 2011.
Market forecasts updated at the end of 2010 and early 2011 expect the software market to grow by 7.1 percent globally and 8.4 percent in the U.S. in 2011. The entire IT services market is expected to grow by 7.3 percent globally and by 7.4 percent in the U.S. in 2011. The penetration rate of e-invoicing outside Scandinavia is low which creates a solid foundation for the future growth of Basware.
The number of acquisitions and partnerships has increased on the markets. Companies active on the markets are trying to strengthen the supplier network and expand geographically through acquisitions and partnerships. Consolidation is expected to continue in the business environment, with the role of services growing in companies' portfolios.
Basware's direct competitors are primarily locally operating and often smaller companies. In North America in particular, the company has also larger competitors, especially in the field of procurement management. Developers of document management, scanning and recycling systems compete with Basware, particularly with regard to purchase invoice management solutions. Competing solutions also include customized solutions integrated into ERP (Enterprise Resource Planning) systems.
Basware software still offer a competitive edge, thanks to the integrated offering consisting of new added value products and the products. Next generation solutions will improve the company's competitiveness in the long run. Automation services will bring more predictability and transparency over Basware's revenue stream and profitability development. Recurring revenue (maintenance and Automation services) accounted for close to 50 percent of the company's total net sales in the first quarter of 2011.
Basware aims to become a leading company in e-invoicing worldwide. E-invoicing and the supporting Connectivity Services are targeted to connect suppliers and buyers also outside of Basware's existing software customer base, leading into a higher potential. The penetration rate of e-invoicing is low which creates a solid foundation for the
future growth of Basware. The company's long-term target is to grow annually more than 50% in Automation Services. SaaS, Connectivity Services and e-invoicing are scalable business models with a high business potential.
The company's international growth is based on efforts of its own sales and marketing activity as well as the reseller channel. In North America, the focus will be on developing the company's own sales channel and strategic partnerships. Development of own sales channel and profitable growth continues in Europe. In Scandinavia, the focus is on profitability, and moderate growth is supported by the company's expanded product portfolio and the development of the service business. In Finland, the focus is on profitability, and moderate growth will primarily be achieved from the fields of procurement management and services.
In order to consolidate international growth further, Basware is increasing the focus on acquisitions in its strategy and organization. The company has been active in mergers and acquisitions and is now further strengthening the activity by establishing a new executive team-level M&A function. In particular, possible acquisitions will aim at supporting Automation Services and expanding the Company's distribution channel in international markets.
The role of off-shoring operations will continue to grow in the company's strategy. R&D and Automation Services operations at Basware's Indian office have already succeeded in gaining a significant role. The company is surveying the development of off-shoring in order to improve profitability also with regard to new service business operations and internal support functions. The company is also investigating the possibility of new geographical regions in expanding off-shoring.
The Group's number of personnel will increase the most in Automation Services and product development during the year. The number of personnel will increase the most in India, which facilitates growth with a more moderate increase in costs.
Growth related investments will be made during the year according to business plan.
Basware expects, as earlier estimated, its net sales to grow over 10 percent in 2011. Operating profit (EBIT) for 2011 is expected to be over 13 percent of net sales.
Espoo, Finland, April 13, 2011
BASWARE CORPORATION Board of Directors
CEO Ilkka Sihvo, Basware Corp., Tel. +358 40 501 8251
Basware arranges today, April 13, 2011 a briefing on the Interim Report for the press and analysts at 11:00 a.m. in Hotel Kämp, Pohjoisesplanadi 29, Helsinki, Finland. During this briefing CEO Ilkka Sihvo and CFO Mika Harjuaho will comment on the events and financial performance of the quarter. Welcome. A conference call for analysts who are not able to attend the briefing will take place on April 13 at 3 p.m. EEST. Please register through [email protected] for appropriate information.
Distribution: NASDAQ OMX Helsinki Ltd Key media www.basware.com
Interim Report 12 (19)
April 13, 2011
Basis of preparation
The Interim Report has been prepared in accordance with the IAS 34 Interim Reports standard. The company has adopted certain new or revised IFRS standards and IFRIC interpretations at the beginning of the financial period as described in the Financial Statements for 2010. However, the adoption of these new and amended standards has not yet had an effect on the reported figures in practice. In other respects, the same accounting policies have been followed as in the Financial Statements for 2010 Key indicator calculations remain unchanged and have been presented in the 2010 Financial Statements.
Preparation of financial statements in accordance with the IFRS standards requires Basware's management to make estimates and assumptions that have an effect on the amount of assets and liabilities on the balance sheet at the closing date as well as the amounts of income and expenses for the financial period. In addition, the management must exercise its judgment regarding the application of accounting policies. Since the estimates and assumptions are based on the views at the date of the Interim Report, they include risks and uncertainties. The actual results may differ from the estimates and assumptions.
The amounts presented in the income statement and balance sheet are Group figures.
The amounts presented in the release are rounded, so the sum of individual figures may differ from the sum reported. The Interim Report is unaudited.
| 1.1.– | 1.1.– | Change, | 1.1.– | |
|---|---|---|---|---|
| EUR thousand | 31.3.2011 | 31.3.2010 | % | 31.12.2010 |
| NET SALES | 26 058 | 23 132 | 12.7 | 103 094 |
| Other operating income | 42 | 50 | -14.5 | 189 |
| Materials and services | -1 948 | -1 288 | 51.2 | -6 395 |
| Employee benefit expenses | -14 738 | -13 703 | 7.6 | -57 337 |
| Depreciation and amortization | -1 237 | -1 236 | 0.1 | -5 117 |
| Other operating expenses | - 5 219 | -4 818 | 8.3 | -20 947 |
| Operating profit | 2 957 | 2 136 | 38.4 | 13 487 |
| Finance income | 51 | 116 | -56.4 | 202 |
| Finance expenses | -77 | -111 | -30.4 | -365 |
| Profit before tax | 2 930 | 2 142 | 36.8 | 13 325 |
| Income tax expense | -662 | -560 | 18.4 | -2 994 |
| PROFIT FOR THE PERIOD | 2 268 | 1 582 | 43.3 | 10 331 |
| Other comprehensive income: Exchange differences on translating |
||||
| foreign operations | -339 | 364 | -193.2 | 1 981 |
| Income tax relating to components of | ||||
| other comprehensive income | 170 | 201 | -15.6 | -454 |
| Other comprehensive income, net of tax | -170 | 565 | -130.0 | 1 527 |
| TOTAL COMPREHENSIVE INCOME | 2 098 | 2 147 | -2.3 | 11 857 |
| Profit attributable to: | ||||
| Owners of the parent | 2 268 | 1 582 | 43.3 | 10 331 |
| 2 268 | 1 582 | 43.3 | 10 331 |
| Total comprehensive income attributable to: |
||||
|---|---|---|---|---|
| Owners of the parent | 2 098 | 2 147 | -2.3 | 11 857 |
| 2 098 | 2 147 | -2.3 | 11 857 | |
| Earnings per share (undiluted), EUR | 0.19 | 0.14 | 33.9 | 0.90 |
| Earnings per share (diluted), EUR | 0.19 | 0.14 | 34.9 | 0,89 |
| GROUP BALANCE SHEET | ||||
| EUR thousand | 31.3.2011 | 31.3.2010 | Change, % | 31.12.2010 |
| ASSETS | ||||
| NON-CURRENT ASSETS | ||||
| Intangible assets | 17 954 | 19 722 | -9.0 | 18 085 |
| Goodwill | 32 065 | 31 705 | 1.1 | 32 184 |
| Tangible assets | 1 146 | 910 | 25.9 | 1 079 |
| Available-for-sale investments | 38 | 38 | 0.0 | 38 |
| Long-term trade and other receivables | 0 | 40 | -100.0 | 23 |
| Deferred tax assets | 2 095 | 2 091 | 0.2 | 2 074 |
| Non-current assets | 53 298 | 54 505 | -2.2 | 53 483 |
| CURRENT ASSETS | ||||
| Inventories | 152 | 50 | 201.3 | 56 |
| Trade and other receivables | 27 032 | 24 066 | 12.3 | 24 066 |
| Income tax receivables Financial assets at fair value through |
271 | 633 | -57.2 | 43 |
| profit or loss | 15 043 | 34 | 44 241.6 | 35 |
| Cash and cash equivalents | 33 251 | 16 318 | 103.8 | 13 787 |
| Current assets | 75 750 | 41 101 | 84.3 | 37 987 |
| TOTAL ASSETS | 129 048 | 95 606 | 35.0 | 91 470 |
| EQUITY AND LIABILITIES | ||||
| SHAREHOLDERS' EQUITY | ||||
| Share capital | 3 516 | 3 444 | 2.1 | 3 507 |
| Issue of shares | 334 | 1 573 | -78.8 | 255 |
| Share premium account | 1 187 | 69 | 1 623.1 | 1 187 |
| Own shares | -629 | -629 | 0.0 | -629 |
| Fair value reserve and other reserves | 62 419 | 33 735 | 85.0 | 34 803 |
| Translation differences | -1 857 | -2 650 | 29.9 | -1 688 |
| Retained earnings | 26 688 | 20 978 | 27.2 | 29 644 |
| Shareholders' equity | 91 658 | 56 519 | 62.2 | 67 079 |
| NON-CURRENT LIABILITIES | ||||
| Deferred tax liability | 2 776 | 3 669 | -24.3 | 2 751 |
| Interest-bearing liabilities | 0 | 1 837 | -100.0 | 32 |
| Non-interest-bearing liabilities | 866 | 269 | 222.1 | 631 |
|---|---|---|---|---|
| Non-current liabilities | 3 642 | 5 775 | -36.9 | 3 414 |
| CURRENT LIABILITIES | ||||
| Interest-bearing liabilities | 1 789 | 3 551 | -49.6 | 3 550 |
| Trade payables and other liabilities | 31 248 | 29 348 | 6.5 | 16 201 |
| Tax liability from income tax | 711 | 413 | 72.0 | 1 226 |
| Current liabilities | 33 747 | 33 312 | 1.3 | 20 977 |
| TOTAL EQUITY AND LIABILITIES | 129 048 | 95 606 | 35.0 | 91 470 |
| Share Holders' capital |
Share issue |
Share premium account |
Own Shares |
Inv. non restr equity res. |
Other res. |
Transl. diff |
Retained earnings |
Total | |
|---|---|---|---|---|---|---|---|---|---|
| EUR thousand SHARE HOLDERS' EQUITY 1.1.10 Compre |
3 440 | 140 | 69 | -629 | 33 058 | 540 | -3 214 | 23 176 | 56 580 |
| hensive income |
565 | 1 582 | 2 147 | ||||||
| Dividend distribution |
-4 100 | -4 100 | |||||||
| Granted warrants Changes in |
69 | 69 | |||||||
| reporting period SHARE HOLDERS' |
3 | 1 432 | 137 | 251 | 1 824 | ||||
| EQUITY 31.3.10 |
3 444 | 1 573 | 69 | -629 | 33 058 | 677 | -2 650 | 20 978 | 56 519 |
| Share Holders' capital |
Share issue |
Share premium account |
Own Shares |
Inv. non restr equity res. |
Other res. |
Transl. diff |
Retained earnings |
Total | |
| EUR thousand SHARE HOLDERS' |
|||||||||
| EQUITY 1.1.11 Compre |
3 507 | 255 | 1 187 | -629 | 34 263 | 540 | -1 688 | 29 644 | 67 079 |
| hensive income |
-170 | 2 268 | 2 098 | ||||||
| Dividend distribution Share issue |
27 370 | -5 120 | -5 120 27 370 |
||||||
| Granted warrants Changes in |
102 | 102 | |||||||
| reporting period SHARE HOLDERS' EQUITY |
9 | 79 | 246 | -205 | 129 | ||||
| 31.3.11 | 3 516 | 334 | 1 187 | -629 | 61 879 | 540 | -1 857 | 26 688 | 91 658 |
| EUR thousand | 1.1.– 31.3.2011 |
1.1.– 31.3.2010 |
1.1.– 31.12.2010 |
|---|---|---|---|
| Net cash from operating activities | |||
| Profit for the period | 2 268 | 1 582 | 10 331 |
| Adjustments for profit | 1 926 | 1 791 | 8 508 |
| Working capital changes | 11 661 | 8 315 | -3 158 |
| Interest paid | -17 | -22 | -43 |
| Interest received | 37 | 18 | 66 |
| Other financial items in operating activities | -40 | 48 | -98 |
| Income taxes paid | -1 212 | -616 | -3 084 |
| Net cash from operating activities | 14 623 | 11 115 | 12 523 |
| Cash flows from investing activities | |||
| Purchase of tangible and intangible assets | -1 224 | -586 | -2 722 |
| Acquired subsidiaries | 0 | -852 | -1 732 |
| Net cash used in investing activities | -1 224 | -1 438 | -4 454 |
| Cash flows from financing activities | |||
| Share issue | 27 704 | 1 573 | 2 505 |
| Repayments of short-term loans | 0 | -2 000 | -2 001 |
| Repayments of long-term borrowings | -1 775 | -1 775 | -3 550 |
| Dividends paid | -4 708 | -3 633 | -4 100 |
| Net cash used in financing activities | 21 221 | -5 835 | -7 147 |
| Net change in cash and cash | |||
| equivalents according to cash flow | |||
| statement | 34 619 | 3 842 | 922 |
| Cash and cash equivalents at beginning of | |||
| period | 13 822 | 12 210 | 12 210 |
| Effects of exchange rate changes on cash and cash equivalents |
-124 | 300 | 690 |
| Cash and cash equivalents at end of | |||
| period | 48 295 | 16 351 | 13 822 |
| EUR thousand | 1–3/2011 | 1–3/2010 | 4–6/2010 | 7–9/2010 | 10–12/2010 |
|---|---|---|---|---|---|
| NET SALES | 26 058 | 23 132 | 26 612 | 23 202 | 30 149 |
| Other operating income | 42 | 50 | 55 | 43 | 42 |
| Materials and services | - 1 948 | -1 288 | -1 754 | -1 593 | -1 760 |
| Employee benefit expenses | -14 738 | -13 703 | -15 184 | -11 959 | -16 491 |
| Depreciation and amortization | - 1 237 | -1 236 | -1 309 | -1 294 | -1 278 |
| Other operating expenses | - 5 219 | -4 818 | -5 414 | -4 991 | -5 725 |
| Operating profit | 2 957 | 2 136 | 3 006 | 3 408 | 4 937 |
| % | 11.3 % | 9.2 % | 11.3 % | 14.7 % | 16.4 % |
| Finance income | 51 | 116 | 4 | -59 | 141 |
| Finance expenses | -77 | -111 | -58 | 42 | -239 |
| Profit before tax | 2 930 | 2 142 | 2 953 | 3 391 | 4 839 |
| % | 11.2 % | 9.3 % | 11.1 % | 14.6 % | 16.1 % |
| Income tax expense | -662 | -560 | -811 | -697 | -926 |
| PROFIT FOR THE PERIOD | 2 268 | 1 582 | 2 142 | 2 694 | 3 913 |
| % | 8.7% | 6.8% | 8.0% | 11.6% | 13.0% |
| EUR thousand | 31.3.2011 | 31.3.2010 | 31.12.2010 |
|---|---|---|---|
| Own guarantees | |||
| Business mortgages of own debts | 1 200 | 1 200 | 1 200 |
| Commitments on behalf of subsidiaries and group companies |
|||
| Guarantees | 1 143 | 1 122 | 1 123 |
| Other own guarantees | |||
| Lease liabilities | |||
| Current lease liabilities | 908 | 923 | 848 |
| Lease liabilities maturing in 1–5 years | 903 | 772 | 796 |
| Total | 1 811 | 1 695 | 1 644 |
| Other rental liabilities | |||
| Current rental liabilities | 3 826 | 2 146 | 4 054 |
| Rental liabilities maturing in 1–5 years | 7 917 | 3 152 | 9 913 |
| Rental liabilities maturing later | 0 | 1 042 | 0 |
| Total | 11 743 | 6 339 | 13 967 |
| Other own contingent liabilities, total | 13 553 | 8 035 | 15 611 |
| Net sales (EUR thousand) | 1–3/2011 | 1–3/2010 | Change, % | 1–12/2010 |
|---|---|---|---|---|
| Finland | 13 656 | 12 191 | 12.0 | 53 606 |
| Scandinavia | 6 096 | 5 253 | 16.0 | 24 188 |
| Europe | 5 518 | 5 069 | 8.9 | 21 347 |
| Other | 2 611 | 2 373 | 10.1 | 12 101 |
| Sales between segments | -1 823 | -1 754 | 3.9 | -8 149 |
| Group total | 26 058 | 23 132 | 12.7 | 103 094 |
| Operating profit (EUR | ||||
|---|---|---|---|---|
| thousand) | 1–3/2011 | 1–3/2010 | Change, % | 1–12/2010 |
| Finland | 1 782 | 1 092 | 63.1 | 7 703 |
| Scandinavia | 1 122 | 762 | 47.1 | 4 136 |
| Europe | 520 | 509 | 2.3 | 2 354 |
| Other | -54 | 179 | -130.2 | 924 |
| Operating profit between | ||||
| segments | -413 | -406 | 1.7 | -1 629 |
| Group total | 2 957 | 2 136 | 38.4 | 13 487 |
| Personnel | ||||
|---|---|---|---|---|
| (employed, on average) | 1–3/2011 | 1–3/2010 | Change, % | 1–12/2010 |
| Finland | 639 | 501 | 27.7 | 539 |
| Scandinavia | 120 | 127 | -5.3 | 124 |
| Europe | 136 | 122 | 11.4 | 126 |
| Other | 63 | 48 | 32.2 | 55 |
| Group total | 959 | 797 | 20.2 | 845 |
| Net sales (EUR thousand) | 1–3/2011 | 1–3/2010 | Change, % | 1–12/2010 |
|---|---|---|---|---|
| License Sales | 4 814 | 4 648 | 3.6 | 24 688 |
| Maintenance | 8 879 | 8 113 | 9.4 | 33 273 |
| Professional Services | 8 650 | 7 871 | 9.9 | 32 702 |
| Automation Services | 3 715 | 2 500 | 48.6 | 12 431 |
| Group total | 26 058 | 23 132 | 12.7 | 103 094 |
| Net sales (EUR thousand) | 1–3/2011 | 1–3/2010 | Change, % | 1–12/2010 |
|---|---|---|---|---|
| Finland | 11 856 | 10 695 | 10.9 | 46 550 |
| Scandinavia | 6 083 | 4 995 | 21.8 | 23 346 |
| Europe | 5 256 | 4 915 | 6.9 | 20 249 |
| Other | 2 863 | 2 527 | 13.3 | 12 949 |
| Group total | 26 058 | 23 132 | 12.7 | 103 094 |
| EUR thousand | 1-3/11 | 1-3/10 | 1-3/09 | 1-12/10 |
|---|---|---|---|---|
| Net sales | 26 058 | 23 132 | 21 717 | 103 094 |
| Growth of net sales, % | 12.7% | 6.5% | 19.1% | 11.3% |
| EBITDA | 4 169 | 3 373 | 2 596 | 18 604 |
| % of net sales | 16.0% | 14.6% | 12.0% | 18.0% |
| Operating profit before IFRS3 amortization | 3 458 | 2 692 | 2 033 | 15 691 |
| % of net sales | 13.3% | 11.6% | 9.4% | 15.2% |
| Operating profit | 2 957 | 2 136 | 1 592 | 13 487 |
| Growth of operating profit, % | 38.4% | 34.2% | 725.8% | 14.1% |
| % of net sales | 11.3% | 9.2% | 7.3% | 13.1% |
| Profit before tax | 2 930 | 2 142 | 1 484 | 13 325 |
| % of net sales | 11.2% | 9.3% | 6.8% | 12.9% |
| Profit for the period | 2 268 | 1 582 | 666 | 10 331 |
| % of net sales | 8.7% | 6.8% | 3.1% | 10.0% |
| Return on equity, % | 11.4% | 11.2% | 5.5% | 16.7% |
| Return on investment, % | 14.7% | 14.1% | 11.3% | 20.1% |
| Interest-bearing liabilities | 1 789 | 5 388 | 11 114 | 3 582 |
| Cash and liquid assets *) | 48 295 | 16 351 | 11 460 | 13 822 |
| Gearing, % | -50.7% | -19.4% | -0.7% | -15.3% |
| Equity ratio, % | 71.0% | 59.1% | 55.6% | 73.3% |
| Total assets | 129 048 | 95 606 | 86 512 | 91 470 |
| Gross investments **) | 1 219 | 845 | 619 | 4 567 |
| % of net sales | 4.7% | 3.7% | 2.9% | 4.4% |
| Capital expenditure | 411 | 263 | 126 | 970 |
| % of net sales | 1.6% | 1.1% | 0.6% | 0.9% |
| Research and development costs | 3 450 | 3 748 | 3 694 | 14 883 |
| % of net sales | 13.2% | 16.2% | 17.0% | 14.4% |
| R&D personnel at end of period | 270 | 192 | 176 | 239 |
| Personnel on average during the period | 959 | 797 | 731 | 845 |
| Personnel at end of period | 981 | 808 | 730 | 913 |
| Increase in personnel, % | 21.4% | 10.7% | 9.8% | 20.0% |
| Earnings per share, EUR | 0.19 | 0.14 | 0.06 | 0.90 |
| Earnings per share (diluted), EUR | 0.19 | 0.14 | 0.06 | 0.89 |
| Equity per share, EUR | 7.11 | 4.92 | 4.18 | 5.78 |
| P/E ratio | 141.94 | 121.37 | 133.26 | 27.58 |
| Share price performance | ||||
| lowest share price | 23.02 | 15.00 | 6.60 | 15.00 |
| highest share price | 27.00 | 18.58 | 7.75 | 24.80 |
| average share price | 25.26 | 16.99 | 7.37 | 19.27 |
| closing share price | 26.40 | 16.86 | 7.50 | 24.75 |
| Market capitalization at end of period | 337 933 966 | 192 024 003 | 85 340 355 | 287 093 169 |
| Number of traded shares | 2 625 376 | 400 317 | 431 908 | 2 131 071 |
| % of average number of shares | 21.5% | 3.5% | 3.8% | 18.5% |
| Average number of shares | ||||
| - undiluted | 12 192 657 | 11 383 312 | 11 394 147 | 11 513 690 |
| - diluted | 12 222 700 | 11 501 810 | 11 394 147 | 11 585 155 |
*) Includes cash, cash equivalents and financial assets at fair value through profit or loss **) Includes capitalized R&D costs and acquisitions
| 1. Ilmarinen Mutual Pension Insurance Company | 1 264 313 | 9.8 |
|---|---|---|
| 2. Sihvo, Ilkka | 877 300 | 6.8 |
| 3. Eräkangas, Kirsi | 827 300 | 6.4 |
| Eräkangas, Kirsi | 576 900 | 4.5 |
| Eräkangas, Lotta | 250 400 | 1.9 |
| 4. Vaajoensuu, Hannu | 673 800 | 5.2 |
| Havacment Oy | 266 500 | 2.1 |
| Vaajoensuu, Hannu | 323 500 | 2.5 |
| Vaajoensuu, Matias | 83 800 | 0.7 |
| 5. Perttunen, Sakari | 665 900 | 5.2 |
| 6. Mandatum Life Insurance Company Ltd. | 592 000 | 4.6 |
| 7. Varma Mutual Pension Insurance Company | 530 000 | 4.1 |
| 8. Pöllänen, Antti | 399 023 | 3.1 |
| Launimo, Essi | 97 408 | 0.8 |
| Pöllänen, Antti | 301 615 | 2.3 |
| 9. Nordea Nordic Small Cap Fund | 383 033 | 3.0 |
| 10. Veritas Pension Insurance Company | 363 000 | 2.8 |
| 11. Fondita Nordic Micro Cap Sijoitusrahasto | 317 000 | 2.5 |
| 12. Kaleva Mutual Insurance Company | 312 690 | 2.4 |
| 13. Investment Fund Aktia Capital | 200 863 | 1.6 |
| 14. Perttunen, Meimi | 175 400 | 1.4 |
| 15. Ahonen, Asko | 168 736 | 1.3 |
| 16. Op-Suomi Pienyhtiöt | 165 000 | 1.3 |
| 17. Fim Fenno Fund | 149 500 | 1.2 |
| 18. Fim Forte Fund | 140 658 | 1.1 |
| 19. Basware Corporation | 90 300 | 0.7 |
| 20. Föreningen Konstsamfundet Rf | 90 000 | 0.7 |
| 20 largest shareholders | 8 385 816 | 65.1 |
| Nominee registered shares | 1 432 166 | 11.1 |
| Other | 3 072 847 | 23.8 |
| Total | 12 890 829 | 100.0 |
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