Basware

Financial Statements 2011

Basware Corporation Financial Statement Stock Exchange Release, January
25, 2012 at 09:00

BASWARE FINANCIAL STATEMENTS
Basware fourth quarter and full year 2011

SUMMARY (last year´s corresponding period in parentheses, unless otherwise
stated)

Financial year 2011

* Net sales EUR 107 750 thousand (EUR 103 094 thousand) - growth 4.5 percent
* Operating profit EUR 12 280 thousand (EUR 13 487 thousand) - decrease of
8.9 percent
* Operating profit 11.4 percent of net sales (13.1%)
* Operating profit includes a restructuring provision of EUR 1 203 thousand
due to streamlining measures
* Growth of Automation services (SaaS and e-Invoicing) 32.3 percent
* Recurring revenue (including Maintenance and Automation Services) 48.9%
(44.3%) of net sales
* Cash flows from operating activities were EUR 15 207 thousand (EUR 12 523
thousand)
* Earnings per share EUR 0.76 (0.90) - decrease of 15.0 percent

-       Dividend proposal for 2011: EUR 0.41 per share (2010: EUR 0.40)

October-December Q4

* Net sales EUR 30 227 thousand (EUR 30 149 thousand) - growth 0.3 percent
* Operating profit EUR 3 454 thousand (EUR 4 937 thousand) - decrease of 30.0
percent
* Operating profit 11.4 percent of net sales (16.4%)
* Operating profit includes a restructuring provision of EUR 1 203 thousand
due to streamlining measures
* Growth of Automation Services (SaaS and e-invoicing) 17.9 percent
* The estimated revenue to be recognized for current Automation Services
agreements in production in the next twelve months is EUR 18.3 million,
growth from previous quarter 6.2 percent
* Recurring revenue (including Maintenance and Automation Services) 46.9%
(42.5%) of net sales Earnings per share EUR 0.23 (0.34) - decrease 32.2
percent

Basware outlook

* Basware expects its net sales in 2012 to grow from the previous year, and
operating profit (EBIT) for 2012 is expected to be EUR 8-18 million

This financial statement release has been prepared in accordance with IAS 34,
Interim Financial Reporting.

The amounts presented in the summary of financial statements and notes to the
financial statements are based on the company´s audited financial statements.
The Auditor´s Report was issued on January 24, 2012.

REPORTING

Basware´s reporting segment is based upon geography as follows: Finland,
Scandinavia, Europe, and Other. The Finland segment includes the Finnish,
Russian, and 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: