Basware

Financial Statements 2011 - Seite 2

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.
Basware 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.

GROUP KEY FIGURES

10-12/ 10-12/ Change, 1-12/ 1-12/ Change,

 EUR thousand  2011 2010  %  2011 2010  %
--------------------------------------------------------------------------------

Net sales 30 227 30 149 0,3 107 750 103 094 4.5

EBITDA 4 671 6 215 -24.8 17 284 18 604 -7.1

Operating profit before

IFRS-3 amortization 3 958 5 477 -27.7 14 290 15 691 -8.9

Operating profit 3 454 4 937 -30.0 12 280 13 487 -8.9

% of net sales 11.4 16.4   11.4 13.1

Profit before tax 3 473 4 839 -28.2 12 332 13 325 -7.5

Profit for the period 2 940 3 913 -24.9 9 671 10 331 -6.4

Return on equity, % 12.0 24.2   11.6 16.7

Return on investment, % 14.9 29.7   14.9 20.1

Liquid assets* 42 977 13 822 210.9 42 977 13 822 210.9

Gearing, % -42.3 -15.3   -42.3 -15.3

Equity ratio, % 81.9 73.3   81.9 73.3

Earnings per share, EUR 0.23 0.34 -32,2 0.76 0.90 -15.0

Earnings per share (diluted),
EUR 0.23 0.34 -31,9 0.76 0.89 -14.5

Parent company´s shareholder´s

Equity per share, EUR 7.76 5.78 34,6 7.76 5.78 34.6

*) Includes cash, cash equivalents and financial assets at fair value through
profit or loss

Basware focuses strongly on service business

Basware´s CEO Esa Tihilä about the quarter: "Basware continued the
implementation of strategy published in January 2011 and focuses more strongly
than previously on services. During the last quarter Automation Services grew
23.3% compared with previous quarter, which reflects continuous growth. Compared
with corresponding quarter in 2010 the growth of Automation Services was 17.9
percent. Exceptionally many opening fees of large deals were reported during the
corresponding quarter in 2010.

The growth of transaction volume is essential to the growth of Automation
Services. Transaction volume grew 51.6 percent compared with corresponding
quarter in 2010 and transaction volume was 6.2 million.

Basware´s CEO Esa Tihilä about full year 2011: "The company´s net sales
increased by 4.5 percent to EUR 107 750 thousand. The growth of Automation
Services of 32.3 percent had a positive impact on the growth of net sales.