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Result analysis

The adjusted operating result was 19.3 (13.0) million and the operating result EUR 18.6 (14.4) million in the financial period. The adjusted result was EUR 14.2 million (6.3) and the result EUR 13.6 million (7.7).  

The fourth quarter adjusted operating result was 4.3 (4.1) million and the operating result EUR 4.3 (4.1) million. The adjusted result was EUR 4.3 (2.8) and the result was EUR 4.3 million (2.8).

Capitalized product development expenses in the financial period were EUR 3.4 (2.9) million and EUR 0.7 (0.8) million in the fourth quarter. Amortizations on capitalized development costs during in the financial period were EUR 0.9 (0.0) million and EUR 0.3 (0.0) million in the fourth quarter.

Financial items without currency differences in financial items in the financial period were EUR -0.2 (-0.3) million and EUR 0.1 (0.1) million in the fourth quarter. Exchange rate differences in financial items in the financial period were EUR -2.5 (-2.3) million and EUR -0.3 (-0.8) million in the fourth quarter. It is important to examine Tecnotree’s result without the impact of exchange rates, which is why this is shown separately in the table above.

Income statement, key figures, M€
  2020 2019
Net sales 52.8 47.0
Other operating income 0.9 0.2
Operating costs excluding one-time costs -34.5 -34.3
Adjusted operating result, MEUR ¹ 19.3 13.0
One-time costs -0.7 1.4
Operating result 18.6 14.4
Financial items without foreign currency differences -0.2 -0.3
Exchange rates gains and losses -2.5 -2.3
Income taxes -2.3 -4.0
Adjusted result for the period ² 14.2 6.3
One-time costs -0.7 1.4
Result for the period 13.6 7.7
1 Adjusted operating result = operating result before one-time items.
2 Adjusted result for the period = result for the period before one-time items.

Financial income and expenses (net) during the financial period totalled a net loss of EUR 2.7 million (net loss of EUR 2.6 million), including following items:

Financial income and expenses, M€
  2020 2019
Interest income 0.4 0.3
Exchange rate gains 3.2 0.2
Other financial income 0.0 0.0
Financial income total 3.6 0.5
Interest expenses -0.5 -0.6
Exchange rate losses -5.7 -2.4
Other financial expenses -0.1 -0.1
Financial expenses total -6.3 -3.1
Financial items total -2.7 -2.6

Taxes for the period totalled EUR 2.3 (4.0) million, including following items:

Taxes in income statement, M€
  2020 2019
Withholding taxes paid abroad -2.2 -2.9
Change in withholding tax accrual 0.6 -0.4
Income taxes on the results of Group companies -0.3 -0.3
Other items -0.4 -0.4
Taxes in income statement, Total -2.3 -4.0

Earnings per share in the reporting period were EUR 0.05 (0.03) and equity per share at the end of the period was EUR 0.07 (0.01) .