2009-08-07 08:00:16 CEST
2009-08-07 08:01:59 CEST
REGULATED INFORMATION
Tekla - Interim report (Q1 and Q3)
Tekla Corporation's Interim Report January 1 - June 30, 2009: Second quarter also satisfactory considering the circumstances
Tekla Corporation Interim report August 7, 2009 at
9.00 a.m.
Tekla Corporation's Interim Report January 1 - June 30, 2009:
Second quarter also satisfactory considering the circumstances
Net sales of Tekla Group for January-June 2009 totaled 24.05 (29.38)
million euros, decreasing by approximately 18%. The operating result
was 2.22 (6.97) million euros, 9.2% (23.7%) of net sales. Earnings
per share were 0.08 (0.23) euros.
Net sales for the second quarter amounted to 11.86 (14.52) million
euros, decreasing by approximately 18%. The operating result for the
quarter was 0.98 (3.04) million euros, or 8.3% (20.9%) of net sales.
Ari Kohonen, President and CEO, comments on the interim report:
- The second quarter figures were on the same level with the first
quarter, i.e. fell short of the corresponding period the previous
year. Net sales and operating result for the first half of the year
decreased considerably. The operating result was approximately 9% of
net sales, which we may consider satisfactory under these
circumstances.
- Net sales decreased by approximately 26% in our main business area,
Building & Construction, during the reporting period. Hardly any
market area saw good license sales. Germany, Japan and a few smaller
markets fared the best during the first half of the year. Sales
decreased the most in the Nordic countries and India. Net sales
structure remained the same compared with the first quarter; license
sales nearly halved and maintenance sales increased. Cautious
positive signs of a revival in demand can be seen in the United
States and also some other markets. However, it is still too early to
estimate when this will translate into our sales figures.
- We are particularly satisfied with the success of the Infra &
Energy business area also during the second quarter. Net sales of the
business area increased by more than 15% during the first two
quarters and its result improved considerably. The growth in net
sales was generated mainly by active product projects and service
operations. In addition, net sales generated by maintenance
increased.
- The number of personnel decreased by eight persons during the
second quarter. The average number of employees during the quarter
increased on the previous year, yet costs were below the level of the
corresponding period the previous year. This year, for instance, no
major development projects similar to last year's ones took place
during the second quarter. Stricter cost control has also decreased
our cost level.
- In Tekla's product-based business, product development is more of
an investment than an operating expense. The market situation
continues to be challenging, but we will continue our long-term line
to further strengthen our market and product position. When the
economy begins to revive, we will be in good form.
As regards the year as a whole, the Board keeps the previously
announced outlook unchanged. Net sales are estimated to be
approximately 50 million euros. The operating result will be
considerably lower in 2009 than in 2008. Measures to ensure
profitability will continue.
- - -
Tekla will organize an information meeting for analysts and media at
WTC Helsinki (meeting room 2), Aleksanterinkatu 17, on August 7,
2009, starting at 11.30 a.m. The meeting will be held in Finnish.
- - -
Tekla is an international software product company whose model-based
software solutions make customers' core processes more effective in
building and construction, energy distribution, infrastructure
management and water supply. Tekla has customers in over 90
countries. Tekla Group's net sales for 2008 were nearly 60 million
euros and operating result approximately 14 million euros.
International operations account for approximately 80% of net sales.
Tekla Group currently employs over 460 persons, of whom 190 work
outside Finland. Tekla was established in 1966, making it one of the
longest operating software companies in Finland. www.tekla.com
TEKLA CORPORATION'S INTERIM REPORT JANUARY 1 - JUNE 30, 2009
NET SALES AND PROFITABILITY
* Net sales of Tekla Group for January-June 2009 were 24.05 million
euros (29.38 million euros in January-June 2008).
* Net sales decreased by 18.1%.
* Operating result was 2.22 (6.97) million euros.
* Operating result percentage was 9.2 (23.7).
* Earnings per share were 0.08 (0.23) euros.
* Return on investment was 18.8 (51.1) percent.
* Return on equity was 12.2 (36.7) percent.
FINANCIAL POSITION
* Cash flow from operating activities totaled 7.85 (7.04) million
euros.
* Liquid assets amounted to 27.74 (25.53) million euros on June 30,
2009. The assets have been invested in money market instruments with
very low risk. On December 31, 2008, liquid assets amounted to 26.30
million euros.
* Equity ratio was 62.1 (61.8) percent.
* Interest-bearing debts were 0.12 (0.14) million euros.
* Net effects of changes in exchange rates on net sales and operating
result were small.
OTHER KEY FIGURES
* International operations accounted for 80% (84%) of net sales.
* Personnel averaged 458 (414) for January-June.
* At the end of June, the number of personnel including part-time
staff was 463 (444).
* At year's end, the number of personnel including part-time staff
was 464 (400).
* Gross investments in property, plant and equipment were 1.16 (0.60)
million euros.
* Equity per share was 1.18 (1.12) euros.
* On the last trading day of June, trading closed at 5.50 (8.00)
euros.
BUSINESS AREAS
NET SALES BY BUSINESS AREA
Q1-Q2/ Q1-Q2/ Change 1-12/ Q2/ Q2/
Million euros 2009 2008 2008 2009 2008
Building & Construction 17.46 23.70 -6.24 46.07 8.58 11.49
Infra & Energy 6.63 5.74 0.89 12.95 3.30 3.07
Net sales between segments -0.04 -0.06 0.02 -0.12 -0.02 -0.04
Total 24.05 29.38 -5.33 58.90 11.86 14.52
OPERATING RESULT BY BUSINESS AREA
Q1-Q2/ Q1-Q2/ Change 1-12/ Q2/ Q2/
Million euros 2009 2008 2008 2009 2008
Building & Construction 1.48 6.75 -5.27 12.13 0.56 2.65
Infra & Energy 0.74 0.23 0.51 1.97 0.42 0.28
Others 0.00 -0.01 0.01 0.00 0.11
Total 2.22 6.97 -4.75 14.10 0.98 3.04
Building & Construction
Tekla's Building & Construction business area (B&C) develops and
markets the Tekla Structures software product for information
model-based design of steel and concrete structures as well as the
management of fabrication and construction.
Demand fluctuates strongly in our license-based sales. Particularly
from last year's fall onward, the development of the building
industry has been negative in all of Tekla's key market areas.
Uncertainty of financing has added to the problems, and this is
particularly seen in new larger projects. The general economic
situation affects customers investments, making their decision-making
times longer and postponing the start-up of projects into the future.
It seems that pent-up demand is piling up in the market. At the
moment, there are only cautious signs of a revival in sight.
Despite the building industry's challenging situation, Tekla's market
position remained unchanged. Tekla's position as a supplier of 3D
modeling software is strong in all markets and the numbers of users
are on the increase. Customers in the building industry are seeking
tools that make their operations more efficient, which is what
Tekla's products are. Information modeling is strengthening its
foothold in structural design and other stages of the building
process. The benefits of information modeling are seen more clearly
in site management in particular.
Instead of large one-off sales, software continues to be purchased in
smaller batches. However, many of the purchases are strategic with
customers preparing for the information-model-based way of working.
It is very favorable for Tekla that the building industry's move to
information-model-based 3D processes from traditional 2D ways of
working continues. Building Information Modeling (BIM) is a trend
that is gaining momentum in the industry. BIM means that the
information of the product model is transferred and shared between
the parties of the construction process.
The net sales of B&C amounted to 17.46 (23.70) million euros for
January-June 2009. Net sales decreased by approximately 26% compared
to the corresponding period the previous year. Operating result was
1.48 (6.75) million euros. B&C's operating result percentage for the
reporting period was 8.5% (28.5%).
During the second quarter, B&C's net sales amounted to 8.58 (11.49)
million euros and its operating result was 0.56 (2.65) million euros,
or 6.5% (23.1%) of net sales. Net sales structure remained the same
compared with the first quarter; license sales nearly halved and
maintenance sales increased.
International operations accounted for 96% (95%) of B&C's net sales
in January-June 2009. Hardly any market area saw good license sales.
Germany, Japan and a few smaller markets fared the best during the
first half of the year. Sales decreased the most in the Nordic
countries and India. Cautious positive signs of a revival in demand
can be seen in the United States and also some other markets.
However, it is still too early to estimate when this will translate
into our sales figures.
In July, Tekla opened an office in Bangkok, Thailand, for B&C's
customer support functions. A corresponding office was opened in
Jakarta, Indonesia, in February.
In April, Tekla purchased the business operations of 3-Design LLC, a
small producer of general engineering software. The company mainly
operates in the UK market.
Tekla and Rautaruukki signed a strategic cooperation agreement. Tekla
Structures BIM software will be used for structural steel design in
almost all countries in which Rautaruukki's construction division has
a presence.
In early 2009, Tekla and UK-based Fisher Engineering signed a frame
agreement to replace all of Fisher's current structural design and
detailing software licenses with Tekla Structures licenses. The plan
is to implement the agreement over a two-year period.
Tekla and HGG from the Netherlands signed an agreement on continued
cooperation. The aim is to develop a standardized software solution
for the steel tube industry in Tekla Structures. The solution covers
all 3D tubular structures from design and detailing to automatic
fabrication. These are widely used e.g. in the off-shore industry.
The annual main version of Tekla Structures was released at the end
of March. The focus of product development will be on improvements
that support collaboration between different parties in the planning
and construction process and increase efficiency of the construction
process as a whole.
Infra & Energy
The Infra & Energy business area focuses on the development and sales
of model-based software solutions that support customers' core
processes. Its key customer industries (products in parentheses) are
energy distribution (Tekla Xpower), public administration (Tekla
Xcity), as well as civil engineering and water (Tekla Xstreet and
Tekla Xpipe).
In the energy industry, information system acquisitions are strategic
investments for the companies. The economic recession has not had
much effect on these investments. Tekla's market position as a
supplier of network information systems is strong in the Nordic and
Baltic countries.
In public administration, the economic crunch has decreased income
and funds available for investments. However, information systems
provide additional productivity, efficiency and self-service and
therefore cost-savings. Decreased financial resources have slowed
down the development of the municipal sector, and investments are
subject to increasing scrutiny. Tekla's sales and market position
remained strong in Finland.
The net sales of I&E amounted to 6.63 (5.74) million euros for
January-June 2009. The business area performed well during the first
half of the year, and its net sales increased by 15.5%. I&E's
operating result improved considerably to 0.74 (0.23) million euros.
International operations accounted for 39% (34%) of net sales. I&E's
operating result percentage was 11.2% (4.0%). The growth in net sales
was generated mainly in active product projects and service
operations. In addition, net sales generated by maintenance
increased.
I&E's second quarter was better than the corresponding quarter the
previous year. Net sales for the second quarter amounted to 3.30
(3.07) million euros, and operating result was 0.42 (0.28) million
euros, or 12.7% (9.1%) of net sales.
The implementation project to adopt the Tekla Xpower network
information system launched with Vattenfall Europe Berlin (Germany)
at the beginning of 2009 continued. Vattenfall aims to put the system
to production use at the end of January 2010 throughout the Berlin
distribution area. The deal is a significant step for Tekla in the
German market.
In the field of energy distribution, the first phases of the
integration project of Oü Jaotusvörk (Eesti Energia, Estonia) were
completed in June. The Tekla Xpower Operation Management System (OMS)
extension initiated with Swedish district heat customers was finished
during the spring. This is a significant product extension for the
district heat and water supply sector. In the field of public
administration, further development projects of the Tekla Xcity
system and Tekla's Web solutions were implemented.
PERSONNEL
The Group personnel averaged 458 (414) for January-June 2009; on
average 190 (167) worked outside Finland. In these figures, the
number of part-time staff has been converted to correspond to
full-time work contribution. At the beginning of the year, Tekla
personnel totaled 464 (400) including part-time staff, of whom 189
(158) worked outside Finland, and at the end of June 463 (444), of
whom 190 (179) worked outside Finland.
SHARE AND OWNERSHIP STRUCTURE
Shares and share capital
The total number of Tekla Corporation shares at the end of June 2009
was 22,586,200, of which the company owned 169,600. The total book
counter value of those was 5,088 euros, representing 0.75% of the
company's shares and the total number of votes. A total of 898,212.35
euros had been used for acquiring the company's own shares, and their
market value was 932,800 euros on June 30, 2009. The book counter
value of the share is 0.03 euros. At the end of the period, share
capital stood at 677,586 euros.
Share price trends and trading
The highest quotation of the share in January-June 2009 was 5.95
(13.00) euros, the lowest 3.40 (7.58) euros. The average quotation
was 4.23 (10.21) euros. On the last trading day of June, trading
closed at 5.50 (8.00) euros.
A total of 1,519,545 (4,966,217) Tekla shares changed hands in
January-June 2009 at NASDAQ OMX Helsinki Ltd, amounting to 6.7% (22%)
of the entire share capital.
Nominee registered and foreign owners held 24.87% (23.66%) of all
shares at the end of June 2009.
ANNUAL GENERAL MEETING
Tekla Corporation's Annual General Meeting on March 18, 2009 adopted
Tekla Corporation's financial statements and consolidated financial
statements for 2008. The Annual General Meeting also discharged the
CEO and the Board members from liability. The AGM accepted the
Board's proposal whereby a dividend of 0.25 euros per share was
distributed for 2008 (total 5,604,150 euros). The dividend payment
date was March 30, 2009.
Ari Kohonen, Olli-Pekka Laine (Vice Chair), Heikki Marttinen (Chair),
Erkki Pehu-Lehtonen and Reijo Sulonen were re-elected Board members
until the conclusion of the Annual General Meeting in 2010. Timo
Keinänen was re-elected deputy member of the Board. Juha Kajanen
continues as the Tekla personnel representative on the Board with
Kirsi Hakkila as his personal deputy.
Ernst & Young Oy, Authorized Public Accountants, were elected as the
company's new auditor, with Erkka Talvinko, Authorized Public
Accountant, as the auditor in charge.
The AGM authorized the Board to increase the company's share capital
and acquire or transfer the company's treasury shares. The
above-mentioned authorizations are valid until the next Annual
General Meeting, however not later than April 30, 2010. The Board did
not use the authorizations during the reporting period.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Possible risks and uncertainty factors associated with Tekla's
business are mainly related to the market and competition situation
and the general economic situation. Trends in the building industry
are weak in nearly all markets, and this has had a negative impact on
the demand for Tekla products.
A majority of Tekla's net sales comprises of sales of licenses
entitling to use software products. Fluctuation in their demand can
be rapid and significant. In the short term and with rapidly
decreasing demand, it is challenging to proportion fixed personnel
expenses, which account for the majority of Tekla's costs. Tekla is,
however, able to react swiftly to growing demand, and profits from
additional sales are good.
The sales of Tekla software are geographically distributed. Also
individual customers do not account for a significant share of net
sales, and therefore these risks are not significant.
OUTLOOK FOR 2009
As regards the year as a whole, the Board keeps the previously
announced outlook unchanged. Net sales are estimated to be
approximately 50 million euros. The operating result will be
considerably lower in 2009 than in 2008. Measures to ensure
profitability will continue.
NEXT FINANCIAL REPORT
Tekla Corporation's Interim Report for January-September 2009 will be
published on Friday, October 30, 2009.
Espoo, August 6, 2009
TEKLA CORPORATION
Board of Directors
For additional information, please contact:
Ari Kohonen, President and CEO, Tel. +358 50 641 24, ari.kohonen (at)
tekla.com
Timo Keinänen, CFO, Tel. +358 400 813 027, timo.keinanen (at)
tekla.com
Distribution: NASDAQ OMX Helsinki Ltd, main media
CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
CONSOLIDATED INCOME
STATEMENT
Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/
Million euros 2009 2008 2008 2009 2008
Net sales 24.05 29.38 58.90 11.86 14.52
Other operating
income 0.13 0.54 1.01 0.05 0.42
Change in
inventories of
finished goods and
in
work in progress 0.00 0.00 -0.04 0.04 0.00
Raw materials and
consumables used -1.09 -1.32 -2.86 -0.47 -0.71
Employee
compensation and
benefit expense -14.24 -13.87 -27.84 -7.11 -7.23
Depreciation -0.75 -0.55 -1.17 -0.40 -0.28
Other operating
expenses -5.88 -7.21 -13.90 -2.99 -3.68
Operating result 2.22 6.97 14.10 0.98 3.04
% of net sales 9.23 23.72 23.94 8.26 20.94
Financial income 1.26 1.21 2.44 0.37 0.41
Financial expenses -0.86 -0.93 -1.39 -0.25 -0.19
Profit (loss) before
taxes 2.62 7.25 15.15 1.10 3.26
% of net sales 10.89 24.68 25.72 9.27 22.45
Income taxes -0.88 -2.04 -4.20 -0.40 -0.94
Result for the
period 1.74 5.21 10.95 0.70 2.32
Attributable to:
Owners of the parent 1.74 5.21 10.95 0.70 2.32
Earnings per share for
profit
attributable to the owners
of the parent (EUR) 0.08 0.23 0.49 0.03 0.10
Earnings are not diluted.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/
Million euros 2009 2008 2008 2009 2008
Result for the
period 1.74 5.21 10.95 0.70 2.32
Other comprehensive
income
for the period, net
of tax:
Transl.
differences 0.07 0.02 -0.07 -0.02 0.11
Changes in
available-for-
sale investments -0.01 -0.14 -0.06 0.02 -0.02
Total 0.06 -0.12 -0.13 0.00 0.09
Total comprehensive
income
for the period 1.80 5.09 10.82 0.70 2.41
Attributable to:
Owners of the parent 1.80 5.09 10.82 0.70 2.41
CONDENSED BALANCE
SHEET
Million euros 6/2009 6/2008 12/2008
Assets
Non-current assets
Property, plant and
equipment 1.55 1.73 1.70
Goodwill 0.19 0.10 0.19
Intangible assets 2.19 0.88 1.64
Other financial
assets 3.38 0.30 0.30
Receivables 0.20 0.31 0.26
Deferred tax assets 0.16 0.15 0.18
Non-current assets,
total 7.67 3.47 4.27
Current assets
Inventories 0.03 0.07 0.03
Trade and other
receivables 9.80 12.71 13.87
Tax receivables 1.12 0.00 0.26
Other financial
assets 19.75 19.89 19.99
Cash and cash
equivalents 4.96 5.67 6.34
Current assets,
total 35.66 38.34 40.49
Assets total 43.33 41.81 44.76
Equity and
liabilities
Equity
Share capital 0.68 0.68 0.68
Share premium
account 8.89 8.89 8.89
Other own capital 1.93 1.05 1.87
Retained earnings 15.03 14.66 18.89
Equity total 26.53 25.28 30.33
Non-current
liabilities
Deferred tax
liabilities 0.09 0.05 0.08
Interest-bearing
liabilities 0.09 0.09 0.08
Non-current
liabilities tot. 0.18 0.14 0.16
Current liabilities
Trade and other
payables 16.57 16.13 14.14
Tax liabilities 0.02 0.21 0.09
Current
interest-bearing
liabilities 0.03 0.05 0.04
Current liabilities
total 16.62 16.39 14.27
Liabilities total 16.80 16.53 14.43
Equity and
liabilities total 43.33 41.81 44.76
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the owners of the parent
Share Share Res. Fair Acc. Ret.
cap. prem. fund value transl earn.
acct res. diff. Total
Equity January
1, 08 0.68 8.89 1.33 0.30 -0.46 20.71 31.45
Payment of
dividend -11.26 -11.26
Total
comprehensive
income for the
period -0.14 0.02 5.21 5.09
Equity June
30, 08 0.68 8.89 1.33 0.16 -0.44 14.66 25.28
Attributable to the owners of the parent
Share Share Res. Fair Acc. Ret.
cap. prem. fund value transl earn.
acct. res. diff. Total
Equity January
1, 09 0.68 8.89 1.33 0.24 0.30 18.89 30.33
Payment of
dividend -5.60 -5.60
Total
comprehensive
income for the
period -0.01 0.07 1.74 1.80
Equity June
30, 09 0.68 8.89 1.33 0.23 0.37 15.03 26.53
CONDENSED CASH FLOW STATEMENT
Q1-Q2/ Q1-Q2/ Q1-Q4/
Million euros 2009 2008 2008
Net cash flows from
operating
activities 7.85 7.04 9.51
Cash flows from investing
activities:
Investments -1.16 -0.60 -2.02
Sale of intangible assets
and
property, plant and
equipment 0.01 -0.01
Cash outflow on acquisition -0.15
Purchases of available-for-
sale financial assets -23.34 -31.50 -52.84
Proceeds from sale of
available-for-sale
financial assets 19.87 33.24 55.20
Interests received from
available-for-sale
financial assets 0.38 0.54 1.05
Net cash used in/from
investing
activities -4.25 1.69 1.23
Cash flows from financing
activities:
Payment of dividend -5.60 -11.26 -11.26
Own shares -0.68
Repayments of long-term
debt -0.22 -0.22
Payments of finance lease
liabilities -0.02 -0.01 -0.03
Net cash used in financing
activities -5.62 -11.49 -12.19
Net decrease/increase in
cash and
cash equivalents -2.02 -2.76 -1.45
Cash and cash equivalents
at
beginning of the period 6.98 8.43 8.43
Cash and cash equivalents
at end of
the period 4.96 5.67 6.98
The cash and cash
equivalents in the
cash flow statement include:
Cash and cash equivalents 4.96 5.67 6.34
Available-for-sale financial
assets,
cash equivalents 0.00 0.00 0.64
NOTES TO THE INTERIM
REPORT
The notes are presented in millions of euros, unless otherwise
stated.
This interim report has been prepared in accordance with the IAS 34
(Interim Financial Reporting) standard. The same accounting and
valuation
policies and methods of computation have been followed in the
interim
financial reports as in the annual financial statements for 2008.
The amendments and interpretations to published standards as well
as
new standards, effective January 1, 2009, are presented in detail
in
the financial statements for 2008. Tekla Corporation has
applied IFRS 8, Operating Segments, standard as of January 1, 2009.
The segment information has already previously been based on
internal
reporting to the management, so the operating segments are the same
as the
business segments according to IAS 14.
Tekla Corporation has also applied the amended standard IAS 1,
Presentation of Financial Statements, as of January 1, 2009, and
this has
resulted in changes in the presentation of the income statement and
the
consolidated statement of changes in equity.
The figures presented in the Interim Report are unaudited.
Use of estimates
When preparing the interim report, the Group's management is
required
to make estimates and assumptions influencing the content of the
interim
report, and it must exercise its judgment regarding the application
of
accounting policies. Although these estimates are based on the
management's
best knowledge, actual results may ultimately differ from the
estimates used in the interim report. Tax losses carried forward
are
recognized as deferred tax assets only to the extent that it is
probable
that future taxable profits will be available against which unused
tax
losses can be utilized. Actual results could differ from those
estimates.
Segment information
Net sales by business area
Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/
Million euros 2009 2008 2008 2009 2008
Building & Construction 17.46 23.70 46.07 8.58 11.49
Infra & Energy 6.63 5.74 12.95 3.30 3.07
Net sales between segments -0.04 -0.06 -0.12 -0.02 -0.04
Total 24.05 29.38 58.90 11.86 14.52
Operating result by business area
Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/
Million euros 2009 2008 2008 2009 2008
Building & Construction 1.48 6.75 12.13 0.56 2.65
Infra & Energy 0.74 0.23 1.97 0.42 0.28
Others -0.01 0.11
Total 2.22 6.97 14.10 0.98 3.04
Financial indicators Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/
2009 2008 2008 2009 2008
Earnings per share
(EPS),EUR 0.08 0.23 0.49 0.03 0.10
Equity/share, EUR 1.18 1.12 1.35
Interest-bearing
liabilities 0.12 0.14 0.12
Equity ratio, % 62.1 61.8 68.4
Net gearing, % -92.6 -100.4 -86.3
Return on investment, % 18.8 51.1 49.0 17.1 54.4
Return on equity, % 12.2 36.7 35.4 10.6 38.5
Number of shares
at the end of the 22,416,600 22,516,600
period 22,416,600
Number of shares,
on average 22,416,600 22,516,600 22,485,500
Gross investments, MEUR 1.16 0.60 2.02 0.49 0.33
% of net sales 4.82 2.04 3.43 4.13 2.27
Personnel, on average 458 414 430 457 425
Consolidated income statement by quarter
Q2/ Q1/ Q4/ Q3/ Q2/
Million euros 2009 2009 2008 2008 2008
Net sales 11.86 12.19 15.80 13.72 14.52
Other operating income 0.05 0.08 0.32 0.15 0.42
Change in inventories of
finished goods and in
work in progress 0.04 -0.04 -0.12 0.08
Raw materials and
consumables used -0.47 -0.62 -0.98 -0.56 -0.71
Employee compensation and
benefit expense -7.11 -7.13 -7.41 -6.56 -7.23
Depreciation -0.40 -0.35 -0.33 -0.29 -0.28
Other operating expenses -2.99 -2.89 -3.65 -3.04 -3.68
Operating result 0.98 1.24 3.63 3.50 3.04
% of net sales 8.26 10.17 22.97 25.51 20.94
Financial income 0.37 0.89 0.74 0.49 0.41
Financial expenses -0.25 -0.61 -0.31 -0.15 -0.19
Profit (loss) before taxes 1.10 1.52 4.06 3.84 3.26
% of net sales 9.27 12.47 25.70 27.99 22.45
Income taxes -0.40 -0.48 -1.07 -1.09 -0.94
Result for the period 0.70 1.04 2.99 2.75 2.32
Income taxes Q1-Q2/ Q1-Q2/ Q1-Q4/
2009 2008 2008
Taxes for the financial
period and prior periods -0.84 -2.16 -4.37
Deferred taxes -0.04 0.12 0.17
Total -0.88 -2.04 -4.20
Property,
plant and equipment 6/2009 6/2008 12/2008
Cost at the beginning
of the period 7.76 7.20 7.20
Translation differences 0.00 -0.05 -0.10
Additions 0.30 0.41 0.75
Disposals -0.09 -0.15 -0.09
Cost at the end of the
period 7.97 7.41 7.76
Accumulated depreciation at
the beginning of the period 6.06 5.41 5.41
Translation differences 0.00 -0.04 -0.10
Accumulated depreciation on
disposals -0.07 -0.07 -0.06
Depreciation for the financial
period 0.43 0.38 0.81
Accumulated depreciation
at the end of the period 6.42 5.68 6.06
Net book amount at the end of
the period 1.55 1.73 1.70
The investments consisted of normal acquisitions of hardware,
software and equipment.
Provisions
The Group had no provisions in the reporting or comparison
period.
Collaterals, contingent liabilities and other commitments
6/2009 6/2008 12/2008Collaterals for own commitments
Business mortgages
(as collateral for bank
guarantee limit) 0.50 0.50 0.50
Pledged funds 0.06 0.05 0.06
Leasing and rental
agreement commitments
Premises 5.11 4.00 5.58
Others 0.71 0.84 0.71
Total 5.82 4.84 6.29
Derivative contracts
Currency forward contracts:
Fair value 0.04 0.13 -0.14
Nominal value of
underlying instruments 1.81 2.37 2.38
The Group makes derivative contracts to hedge against
the exchange rate risks of prospective sales agreements.
Derivative contracts are stated at fair value, and related
foreign exchange gains and losses are recognized in the income
statement. The derivative contracts hedge sales in US dollars in
accordance with the Group policy.
Related party transactions 6/2009 6/2008 12/2008
Gerako Oy
Purchases of services 0.10 0.11 0.21
Management remuneration
Salaries and post-employment
benefits 0.73 0.94 1.47
Management herein refers to members of the Tekla Management Team.
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