2008-11-06 08:00:00 CET

2008-11-06 08:00:02 CET


REGULATED INFORMATION

English Finnish
Proha - Interim report (Q1 and Q3)

PROHA PLC INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2008 (IFRS)


Proha Plc      Interim Report      November 6, 2008  9.00 a.m.                  

PROHA PLC INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2008 (IFRS)                  

January - September 2008:                                                       

Net sales grew by 31% and were EUR 46.6 million (35.5 million in January -      
September 2007).                                                                

Dovre division accounted for 95% (97%) and Camako division for 5% (3%) of the   
Proha Group net sales. Net sales for Dovre division grew by 28% and were EUR    
44.4 (34.6) million. Net sales for Camako division grew by 143% and were EUR 2.1
(0.9) million.                                                                  

Operating result before non-recurring items was EUR 1.2 (-0.5) million and after
non-recurring items EUR 0.2 (-0.5) million. Operating result includes           
approximately EUR 1.0 million in non-recurring charges, recorded in the second  
quarter.                                                                        

Operating result for Dovre division was EUR 2.3 (1.2) million. Operating result 
for Camako division was EUR -0.4 (-0.7) million. Operating result for other     
operations was EUR -1.7 (-1.0) million. Operating result for other operations   
included approximately EUR 0.9 million in non-recurring charges.                

In January - September 2008, result before non-recurring items was EUR 0.2      
(-0.9) million and after non-recurring items EUR -0.8 (-0.9) million.           

Earnings per share were EUR -0.01 (-0.01).                                      

Ilari Koskelo was appointed as the Chief Executive Officer of Proha beginning   
March 19, 2008.                                                                 

On March 30, 2008 the Proha Board of Directors approved the revised strategy for
the Proha Group.                                                                


July - September 2008:                                                          

Net sales grew by 18% and were EUR 14.9 million (12.6 million in July -         
September 2007).                                                                

Dovre division accounted for 96% (98%) and Camako division for 4% (2%) of net   
sales. Net sales for Dovre division grew by 15% and were EUR 14.2 (12.4)        
million. Net sales for Camako division grew by 176% and were EUR 0.7 (0.2)      
million.                                                                        

Operating result was EUR 0.6 (-0.1) million.                                    

Operating result for Dovre division was EUR 0.8 (0.4) million. Operating result 
for Camako division was EUR -0.1 (-0.2) million. Operating result for other     
operations was EUR -0.1 (-0.3) million.                                         

In July - September 2008, result was EUR 0.5 (-0.3) million.                    

The result for the third quarter does not include any non-recurring items.      

Earnings per share were EUR 0.01 (0.00).                                        


ILARI KOSKELO, CEO:                                                             

The first nine months of 2008 were challenging for the company, but we succeeded
in generating a positive operating result. After heavy restructuring expenses,  
the income statement indicated an operating profit of EUR 0.2 million.          

During the third quarter the Dovre division increased its operating result by   
103% and the Camako division by 55% compared to the reference quarter 2007. The 
operating expenses of the Group administration also decreased. At the same time 
we managed to grow the net sales by 18%. The cash flow from operations was      
positive EUR 0.5 million.                                                       

The third quarter profit is representative of the current state of the Proha    
Group. Cost structure improvements have produced good results in Finland. The   
cost improvement program in Norway started later than in Finland, and we have   
not yet seen its full impact.                                                   

The management estimates that the restructuring program will improve the profit 
margin for the company until mid 2009 compared with the respective reference    
period. Further improvements in the profit margin after this time need to be    
based on higher business operating margins and other improvements in efficiency.

The current economical outlook presents challenges also for the Proha Group.    
However, Dovre's long term customer contracts bring stability to the operations.
We also believe that recruiting problems will be alleviated by a likely increase
of professionals becoming available in the labor market. Professional project   
management services bring cost efficiency for our customers in good economic    
times, but even more so during the downturns of the economy. We will continue   
implementing strong and timely decisions to improve the organization and its    
processes.                                                                      


KEY RATIOS                                                                      

--------------------------------------------------------------------------------
|             |    7-9 |    7-9 | Change,|    1-9 |     1-9 | Change, |   1-12 |
| (EUR        |   2008 |   2007 |   %    |   2008 |    2007 |    %    |   2007 |
| million)    |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales   |   14,9 |   12,6 | 18,1 % |   46,6 |    35,5 |  31,3 % |   51,0 |
--------------------------------------------------------------------------------
| Operating   |    0,6 |   -0,1 |  545,2 |    0,2 |    -0,5 | 139,8 % |   -0,2 |
| result      |        |        |      % |        |         |         |        |
--------------------------------------------------------------------------------
| % of net    |  3,8 % | -1,0 % |        |  0,4 % |  -1,3 % |         | -0,3 % |
| sales       |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
| Result      |    0,7 |   -0,2 |  394,1 |   -0,2 |    -0,6 |  70,6 % |   -0,6 |
| before      |        |        |      % |        |         |         |        |
| taxes       |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
| Result for  |    0,5 |   -0,3 |  259,1 |   -0,8 |    -0,9 |  11,1 % |   -1,2 |
| the period  |        |        |      % |        |         |         |        |
--------------------------------------------------------------------------------
| Return on   | 15,0 % | -7,8 % |        | -6,6 % |  -7,6 % |         | -7,9 % |
| equity, %   |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
| Return on   | 12,8 % | -1,1 % |        |  0,8 % |  -1,3 % |         |  1,6 % |
| investment, |        |        |        |        |         |         |        |
| %           |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
| Cash and    |    3,8 |   10,1 |  -62,0 |    3,8 |    10,1 | -62,0 % |    5,3 |
| cash        |        |        |      % |        |         |         |        |
| equivalents |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
| Cash flow   |    0,5 |   -0,3 |  269,6 |   -0,7 |    -1,3 |  47,1 % |   -1,5 |
| from        |        |        |      % |        |         |         |        |
| operations  |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
| Debt-equity |  3,8 % |  -24,3 |        |  3,8 % | -24,3 % |         | -7,3 % |
| ratio, %    |        |      % |        |        |         |         |        |
--------------------------------------------------------------------------------
| Equity-     | 42,9 % | 46,3 % |        | 42,9 % |  46,3 % |         | 45,5 % |
| ratio, %    |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
| Earnings    |        |        |        |        |         |         |        |
| per share,  |        |        |        |        |         |         |        |
| EUR         |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------
|   Basic     |   0,01 |   0,00 |  257,2 |  -0,01 |   -0,01 |  12,0 % |  -0,02 |
|             |        |        |      % |        |         |         |        |
--------------------------------------------------------------------------------
|   Diluted   |   0,01 |   0,00 |  257,2 |  -0,01 |   -0,01 |  12,0 % |  -0,02 |
|             |        |        |      % |        |         |         |        |
--------------------------------------------------------------------------------
| Equity per  |   0,22 |   0,24 | -8,3 % |   0,22 |    0,24 |  -8,3 % |   0,23 |
| share, EUR  |        |        |        |        |         |         |        |
--------------------------------------------------------------------------------


PROHA PLC'S REVISED STRATEGY                                                    

On March 30, 2008 the Proha Board of Directors approved the revised strategy for
the Proha Group. The revisions to the strategy aim at improving profitability   
and aligning the Group structure to better meet the market needs.               


IFRS REPORTING                                                                  

The Group's primary segment reporting is based on business segments. The        
reporting structure of Proha was adjusted by placing Norwegian Safran Software  
Solutions AS under the Dovre division. The remaining units of the previous      
Safran Systems division were renamed Camako. The reporting structure of the     
Group has been altered in accordance with the new divisional structure so that  
Dovre, Camako and other operations constitute separately reporting business     
segments. Other operations consist of the Proha administration. The figures for 
January 1 - September 30, 2008 together with the comparative data are presented 
according to the before mentioned business segments.                            


BUSINESS PERFORMANCE                                                            

Dovre division:                                                                 

On June 3, 2008, Otto Søberg was appointed as the Chief Executive Officer of the
Dovre division.                                                                 

The third quarter of 2008 has to a large extent shown the same trend as the     
first half year, which was a robust period. Dovre has continued to serve the    
larger international clients in the oil & gas sector, but has also seen growing 
interest from smaller companies in the market, especially within power plant    
owners.                                                                         

In Dovre North America, the international operations of major oil companies     
continue to be the focus area for the division's US activities. The Canadian    
operations have gained several new customers in East Canada while business in   
Alberta continues brisk. The third quarter continues to show the same trend with
growth both within the North American markets and in the international markets. 

During the first two quarters of the period under review, Dovre finalized a     
two-month training course within contract management for 30 managers in a large 
international oil & gas company. In addition, nine major project management     
consulting projects were commissioned within the public sector. Also several new
agreements regarding public procurement were signed outside the oil and gas     
industry.                                                                       

Overall, Dovre with its resources has served the clients in 25 countries for the
last two years. The company intends to refine its international operations and  
grow the business progressively.                                                

Safran Software Solution AS in Norway has continued to develop its business     
positively with new customers for Safran products and existing customers        
purchasing additional licenses and maintenance agreements. During the period    
under review, two new distribution agreements were signed in the USA through    
Safran North America LLC. In addition, four new resellers as well as three new  
services and technology partners, and several new customers were acquired.      
Safran Software Solutions AS is in the process of becoming a fully integrated   
part of Dovre, giving the company increased potential synergy effects both      
internally and externally in the market.                                        

Dovre has in the third quarter renewed its organization structure based on the  
revised strategy. Dovre will become more transparent and will have clear areas  
of responsibilities related to deliverables to the market. Dovre intends to move
up in the value chain in all of its business areas. In the last quarter of 2008 
Dovre will introduce the Dovre Campus, which will deliver courses and training  
programs for the professional market.                                           

The markets show some hesitation related to the crisis in the financial markets,
but Dovre still expects to see a demand for its products and services both in   
the short and long term. Dovre still considers the market for recruitment of    
professionals to be challenging. At the same time, however, it is foreseeable   
that a slight tendency for increased unemployment in other industries will      
create an opportunity for Dovre to recruit highly capable professionals.        

Camako division:                                                                

Timo Saros was appointed the Chief Operating Officer of the Camako division on  
May 7, 2008.                                                                    

The Camako division's organization has been structured to reflect the revised   
Proha strategy announced in the second quarter. Camako Nordic Oy was formed and 
it owns Datatron Oy, Datamar Oy and Camako Data AB.                             

Camako Nordic is responsible for creating the new Camako brand and the product  
development of the newly named Camako EPM solution (formerly SafranOne).        
Datatron Oy was renamed Camako Finland Oy in August and Proha purchased the     
remaining shares of stock at the end of the period under review.                

The new Camako PM3 service offering was launched in August. Camako PM3 service  
combines the following: 1) Project management processes - auditing, development 
and documentation; 2) Project management tools - selection, implementation and  
support; and 3) Project personnel - training, improvement of the skills both 
regarding the processes and tools as well as outsourcing skilled staff to raise 
the maturity and skill level of the customers.                                  

In Finland the demand for Microsoft EPM systems and related services has        
continued to grow according to the projections. The increase in Camako Finland's
service business has been faster than the increase in the market.               

During the period under review, Camako signed a significant agreement for the   
division on specification, development, testing and implementation of a cost    
management module for investment projects using Camako EPM technology. The      
introduction of the new module is estimated to take place early 2009.           

Other operations:                                                               

Proha Plc has initiated the voluntary liquidation process of its subsidiaries DA
Management Solutions Oy and Tietovaruste Oy NPM by June 17, 2008. The           
subsidiaries subject to liquidation currently have no active business.          


NET SALES                                                                       

January - September 2008                                                        

In January - September 2008, the net sales for the Proha Group increased by 31% 
and were EUR 46.6 million (EUR 35.5 million in January - September 2007). The   
Dovre division accounted for 95% (97%) and the Camako division for 5% (3%) of   
the Group net sales. The net sales for the Dovre division grew by 28% and were  
EUR 44.4 (34.6) million, the net sales for the Camako division grew by 143% and 
were EUR 2.1 (0.9) million.                                                     

July - September 2008:                                                          

In July - September 2008, the Proha Group net sales grew by 18% and were EUR    
14.9 million (12.6 million in July - September 2007). The Dovre division        
accounted for 96% (98%) and the Camako division for 4% (2%) of the Group net    
sales. The net sales for the Dovre division grew by 15% and were EUR 14.2 (12.4)
million, the net sales for the Camako division grew by 176% and were EUR 0.7    
(0.2) million.                                                                  

Distribution of net sales by business segments (EUR million):                   

--------------------------------------------------------------------------------
|                |   7-9 |    7-9 |         |  1-9 |   1-9 |          |   1-12 |
| (EUR million)  |  2008 |   2007 |  Change | 2008 |  2007 |  Change  |   2007 |
|                |       |        |       % |      |       |        % |        |
--------------------------------------------------------------------------------
| Dovre          |  14,2 |   12,4 |    15,1 | 44,4 |  34,6 |     28,4 |   49,6 |
--------------------------------------------------------------------------------
| Camako         |   0,7 |    0,2 |   176,1 |  2,1 |   0,9 |    143,3 |    1,4 |
--------------------------------------------------------------------------------
| Other          |   0,1 |    0,1 |   -22,4 |  0,1 |   0,3 |    -43,1 |    0,4 |
| operations     |       |        |         |      |       |          |        |
--------------------------------------------------------------------------------
| Net sales      |  -0,1 |   -0,1 |   -16,7 | -0,1 |  -0,2 |    -52,8 |   -0,4 |
| between        |       |        |         |      |       |          |        |
| segments       |       |        |         |      |       |          |        |
--------------------------------------------------------------------------------
| Group Total    |  14,9 |   12,6 |    18,1 | 46,6 |  35,5 |     31,3 |   51,0 |
--------------------------------------------------------------------------------


Distribution of net sales by geographical segments (EUR million):               

--------------------------------------------------------------------------------
|                  |      7-9 |       7-9 |        1-9 |       1-9 |      1-12 |
| (EUR million)    |     2008 |      2007 |       2008 |      2007 |      2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EMEA             |      9,4 |       8,0 |       30,2 |      25,6 |      35,6 |
--------------------------------------------------------------------------------
| AMERICAS         |      5,6 |       4,4 |       16,6 |      10,4 |      15,8 |
--------------------------------------------------------------------------------
| APAC             |      0,2 |       0,6 |        0,6 |       1,4 |       1,7 |
--------------------------------------------------------------------------------
| Net sales        |     -0,3 |      -0,3 |       -0,9 |      -1,9 |      -2,1 |
| between segments |          |           |            |           |           |
--------------------------------------------------------------------------------
| Group Total      |     14,9 |      12,6 |       46,6 |      35,5 |      51,0 |
--------------------------------------------------------------------------------
|                  |          |           |            |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                  |      7-9 |       7-9 |        1-9 |       1-9 |      1-12 |
| (% of net sales) |     2008 |      2007 |       2008 |      2007 |      2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EMEA             |   63,4 % |    63,2 % |     64,9 % |    72,2 % |    69,7 % |
--------------------------------------------------------------------------------
| AMERICAS         |   37,5 % |    34,7 % |     35,6 % |    29,3 % |    31,0 % |
--------------------------------------------------------------------------------
| APAC             |    1,0 % |     4,7 % |      1,4 % |     3,8 % |     3,4 % |
--------------------------------------------------------------------------------
| Net sales        |   -1,9 % |    -2,6 % |     -1,9 % |    -5,3 % |    -4,1 % |
| between segments |          |           |            |           |           |
--------------------------------------------------------------------------------
| Group Total      |  100,0 % |   100,0 % |    100,0 % |   100,0 % |   100,0 % |
--------------------------------------------------------------------------------


Distribution of net sales by revenue type (EUR million and % of net sales):     



--------------------------------------------------------------------------------
|                            |     7-9/ |     %      |       7-9/ |     %      |
|                            |     2008 |            |       2007 |            |
--------------------------------------------------------------------------------
| Services                   |     14,6 |       98,3 |       12,4 |       98,4 |
--------------------------------------------------------------------------------
| One time license revenue   |      0,0 |        0,3 |        0,1 |        0,6 |
--------------------------------------------------------------------------------
| Recurring license revenue  |      0,2 |        1,4 |        0,1 |        1,1 |
--------------------------------------------------------------------------------
| Total                      |     14,9 |      100,0 |       12,6 |      100,0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
|                   |  1-9/ |    %    |    1-9/ |    %     |   1-12/ |    %    |
|                   |  2008 |         |    2007 |          |    2007 |         |
--------------------------------------------------------------------------------
| Services          |  45,5 |    97,8 |    34,6 |     97,4 |    49,6 |    97,3 |
--------------------------------------------------------------------------------
| One time license  |   0,4 |     0,8 |     0,3 |      0,9 |     0,6 |     1,2 |
| revenue           |       |         |         |          |         |         |
--------------------------------------------------------------------------------
| Recurring license |   0,6 |     1,4 |     0,6 |      1,7 |     0,8 |     1,5 |
| revenue           |       |         |         |          |         |         |
--------------------------------------------------------------------------------
| Total             |  46,6 |   100,0 |    35,5 |    100,0 |    51,0 |   100,0 |
--------------------------------------------------------------------------------

PROFITABILITY                                                                   

Operating result January - September 2008:                                      

The Group operating result before non-recurring items was EUR 1.2 (-0.5) million
and EUR 0.2 (-0.5) million after non-recurring items. The operating result for  
the Dovre division was EUR 2.3 (1.2) million. The operating result for the      
Camako division was EUR -0.4 (-0.7) million. The operating result for other     
operations was EUR -1.7 (-1.0) million.                                         

Operating result July - September 2008:                                         

The Proha Group operating result was EUR 0.6 (-0.1). The operating result for   
the Dovre division was EUR 0.8 (0.4) million. The operating result for the      
Camako division was EUR -0.1 (-0.2) million. The operating result for other     
operations was EUR -0.1 (-0.3) million.                                         

Distribution of operating result by segment (excluding non-recurring items, EUR 
million):                                                                       

--------------------------------------------------------------------------------
|               |  7-9 |  7-9 |          |    1-9 |    1-9 |          |   1-12 |
| (EUR million) | 2008 | 2007 | Change % |   2008 |   2007 | Change % |   2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dovre         |  0,8 |  0,4 |    103,1 |    2,3 |    1,2 |     93,9 |    2,1 |
--------------------------------------------------------------------------------
| Camako        | -0,1 | -0,2 |     55,0 |   -0,4 |   -0,7 |     47,9 |   -0,9 |
--------------------------------------------------------------------------------
| Other         | -0,1 | -0,3 |     57,9 |   -0,8 |   -1,0 |     19,0 |   -1,4 |
| operations    |      |      |          |        |        |          |        |
--------------------------------------------------------------------------------
| Group Total   |  0,6 | -0,1 |    545,2 |    1,2 |   -0,5 |    357,2 |   -0,2 |
--------------------------------------------------------------------------------


Distribution of operating result by segment (including non-recurring items, EUR 
million):                                                                       

--------------------------------------------------------------------------------
|               |   7-9 |  7-9 |         |    1-9 |    1-9 |          |   1-12 |
| (EUR million) |  2008 | 2007 |  Change |   2008 |   2007 |  Change  |   2007 |
--------------------------------------------------------------------------------
|               |       |      |       % |        |        |        % |        |
--------------------------------------------------------------------------------
| Dovre         |   0,8 |  0,4 |   103,1 |    2,3 |    1,2 |     89,7 |    2,1 |
--------------------------------------------------------------------------------
| Camako        |  -0,1 | -0,2 |    55,0 |   -0,4 |   -0,7 |     39,0 |   -0,9 |
--------------------------------------------------------------------------------
| Other         |  -0,1 | -0,3 |    57,9 |   -1,7 |   -1,0 |    -72,8 |   -1,4 |
| operations    |       |      |         |        |        |          |        |
--------------------------------------------------------------------------------
| Group Total   |   0,6 | -0,1 |   545,2 |    0,2 |   -0,5 |    139,8 |   -0,2 |
--------------------------------------------------------------------------------


Non-recurring items:                                                            

The operating result for both the periods of January - September 2008 and April 
- June 2008 as well as the result for both the periods of January - September   
2008 and April - June 2008 include approx. EUR 1.0 million of non-recurring     
charges.                                                                        

The operating result for other operations includes approx. EUR 0.9 million in   
non-recurring charges. Of the non-recurring charges approx. EUR 0.7 million were
due to severance pay for the former managing director and approx. EUR 0.2       
million were related to terminations of employment within the Group             
administration. Dovre's operating result includes EUR 50 thousand and Camako's  
operating result EUR 60 thousand in non-recurring charges. The non-recurring    
items resulted from terminations of employment.                                 

The result for the third quarter does not include any non-recurring items.      


Result January - September 2008:                                                

In January - September 2008, the Group's result before taxes were EUR -0.2      
(-0.6) million and after taxes EUR -0.7 (-0.9) million.                         

In January - September 2008, the Group's result before non-recurring items was  
EUR 0.2 (-0.9) million and after non-recurring items EUR -0.8 (-0.9) million.   
In January - September 2008, the Proha Group earnings per share was EUR -0.01   
(-0.01).                                                                        

The Proha Group return on investment (ROI) was 0.8% (-1.3%).                    


Result July - September 2008:                                                   

In July - September 2008, the Group's result before taxes were EUR 0.7 (-0.2)   
million and after taxes 0.5 (-0.3) million.                                     

In July - September 2008, the Group earnings per share were EUR 0.01 (0.00).    


CASH FLOW, FINANCING AND INVESTMENTS                                            

On September 30, 2008, the Proha Group balance sheet total was EUR 32.1 (32.5)  
million.                                                                        

On September 30, 2008, the cash and cash equivalents for the Proha Group totaled
EUR 3.8 (10.1) million. On December 31, 2007, the cash and cash equivalents     
totaled EUR 5.3 million. Additionally, the Group has unused checking account    
limits.                                                                         

The cash flow from operating activities was EUR -0.7 (-1.3) million. The cash   
flow from operating activities was decreased by the increase of EUR 1.5 million 
in current interest-free receivables and EUR 0.9 million decrease in current    
interest-free payables. EUR 0.8 million were paid in taxes.                     

The cash flow from investing activities was EUR -1.1 (-0.6) million. The gross  
investments totaled EUR 0.9 (0.5) million. The gross investments include        
acquisitions of subsidiaries EUR 0.2 million, investments of EUR 0.2 in Dovre's 
associated company in the USA and capitalized software development costs of EUR 
0.2 million.                                                                    

The cash flow from financing activities was EUR 0.3 (0.0) million. New loans    
worth of EUR 1.1 million were drawn, and EUR 0.8 million paid back.             

The balance sheet goodwill totaled EUR 6.7 (5.1) million on September 30, 2008. 
The Group's goodwill is not amortized, but tested for impairment under IAS 36.  
No indications of impairment of assets exist. 

The equity ratio was 42.9% (46.3%) and the debt-to-equity ratio was 3.8%        
(-24.3%). On September 30, 2008, the interest-bearing liabilities amounted to   
EUR 4.3 (6.4) million, accounting for 13.5% (19.8%) of the Group's shareholders'
equity and liabilities total. Of the interest-bearing liabilities, EUR 1.3 (1.8)
million were non-current and EUR 3.0 (4.6) million current. The Group's quick   
ratio was 1.4 (1.6).                                                            


RESEARCH AND DEVELOPMENT                                                        

In January - September 2008, Proha's research and development costs were EUR 1.0
(1.4) million, representing 2% (4%) of the Group net sales.                     

A total of EUR 0.2 (0.3) million of research and development costs were         
capitalized during the period under review. The Group R&D costs consist nearly  
totally of the R&D of Safran Software Solutions AS, which is part of the Dovre  
division, and of the R&D of the Camako division.                                

The Camako division completed the rebranding of SafranOne product as Camako EPM,
and the new version was launched in August. The version 4.0 contains an advanced
set of functionalities for the product suite with emphasis on development of    
interfaces to Microsoft Project and Microsoft Project Server. The new interfaces
enable the seamless integration of the Camako EPM software products with the    
existing solutions of Microsoft Project Server customers. Camako has contracts  
in place to further develop the software for the resource planning and          
management solutions for rescue operations.                                     

Safran Software Solutions, part of the Dovre division, recently launched the new
version 3.6 of Safran Project and Safran for Microsoft Project. Safran continues
to develop its product portfolio and services. Dovre North America has developed
and upgraded Fabtrack. The Fabtrack software system is used to support projects 
involving deployment of production plants.                                      


PERSONNEL                                                                       

In the period under review 2008, the employee benefits expense for the Group    
amounted to EUR 42.6 (32.9) million. The employee benefits expense include      
approx. EUR 0.9 (0.0) million in non-recurring charges.                         

The employee benefits expense of the Dovre division were EUR 39.5 (31.2)        
million. The employee benefits expense of the Camako division were EUR 1.8 (1.1)
million. The employee benefits expense for other operations were EUR 1.3 (0.6)  
million.                                                                        

The employee benefits expense for both the periods of January - September 2008  
and April - June 2008 include approx. EUR 0.9 million in non-recurring charges  
consisting of approx. EUR 0.7 million severance pay for the former CEO and      
approx. EUR 0.2 million in other charges related to termination of employments. 

The employee benefits expense for the third quarter does not include any        
non-recurring items.                                                            

The average number of the Group personnel was 392 (325) in the period under     
review 2008.                                                                    

Distribution of personnel by segments (average):                                

--------------------------------------------------------------------------------
|             |   7-9 |   7-9 |          |    1-9 |    1-9 |          |   1-12 |
|             |  2008 |  2007 | Change % |   2008 |   2007 | Change % |   2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dovre       |   360 |   300 |     20,0 |    351 |    291 |     20,6 |    297 |
--------------------------------------------------------------------------------
| Camako      |    37 |    27 |     37,0 |     35 |     28 |     25,0 |     30 |
--------------------------------------------------------------------------------
| Other       |     5 |     6 |    -16,7 |      6 |      6 |      0,0 |      6 |
| operations  |       |       |          |        |        |          |        |
--------------------------------------------------------------------------------
| Total       |   402 |   333 |     20,7 |    392 |    325 |     20,6 |    333 |
--------------------------------------------------------------------------------


On September 30, 2008, Proha employed 405 (333) people worldwide, out of which  
362 (300) were being employed by the Dovre division, 38 (27) by the Camako      
division and 5 (6) by the Group administration.                                 


CHANGES IN THE PROHA GROUP MANAGEMENT                                           

Proha Plc:                                                                      

Ilari Koskelo was appointed as the Chief Executive Officer of Proha beginning   
March 19, 2008. Previously Ilari Koskelo has acted as the Managing Director of  
Navdata Oy, a company founded by him. Ilari Koskelo is the Vice Chairman of the 
Proha Board of Directors.                                                       

Dovre division:                                                                 

On June 3, 2008, Otto Søberg was appointed as the Chief Executive Officer of the
Dovre division and as the member of the Proha Group management team.            

Mr. Søberg has extensive experience in the oil and gas related industries with  
his latest position as the President of division Oil, Gas and Marine solutions  
with Siemens AG. His previous employment also includes leading Kvaerner Oil &
Gas Field Development as the President of the division.                         

Otto Søberg is the CEO for the entire Dovre division and he will be reporting   
directly to the Dovre Board of Directors. Arve Jensen will continue to lead     
Dovre's Norwegian operations and Mike Critch the North American operations. Both
Mr. Jensen and Mr. Critch will report to Mr. Søberg. The founder of Dovre       
International AS, Mr. Birger Flaa, will take an active role in the Dovre Board  
of Directors.                                                                   

Camako division:                                                                

On May 7, 2008, Timo Saros was appointed as the Chief Operating Officer of the  
Camako division and as the member of the Proha Group management team.           

Previously Timo Saros has acted as the Managing Director of Proha's former      
subsidiary, Artemis Finland Oy and has held other positions within the Proha    
Group, e.g. as the member of the board of Safran Software Solutions AS, Dovre   
International AS, and Datamar Oy. Timo Saros is also the founder of Planman Oy, 
a company specializing in project management software and acted as the Managing 
Director of the company in 1986-2000. Planman was sold to the Proha Group in    
2000.                                                                           

Proha Group management team:                                                    

Following the appointments, the Proha Group management team consists of Ilari   
Koskelo (CEO), Janne Rainvuori (EVP), Sirpa Haavisto (CFO) from Proha Plc and   
Otto Søberg (CEO) from the Dovre division as well as Timo Saros (COO) from the  
Camako division.                                                                

Both the Dovre and Camako divisions have also their internal management teams.  


DECISIONS MADE AT GENERAL MEETINGS OF SHAREHOLDERS                              

DECISIONS MADE AT EXTRAORDINARY GENERAL MEETING                                 

Proha Plc's Extraordinary General Meeting (EGM) was held on February 26, 2008.  

The EGM decided the number of Board members to be six.                          

The EGM selected the following persons in the Proha Board of Directors: Birger 
Flaa, Ernest Jilderda, Antti Manninen, Ilari Koskelo, Jon Erling Tenvik and     
Svein Stavelin. Birger Flaa and Ernest Jilderda are continuing from the previous
Board of Directors whereas all others are new members to the Board.             


DECISIONS MADE AT PROHA PLC'S ANNUAL GENERAL MEETING                            

Proha Plc's Annual General Meeting (AGM) was held on April 8, 2008.             

The Annual General Meeting (AGM) approved the 2007 Financial Statements and     
granted discharge from liability to the CEO and the members of the Board of     
Directors for the accounting period January 1 - December 31, 2007. The AGM      
approved the Board of Directors' proposal that the net result for the financial 
period be entered in shareholders' equity and no dividend be paid.              

The AGM decided that the Chairman of the Board be paid EUR 30 thousands and each
Board member, at the moment of election not employed by the Proha Group or by   
such company which owns more than five percents of Proha's share capital and who
does not exercise dominant influence over such company, to be paid EUR 20       
thousand per year as remuneration for the board work.                           

The persons elected by the EGM were re-elected in the Proha Board of Directors: 
Birger Flaa, Ernest Jilderda, Antti Manninen, Ilari Koskelo, Jon Erling Tenvik  
and Svein Stavelin.                                                             

The AGM decided that one firm of auditors, authorized by the Central Chamber of 
Commerce, be elected as the auditor to the company. The AGM decided that Ernst &
Young Oy, Authorized Public Accountants, with APA Ulla Nykky in charge, be      
re-elected as the auditor.                                                      


CORPORATE GOVERNANCE                                                            

Proha Plc follows the recommendations of the NASDAQ OMX Helsinki Ltd, the       
Central Chamber of Commerce and the Confederation of Finnish Industries and     
Employers regarding the corporate governance of publicly held companies. Proha  
makes one exception from the recommendation: A share-based bonus system may also
be applied to those members of the Board, who do not have an employment         
relationship with the company. Proha's corporate governance principles can be   
found on the company's website at www.proha.com.                                


SHARES, SHARE CAPITAL AND AUTHORISATIONS TO ISSUE SHARES                        

Shares and share capital:                                                       

Proha Plc has one class of shares. Each share entitles the shareholder to one   
vote. Proha Plc shares are traded in the NASDAQ OMX Helsinki Ltd.               

On January 1, 2008, the subscribed capital of Proha Plc was EUR 15,916,854.20.  
No changes were made on the share capital during the period under review.       

On January 1, 2008, the number of shares was 61,218,670.                        

In January 2008, a total of 500,000 new Proha Plc shares were issued as a       
directed issue at the payment of the second installment of Camako acquisition.  
The subscription price of the shares was the weighted average price of Proha    
shares in NASDAQ OMX Helsinki Ltd from January 22 to 28, 2008, i.e. EUR 0.26 per
share, totaling at EUR 130 thousand. The total amount paid for the shares was   
recorded in the fund for invested non-restricted equity.                        

In March 2008, 243,081 new Proha Plc shares were issued as a directed issue at  
the payment of Datatron Oy acquisition. The subscription price of the shares was
the weighted average price of Proha shares in NASDAQ OMX Helsinki Ltd from      
November 1, 2007 to January 31, 2008, i.e. EUR 0.27 per share, totaling at EUR  
66 thousand. The total amount paid for the shares was recorded in the fund for  
invested non-restricted equity.                                                 

On September 30, 2008, the number of shares was 61,961,751.                     

Option rights:      

On January 1, 2008, a total of 4,123,250 options were outstanding of the option 
plans of 2005, 2006 and 2007, entitling to subscription of 4,123,250 shares.    

No shares were subscribed for with Proha Plc's option during the period under   
review.                                                                         

In the period under review, a total of 27,720 option rights under 2005 plan and 
a total of 123,000 option rights under 2007 plan were redeemed.                 

In its meeting on February 27, 2008, the Proha Board of Directors approved      
60,000 subscriptions of the 2007 plan. In its meeting on April 8, 2008, the     
board approved 90,000 subscriptions and 90,000 subscriptions in its meeting on  
April 17, 2008 of the 2007 plan.                                                

In its meeting on May 7, 2008, the Board approved the subscription of 90,000    
Proha Plc option rights under 2007 plan that was earlier redeemed.              

The subscription of the option rights of 2007 plan ended on April 17, 2008. The 
terms of the options issue were presented in the stock exchange bulletin on     
March 28, 2007. A total of 1,977,000 Proha Plc option rights were subscribed    
for.                                                                            

On June 30, 2008, a total of 4,393,250 option rights were outstanding as        
follows: 1,075,250 option rights under 2005 plan (at subscription price of EUR  
0.50), 1,341,000 option rights under 2006 plan (EUR 0.48) and 1,977,000 option  
rights under 2007 plan (EUR 0.37). Resulting from redemptions, the company has  
in reserve 27,720 option rights under 2005 plan and 33,000 option rights under  
2007 plan. Each option right entitles to subscription of one share.             

The Authorization of the Board of Directors:                                    

The Annual General Meeting (AGM) on April 18, 2007 authorized the Board of      
Directors to resolve to issue a maximum of 12,243,734 shares through issuance of
shares or special rights entitling to shares (including option rights) under    
Chapter 10, Section 1 of the Companies Act, in one or more issues. The          
authorization includes both the issuance of new shares as well as shares held by
the Company, and corresponded to 20 percent of the Company's total number of    
shares at the date of the AGM. The authorization is effective until April 17,   
2012. Based on the authorization a total of 743,081 new shares were issued and a
total of 11,500,653 shares were remaining of the authorization on June 30, 2008.


TRADING AND MARKET CAPITALIZATION                                               

In January - September, approximately 13.3 million Proha shares were traded on  
the NASDAQ OMX Helsinki Ltd., corresponding to a turnover of approximately EUR  
4.1 million.                                                                    

During the period under review, the highest quotation was EUR 0.38 and the      
lowest quotation was EUR 0.25. The closing price on September 30, 2008 was EUR  
0.31.                                                                           

The period-end market capitalization was approximately EUR 19.2 million.        

The number of registered shareholders of Proha Plc totaled 3,155 on September   
30, 2008.                                                                       

Proha Plc had liquidity providing agreement with Remium AB for the Proha share. 
The agreement was terminated on April 29, 2008.                                 


SHORT-TERM RISKS AND UNCERTAINTIES                                              

The demand in oil and gas sector together with the level of investments in the  
sector impacts the success of the Dovre division. The companies operating in the
oil and gas industry are challenged also by the adequacy of resources and       
increasing personnel turnover.                                                  

According to the revised strategy, Dovre division will offer its customers      
deliverables with a higher level of content and value added services than       
earlier. The risk taking is being mitigated and will be reflected in pricing of 
the services. The company has also a considerable unused market potential and it
plans to enter new market segments to diversify and grow the overall business.  

The business operations of the Camako division will be affected by the          
competitive market in general and by new technological solutions developed by   
the competition. In addition, the instability in the financial sector may weaken
companies' capabilities in some market segments to start new significant        
investment projects, and thereby, reduce the demand on improvements and         
development of the project management.                                          

Microsoft is projecting the growth of its EPM business to continue at the same  
level as in the prior years. The growth enables also an increase in Camako's    
enterprise project management services. This in turn requires successful        
recruitment of skilled professionals.                                           

The development of Proha's international business includes also possible        
acquisitions and shareholdings in companies operating in the field. Such        
acquisitions always include risks. They are being managed, among others, by     
ensuring that the size of acquisitions is reasonable.                           


EVENTS AFTER THE PERIOD                                                         

In October, Proha has divested its 51% ownership in Futura One Oy and has       
acquired the remaining 10% of the shares of Datamar Oy, bringing Proha ownership
in Datamar Oy to full 100%. The transactions have no substantial impact on the  
result of the year 2008.                                                        


OUTLOOK                                                                         

Proha projects a positive operating result for the fourth quarter and also      
anticipates a positive operating result in 2008 despite of the restructuring    
charges that materialized in the second quarter. If the global finance crisis   
and the general economical uncertainty continue, it may, however, affect Proha's
operations negatively.                                                          

Proha's organizational changes and enhancements of operations are advancing as  
planned.                                                                        

The positive market outlook for Dovre is anticipated to continue but at a slower
pace. The level of investments within the oil and gas industry will be          
influenced by the development of oil & gas prices, introducing an uncertainty to
the market situation.                                                           

Dovre believes the demand for professional services to remain at a satisfactory 
level in the fourth quarter and onward. Dovre has successfully revised its      
business models and management practices and the management believes the company
can handle potential market fluctuations. Dovre's international business        
activity is anticipated to grow steadily.                                       

The latest versions of Dovre's Safran products are now in compliance with the US
market needs and requirements. The upgrade is expected to open up sales         
potential in the USA for the next 12 months.                                    

The Camako division's software business will not yet be profitable in 2008. The 
newest version 4.0 of the Camako EPM software products now offers a seamless    
integration with Microsoft Project software suite, and therefore, new business  
opportunities are created within the existing Microsoft EPM services clientele  
both in Finland and in Sweden. The new Camako PM3 offering launched in August   
has been well received in the market, and the management believes it to deepen  
the client relationships with the value added services.                   

The above prospects are based on forecasts approved by the Proha Board of       
Directors.                                                                      

Espoo on November 6, 2008                                                       

Proha Plc                                                                       
Board of Directors                                                              


The interim report is unaudited.                                                


PRESS CONFERENCE                                                                

Proha Plc will hold a press conference for the media and financial analysts on  
November 6, 2008 at 11 a.m. at Proha Plc premises at Maapallonkuja 1 A, Espoo.  

More information                                                                
PROHA PLC                                                                       
Ilari Koskelo, CEO, tel +358 (0)20 4362 000                                     
ilari.koskelo@proha.com                                                         

Sirpa Haavisto, CFO, tel. + 358 (0)20 4362 000                                  
sirpa.haavisto@proha.com                                                        


DISTRIBUTION:                                                                   
NASDAQ OMX Helsinki                                                             
Major Media                                                                     

The interim report has been prepared according to the International Accounting  
Standard 34: Interim Financial Reporting. The accounting principles adopted are 
consistent with those of the annual financial statements of 2007. The           
calculation principles of key financial figures and their formulas are          
consistent with those of the annual financial statements of 2007.               

CONSOLIDATED INCOME STATEMENT                                                   

--------------------------------------------------------------------------------|                              |       1-9 |      1-9 |           |       1-12 |
| (EUR thousand)               |      2008 |     2007 | Change %  |       2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES                    |    46 553 |   35 464 |      31,3 |     51 004 |
--------------------------------------------------------------------------------
| Other operating income       |       205 |       39 |     425,8 |         79 |
--------------------------------------------------------------------------------
| Material and services        |      -202 |      -83 |     144,3 |        -89 |
--------------------------------------------------------------------------------
| Employee benefits expense    |   -42 644 |  -32 850 |      29,8 |    -46 858 |
--------------------------------------------------------------------------------
| Depreciation and             |      -441 |     -293 |      50,3 |       -421 |
| amortisation                 |           |          |           |            |
--------------------------------------------------------------------------------
| Other operating expenses     |    -3 288 |   -2 733 |      20,3 |     -3 872 |
--------------------------------------------------------------------------------
| OPERATING RESULT             |       182 |     -457 |     139,8 |       -156 |
--------------------------------------------------------------------------------
| Financing income             |       337 |      349 |      -3,5 |        569 |
--------------------------------------------------------------------------------
| Financing expenses           |      -512 |     -423 |      21,1 |       -934 |
--------------------------------------------------------------------------------
| Share of results in          |      -190 |      -92 |    -107,1 |        -85 |
| associates                   |           |          |           |            |
--------------------------------------------------------------------------------
| RESULT BEFORE TAX            |      -183 |     -622 |      70,6 |       -607 |
--------------------------------------------------------------------------------
| Tax on income from           |      -511 |     -237 |     115,2 |       -566 |
| operations                   |           |          |           |            |
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD        |      -694 |     -860 |      19,3 |     -1 174 |
--------------------------------------------------------------------------------
| ALLOCATION OF RESULT FOR THE |           |          |           |            |
| PERIOD                       |           |          |           |            |
--------------------------------------------------------------------------------
| Result attributable to       |      -777 |     -874 |      11,1 |      -1191 |
| equity holders of the parent |           |          |           |            |
--------------------------------------------------------------------------------
| Result attributable to       |        83 |       14 |     492,4 |         18 |
| minority interest            |           |          |           |            |
--------------------------------------------------------------------------------
|                              |      -694 |     -860 |      19,3 |      -1174 |
--------------------------------------------------------------------------------
| Earnings/share (undiluted)   |     -0,01 |    -0,01 |      12,0 |      -0,02 |
| EUR                          |           |          |           |            |
--------------------------------------------------------------------------------
| Earnings/share (diluted) EUR |     -0,01 |    -0,01 |      12,0 |      -0,02 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
|                                     |         7-9 |         7-9 |            |
| (EUR thousand)                      |        2008 |        2007 |  Change %  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES                           |      14 878 |      12 601 |       18,1 |
--------------------------------------------------------------------------------
| Other operating income              |         134 |           7 |    1 691,8 |
--------------------------------------------------------------------------------
| Material and services               |         -50 |         -42 |       17,4 |
--------------------------------------------------------------------------------
| Employee benefits expense           |     -13 308 |     -11 730 |       13,5 |
--------------------------------------------------------------------------------
| Depreciation and amortisation       |        -166 |        -105 |       58,6 |
--------------------------------------------------------------------------------
| Other operating expenses            |        -921 |        -858 |        7,3 |
--------------------------------------------------------------------------------
| OPERATING RESULT                    |         567 |        -127 |      545,2 |
--------------------------------------------------------------------------------
| Financing income                    |         263 |         106 |      148,1 |
--------------------------------------------------------------------------------
| Financing expenses                  |        -102 |        -172 |      -40,7 |
--------------------------------------------------------------------------------
| Share of results in associates      |         -43 |         -40 |        7,1 |
--------------------------------------------------------------------------------
| RESULT BEFORE TAX                   |         685 |        -233 |      394,1 |
--------------------------------------------------------------------------------
| Tax on income from operations       |        -178 |         -58 |      207,2 |
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD               |         507 |        -291 |      274,4 |
--------------------------------------------------------------------------------
| ALLOCATION OF RESULT FOR THE PERIOD |             |             |            |
--------------------------------------------------------------------------------
| Result attributable to equity       |         471 |        -296 |      259,1 |
| holders of the parent               |             |             |            |
--------------------------------------------------------------------------------
| Result attributable to minority     |          36 |           5 |      603,6 |
| interest                            |             |             |            |
--------------------------------------------------------------------------------
|                                     |         507 |        -291 |      274,4 |
--------------------------------------------------------------------------------
| Earnings/share (undiluted) EUR      |        0,01 |        0,00 |      257,2 |
--------------------------------------------------------------------------------
| Earnings/share (diluted) EUR        |        0,01 |        0,00 |      257,2 |
--------------------------------------------------------------------------------



CONSOLIDATED BALANCE SHEET                                                      
--------------------------------------------------------------------------------
|                                    |   30.9. |   30.9. |          |   31.12. |
| (EUR thousand)                     |    2008 |    2007 | Change % |     2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS                             |         |         |          |          |
--------------------------------------------------------------------------------
| Non-current assets                 |         |         |          |          |
--------------------------------------------------------------------------------
| Intangible assets                  |   2 475 |   2 174 |     13,9 |    2 676 |
--------------------------------------------------------------------------------
| Goodwill                           |   6 714 |   5 074 |     32,3 |    6 747 |
--------------------------------------------------------------------------------
| Tangible assets                    |     379 |     264 |     43,7 |      356 |
--------------------------------------------------------------------------------
| Investments in associates          |   1 253 |   1 185 |      5,8 |    1 277 |
--------------------------------------------------------------------------------
| Trade receivables and other        |     516 |     113 |    357,8 |      136 |
| receivables                        |         |         |          |          |
--------------------------------------------------------------------------------
| Available-for-sale investments     |      48 |      49 |     -2,0 |       48 |
--------------------------------------------------------------------------------
| Deferred tax asset                 |     183 |     234 |    -21,8 |      204 |
--------------------------------------------------------------------------------
| Non-current assets                 |  11 568 |   9 091 |     27,3 |   11 444 |
--------------------------------------------------------------------------------
|                                    |         |         |          |          |
--------------------------------------------------------------------------------
| Current assets                     |         |         |          |          |
--------------------------------------------------------------------------------
| Trade receivables and other        |  16 717 |  13 353 |     25,2 |   15 216 |
| receivables                        |         |         |          |          |
--------------------------------------------------------------------------------
| Cash and cash equivalents          |   3 823 |  10 056 |    -62,0 |    5 349 |
--------------------------------------------------------------------------------
| Current assets                     |  20 540 |  23 409 |    -12,3 |   20 566 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS                       |  32 108 |  32 500 |     -1,2 |   32 010 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                                                       |
--------------------------------------------------------------------------------
| Shareholders' equity                                                         |
--------------------------------------------------------------------------------
| Share capital                      |  15 917 |  15 917 |      0,0 |   15 917 |
--------------------------------------------------------------------------------
| Share premium account              |   4 379 |   4 379 |      0,0 |    4 379 |
--------------------------------------------------------------------------------
| Fair value reserve and other       |     477 |     353 |     35,4 |      329 |
| reserves                           |         |         |          |          |
--------------------------------------------------------------------------------
| Translation differences            |    -148 |     401 |   -136,8 |      187 |
--------------------------------------------------------------------------------
| Retained earnings                  |  -7 175 |  -6 271 |    -14,4 |   -6 470 |
--------------------------------------------------------------------------------
| Equity attributable to equity      |  13 451 |  14 778 |     -9,0 |   14 342 |
| holders of the parent              |         |         |          |          |
--------------------------------------------------------------------------------
| Minority interest                  |     129 |     114 |     13,0 |      115 |
--------------------------------------------------------------------------------
| Shareholders' equity               |  13 580 |  14 892 |     -8,8 |   14 457 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities                                                      |
--------------------------------------------------------------------------------
| Deferred tax liability             |     635 |     499 |     27,3 |      653 |
--------------------------------------------------------------------------------
| Long-term liabilities,             |   1 328 |   1 794 |    -26,0 |    2 010 |
| interest-bearing                   |         |         |          |          |
--------------------------------------------------------------------------------
| Long-term liabilities,             |     399 |       0 |          |      439 |
| interest-free                      |         |         |          |          |
--------------------------------------------------------------------------------
| Liabilities from defined benefit   |     650 |     716 |     -9,2 |      488 |
| plan                               |         |         |          |          |
--------------------------------------------------------------------------------
| Non-current liabilities            |   3 012 |   3 008 |      0,1 |    3 590 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities                                                          |
--------------------------------------------------------------------------------
| Short-term interest-bearing        |   3 011 |   4 642 |    -35,1 |    2 289 |
| liabilities                        |         |         |          |          |
--------------------------------------------------------------------------------
| Trade payables and other           |  12 057 |   9 462 |     27,4 |   11 041 |
| liabilities                        |         |         |          |          |
--------------------------------------------------------------------------------
| Tax liability, income tax          |     410 |     495 |    -17,2 |      632 |
--------------------------------------------------------------------------------
| Current provisions                 |      39 |       0 |          |        0 |
--------------------------------------------------------------------------------
| Current liabilities                |  15 517 |  14 599 |      6,3 |   13 962 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES       |  32 108 |  32 500 |     -1,2 |   32 010 |
--------------------------------------------------------------------------------

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY                       

a) Share capital                                                                
b) Share premium account                                                        
c) Fair value reserve and other reserves                                        
d) Translation differences                                                      
e) Retained earnings                                                            
f) Equity attributable to equity holders of the parent                          
g) Minority interest                                                            
h) Shareholders' equity total                                                   

--------------------------------------------------------------------------------
|                    |   a)    |    b)    |  c)  |    d)    |   e)   |   f)    |
--------------------------------------------------------------------------------
| SHAREHOLDERS'      |  15 917 |    4 379 |  368 |       38 | -5 497 |  15 205 |
| EQUITY 1.1.2007    |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Change in          |       0 |        0 |   13 |      149 |     50 |     211 |
| translation diff.  |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Share based        |       0 |        0 |    0 |        0 |    117 |     117 |
| payments           |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Transfers between  |       0 |        0 |  -51 |        0 |     51 |       0 |
| items              |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| NET PROFIT/LOSS    |       0 |        0 |  -38 |      149 |    218 |     329 |
| RECOGNISED         |         |          |      |          |        |         |
| DIRECTLY IN        |         |          |      |          |        |         |
| SHAREHOLDERS'      |         |          |      |          |        |         |
| EQUITY             |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Result for the     |       0 |        0 |    0 |        0 | -1 191 |  -1 191 |
| period             |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| TOTAL PROFIT AND   |       0 |        0 |    0 |        0 | -1 191 |  -1 191 |
| LOSS               |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| SHAREHOLDERS'      |  15 917 |    4 379 |  329 |      187 | -6 470 |  14 342 |
| EQUITY 1.1.2008    |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Change in          |       0 |        0 |  -15 |     -335 |    -52 |    -401 |
| translation diff.  |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Share based        |       0 |        0 |    0 |        0 |     91 |      91 |
| payments           |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Share issues       |       0 |        0 |  196 |        0 |      0 |     196 |
--------------------------------------------------------------------------------
| Acquisitions       |         |          |      |          |        |       0 |
--------------------------------------------------------------------------------
| Transfers between  |       0 |        0 |  -33 |        0 |     33 |       0 |
| items              |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| NET PROFIT/LOSS    |       0 |        0 |  148 |     -335 |     72 |    -115 |
| RECOGNISED         |         |          |      |          |        |         |
| DIRECTLY IN        |         |          |      |          |        |         |
| SHAREHOLDERS'      |         |          |      |          |        |         |
| EQUITY             |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Result for the     |       0 |        0 |    0 |        0 |   -777 |    -777 |
| period             |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| TOTAL PROFIT AND   |       0 |        0 |    0 |        0 |   -777 |    -777 |
| LOSS               |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| SHAREHOLDERS'      |  15 917 |    4 379 |  477 |     -148 | -7 175 |  13 451 |
| EQUITY 30.9.2008   |         |          |      |          |        |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                    |   a)    |    b)    |  c)  |    d)    |   e)   |   f)    |
--------------------------------------------------------------------------------
| SHAREHOLDERS'      |  15 917 |    4 379 |  368 |       38 | -5 497 |  15 205 |
| EQUITY 1.1.2007    |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Change in          |       0 |        0 |   25 |      363 |    -12 |     376 |
| translation diff.  |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Share based        |       0 |        0 |    0 |        0 |     72 |      72 |
| payments           |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Transfers between  |         |          |  -40 |          |     40 |       0 |
| items              |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| NET PROFIT/LOSS    |       0 |        0 |  -15 |      363 |     99 |     447 |
| RECOGNISED         |         |          |      |          |        |         |
| DIRECTLY IN        |         |          |      |          |        |         |
| SHAREHOLDERS'      |         |          |      |          |        |         |
| EQUITY             |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| Result for the     |       0 |        0 |    0 |        0 |   -874 |    -874 |
| period             |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| TOTAL PROFIT AND   |       0 |        0 |  -15 |      363 |   -774 |    -426 |
| LOSS               |         |          |      |          |        |         |
--------------------------------------------------------------------------------
| SHAREHOLDERS'      |  15 917 |    4 379 |  353 |      401 | -6 271 |  14 778 |
| EQUITY 30.9.2007   |         |          |      |          |        |         |
--------------------------------------------------------------------------------
|  |                    |    f)     | g)  |     h)     |                       |
--------------------------------------------------------------------------------
|  | SHAREHOLDERS'      |    15 205 | 112 |     15 316 |                       |
|  | EQUITY 1.1.2007    |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Change in          |       211 | -14 |        197 |                       |
|  | translation diff.  |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Share based        |       117 |   0 |        117 |                       |
|  | payments           |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Transfers between  |         0 |   0 |          0 |                       |
|  | items              |           |     |            |                       |
--------------------------------------------------------------------------------
|  | NET PROFIT/LOSS    |       329 | -14 |        315 |                       |
|  | RECOGNISED         |           |     |            |                       |
|  | DIRECTLY IN        |           |     |            |                       |
|  | SHAREHOLDERS'      |           |     |            |                       |
|  | EQUITY             |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Result for the     |    -1 191 |  18 |     -1 174 |                       |
|  | period             |           |     |            |                       |
--------------------------------------------------------------------------------
|  | TOTAL PROFIT AND   |    -1 191 |  18 |     -1 174 |                       |
|  | LOSS               |           |     |            |                       |
--------------------------------------------------------------------------------
|  | SHAREHOLDERS'      |    14 342 | 115 |     14 457 |                       |
|  | EQUITY 1.1.2008    |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Change in          |      -401 |   8 |       -393 |                       |
|  | translation diff.  |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Share based        |        91 |   0 |         91 |                       |
|  | payments           |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Share issues       |       196 |   0 |        196 |                       |
--------------------------------------------------------------------------------
|  | Acquisitions       |         0 | -77 |        -77 |                       |
--------------------------------------------------------------------------------
|  | Transfers between  |         0 |   0 |          0 |                       |
|  | items              |           |     |            |                       |
--------------------------------------------------------------------------------
|  | NET PROFIT/LOSS    |      -115 | -70 |       -184 |                       |
|  | RECOGNISED         |           |     |            |                       |
|  | DIRECTLY IN        |           |     |            |                       |
|  | SHAREHOLDERS'      |           |     |            |                       |
|  | EQUITY             |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Result for the     |      -777 |  83 |       -694 |                       |
|  | period             |           |     |            |                       |
--------------------------------------------------------------------------------
|  | TOTAL PROFIT AND   |      -777 |  83 |       -694 |                       |
|  | LOSS               |           |     |            |                       |
--------------------------------------------------------------------------------
|  | SHAREHOLDERS'      |    13 451 | 129 |     13 580 |                       |
|  | EQUITY 30.9.2008   |           |     |            |                       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|  |                    |    f)     | g)  |     h)     |                       |
--------------------------------------------------------------------------------
|  | SHAREHOLDERS'      |    15 205 | 112 |     15 316 |                       |
|  | EQUITY 1.1.2007    |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Change in          |       376 | -12 |        364 |                       |
|  | translation diff.  |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Share based        |        72 |   0 |         72 |                       |
|  | payments           |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Transfers between  |         0 |     |          0 |                       |
|  | items              |           |     |            |                       |
--------------------------------------------------------------------------------
|  | NET PROFIT/LOSS    |       447 | -12 |        436 |                       |
|  | RECOGNISED         |           |     |            |                       |
|  | DIRECTLY IN        |           |     |            |                       |
|  | SHAREHOLDERS'      |           |     |            |                       |
|  | EQUITY             |           |     |            |                       |
--------------------------------------------------------------------------------
|  | Result for the     |      -874 |  14 |       -860 |                       |
|  | period             |           |     |            |                       |
--------------------------------------------------------------------------------
|  | TOTAL PROFIT AND   |      -426 |   2 |       -424 |                       |
|  | LOSS               |           |     |            |                       |
--------------------------------------------------------------------------------
|  | SHAREHOLDERS'      |    14 778 | 114 |     14 892 |                       |
|  | EQUITY 30.9.2007   |           |     |            |                       |
--------------------------------------------------------------------------------


CONSOLIDATED CASH FLOW STATEMENT                                                
--------------------------------------------------------------------------------
|                                               |     1-9 |      1-9 |    1-12 |
| (EUR thousand)                                |    2008 |     2007 |    2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities           |         |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|       Operating result                        |     182 |     -457 |    -156 |
--------------------------------------------------------------------------------
|       Adjustments                             |         |          |         |
--------------------------------------------------------------------------------
|                Employee benefits expense      |     215 |      278 |     194 |
--------------------------------------------------------------------------------
|                Depreciation and amortisation  |     441 |      293 |     421 |
--------------------------------------------------------------------------------
|                Other adjustments              |     151 |          |         |
--------------------------------------------------------------------------------
|       Adjustments, total                      |     806 |      571 |     615 |
--------------------------------------------------------------------------------
|       Change in net working capital           |         |          |         |
--------------------------------------------------------------------------------
|                Increase (-) / decrease (+) in |  -1 494 |     -787 |  -2 610 |
|                current receivables            |         |          |         |
--------------------------------------------------------------------------------
|                Increase (-) / decrease (+) in |     858 |     -447 |   1 430 |
|                current liabilities            |         |          |         |
--------------------------------------------------------------------------------
|                Other adjustments              |         |          |         |
--------------------------------------------------------------------------------
|       Change in net working capital, total    |    -635 |   -1 234 |  -1 181 |
--------------------------------------------------------------------------------
|       Interest paid                           |    -330 |     -171 |    -613 |
--------------------------------------------------------------------------------
|       Interest received                       |      85 |      366 |     566 |
--------------------------------------------------------------------------------
|       Other financial expenses paid           |     -37 |      -37 |    -236 |
--------------------------------------------------------------------------------
|       Other financial income received         |       1 |        8 |      28 |
--------------------------------------------------------------------------------
|       Income taxes paid                       |    -777 |     -379 |    -486 |
--------------------------------------------------------------------------------
| Cash flow from operating activities           |    -705 |   -1 333 |  -1 463 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities           |         |          |         |
--------------------------------------------------------------------------------
|       Investments in tangible and intangible  |    -329 |     -401 |    -577 |
|       assets                                  |         |          |         |
--------------------------------------------------------------------------------
|       Acquisition of subsidiaries net cash    |    -238 |          |  -2 177 |
|       acquired *)                             |         |          |         |
--------------------------------------------------------------------------------
|       Investments in associates               |    -249 |      -69 |    -378 |
--------------------------------------------------------------------------------
|       Investments in other investments        |         |      -12 |     -12 |
--------------------------------------------------------------------------------
|       Proceeds from other investments         |         |       74 |      74 |
--------------------------------------------------------------------------------
|       Increase (-) / decrease (+) in          |         |          |         |
--------------------------------------------------------------------------------
|       loan receivables                        |    -298 |     -199 |         |
--------------------------------------------------------------------------------
|       Dividends received                      |       3 |        2 |       2 |
--------------------------------------------------------------------------------
| Cash flow from investing activities           |  -1 112 |     -606 |  -3 068 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities           |         |          |         |
--------------------------------------------------------------------------------
|       Proceeds from short-term loans          |     879 |      931 |   1 015 |
--------------------------------------------------------------------------------
|       Repayments of short-term loans          |    -410 |     -945 |    -702 |
--------------------------------------------------------------------------------
|       Repayment of convertible loans          |         |          |  -2 810 |
--------------------------------------------------------------------------------
|       Proceeds from long-term loans           |     212 |          |     435 |
--------------------------------------------------------------------------------
|       Repayments of long-term loans           |    -411 |       -3 |         |
--------------------------------------------------------------------------------
| Cash flow from financing activities           |     270 |      -17 |  -2 062 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents           |  -1 547 |   -1 956 |  -6 592 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at beginning of the |   5 349 |   12 022 |  12 022 |
| period                                        |         |          |         |
--------------------------------------------------------------------------------
| Foreign exchange rate adjustment              |      20 |      -10 |     -80 |
--------------------------------------------------------------------------------
| Cash and cash equivalents of subsidiaries     |     131 |          |      19 |
| acquired                                      |         |          |         |
--------------------------------------------------------------------------------
| Cash and cash equivalents of subsidiaries     |         |          |         |
| divested                                      |         |          |         |
--------------------------------------------------------------------------------
| Fair value adjustment                         |         |          |         |
--------------------------------------------------------------------------------
| Change in cash and cash equivalents           |  -1 677 |   -1 956 |  -6 612 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of the       |   3 823 |   10 056 |   5 349 |
| period                                        |         |          |         |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| *) Portion of acquisition cost of             |     1-9 |      1-9 |    1-12 |
| subsidiaries                                  |         |          |         |
| less cash at acquisition:                     |    2008 |     2007 |    2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|       Camako Data AB                          |    -145 |          |    -441 |
--------------------------------------------------------------------------------
|       Project Resource Solutions Inc.         |    -156 |          |    -861 |
--------------------------------------------------------------------------------
|       Datatron Oy                             |      63 |          |         |
--------------------------------------------------------------------------------
|       Fabcon sub-group                        |         |          |    -875 |
--------------------------------------------------------------------------------
|       Total                                   |    -238 |          |  -2 177 |
--------------------------------------------------------------------------------

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                                  

ACQUISITIONS                                                                    

Camako Finland Oy (formerly Datatron Oy)                                        

In March 2008, Proha Plc acquired 40% of the shares in Camako Finland Oy. Camako
Finland Oy has been consolidated in the Proha Group financial statements        
beginning March 31, 2008. In September 2008, Proha Plc's fully owned subsidiary 
Camako Nordic Oy acquired 40 % of the shares in Camako Finland Oy. As a result  
of the acquisitions, Camako Finland became Proha's wholly owned subsidiary.     

The acquisition cost of the shares totaled approx. EUR 0.4 million.             

Approx. EUR 0.3 million of the consideration was paid in cash and approx. EUR   
0.1 million in new Proha Plc shares.                                            

The acquisition of Camako Finland Oy does not have a material impact on the net 
sales or result of the Proha Group in 2008.                                     


--------------------------------------------------------------------------------
|                                 | Fair value   | Carrying     | Carrying     |
|                                 | upon         | amount       | amount       |
|                                 | business     | before       | before       |
|                                 | combination  | business     | business     |
|                                 |              | combination  | combination  |
--------------------------------------------------------------------------------
|                                 |     40 %     |     40 %     |    100 %     |
--------------------------------------------------------------------------------
| Acquisition date                |  31.3.2008   |  31.3.2008   |  31.3.2008   |
--------------------------------------------------------------------------------
| (EUR thousand)                  |              |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets              |              |              |              |
--------------------------------------------------------------------------------
| Tangible assets                 |           24 |            0 |            0 |
--------------------------------------------------------------------------------
| Intangible assets               |            2 |            2 |            6 |
--------------------------------------------------------------------------------
| Current assets                  |              |              |              |
--------------------------------------------------------------------------------
| Trade receivables and other     |           32 |           32 |           80 |
| receivables                     |              |              |              |
--------------------------------------------------------------------------------
| Cash and bank                   |           52 |           52 |          131 |
--------------------------------------------------------------------------------
| Assets total                    |          111 |           87 |          216 |
--------------------------------------------------------------------------------
|                                 |              |              |              |
--------------------------------------------------------------------------------
| Current liabilities             |              |              |              |
--------------------------------------------------------------------------------
| Deferred tax liability          |            6 |            0 |            0 |
--------------------------------------------------------------------------------
| Trade payables and other        |           30 |           30 |           74 |
| liabilities                     |              |              |              |
--------------------------------------------------------------------------------
| Income tax liability            |           13 |           13 |           31 |
--------------------------------------------------------------------------------
| Liabilities total               |           48 |           42 |          105 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair value of net assets        |           62 |           44 |          111 |
--------------------------------------------------------------------------------
| Goodwill  arising on            |           72 |              |              |
| acquisition                     |              |              |              |
--------------------------------------------------------------------------------
| Acquisition cost, total         |          134 |              |              |
--------------------------------------------------------------------------------

The following assets and liabilities were recognized of the acquire on September
30, 2008:                                                                       

--------------------------------------------------------------------------------
|                                 | Fair value   | Carrying     | Carrying     |
|                                 | upon         | amount       | amount       |
|                                 | business     | before       | before       |
|                                 | combination  | business     | business     |
|                                 |              | combination  | combination  |
--------------------------------------------------------------------------------
|                                 |     40 %     |     40 %     |    100 %     |
--------------------------------------------------------------------------------
| Acquisition date                |  31.3.2008   |  31.3.2008   |  31.3.2008   |
--------------------------------------------------------------------------------
| (EUR thousand)                  |              |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets              |              |              |              |
--------------------------------------------------------------------------------
| Tangible assets                 |           24 |            0 |            0 |
--------------------------------------------------------------------------------
| Intangible assets               |            4 |            4 |           11 |
--------------------------------------------------------------------------------
| Current assets                  |              |              |              |
--------------------------------------------------------------------------------
| Trade receivables and other     |           76 |           76 |          190 |
| receivables                     |              |              |              |
--------------------------------------------------------------------------------
| Cash and bank                   |           52 |           52 |          130 |
--------------------------------------------------------------------------------
| Assets total                    |          156 |          132 |          331 |
--------------------------------------------------------------------------------
|                                 |              |              |              |
--------------------------------------------------------------------------------
| Current liabilities             |              |              |              |
--------------------------------------------------------------------------------
| Deferred tax liability          |            6 |              |              |
--------------------------------------------------------------------------------
| Trade payables and other        |           40 |           40 |          101 |
|  liabilities                    |              |              |              |
--------------------------------------------------------------------------------
| Income tax liability            |           11 |           11 |           27 |
--------------------------------------------------------------------------------
| Liabilities total               |           57 |           51 |          127 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair value of net assets        |           99 |           81 |          203 |
--------------------------------------------------------------------------------
| Goodwill  arising on            |          170 |              |              |
| acquisition                     |              |              |              |
--------------------------------------------------------------------------------
| Acquisition cost, total         |          269 |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash paid                       |           68 |              |              |
--------------------------------------------------------------------------------
| Proha Plc shares issued         |           66 |              |              |
--------------------------------------------------------------------------------
| Amount of non-current,          |          269 |              |              |
| non-interest                    |              |              |              |
--------------------------------------------------------------------------------
| bearing liabilities             |              |              |              |
--------------------------------------------------------------------------------
| Acquisition cost, total         |          403 |              |              |
--------------------------------------------------------------------------------
|                                 |              |              |              |
--------------------------------------------------------------------------------
| Cash paid                       |           68 |              |              |
--------------------------------------------------------------------------------
| - Cash acquired with the        |         -131 |              |              |
| subsidiary                      |              |              |              |
--------------------------------------------------------------------------------
| Impact on cash flow from        |          -63 |              |              |
| investing activities 1.1. -     |              |              |              |
| 30.9.2008                       |              |              |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

Camako Data AB                                                                  

In October 2007 Proha acquired full ownership of the Swedish project management 
IT consultancy company, Camako Data AB (Camako). Camako is consolidated in the  
Proha Group financial statements beginning November 1, 2007.                    

The acquisition cost of Camako is estimated at EUR 1.1 million on September 30, 
2008. The acquisition cost of Camako is composed of a fixed portion of          
approximately EUR 0.7 million and of a potential additional purchase price that 
is based on certain performance objectives. If all performance objectives are   
met in full, the additional purchase price will total approximately EUR 0.4     
million.                                                                        

The fixed portion approximately EUR 0.7 million was paid in two installments    
with approx. EUR 0.4 million paid at closing and approx. EUR 0.3 million in     
January 2008.                                                                   

The second installment approx. EUR 0.3 million of the fixed purchase price for  
Camako Data AB was paid partly in shares by issuing 500,000 new Proha shares for
subscription by the seller. According to the terms of the purchase agreement the
subscription price of the shares is the weighted average price of Proha shares  
in NASDAQ OMX Helsinki between January 22 - 28, 2008, i.e. EUR 0.26 per share,  
totaling at approx. EUR 0.1 million. The total amount paid for the shares was   
recorded in the fund for invested non-restricted equity. The remainder of the   
second installment, approx. EUR 0.1 million was paid in cash. Two thirds of the 
new shares include a sales restriction. For the first third it expired on       
October 26, 2008. For the second third it will expire on October 26, 2009.      

According to the estimates on September 30, 2008, the possible additional       
purchase price would be approximately EUR 0.4 million and will be paid at the   
latest in 2009 either in cash or in Proha Plc shares. The estimated additional  
purchase price of approximately 0.4 million is included in the accrued          
liabilities of the non-current liabilities in the Group balance sheet on        
September 30, 2008.                                                             

Project Resource Solutions, Inc.                                                

Proha's Canadian subsidiary Fabcon Canada Limited acquired full ownership of    
Project Resource Solutions, Inc. (PRS) in November 2007. PRS is consolidated in 
the Proha Group financial statements beginning November 20, 2007.               

In November 2007, the fixed part of the purchase price CAD 1.2 million (approx. 
EUR 0.9 million) was paid in cash.                                              

In addition, the agreement contains an earn-out model that will pay the sellers 
30% of PRS gross profits over the 36 months between November 20, 2007 - December
19, 2010. The acquisition cost of PRS is estimated at EUR 1.1 million both on   
December 31, 2007 and September 30, 2008. The acquisition cost of PRS is        
composed of a fixed portion of CAD 1.2 million (approximately EUR 0.8 million)  
and immediate related acquisition costs of EUR 30 thousand. Additionally, on the
date of acquisition EUR 0.2 million were recognized as adjustment to the        
acquisition cost. The EUR 0.2 million adjustment to acquisition cost consists of
additional purchase price based on gross margin between November 20, 2007 and   
December 31, 2008 and is based on the probability of the adjustment and that it 
can be reliably defined. The estimated gross margin is based on actual earnings 
development in November 20, 2007 - September 30, 2008 and on the budget approved
by the Proha Board of Directors for October 1 - December 31, 2008. Of the       
estimated additional purchase price of approximately EUR 0.2 million is included
in the accrued liabilities of the current liabilities in the Group balance sheet
on September 30, 2008.                                                          

COMMITMENTS AND CONTINGENT LIABILITIES                                          

--------------------------------------------------------------------------------
| (EUR thousand)                    |    30.9. |    30.9. |   31.12. |         |
|                                   |     2008 |     2007 |     2007 |         |
--------------------------------------------------------------------------------
| COLLATERAL FOR OWN COMMITENTS     |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Debts secured by corporate        |          |          |          |         |
| mortgages                         |          |          |          |         |
--------------------------------------------------------------------------------
| Loans from financal institutions  |    3 754 |    3 118 |    3 714 |         |
| (*)                               |          |          |          |         |
--------------------------------------------------------------------------------
| Book value of shares of Dovre     |    7 324 |    6 696 |    7 264 |         |
| International AS and Dovre Fabcon |          |          |          |         |
| AS and current assets of Dovre    |          |          |          |         |
| Fabcon AS given as security       |          |          |          |         |
--------------------------------------------------------------------------------
|                                   |          |          |          |         |
--------------------------------------------------------------------------------
| Debts secured by assets           |          |          |          |         |
--------------------------------------------------------------------------------
| Loans and checking account credit |      240 |      259 |      251 |         |
| lines                             |          |          |          |         |
--------------------------------------------------------------------------------
| Book value of trade receivables   |      431 |      577 |      674 |         |
| and fixed assets given as         |          |          |          |         |
| security                          |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Debts secured by shares           |          |          |          |         |
--------------------------------------------------------------------------------
| Loans and checking account credit |          |       12 |          |         |
| lines                             |          |          |          |         |
--------------------------------------------------------------------------------
| Book value of pledged shares      |      511 |      511 |      511 |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Future minimum lease payments     |          |          |          |         |
| under non-cancellable operating   |          |          |          |         |
| leases                            |          |          |          |         |
--------------------------------------------------------------------------------
| Not later than one year           |      251 |      317 |      338 |         |
--------------------------------------------------------------------------------
| Later than one year and not later |      557 |    1 152 |    1 008 |         |
| than five years                   |          |          |          |         |
--------------------------------------------------------------------------------
| Total                             |      807 |    1 469 |    1 346 |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Deposits given as security for    |       19 |          |       19 |         |
| lease agreement                   |          |          |          |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(*) Year 2007 reclassified


DISPUTES AND COURT PROCEEDINGS                                                  

The disputed termination of the employment by Steinar Dalva, the former CEO of  
the Proha's Norwegian subsidiary Safran Software Solutions AS, has been settled.

The company has no disputes or court proceedings ongoing.                       

CHANGES IN TANGIBLE ASSETS                                                      

--------------------------------------------------------------------------------
|                                  | 30.9.2008   | 30.9.2007    | 31.12.2007   |
--------------------------------------------------------------------------------
| Opening balance                  |         356 |          216 |          216 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries      |          25 |           21 |           43 |
--------------------------------------------------------------------------------
| Additions                        |         134 |           99 |          204 |
--------------------------------------------------------------------------------
| Disposals                        |         -27 |            0 |            0 |
--------------------------------------------------------------------------------
| Depreciation and impairment      |         -99 |          -76 |         -103 |
--------------------------------------------------------------------------------
| Translation differences          |         -10 |            3 |           -3 |
--------------------------------------------------------------------------------
| Closing balance                  |         379 |          264 |          356 |
--------------------------------------------------------------------------------


RELATED PARTY TRANSACTIONS                                                      

--------------------------------------------------------------------------------
| Investments in associates, changes:  | 30.9.2008 |  30.9.2007 |   31.12.2007 |
--------------------------------------------------------------------------------
| Carrying value, opening balance      |     1 277 |        982 |          982 |
--------------------------------------------------------------------------------
| Additions                            |       249 |        289 |          373 |
--------------------------------------------------------------------------------
| Share of the associates result       |      -205 |        -87 |          -78 |
--------------------------------------------------------------------------------
| Reclassified to investments in       |       -23 |          0 |            0 |
| subsidiaries                         |           |            |              |
--------------------------------------------------------------------------------
| Translation differences              |       -46 |          0 |            0 |
--------------------------------------------------------------------------------
| Carrying value, closing balance      |     1 253 |      1 185 |        1 277 |
--------------------------------------------------------------------------------
|                                      |           |            |              |
--------------------------------------------------------------------------------
| Transactions with associates:        |  1-9/2008 |   1-9/2008 |    1-12/2007 |
--------------------------------------------------------------------------------
| Sales                                |         4 |          1 |            6 |
--------------------------------------------------------------------------------
| Financial income                     |         0 |          0 |           15 |
--------------------------------------------------------------------------------
| Purchases                            |        32 |         45 |           45 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Open balances with associates:       | 30.9.2008 |  30.9.2007 |   31.12.2007 |


--------------------------------------------------------------------------------
| Trade payables                       |         0 |          3 |            7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transactions with other              |           |            |              |
| related parties:                     |  1-9/2008 |   1-9/2007 |    1-12/2007 |
--------------------------------------------------------------------------------
| Sales                                |        14 |         31 |           74 |
--------------------------------------------------------------------------------
| Consulting fees *)                   |       157 |        216 |          286 |
--------------------------------------------------------------------------------
| Rents for premises *)                |       201 |        183 |          240 |
--------------------------------------------------------------------------------
| Other purchases                      |         3 |          3 |            9 |
--------------------------------------------------------------------------------
| Interest on the convertible loan **) |         0 |         63 |           84 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Open balances with                   |           |            |              |
| other related parties:               | 30.9.2008 |  30.9.2007 |   31.12.2007 |
--------------------------------------------------------------------------------
| Increase in available-for sales      |         0 |         12 |           12 |
| investments                          |           |            |              |
--------------------------------------------------------------------------------
| Trade receivables                    |         0 |          0 |            1 |
--------------------------------------------------------------------------------
| Convertible loan **)                 |         0 |      1 468 |            0 |
--------------------------------------------------------------------------------
| Trade payables                       |         0 |         21 |           32 |
--------------------------------------------------------------------------------

*) The consulting fees and rents have been paid to companies controlled by      
Birger Flaa, the member of the Proha Board of Directors.                        
**) The convertible loan subscribed by the investment company of the former CEO 
was paid in full on December 30, 2007.                                          
INCOME STATEMENT QUARTERLY                                                      

--------------------------------------------------------------------------------
|            |   2008 |   2007 |   2008 |   2007 |   2008 |    2007 |     2007 |
| (EUR       |    7-9 |    7-9 |    4-6 |    4-6 |    1-3 |     1-3 |    10-12 |
| thousand)  |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES  | 14 878 | 12 601 | 16 423 | 11 821 | 15 253 |  11 041 |   15 540 |
--------------------------------------------------------------------------------
| Other      |    134 |      7 |     39 |      8 |     32 |      24 |       40 |
| operating  |        |        |        |        |        |         |          |
| income     |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| Materials  |    -50 |    -42 |   -117 |    -12 |    -35 |     -28 |       -6 |
| and        |        |        |        |        |        |         |          |
| services   |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| Employee   |    -13 |    -11 |    -15 |    -11 |    -13 | -10 077 |  -14 007 |
| benefits   |    308 |    730 |    403 |    043 |    933 |         |          |
| expense    |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| Depreciati |   -166 |   -105 |   -130 |    -99 |   -144 |     -89 |     -127 |
| on and     |        |        |        |        |        |         |          |
| amortisati |        |        |        |        |        |         |          |
| on         |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| Other      |   -921 |   -858 | -1 293 | -1 085 | -1 075 |    -791 |   -1 139 |
| operating  |        |        |        |        |        |         |          |
| expenses   |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| OPERATING  |    567 |   -127 |   -481 |   -410 |     96 |      80 |      301 |
| RESULT     |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| %          |  3,8 % | -1,0 % | -2,9 % | -3,5 % |  0,6 % |   0,7 % |    1,9 % |
--------------------------------------------------------------------------------
| Financing  |    263 |    106 |     29 |    200 |     45 |      44 |      219 |
| income     |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| Financing  |   -103 |   -172 |   -160 |   -159 |   -249 |     -91 |     -512 |
| expenses   |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| Share of   |    -43 |    -40 |    -43 |    -57 |   -105 |       5 |        7 |
| result in  |        |        |        |        |        |         |          |
| associates |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| RESULT     |    685 |   -233 |   -655 |   -426 |   -213 |      37 |       15 |
| BEFORE TAX |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| %          |  4,6 % | -1,8 % | -4,0 % | -3,6 % | -1,4 % |   0,3 % |    0,1 % |
--------------------------------------------------------------------------------
| Tax on     |   -178 |    -58 |   -155 |    -58 |   -178 |    -121 |     -329 |
| income     |        |        |        |        |        |         |          |
| from       |        |        |        |        |        |         |          |
| operations |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| RESULT FOR |    507 |   -291 |   -810 |   -484 |   -391 |     -85 |     -314 |
| THE PERIOD |        |        |        |        |        |         |          |
--------------------------------------------------------------------------------
| %          |  3,4 % | -2,3 % | -4,9 % | -4,1 % | -2,6 % |  -0,8 % |   -2,0 % |
--------------------------------------------------------------------------------


KEY RATIOS                                                                      

--------------------------------------------------------------------------------
|                      |      7-9 |      7-9 |      1-9 |      1-9 |      1-12 |
| (EUR million)        |     2008 |     2007 |     2008 |     2007 |      2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales            |     14,9 |     12,6 |     46,6 |     35,5 |      51,0 |
--------------------------------------------------------------------------------
| Operating result     |      0,6 |     -0,1 |      0,2 |     -0,5 |      -0,2 |
--------------------------------------------------------------------------------
| % of Net sales       |    3,8 % |   -1,0 % |    0,4 % |   -1,3 % |    -0,3 % |
--------------------------------------------------------------------------------
| Result before taxes  |      0,7 |     -0,2 |     -0,2 |     -0,6 |      -0,6 |
--------------------------------------------------------------------------------
| % of Net sales       |    4,6 % |   -1,8 % |   -0,4 % |   -1,8 % |    -1,2 % |
--------------------------------------------------------------------------------
| Result for the       |      0,5 |     -0,3 |     -0,8 |     -0,9 |      -1,2 |
| period               |          |          |          |          |           |
--------------------------------------------------------------------------------
| % of Net sales       |    3,2 % |   -2,3 % |   -1,7 % |   -2,5 % |    -2,3 % |
--------------------------------------------------------------------------------
| Return on equity, %  |   15,0 % |   -7,8 % |   -6,6 % |   -7,6 % |    -7,9 % |
--------------------------------------------------------------------------------
| Return on            |   12,8 % |   -1,1 % |    0,8 % |   -1,3 % |     1,6 % |
| investment, %        |          |          |          |          |           |
--------------------------------------------------------------------------------
| Interest-bearing     |      4,3 |      6,4 |      4,3 |      6,4 |       4,3 |
| liabilities          |          |          |          |          |           |
--------------------------------------------------------------------------------
| Cash and cash        |      3,8 |     10,1 |      3,8 |     10,1 |       5,3 |
| equivalents          |          |          |          |          |           |
--------------------------------------------------------------------------------
| Gearing, %           |    3,8 % |  -24,3 % |    3,8 % |  -24,3 % |    -7,3 % |
--------------------------------------------------------------------------------
| Equity-ratio, %      |   42,9 % |   46,3 % |   42,9 % |   46,3 % |    45,5 % |
--------------------------------------------------------------------------------
| Balance sheet total  |     32,1 |     32,5 |     32,1 |     32,5 |      32,0 |
--------------------------------------------------------------------------------
| Gross investments    |      0,4 |      0,0 |      0,9 |      0,5 |       3,4 |
--------------------------------------------------------------------------------
| % of Net sales       |    2,4 % |    0,1 % |    2,0 % |    1,4 % |     6,7 % |
--------------------------------------------------------------------------------
| R & D costs          |      0,1 |      0,6 |      1,0 |      1,4 |       1,7 |
--------------------------------------------------------------------------------
| % of Net sales       |    0,9 % |    4,5 % |    2,2 % |    3,9 % |     3,4 % |
--------------------------------------------------------------------------------
| Personnel average    |      402 |      333 |      392 |      325 |       333 |
| for the period       |          |          |          |          |           |
--------------------------------------------------------------------------------
| Personnel average at |      405 |      333 |      405 |      333 |       381 |
| the end of the       |          |          |          |          |           |
| period               |          |          |          |          |           |
--------------------------------------------------------------------------------
| Earnings per share, EUR         |          |          |          |           |
--------------------------------------------------------------------------------
|   Basic              |     0,01 |     0,00 |    -0,01 |    -0,01 |     -0,02 |
--------------------------------------------------------------------------------
|   Diluted            |     0,01 |     0,00 |    -0,01 |    -0,01 |     -0,02 |
--------------------------------------------------------------------------------
| Equity per share,    |     0,22 |     0,24 |     0,22 |     0,24 |      0,23 |
| EUR                  |          |          |          |          |           |
--------------------------------------------------------------------------------

Average number of shares:                                                       

--------------------------------------------------------------------------------
|                      | Undiluted                | Diluted                    |
--------------------------------------------------------------------------------
| 7-9/2008             | 61 961 751               | 61 961 751                 |
--------------------------------------------------------------------------------
| 7-9/2007             | 61 218 670               | 61 218 670                 |
--------------------------------------------------------------------------------
| 1-9/2008             | 61 819 946               | 61 819 946                 |
--------------------------------------------------------------------------------
| 1-9/2007             | 61 218 670               | 61 219 643                 |
--------------------------------------------------------------------------------
| 1-12/2007            | 61 218 670               | 61 219 400                 |
--------------------------------------------------------------------------------

Number of shares at the end of the period:                                      

--------------------------------------------------------------------------------
| 30.9.2008                         | 61 961 751                               |
--------------------------------------------------------------------------------
| 30.9.2007                         | 61 218 670                               |
--------------------------------------------------------------------------------
| 31.12.2007                        | 61 218 670                               |
--------------------------------------------------------------------------------


LARGEST SHAREHOLDERS ON SEPTEMBER 30, 2008                                      

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| Name                                    | Number of      | % of all shares   |
|                                         | Shares         | and voting        |
|                                         |                | Rights            |
--------------------------------------------------------------------------------
| Etra-Invest Oy Ab                       |      7 169 886 |              11.6 |
--------------------------------------------------------------------------------
| Dovregruppen AS *)                      |      6 560 646 |              10.6 |
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| Koskelo Ilari                           |      2 024 540 |               3.3 |
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| Etola Erkki                             |      2 000 000 |               3.2 |
--------------------------------------------------------------------------------
| Mäkelä Pekka                            |      1 982 375 |               3.2 |
--------------------------------------------------------------------------------
| Eficor Oyj                              |      1 859 950 |               3.0 |
--------------------------------------------------------------------------------
| Pere Pekka                              |      1 809 692 |               2.9 |
--------------------------------------------------------------------------------
| Navdata Oy **)                          |      1 300 000 |               2.1 |
--------------------------------------------------------------------------------
| Thominvest Oy                           |      1 043 500 |               1.7 |
--------------------------------------------------------------------------------
| Siik Rauni                              |        900 000 |               1.5 |
--------------------------------------------------------------------------------
| Hinkka Petri                            |        889 500 |               1.4 |
--------------------------------------------------------------------------------
| Ruokostenpohja Eero                     |        703 950 |               1.1 |
--------------------------------------------------------------------------------
| Jokinen Reino                           |        530 000 |               0.9 |
--------------------------------------------------------------------------------
| Hinkka Invest Oy                        |        509 790 |               0.8 |
--------------------------------------------------------------------------------
| Siik Seppo                              |        500 000 |               0.8 |
--------------------------------------------------------------------------------
| Astea AS                                |        471 257 |               0.8 |
--------------------------------------------------------------------------------
| Kefura AB                               |        445 000 |               0.7 |
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| Nordea Pankki Suomi Oyj, nominee reg.   |        411 675 |               0.7 |
--------------------------------------------------------------------------------
| Glitnir Pankki Oy                       |        400 000 |               0.6 |
--------------------------------------------------------------------------------
| Olsson Vesa                             |        400 000 |               0.6 |
--------------------------------------------------------------------------------

*) Birger Flaa holds control over Dovregruppen AS                               
**) Ilari Koskelo holds control over Navdata Oy