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