2009-10-30 08:00:00 CET
2009-10-30 08:02:42 CET
REGULATED INFORMATION
Tekla - Interim report (Q1 and Q3)
Tekla Corporation's Interim Report January 1 - September 30, 2009: Third quarter steady, cautious improvement in sight
Tekla Corporation Interim report October 30, 2009
at 9:00 a.m.
Tekla Corporation's Interim Report January 1 - September 30, 2009:
Third quarter steady, cautious improvement in sight
Net sales of Tekla Group for January-September 2009 totaled 35.78
(43.10) million euros, decreasing by approximately 17%. The operating
result was 4.61 (10.47) million euros, 12.9% (24.3%) of net sales.
Earnings per share were 0.16 (0.35) euros.
Net sales for the third quarter amounted to 11.73 (13.72) million
euros, decreasing by 14.5%. The operating result for the quarter was
2.39 (3.50) million euros, or 20.4% (25.5%) of net sales.
Ari Kohonen, President and CEO, comments on the interim report:
- Stable development continued during the third quarter. Net sales
and profitability did fall short of the year before, but less than
during the first two quarters. This reflects a gradual improvement in
the outlook. It is still too early to say how much the picking up
will influence the net sales and operating result for the last
quarter. Tekla's profitability, cash flow and solidity continue to be
good.
- Cautiousness in forecasting the future is still due, as the
uncertainty of the world economy continues. Customers have not yet
seen an improvement in the situation in their business figures.
However, the demand has stabilized and cautious positive signs can be
seen. Our outlook continues to be good, assuming that the recovery of
the world economy continues.
- The figures of our main business area, Building & Construction, are
slightly better than in the previous quarters, but clearly lower than
last year. From our perspective, it is favorable that Building
Information Modeling (BIM) is consolidating its position in the
building industry.
- During the third quarter, license and maintenance sales remained
steady compared to the first half of the year. The relative drop in
license sales was smaller than during the first half of the year. The
development of net sales was good in several countries in the Middle
and Far East, such as China and Indonesia. Cautious positive signs of
recovery were seen in the US market. South America seems like a
promisingly developing market, and we are boosting our sales
activities there. Development of sales continued to be soft
particularly in the Nordic countries.
- In the Infra & Energy business area, the third quarter was at the
level of the previous year. We are satisfied with I&E's performance
this year. The business area's net sales increased by approximately
11% in January-September and the result improvement was significant.
- The number of personnel increased by four persons during the third
quarter. The average number of employees during the entire reporting
period increased by 35 persons on the previous year, but total costs
were still nearly 5% lower than last year. The lower costs are due to
cost control and compensation level adapted according to
profitability.
As regards the year as a whole, the Board holds to its previously
announced outlook in terms of net sales. Net sales are estimated to
be approximately 50 million euros. The operating result percentage is
estimated to be approximately half compared to previous year.
- - -
Tekla will organize an information meeting for analysts and media at
WTC Helsinki (meeting room 2), Aleksanterinkatu 17, on October 30,
2009, starting at noon.
- - -
TEKLA CORPORATION'S INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2009
NET SALES AND PROFITABILITY
* Net sales of Tekla Group for January-September 2009 were 35.78
million euros (43.10 million euros in January-September 2008).
* Net sales decreased by 17%.
* Operating result was 4.61 (10.47) million euros.
* Operating result percentage was 12.9 (24.3).
* Earnings per share were 0.16 (0.35) euros.
* Return on investment was 22.8 (50.2) percent.
* Return on equity was 15.9 (36.1) percent.
FINANCIAL POSITION
* Cash flow from operating activities totaled 6.43 (7.50) million
euros.
* Liquid assets amounted to 26.18 (25.16) million euros on September
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 72.4 (66.9) percent.
* Interest-bearing debts were 0.12 (0.13) million euros.
* Net effects of changes in exchange rates on net sales and operating
result were small.
OTHER KEY FIGURES
* International operations accounted for 81% (84%) of net sales.
* Personnel averaged 457 (422) for January-September.
* At the end of September, the number of personnel including
part-time staff was 467 (451).
* At year's end, the number of personnel including part-time staff
was 464 (400).
* Gross investments in property, plant and equipment were 1.47 (1.07)
million euros.
* Equity per share was 1.26 (1.22) euros.
* On the last trading day of September, trading closed at 7.00 (6.10)
euros.
BUSINESS AREAS
NET SALES BY BUSINESS AREA
Q1-Q3/ Q1-Q3/ Change 1-12/ Q3/ Q3/
Million euros 2009 2008 2008 2009 2008
Building & Construction 26.44 34.72 -8.28 46.07 8.98 11.02
Infra & Energy 9.39 8.45 0.94 12.95 2.76 2.71
Net sales between segments -0.05 -0.07 0.02 -0.12 -0.01 -0.01
Total 35.78 43.10 -7.32 58.90 11.73 13.72
OPERATING RESULT BY BUSINESS AREA
Q1-Q3/ Q1-Q3/ Change 1-12/ Q3/ Q3/
Million euros 2009 2008 2008 2009 2008
Building & Construction 3.67 9.77 -6.10 12.13 2.19 3.02
Infra & Energy 1.13 0.71 0.42 1.97 0.39 0.48
Others -0.19 -0.01 -0.18 -0.19 0.00
Total 4.61 10.47 -5.86 14.10 2.39 3.50
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, concrete and other 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
uncertainty continues to affect 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 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.
New customers account for an increasing proportion of sales, which is
a positive sign of interest in Tekla's expanding product offering.
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
consolidating its position in the building 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 26.44 (34.72) million euros for
January-September 2009. Net sales decreased by approximately 24%
compared to the corresponding period the previous year. Operating
result was 3.67 (9.77) million euros. B&C's operating result
percentage for the reporting period was 13.9% (28.1%).
During the third quarter, B&C's net sales amounted to 8.98 (11.02)
million euros and its operating result was 2.19 (3.02) million euros,
or 24.4% (27.4%) of net sales. The figures are slightly better than
for the two previous quarters, even though clearly lower than last
year. License and maintenance sales remained steady. The relative
drop of license sales was smaller than during the first half of the
year.
International operations accounted for 96% (96%) of B&C's net sales
in January-September 2009. The development of net sales was good in
several countries in the Middle and Far East, such as China and
Indonesia. Cautious positive signs of recovery were seen in the US
market. South America seems like a promisingly developing market, and
sales activities are boosted there. Development of sales is still
soft in the Nordic countries.
Building Information Modeling (BIM) expands cooperation between the
different parties of the construction process. In order to make this
easier, the interoperability of software is increased and data
exchange between software systems is improved. This way customers are
able to choose the product that is suited the best for a specific
task. As examples of this are the cooperation agreements signed by
Tekla with CAD-Duct and Graphisoft during the reporting period and
with Nemetschek at the end of October.
Measures against software piracy continued both by own efforts and in
cooperation with BSA. It seems that the efforts are bearing fruit,
even though piracy will never be eradicated completely.
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 in
April. 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 Dutch machine tool manufacturer HGG signed an agreement on
continued cooperation during the first months of the year. The aim is
to develop a standardized software solution for the steel tube
industry in Tekla Structures, covering all 3D tubular structures from
design and detailing to automatic fabrication. These are widely used
e.g. in the off-shore industry.
The product development of the Tekla Structures main version to be
released early next year 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 9.39 (8.45) million euros for
January-September 2009. Net sales increased by some 11%. I&E's
operating result improved considerably to 1.13 (0.71) million euros.
International operations accounted for 39% (37%) of net sales. I&E's
operating profit percentage was 12.0% (8.4%).
I&E's third quarter was at the same level with the corresponding
quarter the previous year. Net sales for the quarter amounted to 2.76
(2.71) million euros, and operating result was 0.39 (0.48) million
euros, or 14.1% (17.7%) of net sales. This year, net sales per
quarter seem to be accumulating more evenly than in 2008, due to the
timing of customer product projects for instance.
Latvenergo expanded the use of Tekla Xpower, and the distribution
management system now covers the management of the entire Latvian
distribution network. The Tekla Xpower implementation project with
Vattenfall Europe Berlin (Germany) launched at the beginning of 2009
continued according to plans.
Tekla Xcity won new customers in the public administration when an
expansion to the domain of environmental control and permits was
completed for the system.
In the field of energy distribution, the system integration of Eesti
Energia Jaotusvõrk OÜ proceeded according to plans. In addition,
support for the European network calculation standard (IEC standard)
was completed. In the field of public administration, e-service with
Tekla Xcity is now possible in permit matters (eLupa) more
extensively, while earlier it has been available for building permits
only.
PERSONNEL
The Group personnel averaged 457 (422) for January-September 2009; on
average 189 (170) 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 September 467 (451),
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 September
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 1,187,200 euros on September 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-September 2009 was 7.88
(13.00) euros, the lowest 3.40 (5.80) euros. The average quotation
was 4.82 (9.71) euros. On the last trading day of September, trading
closed at 7.00 (6.10) euros.
A total of 2,292,565 (6,078,136) Tekla shares changed hands in
January-September 2009 at NASDAQ OMX Helsinki Oy, amounting to 10.2%
(26.9%) of the entire share capital.
Nominee registered and foreign owners held 24.53% (25.21%) of all
shares at the end of September 2009.
Flagging Announcements
Tekla Corporation received on September 18, 2009, a notification
according to which the holdings of Threadneedle Asset Management
Holdings Limited and Ameriprice Financial Inc have decreased below
the 10% threshold on September 17, 2009. According to the
notification, the holdings of Threadneedle and Ameriprice total
2,251,721 shares, which represent 9.969% of Tekla's shares and voting
rights.
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 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 will
continue 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 its 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 net sales for the year as a whole, the Board holds to
its previously announced outlook; net sales are estimated to be
approximately 50 million euros. The operating result percentage is
estimated to be approximately half compared to previous year.
Previously, it was estimated that the operating result for 2009 would
be considerably lower than for 2008.
NEXT FINANCIAL REPORT
Tekla Corporation's financial statements bulletin for 2009 will be
published on Friday, February 12, 2010.
Espoo, October 29, 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 Oy, main media
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
CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
CONSOLIDATED INCOME STATEMENT
Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/
Million euros 2009 2008 2008 2009 2008
Net sales 35.78 43.10 58.90 11.73 13.72
Other operating income 0.19 0.69 1.01 0.06 0.15
Change in inventories of
finished goods and in
work in progress 0.04 0.08 -0.04 0.04 0.08
Raw materials and
consumables used -1.42 -1.88 -2.86 -0.33 -0.56
Employee compensation and
benefit expense -20.36 -20.43 -27.84 -6.12 -6.56
Depreciation -1.16 -0.84 -1.17 -0.41 -0.29
Other operating expenses -8.46 -10.25 -13.90 -2.58 -3.04
Operating result 4.61 10.47 14.10 2.39 3.50
% of net sales 12.88 24.29 23.94 20.38 25.51
Financial income 1.57 1.70 2.44 0.31 0.49
Financial expenses -1.23 -1.08 -1.39 -0.37 -0.15
Profit (loss) before taxes 4.95 11.09 15.15 2.33 3.84
% of net sales 13.83 25.73 25.72 19.86 27.99
Income taxes -1.46 -3.13 -4.20 -0.58 -1.09
Result for the period 3.49 7.96 10.95 1.75 2.75
Attributable to:
Owners of the parent 3.49 7.96 10.95 1.75 2.75
Earnings per share for profit
attributable to the owners
of the parent (EUR) 0.16 0.35 0.49 0.08 0.12
Earnings are not diluted.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/
Million euros 2009 2008 2008 2009 2008
Result for the period 3.49 7.96 10.95 1.75 2.75
Other comprehensive income
for the period, net of tax:
Transl. differences 0.08 -0.13 -0.07 0.01 -0.15
Changes in available-for-
sale investments 0.03 -0.04 -0.06 0.04 0.10
Total 0.11 -0.17 -0.13 0.05 -0.05
Total comprehensive income
for the period 3.60 7.79 10.82 1.80 2.70
Attributable to:
Owners of the parent 3.60 7.79 10.82 1.80 2.70
CONDENSED BALANCE SHEET
Million euros 9/2009 9/2008 12/2008
Assets
Non-current assets
Property, plant and
equipment 1.48 1.65 1.70
Goodwill 0.19 0.23 0.19
Intangible assets 2.12 1.01 1.64
Other financial assets 2.91 0.30 0.30
Receivables 0.19 0.29 0.26
Deferred tax assets 0.34 0.23 0.18
Non-current assets, total 7.23 3.71 4.27
Current assets
Inventories 0.07 0.16 0.03
Trade and other
receivables 7.87 12.19 13.87
Tax receivables 0.72 0.10 0.26
Other financial assets 18.85 19.66 19.99
Cash and cash equivalents 4.78 5.54 6.34
Current assets, total 32.29 37.65 40.49
Assets total 39.52 41.36 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 1.98 1.00 1.87
Retained earnings 16.78 16.82 18.89
Equity total 28.33 27.39 30.33
Non-current liabilities
Deferred tax liabilities 0.11 0.04 0.08
Interest-bearing liabilities 0.08 0.08 0.08
Non-current liabilities tot. 0.19 0.12 0.16
Current liabilities
Trade and other payables 10.94 13.58 14.14
Tax liabilities 0.02 0.22 0.09
Current interest-bearing
liabilities 0.04 0.05 0.04
Current liabilities total 11.00 13.85 14.27
Liabilities total 11.19 13.97 14.43
Equity and liabilities total 39.52 41.36 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
Acquisition of
own shares -0.59 -0.59
Total comprehensive
income for the
period -0.04 -0.13 7.96 7.79
Equity September
30, 08 0.68 8.89 1.33 0.26 -0.59 16.82 27.39
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 0.03 0.08 3.49 3.60
Equity September
30, 09 0.68 8.89 1.33 0.27 0.38 16.78 28.33
CONDENSED CASH FLOW STATEMENT
Q1-Q3/ Q1-Q3/ Q1-Q4/
Million euros 2009 2008 2008
Net cash flows from operating
activities 6.43 7.50 9.51
Cash flows from investing activities:
Investments -1.46 -1.07 -2.02
Sale of intangible assets and
property, plant and equipment 0.04 0.00 -0.01
Cash outflow on acquisition -0.15
Purchases of available-for-
sale financial assets -26.24 -38.15 -52.84
Proceeds from sale of
available-for-sale financial assets 24.18 40.51 55.20
Interests received from
available-for-sale financial assets 0.48 0.70 1.05
Net cash used in/from investing
activities -3.00 1.99 1.23
Cash flows from financing activities:
Payment of dividend -5.60 -11.26 -11.26
Own shares -0.59 -0.68
Repayments of long-term debt -0.22 -0.22
Payments of finance lease liabilities -0.03 -0.01 -0.03
Net cash used in financing activities -5.63 -12.08 -12.19
Net decrease/increase in cash and
cash equivalents -2.20 -2.59 -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 4.78 5.84 6.98
The cash and cash equivalents in the
cash flow statement include:
Cash and cash equivalents 4.78 5.54 6.34
Available-for-sale financial assets,
cash equivalents 0.00 0.30 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 revised 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-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/
Million euros 2009 2008 2008 2009 2008
Building & Construction 26.44 34.72 46.07 8.98 11.02
Infra & Energy 9.39 8.45 12.95 2.76 2.71
Net sales between segments -0.05 -0.07 -0.12 -0.01 -0.01
Total 35.78 43.10 58.90 11.73 13.72
Operating result by business area
Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/
Million euros 2009 2008 2008 2009 2008
Building & Construction 3.67 9.77 12.13 2.19 3.02
Infra & Energy 1.13 0.71 1.97 0.39 0.48
Others -0.19 -0.01 -0.19
Total 4.61 10.47 14.10 2.39 3.50
Financial indicators Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/
2009 2008 2008 2009 2008
Earnings per share (EPS),EUR 0.16 0.35 0.49 0.08 0.12
Equity/share, EUR 1.26 1.22 1.35
Interest-bearing liabilities 0.12 0.13 0.12
Equity ratio, % 72.4 66.9 68.4
Net gearing, % -82.9 -91.4 -86.3
Return on investment, % 22.8 50.2 49.0 34.2 58.2
Return on equity, % 15.9 36.1 35.4 25.6 41.7
Number of shares
at the end of the period 22,416,600 22,433,334 22,416,600
Number of shares,
on average 22,416,600 22,508,167 22,485,500
Gross investments, MEUR 1.47 1.07 2.02 0.31 0.47
% of net sales 4.11 2.48 3.43 2.64 3.43
Personnel, on average 457 422 430 455 436
Consolidated income statement by quarter
Q3/ Q2/ Q1/ Q4/ Q3/
Million euros 2009 2009 2009 2008 2008
Net sales 11.73 11.86 12.19 15.80 13.72
Other operating income 0.06 0.05 0.08 0.32 0.15
Change in inventories of
finished goods and in
work in progress 0.04 0.04 -0.04 -0.12 0.08
Raw materials and
consumables used -0.33 -0.47 -0.62 -0.98 -0.56
Employee compensation and
benefit expense -6.12 -7.11 -7.13 -7.41 -6.56
Depreciation -0.41 -0.40 -0.35 -0.33 -0.29
Other operating expenses -2.58 -2.99 -2.89 -3.65 -3.04
Operating result 2.39 0.98 1.24 3.63 3.50
% of net sales 20.38 8.26 10.17 22.97 25.51
Financial income 0.31 0.37 0.89 0.74 0.49
Financial expenses -0.37 -0.25 -0.61 -0.31 -0.15
Profit (loss) before taxes 2.33 1.10 1.52 4.06 3.84
% of net sales 19.86 9.27 12.47 25.70 27.99
Income taxes -0.58 -0.40 -0.48 -1.07 -1.09
Result for the period 1.75 0.70 1.04 2.99 2.75
Income taxes Q1-Q3/ Q1-Q3/ Q1-Q4/
2009 2008 2008
Taxes for the financial
period and prior periods -1.59 -3.34 -4.37
Deferred taxes 0.13 0.21 0.17
Total -1.46 -3.13 -4.20
Property,
plant and equipment 9/2009 9/2008 12/2008
Cost at the beginning
of the period 7.76 7.20 7.20
Translation differences 0.01 -0.03 -0.10
Additions 0.49 0.53 0.75
Disposals -0.14 -0.15 -0.09
Cost at the end of the
period 8.12 7.55 7.76
Accumulated depreciation at
the beginning of the period 6.06 5.41 5.41
Translation differences 0.01 -0.03 -0.10
Accumulated depreciation on
disposals -0.08 -0.07 -0.06
Depreciation for the financial
period 0.65 0.59 0.81
Accumulated depreciation
at the end of the period 6.64 5.90 6.06
Net book amount at the end of
the period 1.48 1.65 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
9/2009 9/2008 12/2008
Collaterals 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 4.75 6.01 5.58
Others 0.62 0.78 0.71
Total 5.37 6.79 6.29
Derivative contracts
Currency forward contracts:
Fair value 0.09 -0.09 -0.14
Nominal value of
underlying instruments 1.80 2.01 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 9/2009 9/2008 12/2008
Gerako Oy
Purchases of services 0.16 0.15 0.21
Management remuneration
Salaries and post-employment
benefits 1.00 1.22 1.47
Management herein refers to members of the Tekla Management Team.
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