2010-10-28 07:45:00 CEST
2010-10-28 07:50:12 CEST
REGULATED INFORMATION
Proha - Interim report (Q1 and Q3)
PROHA INTERIM REPORT (IFRS) JANUARY 1 - SEPTEMBER 30, 2010
Proha Plc Interim Report October 28, 2010 at 8.45 am
PROHA INTERIM REPORT (IFRS) JANUARY 1 - SEPTEMBER 30, 2010
Proha's operating result on target, excluding gain on disposal of investment
(Unless otherwise stated, last year's corresponding period in parentheses.)
SUMMARY
July - September 2010
- Net sales EUR 17.4 (15.3) million - growth 13.6%
- Oil & Gas Services: net sales EUR 16.0 (14.1) million - growth 13.6%
- Software Solutions: net sales EUR 1.5 (1.2) million - growth 17.4%
- Operating result EUR 1.8 (0.5) million - increase EUR 1.3 million
- Result for the period EUR 1.2 (0.0) million
- Gain on disposal of investment from sale of Procountor International Oy
(Procountor) shares increased the operating result and the result by EUR 1.0
million
- Earnings per share EUR 0.02 (-0.00)
January - September 2010
- Net sales EUR 52.2 (45.5) million - growth 14.9%
- Oil & Gas Services: net sales EUR 47.4 (41.3) million - growth 14.7%
- Software Solutions: net sales EUR 5.0 (4.2) million - growth 20.6%
- Operating result EUR 3.2 (0.0) million - increase EUR 3.2 million
- Result for the period EUR 2.2 (-0.5) million
- Earnings per share EUR 0.04 (-0.01)
Proha does not change its earlier guidance: Net sales in 2010 are expected to
grow from 2009. The operating result for 2010 is expected to be between 4.5 -
6.5% of the Group's net sales. The result for the full year is expected to be
between 3.0 - 5.0% of the net sales.
The interim report is unaudited.
KEY RATIOS
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (EUR million) | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Net sales | 17.4 | 15.3 | 52.2 | 45.5 | 60.7 |
--------------------------------------------------------------------------------
| Operating result | 1.8 | 0.5 | 3.2 | 0.0 | 0.3 |
--------------------------------------------------------------------------------
| % of Net sales | 10.1% | 3.0% | 6.0% | 0.0% | 0.4% |
--------------------------------------------------------------------------------
| Result for the period | 1.2 | 0.0 | 2.2 | -0.5 | -0.7 |
--------------------------------------------------------------------------------
| % of Net sales | 7.0% | 0.1% | 4.3% | -1.1% | -1.2% |
--------------------------------------------------------------------------------
| Cash flow from operations | -0.3 | 0.1 | 1.9 | -1.5 | -1.3 |
--------------------------------------------------------------------------------
| Debt-equity ratio | -17.3% | 1.6% | -17.3% | 1.6% | -2.0% |
| (Gearing), % | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | | | | | |
--------------------------------------------------------------------------------
| Basic | 0.02 | -0.00 | 0.04 | -0.01 | -0.01 |
--------------------------------------------------------------------------------
| Diluted | 0.02 | -0.00 | 0.04 | -0.01 | -0.01 |
--------------------------------------------------------------------------------
ILKKA TOIVOLA, CEO
In Q3, the development of our operating result was on target, excluding the
gain on disposal of investment. Regarding the net sales Q3 has usually been one
of the lowest quarters for Proha. Despite of this, September was particularly
good across all Proha business units, which is a strong indicator for achieving
the targeted result for the year.
In the third quarter of 2010, the operating result for the Proha Group was
positive by about EUR 1.8 million, and the net sales grew by 14% compared to Q3
in 2009. Even excluding the gain on disposal of investment regarding Proha's
sale of its share in Procountor International Oy, Proha's operating result was
positive by EUR 0.8 million.
In the third quarter, the net sales of the Oil & Gas Services division grew by
14% compared to Q3 in 2009. The demand for the division's services grew steadily
internationally, and especially well in Canada. The Oil & Gas Services business
has started well both in Australia and in Sakhalin, Russia. In Q3, the net sales
of the Software Solutions division grew by 17% from last year, and it made a
positive result. The improvement in the Group's earnings across the two
divisions was mainly due to overall growing demand and partially to increased
efficiency of the Group's operations.
FUTURE OUTLOOK
The key market areas of Proha's business (Canada, the United States, the Nordic
Countries, Russia, and Australia) all expect their GDP to grow this year.
Increased demand in the process industry indicates an overall positive economic
development for Proha's Oil & Gas Services division.
Based on market forecasts, we expect the Oil & Gas Services' business to grow in
2010. Oil price has been holding between USD 70 to 90 per barrel for some time
now, thus providing a good foundation for continuing investment. OPEC expects
global oil consumption to grow by 1.3% in 2010 and by 1.2% in 2011.
IT sector, which is significant for Proha's Software Solutions division, is
expected to experience a slight growth in most North European countries. Both
Safran and Camako expect growth in 2010, as the need for software solutions and
related services is projected to grow.
The Group continues the measures to improve the organizational and functional
efficiency of those business units that are not performing as expected.
Net sales in 2010 are expected to grow from 2009. The operating result for 2010
is expected to be between 4.5 - 6.5% of the Group's net sales. The result for
the full year is expected to be between 3.0 - 5.0% of the net sales.
This future outlook is based on forecasts approved by Proha's Board of
Directors.
NET SALES
July - September, 2010
In Q3, the Group's net sales increased by 13.6% totaling EUR 17.4 (15.3)
million. The Oil & Gas Services division accounted for 92 (92) % and the
Software Solutions division for 8 (8) % of the Group's net sales. Net sales for
Oil & Gas Services increased by 13.6% totaling EUR 16.0 (14.1) million. Net
sales for Software Solutions grew by 17.4% totaling EUR 1.5 (1.2) million.
January - September, 2010
During the period under review, the Group's net sales increased by 14.9%
totaling EUR 52.2 (45.5) million. The Oil & Gas Services division accounted for
91(91) % and the Software Solutions division for 9 (9) % of the Group's net
sales. Net sales for Oil & Gas Services increased by 14.7% totaling EUR 47.4
(41.3) million. Net sales for Software Solutions grew by 20.6% totaling EUR 5.0
(4.2) million.
Approximately three quarters of the growth in net sales incurred from positive
variations in exchange rates, especially the Canadian dollar and the Norwegian
crown having strengthened in comparison to euro. While net sales in Canada,
Russia and Australia grew significantly, net sales in Norway and the US fell
compared to January - September, 2009.
Distribution of net sales by business segments
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | Change | 1-9 | 1-9 | Change | 1-12 |
| (EUR million) | 2010 | 2009 | % | 2010 | 2009 | % | 2009 |
--------------------------------------------------------------------------------
| Oil & Gas | 16.0 | 14.1 | 13.6 | 47.4 | 41.3 | 14.7 | 54.9 |
| Services | | | | | | | |
--------------------------------------------------------------------------------
| Software | 1.5 | 1.2 | 17.4 | 5.0 | 4.2 | 20.6 | 5.9 |
| Solutions | | | | | | | |
--------------------------------------------------------------------------------
| Other | 0.3 | 0.1 | | 0.3 | 0.2 | 84.9 | 0.1 |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Net sales | -0.3 | -0.1 | | -0.5 | -0.2 | -140.5 | -0.2 |
| between | | | | | | | |
| segments | | | | | | | |
--------------------------------------------------------------------------------
| Group total | 17.4 | 15.3 | 13.6 | 52.2 | 45.5 | 14.9 | 60.7 |
--------------------------------------------------------------------------------
Distribution of net sales by geographical segments
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (EUR million) | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| EMEA | 7.3 | 8.4 | 24.7 | 26.1 | 34.8 |
--------------------------------------------------------------------------------
| AMERICAS | 9.5 | 7.1 | 26.0 | 20.0 | 26.5 |
--------------------------------------------------------------------------------
| APAC | 0.8 | 0.1 | 2.1 | 0.4 | 0.7 |
--------------------------------------------------------------------------------
| Net sales between | -0.2 | -0.3 | -0.5 | -0.9 | -1.3 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Group total | 17.4 | 15.3 | 52.2 | 45.5 | 60.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (% of net sales) | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| EMEA | 41.9% | 54.9% | 47.3% | 57.3% | 57.3% |
--------------------------------------------------------------------------------
| AMERICAS | 54.8% | 46.6% | 49.7% | 43.9% | 43.6% |
--------------------------------------------------------------------------------
| APAC | 4.5% | 0.7% | 4.0% | 0.8% | 1.2% |
--------------------------------------------------------------------------------
| Net sales between | -1.2% | -2.1% | -0.9% | -2.1% | -2.1% |
| segments | | | | | |
--------------------------------------------------------------------------------
| Group total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
--------------------------------------------------------------------------------
PROFITABILITY
Operating result July - September, 2010
In Q3, the Group's operating result was EUR 1.8 (0.5) million. Oil & Gas
Services' operating result was EUR 0.8 (0.7) million. Software Solutions'
operating result was EUR 0.1 (-0.1) million. Operating result for other
operations was EUR 0.9 (-0.1) million.
The gain on disposal of investment from the sale of Proha's share in Procountor
improved the operating result for other operations by EUR 1.0 million.
Operating result January - September, 2010
The operating result was EUR 3.2 (0.0) million. Oil & Gas Services' operating
result was EUR 2.6 (0.9) million. Software Solutions' operating result was EUR
0.4 (-0.4) million. Operating result for other operations was EUR 0.4 (-0.4)
million.
In addition to the gain on disposal of investment from the sale of Procountor
shares, the improvement in the Group's operating result was due to overall
growing demand and to increased efficiency of the Group's operations.
Distribution of operating result by business segments
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | Change | 1-9 | 1-9 | Change | 1-12 |
| (EUR million) | 2010 | 2009 | % | 2010 | 2009 | % | 2009 |
--------------------------------------------------------------------------------
| Oil & Gas | 0.8 | 0.7 | 20.6 | 2.6 | 0.9 | 182.2 | 1.6 |
| Services | | | | | | | |
--------------------------------------------------------------------------------
| Software | 0.1 | -0.1 | 170.9 | 0.4 | -0.4 | 186.8 | -0.3 |
| Solutions | | | | | | | |
--------------------------------------------------------------------------------
| Other | 0.9 | -0.1 | | 0.4 | -0.4 | 203.4 | -0.8 |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Operating | -0.1 | 0.0 | -86.4 | -0.1 | -0.1 | -23.8 | -0.2 |
| result between | | | | | | | |
| segments | | | | | | | |
--------------------------------------------------------------------------------
| Group total | 1.8 | 0.5 | 273.5 | 3.2 | 0.0 | | 0.3 |
--------------------------------------------------------------------------------
Result July - September, 2010
The Group's result before taxes was EUR 1.5 (0.1) million and after taxes EUR
1.2 (0.0) million. The gain on disposal of investment from the sale of Proha's
share in Procountor improved the operating result by EUR 1.0 million.
The Group's earnings per share was EUR 0.02 (0.00).
The Group's return on investment (ROI) was 40.0 (12.1) %.
Result January - September, 2010
The Group's result before taxes was EUR 3.2 (-0.3) million and after taxes EUR
2.2 (-0.5) million.
The Group's earnings per share was EUR 0.04 (-0.01).
The Group's return on investment (ROI) was 23.2 (10.3) %.
CASH FLOW, FINANCING AND INVESTMENTS
On September 30, 2010, the Proha Group balance sheet total was EUR 31.6 (30.2)
million. The cash and cash equivalents for the Group totaled EUR 5.2 (3.1)
million at the end of Q3. In addition, the parent company and the subsidiaries
have unused credit limits.
The equity ratio was 52.6 (45.6) %. The debt-equity ratio (gearing) was -17.3
(1.6) %. On September 30, 2010, the interest-bearing liabilities amounted to EUR
2.3 (3.3) million, accounting for 14.3 (24.1) % of the Group's shareholders'
equity and liabilities. Of the interest-bearing liabilities, EUR 0.5 (1.1)
million were non-current and EUR 1.9 (2.2) million current.
During the period under review, the Group's cash and cash equivalents increased
by EUR 1.4 (-0.1) million.
The cash flow from operating activities was EUR 1.9 (-1.5) million. This
includes the EUR -0.1 (-1.7) million change in working capital. EUR 0.5 million
were paid in taxes.
The cash flow from investing activities was EUR 0.4 (-0.06) million. Gross
investments totaled EUR 0.2 (1.6) million.
The cash flow from financing activities was EUR -0.9 (1.5) million. The Group
drew new loans worth of EUR 0.3 million and paid back existing loans worth of
EUR 1.2 million.
The balance sheet goodwill totaled EUR 7.3 (6.6) million on September 30, 2010.
No indications of impairment of assets exist.
RESEARCH AND DEVELOPMENT
During the period under review, the Group's research and development costs were
EUR 0.2 (0.2) million, representing 1 (1) % of the Group's net sales. A total of
EUR 0.1 (0.4) million of capitalized research and development costs were in the
balance sheet at the end of the period.
The Group's R&D costs consist of the R&D of Safran and Camako in the Software
Solutions division. The development of Safran Project 3.7 version has progressed
well. Camako has released a new version of its EPM product (Camako EPM 4.2.2).
PERSONNEL
The Group's personnel expenses were EUR 46.7 (42.1) million in January 1 -
September 30, 2010.
The personnel expenses of the Oil & Gas Services division were EUR 42.7 (38.4)
million. The personnel expenses of the Software Solutions division were 3.5
(3.4) million. The personnel expenses of the other operations were EUR 0.5 (0.3)
million.
During the period under review, the number of personnel averaged 420 (412).
Distribution of personnel by segment (average)
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | | 1-9 | 1-9 | |
| | 2010 | 2009 | Change % | 2010 | 2009 | Change % |
--------------------------------------------------------------------------------
| Oil & Gas | 359 | 344 | 4.5 | 351 | 334 | 5.0 |
| Services | | | | | | |
--------------------------------------------------------------------------------
| Software | 55 | 63 | -11.5 | 57 | 63 | -9.3 |
| Solutions | | | | | | |
--------------------------------------------------------------------------------
| Other operations | 5 | 6 | -11.1 | 4 | 5 | -20.0 |
--------------------------------------------------------------------------------
| Total | 420 | 412 | 1.9 | 412 | 402 | 2.5 |
--------------------------------------------------------------------------------
On September 30, 2010, Proha employed 416 (419) people worldwide. Of these, 355
(348) were employed by the Oil & Gas Services division, 55 (65) by the Software
Solutions division, and 6 (6) by the Group administration.
BUSINESS PERFORMANCE
The demand for the services of the Oil & Gas Services division has been steady
all over the world. Business has been active especially in Canada and in other
international markets. This has generated new assignments for Dovre.
Operations in Canada have grown well, and customers are investing in both
Alberta oil sands projects and new oil production development projects in
Newfoundland (such as ExxonMobil's Kearl and Hebron projects). Operations in
the US have now stabilized and aim for growth.
In international markets, Dovre has responded to the demands of its major
customers, and projects by new business entities have already produced positive
results. There is a strong demand for professional project management services
especially in Australia and South-East Asia. Gas projects in Papua New Guinea
are being started up from Brisbane, Australia, and oil and gas projects are also
ongoing on Sakhalin Island, Russia. To respond to customer demand, Dovre is
investigating the possibility of establishing itself in the Middle East.
As already announced during Q2, Dovre Norway has signed three three-year global
frame agreements with Statoil instead of the two previous ones. These new
agreements cover Project Management, Supply Chain Management and Project Control
services. This deal provides Dovre with a firm basis for continued growth in
Norway. Overall, Norwegian markets show increased activity, also for the
management consulting services. Dovre Norway will concentrate on further
increasing its profitability by focusing on sales efforts.
The net sales of the Software Solutions division grew in Q3. Especially Safran
had a strong quarter, with the company's result exceeding expectations. Safran
is actively developing its business and this includes both market expansion
outside Norway and entry into shipbuilding and energy industries, both of which
are closely related to the oil and gas industry. To increase the export of its
services, the company will concentrate on developing sales channels in new
countries. Camako had a satisfactory Q3 and made a positive result. Sales
developed well regarding Camako EPM, which adds further functionality to
existing Microsoft Project Server customers. Camako's clients have shown
increased interest in the new Microsoft Project 2010 software. Camako has
secured new contracts with Nordic companies.
The work started in 2009 to streamline the Group structure proceeds according to
plan. The reorganization of the Group's legal structure has begun globally. The
Group's financing and financial management will be developed towards a global
Group structure instead of separate companies. Also, the harmonization of the
Group's financial reporting processes and systems has begun. The improvement of
the cost structure across all business units continues.
SHARES, SHARE CAPITAL, AND AUTHORIZATION TO ISSUE SHARES
On January 1, 2010 and on September 30, 2010, the subscribed capital of Proha
Plc was EUR 15,916,854.20 and the total number of Proha Plc shares 61,961,751.
Trading and market capitalization
In January - September, 2010, approximately 29.7 million Proha shares were
traded on the NASDAQ OMX Helsinki Ltd., corresponding to an exchange of
approximately EUR 10.7 million.
From January 1 to September 30, 2010, the lowest quotation was EUR 0.29 and the
highest quotation was EUR 0.41. On September 30, 2010, the closing quotation was
EUR 0.39.
The period-end market capitalization was approximately EUR 24.4 million.
Shareowners
On September 30, 2010, the number of registered shareholders of Proha Plc
totaled 3,146 including nominee registers (6). 1.3% of the Group's shares are
nominee-registered.
Option rights
During Q3, Proha Plc management and key persons were granted 860,000 option
rights
under the 2010 A-series option plan.
At the end of the period under review, a total of 2,450,000 options were
outstanding under the 2010 option plan. The company has in reserve 1,590,000 of
these. In addition, a total of 1,977,000 options were outstanding under the 2007
option plan at the end of the period. The company has in reserve 384,000 of
these.
The Authorization of the Board of Directors
The Board of Directors has the authorization to issue shares through issuance of
shares or special rights entitling to shares until April 17, 2012.
In the beginning of the period under review, a total of 11,500,563 shares or
special rights entitling to shares were remaining of the authorization. At the
end of the period, a total of 10,640,653 shares or special rights entitling to
shares were remaining of the authorization. This change was due to the number
of 2010A options granted in Q3.
CORPORATE GOVERNANCE
Proha complies with the Corporate Governance Code of the Finnish Securities
Market Association, with the following exceptions:
Recommendation 14: The majority of the Board is not independent of the company.
Of the four Board members, the Board's Chair Hannu Vaajoensuu and the Vice-Chair
Antti Manninen are independent of the company and its significant shareholders.
The Board does not have any designated board committees. The establishment of
committees
has not been deemed necessary due to the size of the company and the Board.
Proha's corporate governance principles are available on the company website at
www.proha.com.
SHORT-TERM RISKS AND UNCERTAINTIES
The success of the Oil & Gas Services division is influenced by the energy
sector market as well as investment levels in the oil and gas industry. Oil &
Gas Services expands its business to new markets. Growth in new markets requires
investment and also includes operational risks.
A significant share of the Oil & Gas Services' net sales comes from a few major
clients. Dovre has extensive global delivery agreements with these clients.
Dovre is thus highly dependent on its key customers and the long-term frame
agreements signed with them.
Proha and Dovre have not been involved in the BP project in the Gulf of Mexico.
Thus, the project does not raise liability issues for the Group.
In general, the oil and gas industry is risk intensive, and single projects may
experience delays or accidents. Such situations may affect the net sales of the
Oil & Gas Services division.
As for the Software Solutions division, IT market forecasts indicate that
investment levels are steady and may even grow slightly. Clients' financial
situation varies from client to client. However, customers seem to consider
project management development as a very important competitive advantage.
During the period under review, Proha did not use any currency hedging. The
euro, the Norwegian crown, the US dollar, and the Canadian dollar are the most
important currencies for the Group. Currency fluctuations can affect the
company's net sales. Receivables and payables in foreign currencies can also
result in translation profits or losses.
EVENTS AFTER THE PERIOD
Proha Plc changes its classification with NASDAQ OMX Helsinki Ltd. on November
1, 2010. The Group's new sector is Industrials and the new sub-industry code is
20202020 (Research and Consulting Services).
Proha was previously classified under the Information Technology sector. The
Group applied for the change, because 90% of the Group's net sales is
generated by the Oil & Gas Services division. This division consists of Dovre
companies providing professionals and services for the oil and gas industry.
Dovre group is the recognized partner of major energy companies in their large
investment projects worldwide.
Proha's Software Solutions division, which includes Safran and Camako, continues
to offer enterprise level project management consulting and software in the
Nordic countries. This division represents about 10% of Proha's turnover.
Espoo, October 28, 2010
Proha Plc
Board of Directors
For additional information, please contact:
PROHA PLC
Ilkka Toivola, CEO
Tel. +358 (0)20 436 2000
ilkka.toivola@proha.com
Distribution:
NASDAQ OMX Helsinki
Major media
SUMMARY FINANCIAL STATEMENT AND NOTES
The interim report has been prepared in line with the International IFRS
Standards and the same accounting principles have been applied as in the 2009
financial statements. Key indicator calculations remain unchanged and have been
presented in the 2009 financial statements.
Segment reporting
As of January 1, 2010, the Group's reporting structure has been changed so that
Oil & Gas Services (Dovre), Software Solutions (Safran and Camako) and other
operations constitute separate reportable segments. The information for the
first, second and third quarter as well as the financial period of January 1 -
September 30, 2010 has been presented according to this segment division.
Income statement presentation
In the 2009 financial statements, and different from earlier practice, the
Group's share of profit of associates was presented as part of the Group's
operating result. The information for January 1 - September 30, 2010 and the
comparatives for 2009 have been re-stated so as to correspond to this
presentation.
GROUP COMPREHENSIVE INCOME STATEMENT
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | Change| 1-9 | 1-9 | Change | 1-12 |
| (EUR thousand) | 2010 | 2009 | % | 2010 | 2009 | % | 2009 |
--------------------------------------------------------------------------------
| NET SALES |17 376 | 15 300| 13.6 | 52 225 | 45 469 | 14.9 | 60 738 |
| | | | | | | | |
--------------------------------------------------------------------------------
| Other operating | 1 070 | -47 |-2 366.4 1 119| 45 | 2 384.9| 208 |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Share of results | 0 | 0 | | 0 | -100 | 100.0 | -100 |
| in associates | | | | | | | |
--------------------------------------------------------------------------------
| Material and | -10 | -68 | -84.9 | -62 | -126 | -50.7 | -156 |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Employee |-15 809|-13 966| 13.2 |-46 756 |-42 111 | 11.0 |-55 735 |
| benefits expense | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -158 | -160 | -1.4 | -419 | -488 | -14.1 | -650 |
| amortisation | | | | | | | |
--------------------------------------------------------------------------------
| Impairment | 0 | 0 | 0 | 0 | 0 | | -118 |
--------------------------------------------------------------------------------
| Other operating | -706 | -604 | 17.0 | -2 952 | -2 676 | 10.3 | -3 924 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| OPERATING RESULT | 1 762 | 454 | -287.7| 3 155 | 13 |-24311.8| 263 |
| | | | | | | | |
--------------------------------------------------------------------------------
| Financing income | 232 | 59 | 293.3 | 686 | 476 | 44.2 | 887 |
--------------------------------------------------------------------------------
| Financing | -502 | -391 | 28.4 | -642 | -781 | -17.8 | -1 240 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| RESULT BEFORE | 1 493 | 123 |-1 114.8 3 199 | -292 | 1 194.1| -90 |
| TAX | | | | | | | |
--------------------------------------------------------------------------------
| Tax on income | -269 | -108 | 148.8 | -972 | -199 | 387.4 | -659 |
| from operations | | | | | | | |
--------------------------------------------------------------------------------
| RESULT FOR THE | 1 224 | 15 |-8 239.6 2 227 | -492 | 552.8 | -749 |
| PERIOD | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | | |
| comprehensive | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Exchange | -223 | 380 | | 381 | 1 229 | | 1 593 |
| differences on | | | | | | | |
| translating | | | | | | | |
| foreign | | | | | | | |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Other | -223 | 380 | | 381 | 1 229 | | 1 593 |
| comprehensive | | | | | | | |
| income for the | | | | | | | |
| period, net of | | | | | | | |
| tax | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 1 001 | 395 | | 2 608 | 738 | | 844 |
| COMPREHENSIVE | | | | | | | |
| INCOME FOR THE | | | | | | | |
| PERIOD | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ALLOCATION OF | | | | | | | |
| RESULT | | | | | | | |
| FOR THE PERIOD | | | | | | | |
--------------------------------------------------------------------------------
| Result | 1221 | -85 | 1 532.0 2231 | -611 | 465.1 | -871 |
| attributable to | | | | | | | |
| equity holders | | | | | | | |
| of the parent | | | | | | | |
--------------------------------------------------------------------------------
| Result | 3 | 100 | -97.4 | -4 | 119 | -103.3 | 121 |
| attributable to | | | | | | | |
| minority | | | | | | | |
| interest | | | | | | | |
--------------------------------------------------------------------------------
| Total | 1224 | 15 |-8 238.8 2227 | -492 | 552.8 | -749 |
| | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ALLOCATION OF | | | | | | | |
| COMPREHENSIVE | | | | | | | |
| RESULT FOR THE | | | | | | | |
| PERIOD | | | | | | | |
--------------------------------------------------------------------------------
| Result | 1 014 | 301 | 237.4 | 2 607 | 618 | 322.1 | 721 |
| attributable to | | | | | | | |
| equity holders | | | | | | | |
| of the parent | | | | | | | |
--------------------------------------------------------------------------------
| Result | -13 | 94 | 113.9 | 1 | 120 | 99.2 | 123 |
| attributable to | | | | | | | |
| minority | | | | | | | |
| interest | | | | | | | |
--------------------------------------------------------------------------------
| Total | 1001 | 395 | -153.6| 2608 | 738 | 253.6 | 844 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share | | | | | | | |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Undiluted | 0.02 | 0.00 | | 0.04 | -0.01 | 460.0 | -0.01 |
--------------------------------------------------------------------------------
| Diluted | 0.02 | 0.00 | | 0.04 | -0.01 | 460.0 | -0.01 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive | | | | | | | |
| earnings/share | | | | | | | |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Undiluted | 0.02 | 0.00 | 237.4 | 0.04 | 0.01 | 322.1 | 0.01 |
--------------------------------------------------------------------------------
| Diluted | 0.02 | 0.00 | 237.4 | 0.04 | 0.01 | 321.7 | 0.01 |
--------------------------------------------------------------------------------
AVERAGE NUMBER OF SHARES
Average number of shares:
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | 1-12 | |
| | 2010 | 2009 | 2009 | |
--------------------------------------------------------------------------------
| Undiluted | 61 961 751 | 61 961 751 | 61 961 751 | |
--------------------------------------------------------------------------------
| Diluted | 61 990 989 | 61 961 751 | 61 961 751 | |
--------------------------------------------------------------------------------
| Number of shares at the end of the period |
--------------------------------------------------------------------------------
| | 30.9.2010 | 30.9.2009 | 31.12.2009 | |
--------------------------------------------------------------------------------
| Undiluted | 61 961 751 | 61 961 751 | 61 961 751 | |
--------------------------------------------------------------------------------
| Diluted | 62 034 362 | 61 961 751 | 61 961 751 | |
--------------------------------------------------------------------------------
GROUP BALANCE SHEET
--------------------------------------------------------------------------------
| | 30.9. | 30.9. | Change | 31.12. |
| (EUR thousand) | 2010 | 2009 | % | 2009 |
--------------------------------------------------------------------------------
| ASSETS | | *) | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 1 549 | 2 013 | -23.0 | 1 696 |
--------------------------------------------------------------------------------
| Goodwill | 7 346 | 6 554 | 12.1 | 7 022 |
--------------------------------------------------------------------------------
| Tangible assets | 148 | 249 | -40.5 | 198 |
--------------------------------------------------------------------------------
| Investments in associates | 933 | 933 | 0.0 | 933 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 126 | 210 | -40.1 | 211 |
--------------------------------------------------------------------------------
| Trade receivables and other | 233 | 448 | -47.9 | 260 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Deferred tax asset | 525 | 339 | 55.1 | 398 |
--------------------------------------------------------------------------------
| Non-current assets | 10 860 | 10 744 | 1.1 | 10 718 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Trade receivables and other | 15 511 | 16 288 | -4.8 | 15 250 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Tax receivable, income tax | 40 | 143 | -71.7 | 185 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 5 171 | 3 067 | 68.6 | 3 758 |
--------------------------------------------------------------------------------
| Current assets | 20 723 | 19 498 | 6.3 | 19 193 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 31 583 | 30 242 | 4.4 | 29 911 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 15 917 | 15 917 | 0.0 | 15 917 |
--------------------------------------------------------------------------------
| Share premium account | 0 | 0 | | 0 |
--------------------------------------------------------------------------------
| Fair value reserve and other | 5 164 | 5 201 | -0.7 | 5 193 |
| reserves | | | | |
--------------------------------------------------------------------------------
| Translation differences | 538 | -369 | -245.8 | -140 |
--------------------------------------------------------------------------------
| Retained earnings | -5 465 | -7 327 | 25.4 | -7 449 |
--------------------------------------------------------------------------------
| Equity attributable to equity | 16 153 | 13 422 | 20.3 | 13 520 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | 195 | 192 | 1.8 | 195 |
--------------------------------------------------------------------------------
| Shareholders' equity | 16 349 | 13 614 | 20.1 | 13 714 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 717 | 675 | 6.3 | 669 |
--------------------------------------------------------------------------------
| Long-term liabilities, | 471 | 1 127 | -58.2 | 608 |
| interest-bearing | | | | |
--------------------------------------------------------------------------------
| Long-term liabilities, | 36 | 629 | -94.2 | 153 |
| interest-free | | | | |
--------------------------------------------------------------------------------
| Liabilities from defined | 1 373 | 1 240 | 10.7 | 1 290 |
| benefit plan | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 2 598 | 3 671 | -29.2 | 2 720 |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Short-term interest-bearing | 1 868 | 2 161 | -13.5 | 2 878 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 10 053 | 10 602 | -5.2 | 10 181 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Tax liability, income tax | 714 | 194 | 268.2 | 317 |
--------------------------------------------------------------------------------
| Current provisions | 0 | | | 100 |
--------------------------------------------------------------------------------
| Current liabilities | 12 636 | 12 957 | -2.5 | 13 477 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 31 583 | 30 242 | 4.4 | 29 911 |
--------------------------------------------------------------------------------
| *) Balance sheet classification changed | | | |
--------------------------------------------------------------------------------
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
a) Share capital
b) Share premium account
c) Unrestricted equity fund
d) Fair value reserve and other reserves
e) Translation differences
f) Retained earnings
g) Equity attributable to equity holders of the parent
h) Minority interest
i) Shareholders' equity total
--------------------------------------------------------------------------------
| | a) | b) | c) | d) | e) |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 916 | 4 379 | 227 | 196 | -1 154 |
| 1.1.2009 | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income | 1 | 0 | -38 | 0 | 785 |
--------------------------------------------------------------------------------
| Share based payments | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Share premium accounts | 0 | -4 780 | 0 | 4 780 | 0 |
--------------------------------------------------------------------------------
| Transfers between | 0 | 401 | 36 | 0 | 0 |
| items | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 917 | 0 | 225 | 4 976 | -369 |
| 30.9.2009 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | f) | g) | h) | i) | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | -6 683 | 12 756 | 72 | 12 828 | |
| EQUITY 1.1.2009 | | | | | |
--------------------------------------------------------------------------------
| Comprehensive | -117 | 631 | 120 | 751 | |
| income | | | | | |
--------------------------------------------------------------------------------
| Share based | 35 | 35 | 0 | 35 | |
| payments | | | | | |
--------------------------------------------------------------------------------
| Share premium | 0 | 0 | 0 | 0 | |
| accounts | | | | | |
--------------------------------------------------------------------------------
| Transfers | -437 | 0 | 0 | 0 | |
| between items | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | -7 327 | 13 422 | 192 | 13 614 | |
| EQUITY 30.9.2009 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | a) | b) | c) | d) | e) |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 15 917 | 0 | 217 | 4 976 | -140 |
| EQUITY 1.1.2010 | | | | | |
--------------------------------------------------------------------------------
| Comprehensive | 0 | 0 | 9 | 0 | 678 |
| income | | | | | |
--------------------------------------------------------------------------------
| Share based | 0 | 0 | 0 | 0 | 0 |
| payments | | | | | |
--------------------------------------------------------------------------------
| Share premium | 0 | 0 | 0 | 0 | 0 |
| accounts | | | | | |
--------------------------------------------------------------------------------
| Transfers between | 0 | 0 | -38 | 0 | 0 |
| items | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 15 917 | 0 | 188 | 4 976 | 538 |
| EQUITY 30.9.2010 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | f) | g) | h) | i) | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | -7 449 | 13 520 | 195 | 13 714 | |
| EQUITY 1.1.2010 | | | | | |
--------------------------------------------------------------------------------
| Comprehensive | 1 920 | 2 607 | 1 | 2 608 | |
| income | | | | | |
--------------------------------------------------------------------------------
| Share based | 26 | 26 | 0 | 26 | |
| payments | | | | | |
--------------------------------------------------------------------------------
| Share premium | 0 | 0 | 0 | 0 | |
| accounts | | | | | |
--------------------------------------------------------------------------------
| Transfers between | 38 | 0 | 0 | 0 | |
| items | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | -5 465 | 16 153 | 195 | 16 349 | |
| EQUITY 30.9.2010 | | | | | |
--------------------------------------------------------------------------------
GROUP CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (EUR thousand) | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | | | |
--------------------------------------------------------------------------------
| | Operating result | 1 762 | 455 | 3 155 | 13 | 263 |
--------------------------------------------------------------------------------
| | Adjustments, total | -789 | 434 | -519 | 980 | 1 375 |
--------------------------------------------------------------------------------
| | Change in net working |-1 220 | -646 | -107 | -1 686 | -1 531|
| | capital, total | | | | | |
--------------------------------------------------------------------------------
| | Interest paid | -32 | -96 | -118 | -223 | -281 |
--------------------------------------------------------------------------------
| | Interest received | -20 | 8 | 28 | 37 | 39 |
--------------------------------------------------------------------------------
| | Other financial expenses paid | -65 | -3 | -83 | -13 | -267 |
--------------------------------------------------------------------------------
| | Other financial income | 79 | 0 | 88 | 1 | 55 |
| | received | | | | | |
--------------------------------------------------------------------------------
| | Income taxes paid | -67 | -66 | -521 | -576 | -975 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | -325 | 85 | 1 922 | -1 468 | -1 322|
| | | | | | |
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | | | |
--------------------------------------------------------------------------------
| | Investments in tangible and | 0 | -119 | -250 | -220 | -147 |
| | intangible assets | | | | | |
--------------------------------------------------------------------------------
| | Proceeds from | 792 | 0 | 792 | 0 | 0 |
| | available-for-sale financial | | | | | |
| | assets | | | | | |
--------------------------------------------------------------------------------
| | Acquisition of subsidiaries | -95 | 0 | -214 | -6 | -179 |
| | net cash acquired *) | | | | | |
--------------------------------------------------------------------------------
| | Investments in other | 0 | 0 | 0 | 0 | -75 |
| | investments | | | | | |
--------------------------------------------------------------------------------
| | Increase (-) / decrease (+) | 0 | -17 | 0 | 161 | 214 |
| | in loan receivables | | | | | |
--------------------------------------------------------------------------------
| | Dividends received | 0 | 0 | 23 | 6 | 6 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | 697 | -136 | 351 | -59 | -180 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | | | |
--------------------------------------------------------------------------------
| | Proceeds from short-term | 0 | 14 | 300 | 1 801 | 2 467 |
| | loans | | | | | |
--------------------------------------------------------------------------------
| | Repayments of short-term | -541 | 0 | -1 160| -326 | -326 |
| | loans | | | | | |
--------------------------------------------------------------------------------
| Cash flow from financing activities | -541 | 14 | -860 | 1 475 | 2 142 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | -169 | -37 | 1 414 | -51 | 640 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 5340 | 3104 | 3 758 | 3 118 | 3 118 |
| beginning of the period | | | | | |
--------------------------------------------------------------------------------
| Foreign exchange rate adjustment | 125 | -120 | 125 | -120 | 50 |
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | -294 | 83 | 1 289 | 69 | 590 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of | 5171 | 3067 | 5 171 | 3 067 | 3 758 |
| the period | | | | | |
--------------------------------------------------------------------------------
| *) Additional purchase price for | | | |
| earlier acquisitions | | | |
--------------------------------------------------------------------------------
GROUP INCOME STATEMENT QUARTERLY
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2009 |
| (EUR thousand) | 1-3 | 1-3 | 4-6 | 4-6 | 7-9 | 7-9 | 10-12 |
--------------------------------------------------------------------------------
| NET SALES |16 295 | 15 183| 18 554| 14 986 | 17 376 | 15 300 | 15 269 |
| | | | | | | | |
--------------------------------------------------------------------------------
| Other operating | 13 | 46 | 36 | 46 | 1 070 | -47 | 163 |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Share of result | 0 | -51 | 0 | -49 | 0 | 0 | 0 |
| in associates | | | | | | | |
--------------------------------------------------------------------------------
| Materials and | -41 | -58 | -11 | 0 | -10 | -68 | -30 |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Employee |-14 626|-14 126|-16 321| -14 019|-15 809 |-13 966 |-13 623 |
| benefits expense | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -125 | -146 | -136 | -181 | -158 | -160 | -298 |
| amortization | | | | | | | |
--------------------------------------------------------------------------------
| Other operating | -991 |-1 040 |-1 255 | -1 032 | -706 | -604 | -1 248 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| OPERATING RESULT | 526 | -192 | 867 | -249 | 1 762 | 455 | 232 |
--------------------------------------------------------------------------------
| % | 3.2% | -1.3% | 4.7% | -1.7% | 10.1% | 3.0% | 1.5% |
--------------------------------------------------------------------------------
| Financing income | 234 | 366 | 220 | 51 | 232 | 59 | 411 |
--------------------------------------------------------------------------------
| Financing | -38 | -195 | -102 | -195 | -502 | -391 | -459 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| RESULT BEFORE | 721 | -22 | 985 | -394 | 1 493 | 123 | 185 |
| TAX | | | | | | | |
--------------------------------------------------------------------------------
| % | 4.4% | -0.1% | 5.3% | -2.6% | 8.6% | 0.8% | 1.2% |
--------------------------------------------------------------------------------
| Tax on income | -265 | -21 | -437 | -71 | -269 | -108 | -455 |
| from operations | | | | | | | |
--------------------------------------------------------------------------------
| RESULT FOR THE | 456 | -42 | 548 | -464 | 1 224 | 15 | -270 |
| PERIOD | | | | | | | |
--------------------------------------------------------------------------------
| % | 2.8% | -0.3% | 3.0% | -3.1% | 7.0% | 0.1% | -1.8% |
--------------------------------------------------------------------------------
GROUP COMMITMENTS AND CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| (EUR thousand) | 30.9. | 30.9. | 31.12. |
| | | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Collateral for own commitments | | | |
--------------------------------------------------------------------------------
| Debts secured by corporate mortgages | | | |
--------------------------------------------------------------------------------
| | Loans from financial institutions | 2 257 | 2 699 | 2 951 |
--------------------------------------------------------------------------------
| | Book value of shares of Dovre Group AS | 6 377 | 6 399 | 7 186 |
| | and Dovre Fabcon AS and current assets | | | |
| | of Dovre Fabcon AS given as security | | | |
--------------------------------------------------------------------------------
| Debts secured by assets | | | |
--------------------------------------------------------------------------------
| | Loans and checking account credit lines | 82 | 236 | 0 |
--------------------------------------------------------------------------------
| | Book value of trade receivables and | 839 | 509 | 650 |
| | fixed assets given as security | | | |
--------------------------------------------------------------------------------
| Debts secured by shares | | | |
--------------------------------------------------------------------------------
| | Loans and checking account credit lines | 0 | 434 | 515 |
--------------------------------------------------------------------------------
| | Book value of pledged shares | 933 | 511 | 933 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Future minimum lease payments under | | | |
| non-cancellable operating leases | | | |
--------------------------------------------------------------------------------
| | Not later than one year | 264 | 190 | 316 |
--------------------------------------------------------------------------------
| | Later than one year and not later than | 975 | 675 | 1 096 |
| | five years | | | |
--------------------------------------------------------------------------------
| Total | 1 239 | 866 | 1 412 |
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
--------------------------------------------------------------------------------
| Investments in associates | 30.9.2010 | 30.9.2009 | 31.12.2009 | |
--------------------------------------------------------------------------------
| Carrying value, opening balance | 933 | 1 342 | 1 342 | |
--------------------------------------------------------------------------------
| Additions | 0 | 53 | 0 | |
--------------------------------------------------------------------------------
| Disposals | 0 | -439 | -310 | |
--------------------------------------------------------------------------------
| Share of profit / loss in | 0 | -91 | -100 | |
| associates | | | | |
--------------------------------------------------------------------------------
| Translation differences | 0 | 67 | 0 | |
--------------------------------------------------------------------------------
| At the end of the financial year | 933 | 933 | 933 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transactions with other related | 1-9/2010 | 1-9/2009 | 1-12/2009 | |
| parties | | | | |
--------------------------------------------------------------------------------
| Purchases | | | | |
--------------------------------------------------------------------------------
| Consulting fees and rents*) | 0 | -15 | 149 | |
--------------------------------------------------------------------------------
| Consulting fees and | 0 | 245 | 335 | |
| reimbursments**) | | | | |
--------------------------------------------------------------------------------
| Consulting fees and | 0 | 0 | 20 | |
| reimbursments***) | | | | |
--------------------------------------------------------------------------------
| Other | 0 | 117 | 0 | |
--------------------------------------------------------------------------------
| Total | 0 | 347 | 504 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Open balances with the related | 30.9.2010 | 30.9.2009 | 31.12.2009 | |
| parties | | | | |
--------------------------------------------------------------------------------
| Trade payables | 0 | 0 | 9 | |
--------------------------------------------------------------------------------
| *) 2009 consulting fees and rents have been paid to the companies | |
| controlled by Birger Flaa, a former member of the board in Proha Plc | |
| (resigned June 16, 2009) | |
--------------------------------------------------------------------------------
| **) 2009 consulting fees and rents have been paid to a company | |
| controlled by Otto Søberg, the former CEO of Dovre Group AS (resigned | |
| October 9, 2009) | |
--------------------------------------------------------------------------------
| ***) 2009 consulting fees and rents have been paid to Havacment Oy, a | |
| company controlled by Hannu Vaajoensuu, a member of the board in Proha | |
| Plc. | |
--------------------------------------------------------------------------------
GROUP KEY FINANCIAL PERFORMANCE INDICATORS
-------------------------------------------------------------- |
| 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (EUR million) | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------
| Net sales | 17.4 | 15.3 | 52.2 | 45.5 | 60.7 |
--------------------------------------------------------------
| Operating result | 1.8 | 0.5 | 3.2 | 0.0 | 0.3 |
--------------------------------------------------------------
| % of Net sales | 10.1% | 3.0% | 6.0% | 0.0% | 0.4% |
--------------------------------------------------------------
| Result before | 1.5 | 0.1 | 3.2 | -0.3 | -0.1 |
| taxes | | | | | |
--------------------------------------------------------------
| % of Net sales | 8.6% | 0.8% | 6.1% | -0.6% | -0.1% |
--------------------------------------------------------------
| Result for the | 1.2 | 0.0 | 2.2 | -0.5 | -0.7 |
| period | | | | | |
--------------------------------------------------------------
| % of Net sales | 7.0% | 0.1% | 4.3% | -1.1% | -1.2% |
--------------------------------------------------------------
| Return on equity, | 30.9% | 0.8% | 19.8% | -4.8% | -5.6% |
| % | | | | | |
--------------------------------------------------------------
| Return on | 40.0% | 12.1% | 23.2% | 10.3% | 6.7% |
| investment, % | | | | | |
--------------------------------------------------------------
| Interest-bearing | 2.3 | 3.3 | 2.3 | 3.3 | 3.5 |
| liabilities | | | | | |
--------------------------------------------------------------
| Cash and cash | 5.2 | 3.1 | 5.2 | 3.1 | 3.8 |
| equivalents | | | | | |
--------------------------------------------------------------
| Debt-equity ratio |-17.3% | 1.6% | -17.3% | 1.6% | -2.0% |
| (Gearing), % | | | | | |
--------------------------------------------------------------
| Equity-ratio, % | 52.6% | 45.6% | 52.6% | 45.6% | 46.5% |
--------------------------------------------------------------
| Balance sheet | 31.6 | 30.2 | 31.6 | 30.2 | 29.9 |
| total | | | | | |
--------------------------------------------------------------
| Gross investments | -0.2 | 0.1 | 0.2 | 1.6 | 3.5 |
--------------------------------------------------------------
| % of Net sales | -1.2% | 0.6% | 0.5% | 3.6% | 5.7% |
--------------------------------------------------------------
| R & D costs | 0.2 | 0.2 | 0.6 | 0.5 | 0.8 |
--------------------------------------------------------------
| % of Net sales | 1.0% | 1.0% | 1.1% | 1.0% | 1.3% |
--------------------------------------------------------------
| Personnel average | 420 | 412 | 411 | 402 | 404 |
| for the period | | | | | |
--------------------------------------------------------------
| Personnel at the | 416 | 419 | 416 | 419 | 408 |
| end of the period | | | | | |
-------------------------------------------------------------
| Earnings per | | | | | |
| share, EUR | | | | | |
--------------------------------------------------------------
| Basic | 0.02 | 0.00 | 0.04 | -0.01 | -0.01 |
--------------------------------------------------------------
| Diluted | 0.02 | 0.00 | 0.04 | -0.01 | -0.01 |
--------------------------------------------------------------
| Equity per share, | 0.26 | 0.22 | 0.26 | 0.22 | 0.22 |
| EUR | | | | | |
--------------------------------------------------------------
LARGEST SHAREHOLDERS AS OF SEPTEMBER 30, 2010
--------------------------------------------------------------------------------
| | Shareholder | Shares | % Holding |
--------------------------------------------------------------------------------
| 1 | Etola Erkki | 16 600 000 | 26.8% |
--------------------------------------------------------------------------------
| | Etra Capital Oy *) | 15 000 000 | 24.2% |
--------------------------------------------------------------------------------
| | Etola Erkki | 1 600 000 | 2.6% |
--------------------------------------------------------------------------------
| 2 | Koskelo Ilari | 4 262 590 | 6.9% |
--------------------------------------------------------------------------------
| | Koskelo Ilari | 2 962 590 | 4.8% |
--------------------------------------------------------------------------------
| | Navdata Oy **) | 1 300 000 | 2.1% |
--------------------------------------------------------------------------------
| 3 | Mäkelä Pekka | 1 982 375 | 3.2% |
--------------------------------------------------------------------------------
| 4 | Siik Rauni | 1 175 000 | 1.9% |
--------------------------------------------------------------------------------
| 5 | Thominvest Oy | 1 043 500 | 1.7% |
--------------------------------------------------------------------------------
| 6 | Hinkka Petri | 1 000 000 | 1.6% |
--------------------------------------------------------------------------------
| 7 | FIM Pankki Oy | 813 000 | 1.3% |
--------------------------------------------------------------------------------
| 8 | Siik Seppo Sakari | 715 000 | 1.2% |
--------------------------------------------------------------------------------
| 9 | Ruokostenpohja Ismo | 678 950 | 1.1% |
--------------------------------------------------------------------------------
| 10 | FIM Nordic Sijoitusrahasto | 636 974 | 1.0% |
--------------------------------------------------------------------------------
| 11 | Paasi Kari | 620 000 | 1.0% |
--------------------------------------------------------------------------------
| 12 | Virkki Risto | 600 000 | 1.0% |
--------------------------------------------------------------------------------
| 13 | Hinkka Invest Oy | 583 390 | 0.9% |
--------------------------------------------------------------------------------
| 14 | Vaajoensuu Hannu | 545 000 | 0.9% |
--------------------------------------------------------------------------------
| | Havacment Oy ***) | 215 000 | 0.3% |
--------------------------------------------------------------------------------
| | Vaajoensuu Henri ***) | 165 000 | 0.3% |
--------------------------------------------------------------------------------
| | Vaajoensuu Petra ***) | 165 000 | 0.3% |
--------------------------------------------------------------------------------
| 15 | Manninen Antti | 500 500 | 0.8% |
--------------------------------------------------------------------------------
| | Manninen Antti | 300 000 | 0.5% |
--------------------------------------------------------------------------------
| | Amlax Oy ****) | 200 500 | 0.3% |
--------------------------------------------------------------------------------
| 16 | Oy Etsmo Ab | 500 000 | 0.8% |
--------------------------------------------------------------------------------
| 17 | Kefura Ab | 475 000 | 0.8% |
--------------------------------------------------------------------------------
| 18 | Jokinen Reino | 460 000 | 0.7% |
--------------------------------------------------------------------------------
| 19 | Olsson Vesa | 400 000 | 0.6% |
--------------------------------------------------------------------------------
| 20 | Saikko Risto Olavi | 395 065 | 0.6% |
--------------------------------------------------------------------------------
| | 20 largest shareholders (total) | 33 986 344 | 54.9% |
--------------------------------------------------------------------------------
| | Nominee registered shares (total) | 792 680 | 1.3% |
--------------------------------------------------------------------------------
| | Total remaining | 27 182 727 | 43.9% |
--------------------------------------------------------------------------------
| | TOTAL | 61 961 751 | 100.0% |
--------------------------------------------------------------------------------
*) Erkki Etola holds control in Etra Capital Oy.
**) Ilari Koskelo, member of Proha's Board of Directors, holds control in
Navdata Oy.
***) Hannu Vaajoensuu, Chairman of Proha's Board of Directors, holds control in
Havacment Oy. Henri and Petra Vaajoensuu, Hannu Vaajoensuu's family members
living in the same household with him, own directly and through Havacment Oy a
total of 545,000 Proha Plc shares.
****) Antti Manninen, member of Proha's Board of Directors, holds control in
Amlax Oy, which has entered into forward trading contracts that, once matured,
will result in the company owning a total of 513,000 shares of Proha Plc. In
accordance with their terms and conditions, the forward trading contracts will
mature on December 17, 2010.
© 2024 Nasdaq, Inc. All Rights Reserved |