2007-05-03 08:08:00 CEST
2007-05-03 08:08:00 CEST
REGULATED INFORMATION
Proha - Quarterly report
PROHA PLC FINANCIAL STATEMENTS (IFRS) JANUARY 1, - MARCH 31,2007
Period January - March 2007, continuing operations of Proha: - The net sales for the continuing operations of Proha grew by 48% and were EUR 11.0 million (7.5 million in corresponding period 2006). - The net sales for Dovre Consulting and Services division grew by 48% and were EUR 10.1 (6.8) million. - The net sales for Safran Systems division grew by 44% and were EUR 1.0 (0.7) million. - The operating result for the continuing operations of Proha was EUR 0.1 (0.1) million. - The operating result for Dovre Consulting and Services division was EUR 0.6 (0.6) million. The operating result for Safran Systems division was EUR -0.3 (0.0) million. The operating result for other operations was EUR -0.3 (-0.5) million. Period January - March 2007, Proha Group: - Group net sales decreased by 32% due to the divestment of Artemis in 2006 and were EUR 11.0 million (EUR 16.3 million in January - March 2006). - The Group operating result improved clearly and was EUR 0.1 (-1.6) million. PROHA CEO PEKKA PERE: Following the large reorganizations last year, the year 2007 has started as anticipated. The considerable growth of the continuing operations of Proha has substantially offset the decrease in net sales caused by the divestment of unprofitable Artemis sub-group. Also the Group profitability improved clearly compared to the first quarter of 2006. The new group structure with Dovre division being responsible for the project management services and Safran division for the project management software business has clarified the Group strategy, structure and management. The positive development and fast growth of Dovre Consulting and Services division continued. Also the division's prospects for the year 2007 remain positive. For its part, Safran Systems division is investing in international expansion and software development as well as in commercialization of new SafranOne products. The essential theme for the year 2007 is the strengthening of international business and utilization of synergies between the divisions. KEY RATIOS FOR THE CONTINUING OPERATIONS -------------------------------------------------------------------------------- | | 1-3 | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | (EUR million) | 2007 | 2006 | Change % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 11.0 | 7.5 | 47.9 % | 41.0 | -------------------------------------------------------------------------------- | Operating | | | | | -------------------------------------------------------------------------------- | result | 0.1 | 0.1 | 14.6 % | -0.3 | -------------------------------------------------------------------------------- | % of | | | | | -------------------------------------------------------------------------------- | net sales | 0.7 % | 0.9 % | | -0.8 % | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | before taxes | 0.0 | 0.0 | 152.9 % | -0.6 | -------------------------------------------------------------------------------- | Result for the | | | | | -------------------------------------------------------------------------------- | period | -0.1 | -0.1 | 39.4 % | -1.1 | -------------------------------------------------------------------------------- | Return on | | | | | -------------------------------------------------------------------------------- | equity % | -2.2 % | -3.5 % | | -7.1 % | -------------------------------------------------------------------------------- | Return on | | | | | -------------------------------------------------------------------------------- | investment % | 2.3 % | 1.4 % | | -0.5 % | -------------------------------------------------------------------------------- | Cash and cash | | | | | -------------------------------------------------------------------------------- | equivalents | 11.7 | 3.0 | 296.6 % | 12.0 | -------------------------------------------------------------------------------- | Debt-equity | | | | | -------------------------------------------------------------------------------- | ratio % | -31.7 % | 10.6 % | | -38.7 % | -------------------------------------------------------------------------------- | Equity- | | | | | -------------------------------------------------------------------------------- | ratio % | 47.5 % | 61.2 % | | 47.0 % | -------------------------------------------------------------------------------- | Basic | | | | | -------------------------------------------------------------------------------- | earnings per | | | | | -------------------------------------------------------------------------------- | share, EUR | -0.001 | -0.002 | | -0.018 | -------------------------------------------------------------------------------- | Diluted | | | | | -------------------------------------------------------------------------------- | earnings per | | | | | -------------------------------------------------------------------------------- | share, EUR | -0.001 | -0.002 | | -0.018 | -------------------------------------------------------------------------------- | Equity per | | | | | -------------------------------------------------------------------------------- | share, EUR | 0.25 | 0.25 | | 0.25 | -------------------------------------------------------------------------------- KEY RATIOS OF THE PROHA GROUP -------------------------------------------------------------------------------- | | 1-3 | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | (EUR million) | 2007 | 2006 | Change % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 11.0 | 16.3 | -32.3 % | 58.2 | -------------------------------------------------------------------------------- | Operating | | | | | -------------------------------------------------------------------------------- | result | 0.1 | -1.6 | 105.0 % | 11.6 | -------------------------------------------------------------------------------- | % of net sales | 0.7 % | -9.9 % | | 20,0 % | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | before taxes | 0.0 | -1.7 | 102.2 % | 12.0 | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | for the period | -0.1 | -2.1 | 96.0 % | 11.0 | -------------------------------------------------------------------------------- | Return on | | | | | -------------------------------------------------------------------------------- | equity % | -2.2 % | -235.4 % | | 111.2 % | -------------------------------------------------------------------------------- | Return on | | | | | -------------------------------------------------------------------------------- | investment % | 2.3 % | -40.9 % | | 72.8 % | -------------------------------------------------------------------------------- | Cash and cash | | | | | -------------------------------------------------------------------------------- | equivalents | 11.7 | 6.9 | 70.1 % | 12.0 | -------------------------------------------------------------------------------- | Debt-equity | | | | | -------------------------------------------------------------------------------- | ratio % | -31.7 % | 76.6 % | | -38.2 % | -------------------------------------------------------------------------------- | Equity-ratio % | 47.5 % | 6.9 % | | 47.3 % | -------------------------------------------------------------------------------- | Basic earnings | | | | | -------------------------------------------------------------------------------- | per share, EUR | -0.001 | -0.034 | | 0.179 | -------------------------------------------------------------------------------- | Diluted earnings | | | | | -------------------------------------------------------------------------------- | per share, EUR | -0.001 | -0.034 | | 0.179 | -------------------------------------------------------------------------------- | Equity per | | | | | -------------------------------------------------------------------------------- | share, EUR | 0.25 | 0.04 | | 0.25 | -------------------------------------------------------------------------------- IFRS REPORTING The interim report has been prepared according to IAS 34 standard and same accounting principles have been applied as in the year 2006 financial statements. The information presented in the interim report is unaudited. Artemis sub-group, that was divested on June 30, 2006, was classified as discontinued operations in the year-end financial statements of 2006. Thus the year 2006 comparative figures present continuing and discontinued operations separately. After the divestment of Artemis Proha Group has not had any discontinued operations and consequently the figures for the period January 1, - March 31, 2007 include the Group's continuing operations only. On October 26, 2006 Proha published its new strategy, according to which two divisions (Dovre Consulting and Services Division and Safran Systems Division) were established in the fourth quarter of 2006. The reporting structure for the Group has been altered to follow the new divisional structure so that Dovre Consulting and Services, Safran Systems, other operations as well as discontinued operations each form a separate reporting business segment. Other operations consist mainly of Proha Group administration. The figures for the review period January 1, - March 31, 2007 together with their comparative data are presented according to the new divisional structure. BUSINESS PERFORMANCE Proha's net sales mainly consist of oil and gas sector project management business. Dovre Consulting and Services Division accounted for approximately 91% (93%) and Safran Systems Division 9% (7%) of the net sales of the Group continuing operations. Dovre Consulting and Services Division Dovre Consulting and Services division consists of Norwegian Dovre International AS and Dovre Fabcon AS together with their international subsidiaries. In the first quarter of 2007, approximately 90% (90%) of the business of Dovre Consulting and Services division came from oil and gas sector and approximately 10% (10%) from other project management sales. In the first quarter of 2007, the demand in the oil and gas sector has continued strong. The level of investments in the oil and gas industry remains high. The development of Dovre Consulting and Services division has continued steady during the first quarter of 2007. The merger of Statoil and Norsk Hydro, the two important customers for Dovre, has advanced as planned and it has not impacted the operations of Dovre Consulting and Services division. Outside the oil and gas sector Dovre won three new projects from the Norwegian Ministry of Finance. Otherwise largest part of the new project contracts have been covered by the existing frame agreements. The business operations in Canada have developed as planned. The anticipated shift in geographical focus of the project operations from North-East Canada to Alberta has advanced as planned. In the USA, the project operations within the oil and gas industry have continued strong. Dovre's business in the USA consists mainly of work done for the large international oil companies like ExxonMobile, Chevron and ConocoPhillips. Dovre is involved in their projects e.g. in the Sakhalin project, in West Africa and in China on Bohai Bay. Safran Systems division Safran Systems business is operated by the parent company, Datamar Oy and Norwegian Safran Software Solutions AS. Safran Software Solutions AS develops and sells project management software specifically for the needs of oil and gas industry and ship building industry. The Group parent company and Datamar Oy develop and sell products in the SafranOne family of products, mobile solutions based on intelligent SMS technology (iSMS) and RescuePlanner applications directed to safety and rescue operations. NET SALES Net sales for Proha Group and its continuing operations were EUR 11.0 million. Group net sales decreased by 32% due to the divestment in 2006 and were EUR 11.0 million (EUR 16.3 million in January - March 2006). However, the strong growth in the net sales of Dovre Consulting and Services division partly offset the decline in Group net sales. The net sales for the continuing operations grew by 48% and were EUR 11.0 (7.5) million. Distribution of net sales for the continuing operations by revenue type (EUR million and % of net sales): -------------------------------------------------------------------------------- | | 1-3 | % | 1-3 | % | 1-12 | % | -------------------------------------------------------------------------------- | | 2007 | | 2006 | | 2006 | | -------------------------------------------------------------------------------- | Services | 10.6 | 95.8 | 7.3 | 97.2 | 40.1 | 97.7 | -------------------------------------------------------------------------------- | One time | | | | | | | -------------------------------------------------------------------------------- | license | | | | | | | -------------------------------------------------------------------------------- | revenue | 0.1 | 1.2 | 0.1 | 0.7 | 0.3 | 0.6 | -------------------------------------------------------------------------------- | Recurring | | | | | | | -------------------------------------------------------------------------------- | license | | | | | | | -------------------------------------------------------------------------------- | revenue | 0.3 | 3.0 | 0.2 | 2.1 | 0.7 | 1.7 | -------------------------------------------------------------------------------- | Total | 11.0 | 100.0 | 7.5 | 100.0 | 41.0 | 100.0 | -------------------------------------------------------------------------------- In the first quarter of 2007, the service revenue was EUR 10.6 (7.3) million or 96% (97%) of the net sales. In the first quarter of 2007, the license sales amounted to EUR 0.4 (0.3) million, accounting for 4% (3%) of the net sales. The share of one-time licenses was EUR 0.1 (0.1) million and that of recurring licenses EUR 0.3 (0.2) million. Distribution of net sales by segment: -------------------------------------------------------------------------------- | | 1-3 | 1-3 | Change | 1-12 | -------------------------------------------------------------------------------- | (EUR million) | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dovre | 10.1 | 6.8 | 47.5 | 38.1 | -------------------------------------------------------------------------------- | Safran | 1.0 | 0.7 | 44.0 | 3.0 | -------------------------------------------------------------------------------- | Others | 0.0 | 0.0 | -57.3 | 0.5 | -------------------------------------------------------------------------------- | Discontinued | | | | | -------------------------------------------------------------------------------- | operations | 0.0 | 8.8 | -100.0 | 17.2 | -------------------------------------------------------------------------------- | Inter-segment | | | | | -------------------------------------------------------------------------------- | net sales | -0.1 | -0.1 | | -0.6 | -------------------------------------------------------------------------------- | Group total | 11.0 | 16.3 | -32.3 | 58.2 | -------------------------------------------------------------------------------- The net sales of Dovre Consulting and Services Division grew by 48% and totaled EUR 10.1 (6.8) million in the first quarter of 2007. Safran Systems Division net sales grew by 44% and totaled EUR 1.0 (0.7) million in the first quarter of 2007. Distribution of net sales by geographical segments: -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | (EUR million) | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EMEA | 8.8 | 13.0 | 43.1 | -------------------------------------------------------------------------------- | AMERICAS | 2.8 | 1.7 | 12.9 | -------------------------------------------------------------------------------- | APAC | 0.5 | 1.7 | 5.4 | -------------------------------------------------------------------------------- | Net sales | | | | -------------------------------------------------------------------------------- | between segments | -1.1 | 0.0 | -3.2 | -------------------------------------------------------------------------------- | Group total | 11.0 | 16.3 | 58.2 | -------------------------------------------------------------------------------- Distribution of net sales by geographical segments (% of net sales): -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | (% of net sales) | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EMEA | 80.1 % | 79.8 % | 80.1 % | -------------------------------------------------------------------------------- | AMERICAS | 25.3 % | 10.3 % | 25.3 % | -------------------------------------------------------------------------------- | APAC | 4.3 % | 10.1 % | 4.3 % | -------------------------------------------------------------------------------- | Net sales | | | | -------------------------------------------------------------------------------- | between segments | -9.6 % | -0.2 % | -9.6 % | -------------------------------------------------------------------------------- | Group total | 100.0 % | 100.0 % | 100.0 % | -------------------------------------------------------------------------------- PROFITABILITY Operating result In first quarter of 2007, the operating result of Proha Group and the continuing operations was EUR 0.1 million. For the corresponding period in 2006, Group operating result of EUR -1.6 million consisted of the operating result for the continuing operations EUR 0.1 million and that for the discontinued operations EUR -1.7 million. Distribution of operating result by segment: -------------------------------------------------------------------------------- | | 1-3 | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | (EUR million) | 2007 | 2006 | Change % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dovre | 0.6 | 0.6 | 4.9 | 2.2 | -------------------------------------------------------------------------------- | Safran | -0.3 | 0.0 | 595.0 | -0.6 | -------------------------------------------------------------------------------- | Others | -0.3 | -0.5 | -43.1 | -2.0 | -------------------------------------------------------------------------------- | Discontinued | | | | | -------------------------------------------------------------------------------- | operations | 0.0 | -1.7 | -100.0 | 12.0 | -------------------------------------------------------------------------------- | Group total | 0.1 | -1.6 | -105.0 | 11.6 | -------------------------------------------------------------------------------- The operating result of Dovre Consulting and Services Division was EUR 0.6 (0.6) million. The operating result of Safran Systems Division was EUR -0.3 (0.0) million. The operating result for other operations was EUR -0.3 (-0.5) million consisting mainly of the expenses for the Group administration. Result for the period under review In the first quarter of 2007, the result before tax for Proha Group was EUR 0.0 (-1.7) million and after tax EUR -0.1 (-2.1) million. For the continuing operations the result before taxes was EUR 0.0 (0.0) million and result after tax was EUR -0.1 (-0.1) million. Earnings per share Group earnings per share was EUR -0.001 (-0.034). For the continuing operations the earnings per share were EUR -0.001 (-0.002). Group return on investment (ROI) was 2.3% (-40.9%). CASH FLOW, FINANCING AND INVESTMENTS On March 31, 2007, the Group balance sheet total was EUR 32.7 (39.6) million. On March 31, 2007, the Group cash and cash equivalents totaled EUR 11.7 (6.9) million. The cash and cash equivalents for the continuing operations were EUR 11.7 (3.0) million. In the first quarter of 2007, cash flow from operating activities was EUR -0.7 (1.1) million. The cash flow from operating activities was decreased by EUR 0.1 million increase in current non-interest bearing receivables and EUR 0.8 million decrease in current non-interest bearing liabilities. The cash flow of investments was EUR -0.3 (-0.2) million in the first quarter of 2007. The gross investments totaled EUR 0.2 (0.1) million. The gross investments include capitalized software development expenses of EUR 0.1 (0.0) million. The balance sheet goodwill totaled EUR 4.8 (3.5) million on March 31, 2007. The increase in goodwill is due to acquisition of Fabcon in May 2006. The Group's goodwill is not amortized but tested for impairment under IAS 36. No indications of impairment of assets exist. In the first quarter of 2007, the cash flow of financing activities was EUR 0.7 (-1.2) million. Total of EUR 0.9 (0.5) million new loans were drawn. A total of EUR 0.2 (1.7) million loans were repaid. Group equity to assets ratio was 47.5% (6.9%) and gearing was -31.7% (76.6%). On March 31, 2007, the interest-bearing liabilities amounted to EUR 6.9 (8.9) million, accounting for 21.0% (22.5%) of the Group's shareholders' equity and liabilities total. Of the interest-bearing liabilities, EUR 2.1 (5.0) million were non-current liabilities and EUR 4.7 (3.9) million current liabilities. The Group's Quick Ratio was 1.7 (0.9). STATEMENT ON THE ADEQUACY OF THE COMPANY'S ASSETS On March 31, 2007, the Group's cash and cash equivalents amounted to EUR 11.7 million. According to Proha's management, the liquid assets of the company are sufficient for Proha to continue as a going concern during the following 12 months. RESEARCH AND DEVELOPMENT In the first quarter of 2007, the research and development expenses for the Group continuing operations were EUR 0.4 (0.2) million accounting for 4% (3%) of the net sales of the continuing operations. In the corresponding period of 2006, the research and development expenses EUR 1.8 million consisted of EUR 0.2 million of the research and development expenses for the continuing operations and EUR 1.6 million of the research and development expenses for the discontinued operations. In the first quarter of 2007, EUR 0.1 (0.0) million of research and development costs were capitalized. In the first quarter of 2007, a new version of SafranOne technical platform was released. SafranOne is used as the platform for the separate Safran portal solutions. The development of Safran Portal for Knowledge Projects aimed at project management of knowledge work continued as planned. The work was began in the fourth quarter of 2006 and the first version is estimated to be released on the second quarter of 2007. Also other Safran portal solutions are developed for the market. The further development of Proha's Safran Project and Safran for Microsoft Project continued as planned. The implementation project at Oulu-Koillismaa rescue department is proceeding according to plan for RescuePlanner developed by Proha for resource management at rescue departments. The application of Proha's mobile solution is extended at Helsinki Rescue department also for urgent communication between various authorities. PERSONNEL In the first quarter of 2007, the staff costs for the Group and continuing operations amounted to EUR 10.1 million. For the continuing operations the staff costs of EUR 10.1 (6.7) million constituted 91% (90%) of the net sales of the continuing operations. In the corresponding period of 2006, the Group staff costs EUR 13.0 million constituted of EUR 6.7 million of the staff costs of the continuing operations and EUR 6.3 million of the staff costs of the discontinued operations. Distribution of personnel by segment (average): -------------------------------------------------------------------------------- | | 1-3/ | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | Personnel | 2007 | 2006 | Change % | 2006 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Dovre | 264 | 184 | 43.5 % | 237 | -------------------------------------------------------------------------------- | Safran | 53 | 41 | 29.3 % | 46 | -------------------------------------------------------------------------------- | Other | 5 | 9 | -44.4 % | 18 | -------------------------------------------------------------------------------- | Discontinued | | | | | -------------------------------------------------------------------------------- | operations | 0 | 294 | -100.0 % | 168 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 322 | 528 | -39.0 % | 469 | -------------------------------------------------------------------------------- On March 31, 2007, the Proha Group employed 315 (529) people worldwide. The average number of Group personnel was 322 (528) for the first quarter of 2007. At the end of the period under review, the continuing operations employed 315 (237) people. The discontinued operations employed 0 (292) people. DECISIONS OF PROHA ANNUAL GENERAL MEETING OF SHAREHOLDERS On April 18, 2007 the Annual General Meeting of Proha Plc made the following decisions: 1. The issues inherent to the Annual General Meeting under section 11 of the Articles of Association The Annual General Meeting confirmed the 2006 Financial Statements and discharged the Board of Directors and CEO from liability. The Annual General Meeting approved the Board of Directors' proposal that the net result for the financial period be transferred to profit/loss brought forward account and no dividend is paid. The Annual General Meeting decided to alter the number of Board members to four. Proha CEO Pekka Pere and Pekka Mäkelä resigned from the Board. Mr. Gjalt de Vries was elected as a new member to the Board. Mr. Vries is a citizen of the Netherlands. Olof Ödman, Birger Flaa and Ernst Jilderda continue as members of the Proha Board. The Annual General Meeting decided that, following the present practice, the Chairman of the Board be paid EUR 18,000 and each Board member, at the moment of election not employed by the Proha Group or by such company which owns more than five percents of Proha's share capital and who does not exercise dominant influence over such company, to be paid EUR 10,000 per year as remuneration for board work. Additionally, it was decided that the auditors will be paid in accordance with a reasonable invoice. Ernst & Young Oy was elected to continue as the Company's auditor, with Ulla Nykky, APA, as the auditor in charge. 2. Amendment of the Articles of Association The Annual General Meeting decided to amend the Articles of Association due to the new Companies Act, effective as of September 1, 2006 as proposed by the Board as follows: - Article 4 containing provisions on minimum and maximum share capital as well as the number of shares was removed. - The provisions on record date from Article 5 were removed. - The provisions in Article 8 on the right to represent the Company were amended to align with the terminology of the new law. - The list of agenda items of the Annual General Meeting in Article 11 was amended to correspond to the new law. - The provisions in Article 13 on the notice period of the Annual General Meeting were amended to the effect that the notice must be published no earlier than three (3) months prior to the latest date of registration. Also the method of notice is amended so that as an alternative to publishing the notice in a nationally published newspaper, the notice can be sent in writing. Previously, the alternative method of notice has been a registered letter. In addition, the Company's field of business (Article 3) was expanded to include consulting in business management and engineering. The new articles of association were presented in the appendix of stock exchange bulletin on March 28, 2007. 3. Recording the subscription prices for shares issued based on stock options in the fund for invested non-restricted equity The Annual General Meeting decided to complete the terms and conditions of Proha Stock Option Plans 2005 and 2006 to the effect that the total amount of the subscription prices paid for new shares issued after the date of the General Meeting, based on stock options under Plans 2005 and 2006, be recorded in the fund for invested non-restricted equity. 4. Option rights to key personnel and Board of Directors The Annual General Meeting approved without changes the Board proposition to issue a maximum of 2,110,000 option rights, that are offered deviating from the shareholders' pre-emptive subscription right to the Board of Directors and to the key personnel of the Group companies. The subscription of the option rights began immediately and will end on April 17, 2008. The proposed share subscription price will be the weighted average price of Proha share within the period of 30 days before the General Meeting, from March 19 through April 17, 2007, i.e. EUR 0.37. The exercise period of the option rights for share subscription will commence in steps between years 2008 and 2010 and will end on May 31, 2011. If only newly issued shares are used for share subscriptions, the shares subscribed under the Stock Option Plan 2007 constitute a maximum of 3.33 percent of the total number of Proha shares after the subscription. The complete terms and conditions are presented in the appendix of stock exchange bulletin on March 28, 2007. 5. Board of Directors' proposal to authorize the Board of Directors to resolve on the issuance of shares and special rights entitling to shares The Annual General Meeting authorized the Board of Directors to resolve to issue a maximum of 12,243,734 shares through issuance of shares or special rights entitling to shares (including stock options) under Chapter 10, Section 1 of the Companies Act, in one or more issues. The authorization includes both the issuance of new shares as well as shares held by the Company, and corresponded to 20 percent of the Company's total number of shares at the date of the Annual General Meeting. The authorization may be used to finance or execute acquisitions or other arrangements, to carry out equity-based incentive plans, or to other purposes resolved by the Board. The authorization includes the right for the Board to decide on all the terms and conditions of the issuance of shares or special rights under Chapter 10, Section 1 of the Companies Act, including to whom shares or special rights may be issued as well as the consideration to be paid. The authorization thereby includes the right for issuance in deviation from the shareholders' pre-emptive rights within the limits set by law. The authorization is effective until April 17, 2012. CORPORATE GOVERNANCE Proha Plc follows the recommendations of the Helsinki Stock Exchange, the Central Chamber of Commerce and the Confederation of Finnish Industries and Employers regarding the corporate governance of publicly held companies. Proha makes two exceptions from the recommendation: 1) Proha Board of Directors comprises of four members and 2) A share-based bonus system may also be applied to those members of the Board, who do not have an employment relationship with the company. Proha's corporate governance principles can be found on the company's website at www.proha.com. SHARE CAPITAL AND AUTHORIZATIONS TO ISSUE SHARES Proha Plc has one class of shares. The book value of the shares is EUR 0.26 per share. Each share entitles the shareholder to one vote. Proha Plc shares are traded on the Nordic Exchange of OMX Group. On January 1, 2007, the subscribed capital of Proha Plc was EUR 15,916,854.20 and the number of shares is 61,218,670. No changes were made on the share capital during the first quarter of 2007. No shares were subscribed for with Proha Plc's option during the period under review. The Annual General Meeting authorized the Board of Directors to resolve to issue a maximum of 12,243,734 shares through issuance of shares or special rights entitling to shares (including stock options) under Chapter 10, Section 1 of the Companies Act, in one or more issues. The authorization includes both the issuance of new shares as well as shares held by the Company, and corresponded to 20 percent of the Company's total number of shares at the date of the Annual General Meeting. The authorization is effective until April 17, 2012. The Annual General Meeting approved without changes the Board proposition to issue a maximum of 2,110,000 option rights, that are offered deviating from the shareholders' pre-emptive subscription right to the Board of Directors and to the key personnel of the Group companies. The subscription of the option rights began on April 18, 2007 and will end on April 17, 2008. The share subscription price is EUR 0.37 i.e. the weighted average price of Proha share within the period of 30 days before the General Meeting, from March 19 through April 17, 2007. The exercise period of the option rights for share subscription will commence in steps between years 2008 and 2010 and will end on May 31, 2011. The complete terms and conditions are presented in the appendix of stock exchange bulletin on March 28, 2007. TRADING ON THE HELSINKI STOCK EXCHANGE The number of registered shareholders of Proha Plc totaled 3,558 on March 31, 2007. In the first quarter of 2007, the share price was EUR 0.35 at its lowest and EUR 0.45 at its highest. The closing price on March 30, 2007 was EUR 0.36. Market capitalization was approximately EUR 22.0 million at the end of the period under review. The trading volume of the Proha share on the OMX Nordic Exchange was approximately EUR 6.4 million during the period under review. Proha Plc has liquidity providing agreement with Remium AB for the Proha share. RISKS AND UNCERTAINTIES IN THE NEAR FUTURE The demand in oil and gas sector together with the level of investments in the sector impact the success of Dovre Consulting and Services division. The companies operating in oil and gas industry are challenged also by the adequacy of resources and added personnel turnover. General competitive situation and technological solutions developed by the competition impact the business of Safran Systems division. The profitable growth for Safran business call for successful creation of international distribution and partner networks. The development of Proha's international business includes also possible acquisitions and shareholdings in companies operating in the field. Such strategic acquisitions always include risks. They are being managed, among others, by ensuring that the size of acquisitions is reasonable. PROSPECTS FOR 2007 The new structure and strategy have created improved preconditions for business growth and improved profitability. According to the new strategy Proha seeks international growth and profitability by concentrating on project management services and software and by emphasizing the synergies between the group businesses in 2007. Though the focus of Proha business will continue to be in demanding oil and gas industry companies and projects, the company will also expand its business operations in other industries. As anticipated, the favorable market outlook seems to continue in 2007. Especially the developments in the oil and gas market sector impact the future development. The high energy prices and strong demand continue. They will keep the number of international investments in the field high. The development of Proha's present software business is impacted by the general development of IT markets and, following the new partnership strategy, by the advancement of Microsoft's new products in the markets. The general outlook is good for business development of Dovre Consulting and Services division. In northeastern Canada projects will be completed and that will temporarily cause decline in the service business in Canada. Initiation of new projects in Alberta Canada are targeted to replace the completed projects, but the impact of new projects will not yet be seen in the net sales in the first half of 2007. In other locations around the world the consulting and services business is anticipated to continue developing favorably. In 2007 the focus areas of Safran Systems division are software products development as well as building and strengthening of international delivery and partnership networks. To strengthen the network Proha's Growth Ventures operations aim to make strategic acquisition at a low risk level that will create basis for rapid growth in the future around the world. On an annual level, the profitability of Proha's continuing operations is anticipated to improve compared to 2006 and the result is anticipated to be positive. Also the net sales for the continuing operations are anticipated to increase substantially. PRESS CONFERENCE Proha Plc will hold a press conference for the media and financial analysts on May 3, 2007 at 12.00 a.m., in Marskin Sali at World Trade Center, address Aleksanterinkatu 17, Helsinki. More information PROHA PLC CEO Pekka Pere, tel +358 (0)20 4362 000 pekka.pere@proha.com www.proha.com DISTRIBUTION: Helsinki Stock Exchange Major Media -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP INCOME STATEMENT AND BALANCE SHEET JANUARY 1, - MARCH 31, 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP INCOME STATEMENT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINUING OPERATIONS | | | | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | Change | 1-12 | -------------------------------------------------------------------------------- | (EUR thousand) | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 11 041 | 7 464 | 47.9 | 41 021 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | Income | 24 | 143 | -83.5 | 392 | -------------------------------------------------------------------------------- | Gain on disposal | | | | | -------------------------------------------------------------------------------- | of discontinued | | | | | -------------------------------------------------------------------------------- | operations | | | | -472 | -------------------------------------------------------------------------------- | Materials and | | | | | -------------------------------------------------------------------------------- | Services | -28 | -3 | 822.2 | -85 | -------------------------------------------------------------------------------- | Employee benefits | | | | | -------------------------------------------------------------------------------- | expense | -10 077 | -6 699 | 50.4 | -37 887 | -------------------------------------------------------------------------------- | Depreciation | | | | | -------------------------------------------------------------------------------- | and amortisation | -89 | -86 | 3.4 | -374 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | expenses | -791 | -748 | 5.7 | -2 920 | -------------------------------------------------------------------------------- | OPERATING RESULT | 80 | 70 | 14.6 | -326 | -------------------------------------------------------------------------------- | Financing income | 44 | 7 | 483.8 | 222 | -------------------------------------------------------------------------------- | Financing | | | | | -------------------------------------------------------------------------------- | expenses | -91 | -63 | 45.8 | -539 | -------------------------------------------------------------------------------- | Share of result | | | | | -------------------------------------------------------------------------------- | in associates | 5 | | | -2 | -------------------------------------------------------------------------------- | RESULT BEFORE | | | | | -------------------------------------------------------------------------------- | TAX | 37 | 15 | 152.9 | -645 | -------------------------------------------------------------------------------- | Tax on income | | | | | -------------------------------------------------------------------------------- | from operations | -121 | -156 | -22.3 | -455 | -------------------------------------------------------------------------------- | RESULT FOR | | | | | -------------------------------------------------------------------------------- | THE PERIOD | -85 | -141 | 40.2 | -1 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ALLOCATION OF | | | | | -------------------------------------------------------------------------------- | RESULT FOR | | | | | -------------------------------------------------------------------------------- | THE PERIOD | | | | | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | attributable to | | | | | -------------------------------------------------------------------------------- | equity holders | | | | | -------------------------------------------------------------------------------- | of the parent | -88 | -145 | 39.4 | -1 108 | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | attributable | | | | | -------------------------------------------------------------------------------- | to minority | | | | | -------------------------------------------------------------------------------- | Interest | 3 | 3 | -0.9 | 8 | -------------------------------------------------------------------------------- | Total | -85 | -141 | 40.2 | -1 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share | | | | | -------------------------------------------------------------------------------- | (undiluted), EUR | -0.001 | -0.002 | 39.4 | -0.018 | -------------------------------------------------------------------------------- | Earnings/share | | | | | -------------------------------------------------------------------------------- | (diluted), EUR | -0.001 | -0.002 | 39.4 | -0.018 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | DISCONTINUED OPERATIONS | | | | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | Change | 1-12 | -------------------------------------------------------------------------------- | (EUR thousand) | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | 8 837 | -100.0 | 17 195 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | Income | | 37 | -100.0 | 116 | -------------------------------------------------------------------------------- | Gain on disposal | | | | | -------------------------------------------------------------------------------- | of discontinued | | | | | -------------------------------------------------------------------------------- | operations | | | | 15 006 | -------------------------------------------------------------------------------- | Materials and | | | | | -------------------------------------------------------------------------------- | Services | | -961 | -100.0 | -1 744 | -------------------------------------------------------------------------------- | Employee benefits | | | | -------------------------------------------------------------------------------- | expense | | -6 330 | -100.0 | -12 210 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | expenses | | -3 263 | -100.0 | -6 402 | -------------------------------------------------------------------------------- | OPERATING RESULT | | -1 679 | 100.0 | 11 961 | -------------------------------------------------------------------------------- | Financing income | | 295 | -100.0 | 1 004 | -------------------------------------------------------------------------------- | Financing | | | | | -------------------------------------------------------------------------------- | expenses | | -309 | -100.0 | -369 | -------------------------------------------------------------------------------- | Share of result | | | | | -------------------------------------------------------------------------------- | in associates | | | | | -------------------------------------------------------------------------------- | RESULT BEFORE | | | | | -------------------------------------------------------------------------------- | TAX | | -1 694 | 100.0 | 12 596 | -------------------------------------------------------------------------------- | Tax on income | | | | | -------------------------------------------------------------------------------- | from operations | | -252 | -100.0 | -489 | -------------------------------------------------------------------------------- | RESULT FOR | | | | | -------------------------------------------------------------------------------- | THE PERIOD | | -1 946 | 100.0 | 12 106 | -------------------------------------------------------------------------------- | ALLOCATION OF | | | | | -------------------------------------------------------------------------------- | RESULT FOR | | | | | -------------------------------------------------------------------------------- | THE PERIOD | | | | | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | attributable to | | | | | -------------------------------------------------------------------------------- | equity holders | | | | | -------------------------------------------------------------------------------- | of the parent | | -1 961 | 100.0 | 12 070 | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | attributable | | | | | -------------------------------------------------------------------------------- | to minority | | | | | -------------------------------------------------------------------------------- | interest | | 15 | -100.0 | 36 | -------------------------------------------------------------------------------- | Total | | -1 946 | 100.0 | 12 106 | -------------------------------------------------------------------------------- | Earnings/share | | | | | -------------------------------------------------------------------------------- | (undiluted), EUR | | -0.032 | | 0.197 | -------------------------------------------------------------------------------- | Earnings/share | | | | | -------------------------------------------------------------------------------- | (diluted), EUR | | -0.032 | | 0.197 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP TOTAL | | | | | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | Change | 1-12 | -------------------------------------------------------------------------------- | (EUR thousand) | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 11 041 | 16 301 | -32.3 | 58 215 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | Income | 24 | 180 | -86.9 | 508 | -------------------------------------------------------------------------------- | Gain on disposal | | | | | -------------------------------------------------------------------------------- | of discontinued | | | | | -------------------------------------------------------------------------------- | operations | | | | 14 534 | -------------------------------------------------------------------------------- | Materials and | | | | | -------------------------------------------------------------------------------- | Services | -28 | -964 | -97.0 | -1 829 | -------------------------------------------------------------------------------- | Employee benefits | | | | -------------------------------------------------------------------------------- | expense | -10 077 | -13 029 | -22.7 | -50 097 | -------------------------------------------------------------------------------- | Depreciation | | | | | -------------------------------------------------------------------------------- | and amortisation | -89 | -86 | 3.4 | -374 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | expenses | -791 | -4 011 | -80.3 | -9 322 | -------------------------------------------------------------------------------- | OPERATING RESULT | 80 | -1 610 | 105.0 | 11 635 | -------------------------------------------------------------------------------- | Financing income | 44 | 302 | -85.6 | 1 227 | -------------------------------------------------------------------------------- | Financing | | | | | -------------------------------------------------------------------------------- | expenses | -91 | -372 | -75.4 | -908 | -------------------------------------------------------------------------------- | Share of result | | | | | -------------------------------------------------------------------------------- | in associates | 5 | | | -2 | -------------------------------------------------------------------------------- | RESULT BEFORE | | | | | -------------------------------------------------------------------------------- | TAX | 37 | -1 679 | 102.2 | 11 951 | -------------------------------------------------------------------------------- | Tax on income | | | | | -------------------------------------------------------------------------------- | from operations | -121 | -408 | -70.3 | -944 | -------------------------------------------------------------------------------- | RESULT FOR | | | | | -------------------------------------------------------------------------------- | THE PERIOD | -85 | -2 087 | 96.0 | 11 007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ALLOCATION OF | | | | | -------------------------------------------------------------------------------- | RESULT FOR | | | | | -------------------------------------------------------------------------------- | THE PERIOD | | | | | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | attributable to | | | | | -------------------------------------------------------------------------------- | equity holders | | | | | -------------------------------------------------------------------------------- | of the parent | -88 | -2 105 | 95.8 | 10 962 | -------------------------------------------------------------------------------- | Result | | | | | -------------------------------------------------------------------------------- | attributable | | | | | -------------------------------------------------------------------------------- | to minority | | | | | -------------------------------------------------------------------------------- | interest | 3 | 18 | -82.8 | 45 | -------------------------------------------------------------------------------- | Total | -85 | -2 087 | 96.0 | 11 007 | -------------------------------------------------------------------------------- | Earnings/share | | | | | -------------------------------------------------------------------------------- | (undiluted), EUR | -0.001 | -0.034 | 95.8 | 0.179 | -------------------------------------------------------------------------------- | Earnings/share | | | | | -------------------------------------------------------------------------------- | (diluted), EUR | -0.001 | -0.034 | 95.8 | 0.179 | -------------------------------------------------------------------------------- GROUP BALANCE SHEET -------------------------------------------------------------------------------- | | 31.3. | 31.3. | | 31.12. | -------------------------------------------------------------------------------- | (EUR 1000) | 2007 | 2006 | Change | 2006 | -------------------------------------------------------------------------------- | | | | % | | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Intangible assets | 2 065 | 1 656 | 24.7 | 1 999 | -------------------------------------------------------------------------------- | Goodwill | 4 829 | 3 482 | 38.7 | 4 758 | -------------------------------------------------------------------------------- | Tangible assets | 215 | 247 | -12.7 | 216 | -------------------------------------------------------------------------------- | Investments in associates | 1 035 | 962 | 7.6 | 982 | -------------------------------------------------------------------------------- | Available-for-sale | | | | | -------------------------------------------------------------------------------- | investments | 48 | 27 | 79.1 | 36 | -------------------------------------------------------------------------------- | Non-current trade and | | | | | -------------------------------------------------------------------------------- | other receivables | 261 | 9 | 2723.1 | 130 | -------------------------------------------------------------------------------- | Deferred tax asset | 229 | 97 | 136.6 | 208 | -------------------------------------------------------------------------------- | Non-current assets | 8 682 | 6 479 | 34.0 | 8 328 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Trade receivables and | | | | | -------------------------------------------------------------------------------- | other receivables | 12 276 | 6 635 | 85.0 | 12 339 | -------------------------------------------------------------------------------- | Tax receivable, income tax | 6 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 11 720 | 2 955 | 296.6 | 12 022 | -------------------------------------------------------------------------------- | Current assets | 24 002 | 9 590 | 150.3 | 24 361 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS OF DISCONTUNUED | | | | | -------------------------------------------------------------------------------- | OPERATIONS | 0 | 23 502 | -100.0 | 0 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 32 683 | 39 571 | -17.4 | 32 689 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | -------------------------------------------------------------------------------- | Share capital | 15 917 | 15 917 | 0.0 | 15 917 | -------------------------------------------------------------------------------- | Share premium account | 4 379 | 4 808 | -8.9 | 4 379 | -------------------------------------------------------------------------------- | Fair value reserve | | | | | -------------------------------------------------------------------------------- | and other reserves | 383 | 418 | -8.5 | 368 | -------------------------------------------------------------------------------- | Translation differences | 22 | 377 | -94.1 | 38 | -------------------------------------------------------------------------------- | Retained earnings | -5 485 | -18979 | 71.1 | -5 497 | -------------------------------------------------------------------------------- | Equity attributable to | | | | | -------------------------------------------------------------------------------- | equity holders of | | | | | -------------------------------------------------------------------------------- | the parent | 15 216 | 2 541 | 498.8 | 15 205 | -------------------------------------------------------------------------------- | Minority interest | 103 | 79 | 31.4 | 112 | -------------------------------------------------------------------------------- | Shareholders' equity | 15 319 | 2 620 | 484.8 | 15 316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 490 | 407 | 20.5 | 491 | -------------------------------------------------------------------------------- | Long-term liabilities, | | | | | -------------------------------------------------------------------------------- | interest-bearing | 2 119 | 3 424 | -38.1 | 1 958 | -------------------------------------------------------------------------------- | Liabilities from defined | | | | | -------------------------------------------------------------------------------- | benefit plan | 452 | 147 | 207.8 | 379 | -------------------------------------------------------------------------------- | Non-current liabilities | 3 061 | 3 978 | -23.0 | 2 828 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Short-term interest- | | | | | -------------------------------------------------------------------------------- | bearing liabilities | 4 748 | 1 254 | 278.6 | 4 205 | -------------------------------------------------------------------------------- | Trade payables and other | | | | | -------------------------------------------------------------------------------- | liabilities | 9 012 | 4 980 | 81.0 | 9 783 | -------------------------------------------------------------------------------- | Tax liability, income tax | 543 | 385 | 41.1 | 556 | -------------------------------------------------------------------------------- | Current liabilities | 14 303 | 6 619 | 116.1 | 14 545 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES OF DISCONTINUED | | | | | -------------------------------------------------------------------------------- | OPERATIONS | | 26 355 | -100.0 | 0 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 32 683 | 39 571 | -17.4 | 32 689 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1-3/2007 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Shar | Re- | | Re- | | | | | | | e | | | | | | | -------------------------------------------------------------------------------- | | Sha- | pre- | valu- | | tai | | | | -------------------------------------------------------------------------------- | | re | mium | ation | | ned | | Mino | | -------------------------------------------------------------------------------- | (EUR | capi- | ac- | re- | Trnsl | earn- | | rity | | | thousand) | | | | | | | | | -------------------------------------------------------------------------------- | | tal | coun | serve | diff. | ings | Total | intr | Total | | | | t | | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDE | | | | | | | | | | RS' | | | | | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | | | | | -------------------------------------------------------------------------------- | 1.1.2007 | 15 | 4 | 368 | 38 | -5 497 | 15 205 | 112 | 15 316 | | | 917 | 379 | | | | | | | -------------------------------------------------------------------------------- | Change in | | | | | | | | | -------------------------------------------------------------------------------- | translatio | | | | | | | | | | n | | | | | | | | | -------------------------------------------------------------------------------- | difference | | | 5 | -16 | 74 | 64 | -5 | 59 | | s | | | | | | | | | -------------------------------------------------------------------------------- | Share | | | | | | | | | | based | | | | | | | | | -------------------------------------------------------------------------------- | payments | | | | | 12 | 12 | | 12 | -------------------------------------------------------------------------------- | Transfers | | | | | | | | | -------------------------------------------------------------------------------- | between | | | -13 | | 13 | | | | | items | | | | | | | | | -------------------------------------------------------------------------------- | Other | | | 22 | | | 22 | | 22 | | changes | | | | | | | | | -------------------------------------------------------------------------------- | NET | | | | | | | | | | PROFITS | | | | | | | | | -------------------------------------------------------------------------------- | /LOSSES | | | | | | | | | -------------------------------------------------------------------------------- | RECOGNIZED | | | | | | | | | -------------------------------------------------------------------------------- | DIRECTLY | | | | | | | | | | TO | | | | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDE | | | | | | | | | | RS' | | | | | | | | | -------------------------------------------------------------------------------- | EQUITY | | | 15 | -16 | 99 | 98 | -5 | 93 | -------------------------------------------------------------------------------- | Result for | | | | | | | | | -------------------------------------------------------------------------------- | the period | | | | | -88 | -88 | -3 | -91 | -------------------------------------------------------------------------------- | TOTAL | | | | | | | | | | PROFITS | | | | | | | | | -------------------------------------------------------------------------------- | AND LOSSES | | | 15 | -16 | 12 | 11 | -8 | 3 | -------------------------------------------------------------------------------- | SHAREHOLDE | | | | | | | | | | RS' | | | | | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | | | | | -------------------------------------------------------------------------------- | 31.3.2007 | 15 | 4 | 383 | 22 | -5 485 | 15 216 | 103 | 15 319 | | | 917 | 379 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1-3/2006 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Shar | Re- | | Re- | | | | | | | e | | | | | | | -------------------------------------------------------------------------------- | | Sha- | pre- | valu- | | tai | | | | -------------------------------------------------------------------------------- | | re | mium | ation | | ned | | Mino | | -------------------------------------------------------------------------------- | (EUR | capi- | ac- | re- | Trnsl | earn- | | rity | | | thousand) | | | | | | | | | -------------------------------------------------------------------------------- | | tal | coun | serve | diff. | ings | Total | intr | Total | | | | t | | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDE | | | | | | | | | | RS' | | | | | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | | | | | -------------------------------------------------------------------------------- | 1.1.2006 | 15 | 4 | 430 | 463 | -17 | 4 400 | 73 | 4 473 | | | 917 | 808 | | | 219 | | | | -------------------------------------------------------------------------------- | Change in | | | | | | | | | -------------------------------------------------------------------------------- | translatio | | | | | | | | | | n | | | | | | | | | -------------------------------------------------------------------------------- | difference | | | 1 | -86 | 221 | 135 | 3 | 138 | | s | | | | | | | | | -------------------------------------------------------------------------------- | Share | | | | | | | | | | based | | | | | | | | | -------------------------------------------------------------------------------- | payments | | | | | 111 | 111 | | 111 | -------------------------------------------------------------------------------- | Transfers | | | | | | | | | -------------------------------------------------------------------------------- | between | | | -13 | | 13 | | | | | items | | | | | | | | | -------------------------------------------------------------------------------- | NET | | | | | | | | | | PROFITS | | | | | | | | | -------------------------------------------------------------------------------- | /LOSSES | | | | | | | | | -------------------------------------------------------------------------------- | RECOGNIZED | | | | | | | | | -------------------------------------------------------------------------------- | DIRECTLY | | | | | | | | | | TO | | | | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDE | | | | | | | | | | RS' | | | | | | | | | -------------------------------------------------------------------------------- | EQUITY | | | -12 | -86 | 344 | 246 | 3 | 249 | -------------------------------------------------------------------------------- | Result for | | | | | | | | | -------------------------------------------------------------------------------- | the period | | | | | -2 105 | -2 105 | 18 | -2 087 | -------------------------------------------------------------------------------- | Dividend | | | | | | | | | -------------------------------------------------------------------------------- | distributi | | | | | | | -15 | -15 | | on | | | | | | | | | -------------------------------------------------------------------------------- | TOTAL | | | | | | | | | | PROFITS | | | | | | | | | -------------------------------------------------------------------------------- | AND LOSSES | | | -12 | -86 | -1 761 | -1 859 | 6 | -1 853 | -------------------------------------------------------------------------------- | Share | | | | | | | | | | issue | | | | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDE | | | | | | | | | | RS' | | | | | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | | | | | -------------------------------------------------------------------------------- | 31.3.2006 | 15 | 4 | 418 | 377 | -18 | 2 541 | 79 | 2 620 | | | 917 | 808 | | | 979 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CASH FLOW STATEMENT | | | | -------------------------------------------------------------------------------- | | | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | (EUR thousand) | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Operating result | 80 | -1 610 | 11 635 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Adjustments | | | | -------------------------------------------------------------------------------- | | | Disposal of Artemis | | | -11 292 | -------------------------------------------------------------------------------- | | | Other operating income | | | -71 | -------------------------------------------------------------------------------- | | | Depreciation and amortisation | 89 | 86 | 374 | -------------------------------------------------------------------------------- | | | Employee benefits expense | 86 | 112 | 319 | -------------------------------------------------------------------------------- | | | Other adjustments | | -60 | -99 | -------------------------------------------------------------------------------- | | Adjustments, total | 175 | 138 | -10 769 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Change in net working capital | | | | -------------------------------------------------------------------------------- | | | Increase (-) / decrease (+) | | | | -------------------------------------------------------------------------------- | | | in current receivables | -54 | 2 985 | -3 860 | -------------------------------------------------------------------------------- | | | Increase (+) / decrease (-) | | | | -------------------------------------------------------------------------------- | | | in current liabilities | -810 | 115 | 3 045 | -------------------------------------------------------------------------------- | | | Other adjustments | | -21 | | -------------------------------------------------------------------------------- | | Change in net working capital, | | | | -------------------------------------------------------------------------------- | | total | -864 | 3 079 | -815 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Interest paid | -43 | -164 | -555 | -------------------------------------------------------------------------------- | | Interest received | 87 | 24 | 267 | -------------------------------------------------------------------------------- | | Other financial expenses paid | | -186 | -355 | -------------------------------------------------------------------------------- | | Other financial income received | | 328 | 373 | -------------------------------------------------------------------------------- | | Income taxes paid | -167 | -508 | -353 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | -732 | 1 101 | -572 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing activities | | | | -------------------------------------------------------------------------------- | | Investments in tangible and | | | | -------------------------------------------------------------------------------- | | intangible assets | -155 | -64 | -36 | -------------------------------------------------------------------------------- | | Acquisition of subsidiaries net | | | | -------------------------------------------------------------------------------- | | cash acquired | | | -1 949 | -------------------------------------------------------------------------------- | | Investments in associates | -48 | | -23 | -------------------------------------------------------------------------------- | | Investments in other investments | -12 | | | -------------------------------------------------------------------------------- | | Proceeds from disposal of subsidiaries | | | -------------------------------------------------------------------------------- | | net cash disposed of | | | 6 579 | -------------------------------------------------------------------------------- | | Proceeds from other investments | 75 | | | -------------------------------------------------------------------------------- | | Proceeds (-) and repayments (+) of | | | -------------------------------------------------------------------------------- | | loan receivables | -131 | -146 | -118 | -------------------------------------------------------------------------------- | | Dividends received | | | 2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing activities | -271 | -210 | 4 455 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | | Proceeds from short-term loans | 708 | 17 | 579 | -------------------------------------------------------------------------------- | | Repayments of short-term loans | -184 | -1 586 | -742 | -------------------------------------------------------------------------------- | | Proceeds from long-term loans | 160 | 456 | 1 619 | -------------------------------------------------------------------------------- | | Repayments of long-term loans | | -118 | -463 | -------------------------------------------------------------------------------- | | Dividends paid | | -15 | -15 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | 684 | -1 246 | 978 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | -319 | -355 | 4 861 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at | | | | -------------------------------------------------------------------------------- | beginning of the period | 12 022 | 7 293 | 7 293 | -------------------------------------------------------------------------------- | Foreign exchange rate adjustment | -5 | -49 | -132 | -------------------------------------------------------------------------------- | Cash and cash equivalents of | | | | -------------------------------------------------------------------------------- | subsidiaries acquired | | | 213 | -------------------------------------------------------------------------------- | Cash and cash equivalents of | | | | -------------------------------------------------------------------------------- | subsidiaries divested | | | -3 464 | -------------------------------------------------------------------------------- | Effects on fair value implementation | 22 | | | -------------------------------------------------------------------------------- | Change in cash and cash equivalents | | | | -------------------------------------------------------------------------------- | for the continuing operations | | | 8 112 | -------------------------------------------------------------------------------- | Change in cash and cash equivalents | -319 | -355 | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | | | | -------------------------------------------------------------------------------- | end of the period | 11 720 | 6 889 | 12 022 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COMMITMENTS AND CONTINGENT LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP | | | | -------------------------------------------------------------------------------- | | 31.3. | 31.3. | 31.12. | -------------------------------------------------------------------------------- | (EUR thousand) | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COLLATERAL FOR OWN COMMITMENTS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debts secured by corporate | | | | -------------------------------------------------------------------------------- | mortgages | | | | -------------------------------------------------------------------------------- | Pension loans | 0 | 86 | 0 | -------------------------------------------------------------------------------- | Corporate mortgages given | | | | -------------------------------------------------------------------------------- | as security of the loans | 0 | 168 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debts secured by the assets of | | | | -------------------------------------------------------------------------------- | the company | | | | -------------------------------------------------------------------------------- | Loans from financial | | | | -------------------------------------------------------------------------------- | institutions | 0 | 3 168 | 0 | -------------------------------------------------------------------------------- | Debts secured by the assets of | | | | -------------------------------------------------------------------------------- | Artemis International | | | | -------------------------------------------------------------------------------- | Solutions Corporation in USA | | | | -------------------------------------------------------------------------------- | and in Great Britain except for | | | | -------------------------------------------------------------------------------- | intellectual property rights. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debts secured by corporate | | | | -------------------------------------------------------------------------------- | mortgages | | | | -------------------------------------------------------------------------------- | Loans from financing | | | | -------------------------------------------------------------------------------- | institutions | 3 429 | 0 | 3 028 | -------------------------------------------------------------------------------- | The debt is secured by | | | | -------------------------------------------------------------------------------- | current assets of Dovre | | | | -------------------------------------------------------------------------------- | International As and Dovre | | | | -------------------------------------------------------------------------------- | Fabcon AS and 100% of Dovre | | | | -------------------------------------------------------------------------------- | Fabcon AS shares | 6 207 | 0 | 5 672 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debts secured by assets | | | | -------------------------------------------------------------------------------- | Loans and checking | | | | -------------------------------------------------------------------------------- | account credit lines | 246 | 1 701 | 0 | -------------------------------------------------------------------------------- | Book value of trade receivables | | | | -------------------------------------------------------------------------------- | and fixed assets | | | | -------------------------------------------------------------------------------- | given as security | 576 | 6 323 | 1 106 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debts secured by shares | | | | -------------------------------------------------------------------------------- | Loans and checking | | | | -------------------------------------------------------------------------------- | account credit lines | 24 | 48 | 24 | -------------------------------------------------------------------------------- | Book value of pledged shares | 511 | 511 | 511 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Future minimum lease payments | | | | -------------------------------------------------------------------------------- | under non-cancellable | | | | -------------------------------------------------------------------------------- | operating leases: | | | | -------------------------------------------------------------------------------- | Not later than one year | 316 | 2 937 | 328 | -------------------------------------------------------------------------------- | Later than one year and not | | | | -------------------------------------------------------------------------------- | later than five years | 1 209 | 3 169 | 1 204 | -------------------------------------------------------------------------------- | Total | 1 525 | 6 105 | 1 533 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT QUARTERLY | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINUING OPERATIONS | | | | | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 4-6 | 7-9 | 10-12 | -------------------------------------------------------------------------------- | (EUR thousand) | 2007 | 2006 | 2006 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 11 041 | 7 464 | 10 316 | 11 058 | 12 183 | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | income | 24 | 143 | 34 | 46 | 169 | -------------------------------------------------------------------------------- | Gain on disposal | | | | | | -------------------------------------------------------------------------------- | of discontinued | | | | | | -------------------------------------------------------------------------------- | operations | 0 | 0 | -472 | 0 | 0 | -------------------------------------------------------------------------------- | Materials | | | | | | -------------------------------------------------------------------------------- | and services | -28 | -3 | -123 | 76 | -35 | -------------------------------------------------------------------------------- | Employee benefits | | | | | | -------------------------------------------------------------------------------- | expense | -10 077 | -6 699 | -9 825 | -10 159 | -11 204 | -------------------------------------------------------------------------------- | Depreciation | | | | | | -------------------------------------------------------------------------------- | and amortisation | -89 | -86 | -92 | -101 | -94 | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | expenses | -791 | -748 | -753 | -621 | -797 | -------------------------------------------------------------------------------- | OPERATING RESULT | 80 | 70 | -915 | 299 | 222 | -------------------------------------------------------------------------------- | % | 0.7 % | 0.9 % | -8.9 % | 2.7 % | 1.8 % | -------------------------------------------------------------------------------- | Financing income | 44 | 7 | 7 | 56 | 151 | -------------------------------------------------------------------------------- | Financing | | | | | | -------------------------------------------------------------------------------- | expenses | -91 | -63 | -62 | -69 | -345 | -------------------------------------------------------------------------------- | Share of result | | | | | | -------------------------------------------------------------------------------- | in associates | 5 | | | | -2 | -------------------------------------------------------------------------------- | RESULT BEFORE TAX | 37 | 15 | -970 | 286 | 26 | -------------------------------------------------------------------------------- | % | 0.3 % | 0.2 % | -9.4 % | 2.6 % | 0.2 % | -------------------------------------------------------------------------------- | Tax on income | | | | | | -------------------------------------------------------------------------------- | from operations | -121 | -156 | -103 | -173 | -23 | -------------------------------------------------------------------------------- | RESULT FOR THE | | | | | | -------------------------------------------------------------------------------- | PERIOD | -85 | -141 | -1 073 | 113 | 2 | -------------------------------------------------------------------------------- | % | -0.8 % | -1.9 % | -10.4 % | 1.0 % | 0.0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DISCONTINUED OPERATIONS | | | | | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 4-6 | 7-9 | 10-12 | -------------------------------------------------------------------------------- | (EUR thousand) | 2007 | 2006 | 2006 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | 8 837 | 8 357 | | | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | income | | 37 | 79 | | | -------------------------------------------------------------------------------- | Gain on disposal | | | | | | -------------------------------------------------------------------------------- | of discontinued | | | | | | -------------------------------------------------------------------------------- | operations | | 0 | 15 006 | | | -------------------------------------------------------------------------------- | Materials | | | | | | -------------------------------------------------------------------------------- | and services | | -961 | -784 | | | -------------------------------------------------------------------------------- | Employee benefits | | | | | | -------------------------------------------------------------------------------- | expense | | -6 330 | -5 880 | | | -------------------------------------------------------------------------------- | Depreciation | | | | | | -------------------------------------------------------------------------------- | and amortisation | | 0 | 0 | | | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | expenses | | -3 263 | -3 139 | | | -------------------------------------------------------------------------------- | OPERATING RESULT | | -1 679 | 13 640 | | | -------------------------------------------------------------------------------- | % | | -19.0 % | 163.2 % | | | -------------------------------------------------------------------------------- | Financing income | | 295 | 709 | | | -------------------------------------------------------------------------------- | Financing | | | | | | -------------------------------------------------------------------------------- | expenses | | -309 | -60 | | | -------------------------------------------------------------------------------- | RESULT BEFORE TAX | | -1 694 | 14 289 | | | -------------------------------------------------------------------------------- | % | | -19.2 % | 171.0 % | | | -------------------------------------------------------------------------------- | Tax on income | | | | | | -------------------------------------------------------------------------------- | from operations | | -252 | -237 | | | -------------------------------------------------------------------------------- | RESULT FOR THE | | | | | | -------------------------------------------------------------------------------- | PERIOD | | -1 946 | 14 052 | | | -------------------------------------------------------------------------------- | % | | -22.0 % | 168.1 % | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP TOTAL | | | | | | -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 4-6 | 7-9 | 10-12 | -------------------------------------------------------------------------------- | (EUR thousand) | 2007 | 2006 | 2006 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 11 041 | 16 301 | 18 673 | 11 058 | 12 183 | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | income | 24 | 180 | 113 | 46 | 169 | -------------------------------------------------------------------------------- | Gain on disposal | | | | | | -------------------------------------------------------------------------------- | of discontinued | | | | | | -------------------------------------------------------------------------------- | operations | 0 | 0 | 14 534 | 0 | 0 | -------------------------------------------------------------------------------- | Materials | | | | | | -------------------------------------------------------------------------------- | and services | -28 | -964 | -907 | 76 | -35 | -------------------------------------------------------------------------------- | Employee benefits | | | | | | -------------------------------------------------------------------------------- | expense | -10 077 | -13 029 | -15 705 | -10 159 | -11 204 | -------------------------------------------------------------------------------- | Depreciation | | | | | | -------------------------------------------------------------------------------- | and amortisation | -89 | -86 | -92 | -101 | -94 | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | expenses | -791 | -4 011 | -3 892 | -621 | -797 | -------------------------------------------------------------------------------- | OPERATING RESULT | 80 | -1 610 | 12 725 | 299 | 222 | -------------------------------------------------------------------------------- | % | 0.7 % | -9.9 % | 68.1 % | 2.7 % | 1.8 % | -------------------------------------------------------------------------------- | Financing income | 44 | 302 | 716 | 56 | 151 | -------------------------------------------------------------------------------- | Financing | | | | | | -------------------------------------------------------------------------------- | expenses | -91 | -372 | -122 | -69 | -345 | -------------------------------------------------------------------------------- | Share of result | | | | | | -------------------------------------------------------------------------------- | in associates | 5 | | | | -2 | -------------------------------------------------------------------------------- | RESULT BEFORE TAX | 37 | -1 679 | 13 319 | 286 | 26 | -------------------------------------------------------------------------------- | % | 0.3 % | -10.3 % | 71.3 % | 2.6 % | 0.2 % | -------------------------------------------------------------------------------- | Tax on income | | | | | | -------------------------------------------------------------------------------- | from operations | -121 | -408 | -340 | -173 | -23 | -------------------------------------------------------------------------------- | RESULT FOR THE | | | | | | -------------------------------------------------------------------------------- | PERIOD | -85 | -2 087 | 12 979 | 113 | 2 | -------------------------------------------------------------------------------- | % | -0.8 % | -12.8 % | 69.5 % | 1.0 % | 0.0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY RATIOS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | (EUR million) | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, Group | 11.0 | 16.3 | 58.2 | -------------------------------------------------------------------------------- | Net sales, | | | | -------------------------------------------------------------------------------- | Continuing operations | 11.0 | 7.5 | 41.0 | -------------------------------------------------------------------------------- | Net sales, | | | | -------------------------------------------------------------------------------- | Discontinued operations | 0.0 | 8.8 | 17.2 | -------------------------------------------------------------------------------- | Operating result, Group | 0.1 | -1.6 | 11.6 | -------------------------------------------------------------------------------- | % of net sales | 0.7 % | -9.9 % | 20.0 % | -------------------------------------------------------------------------------- | Operating result, | | | | -------------------------------------------------------------------------------- | Continuing operations | 0.1 | 0.1 | -0.3 | -------------------------------------------------------------------------------- | Operating result, | | | | -------------------------------------------------------------------------------- | Discontinued operations | 0.0 | -1.7 | 12.0 | -------------------------------------------------------------------------------- | Result before taxes | 0.0 | -1.6 | 12.0 | -------------------------------------------------------------------------------- | % of net sales | 0.3 % | -9.9 % | 20.5 % | -------------------------------------------------------------------------------- | Result for the period | -0.1 | -2.1 | 11.0 | -------------------------------------------------------------------------------- | % of net sales | -0.8 % | -12.9 % | 18.8 % | -------------------------------------------------------------------------------- | Return on equity, % | -2.2 % | -235.4 % | 111.2 % | -------------------------------------------------------------------------------- | Return on investment, % | 2.3 % | -40.9 % | 72.8 % | -------------------------------------------------------------------------------- | Interest-bearing | | | | -------------------------------------------------------------------------------- | liabilities | 6.9 | 8.9 | 6.2 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 11.7 | 6.9 | 12.0 | -------------------------------------------------------------------------------- | Gearing, % | -31.7 % | 76.6 % | -38.2 % | -------------------------------------------------------------------------------- | Equity-ratio, % | 47.5 % | 6.9 % | 47.3 % | -------------------------------------------------------------------------------- | Balance sheet total | 32.7 | 39.6 | 32.7 | -------------------------------------------------------------------------------- | Gross investments | 0.2 | 0.1 | 2.2 | -------------------------------------------------------------------------------- | % net sales | 1.9 % | 0.4 % | 3.8 % | -------------------------------------------------------------------------------- | R & D expenses | 0.4 | 1.8 | 4.0 | -------------------------------------------------------------------------------- | % of net sales | 3.9 % | 11.1 % | 6.8 % | -------------------------------------------------------------------------------- | Personnel average | | | | -------------------------------------------------------------------------------- | for the period | 322 | 528 | 468 | -------------------------------------------------------------------------------- | Personnel at the end of | | | | -------------------------------------------------------------------------------- | the period | 315 | 529 | 325 | -------------------------------------------------------------------------------- | Undiluted earnings | | | | -------------------------------------------------------------------------------- | per share | | | | -------------------------------------------------------------------------------- | EUR | -0.001 | -0.034 | 0.179 | -------------------------------------------------------------------------------- | Diluted earnings per share | | | | -------------------------------------------------------------------------------- | EUR | -0.001 | -0.034 | 0.179 | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.25 | 0.04 | 0.25 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average share | | | | -------------------------------------------------------------------------------- | number: | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Undiluted | 61 218 670 | 61 218 670 | 61 218 670 | -------------------------------------------------------------------------------- | Diluted | 61 218 670 | 61 218 670 | 61 236 944 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of shares at the | | | | -------------------------------------------------------------------------------- | end of the period | 61 218 670 | 61 218 670 | 61 218 670 | -------------------------------------------------------------------------------- LARGEST SHAREHOLDERS ON MARCH 30, 2007 -------------------------------------------------------------------------------- | Shareholder | Number of | Percentage of all | | | shares | shares and | | | | voting rights | -------------------------------------------------------------------------------- | Dovregruppen A.S.* | 6 560 646 | 10.7 | -------------------------------------------------------------------------------- | Etra-Invest Oy | 6 211 500 | 10.1 | -------------------------------------------------------------------------------- | Pekka Mäkelä | 2 882 375 | 4.7 | -------------------------------------------------------------------------------- | Pekka Pere* | 2 381 105 | 3.9 | -------------------------------------------------------------------------------- | Etola Erkki | 2 000 000 | 3.3 | -------------------------------------------------------------------------------- | Eficor Oyj** | 1 860 000 | 3.0 | -------------------------------------------------------------------------------- | Lars Nyqvist | 1 280 555 | 2.1 | -------------------------------------------------------------------------------- | Thominvest Oy | 1 043 500 | 1.7 | -------------------------------------------------------------------------------- | Lapuan Osuuspankki | 900 000 | 1.5 | -------------------------------------------------------------------------------- | Markku Mäkinen | 714 424 | 1.2 | -------------------------------------------------------------------------------- | Eero Ruokostenpohja | 703 950 | 1.1 | -------------------------------------------------------------------------------- | Reino Jokinen | 530 000 | 0.9 | -------------------------------------------------------------------------------- | Astea AS | 471 257 | 0.8 | -------------------------------------------------------------------------------- | Risto Saikko | 466 390 | 0.8 | -------------------------------------------------------------------------------- | Hinkka Invest Oy | 452 800 | 0.7 | -------------------------------------------------------------------------------- | Kefura AB | 450 000 | 0.7 | -------------------------------------------------------------------------------- | Patrick Ternier | 400 000 | 0.6 | -------------------------------------------------------------------------------- | Jari Jyväsjärvi | 400 000 | 0.6 | -------------------------------------------------------------------------------- | Vesa Olsson | 400 000 | 0.6 | -------------------------------------------------------------------------------- | Nordea Pankki Suomi Oyj (nominee | 387 807 | 0.6 | | registered) | | | -------------------------------------------------------------------------------- *) Birger Flaa holds control over Dovregruppen A.S. **) Pekka Pere holds control over Eficor Oy
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