2010-04-28 08:00:00 CEST
2010-04-28 08:00:06 CEST
REGULATED INFORMATION
Proha - Interim report (Q1 and Q3)
PROHA INTERIM REPORT (IFRS) JANUARY 1 - MARCH 31, 2010
Proha Plc Interim Report April 28, 2010 at 9.00 a.m.
PROHA INTERIM REPORT (IFRS) JANUARY 1 - MARCH 31, 2010
Proha's net result positive in Q1
SUMMARY (last year's corresponding period in parentheses, unless otherwise
stated)
January - March, 2010
• Net sales EUR 16.3 (15.2) million - increase 7.3%
• Oil & Gas Services: net sales EUR 14.7 (13.8) million - increase 6.3%
• Software Solutions: net sales EUR 1.7 (1.4) million - increase 17.6%
• Net result EUR 0.5 (-0.2) million - change EUR 0.7 million
• The result doesn't include any non-recurring items EUR (0.0) million
• Result for the period EUR 0.5 (-0.0) million
• Earnings per share EUR 0.01 (-0.00)
• Segment reporting has been changed by combining software operations of Safran
and Camako to Software Solutions division
• Dovre division has been renamed Oil & Gas Services division
The interim report is unaudited.
KEY RATIOS JANUARY - MARCH, 2010
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | 1-12 |
| (EUR million) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Net sales | 16,3 | 15,2 | 60,7 |
--------------------------------------------------------------------------------
| Operating result | 0,5 | -0,2 | 0,3 |
--------------------------------------------------------------------------------
| % of net sales | 3,2 % | -1,3 % | 0,4 % |
--------------------------------------------------------------------------------
| Result before taxes | 0,7 | 0,0 | -0,1 |
--------------------------------------------------------------------------------
| Result for the period | 0,5 | 0,0 | -0,7 |
--------------------------------------------------------------------------------
| Return on equity, % | 12,7 % | -1,3 % | -5,6 % |
--------------------------------------------------------------------------------
| Return on investment, % | 15,7 % | 4,5 % | 6,7 % |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 4,3 | 2,6 | 3,8 |
--------------------------------------------------------------------------------
| Cash flow from operations | 1,1 | -1,7 | -1,3 |
--------------------------------------------------------------------------------
| Debt-equity ratio, % | -5,7 % | 3,9 % | -2,0 % |
--------------------------------------------------------------------------------
| Equity-ratio, % | 47,3 % | 45,9 % | 46,5 % |
--------------------------------------------------------------------------------
| Earnings per share, EUR | | | |
--------------------------------------------------------------------------------
| Basic | 0,01 | -0,00 | -0,01 |
--------------------------------------------------------------------------------
| Diluted | 0,01 | -0,00 | -0,01 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 0,24 | 0,22 | 0,22 |
--------------------------------------------------------------------------------
ILKKA TOIVOLA, CEO
In the first quarter of 2010 the operating result for Proha Group was positive
about 0,5 million euros. The Group's streamlining and growth actions were
correct and successful. The growth of net sales was fair in comparison to the
market situation. The Group's cash and cash equivalents also grew by about EUR
0,5 million.
The market demand of the Oil & Gas Services division developed well in Q1, and
especially Dovre's North-American and international operations were growing. Oil& Gas Services' net sales grew 6.3% in total. The market for Dovre's services in
Norway was more stable in Q1 than last year. So also in Norway we improved both
growth and profitability. In Q1 the net sales of the Software Solutions division
grew by 17.6% and it also made a positive result.
The key issues of our strategy are focusing on our core competence and seeking
profitable growth. We have taken steps in accordance to our growth strategy
already towards the end of 2009 by establishing new companies in Brisbane,
Australia and Yoshnoz on Sakhalin Island, Russia. The first steps of the
Software Solutions' growth strategies have also been taken, the most important
of which is expanding to new markets in the Nordic Countries.
FUTURE OUTLOOK
For Proha's field of operations, the stabilizing of international markets has
been expected and it has also occurred during the first quarter of 2010. The key
areas of Proha's business, like Canada, The United States, The Nordic Countries
and Australia, all have a growth expectation for national GNP in 2010.
Based on the market forecasts, we expect Oil & Gas Services' business to grow in
2010. The demand for Dovre's services has been steady all over the world. Major
oil and gas companies have taken a more long-term view on capital investments,
and have not cut back as much as many other industries. For some time now, oil
price has been holding between USD 70 to 90 per barrel, and that provides a good
foundation for continuing investments.
New growing sector for investments has been focusing on Liquid Natural Gas (LNG)
projects, where natural gas is liquefied in low temperatures, and put into
tankers in liquid form. This brings possibilities for exporting gas to large
markets - like China and Japan - without building major gas pipelines. Dovre has
been involved in these projects, and will continue to provide the customers with
world-class expertise on this new technology area.
The IT sector that is significant for Proha's Software Solutions division is
expected to begin a slight growth in the most North European countries. The
investments of the IT sector are returning to their normal level. Therefore, in
these key markets for Software Solutions the need for software and related
services is expected to experience a modest growth.
The efficiency measures started in 2009 and continuing in 2010 will improve the
Group's performance.
Proha keeps to its earlier result estimation, and expects a better operating
result than in 2009. The result for the financial year 2010 is expected to be
positive.
The estimate for future outlook is based on the forecasts the Proha Board has
accepted.
IFRS REPORTING
The reporting structure of the Group has changed. The Group's software business
operations have been combined to a new Software Solutions division. This
division now includes Safran and Camako.
Earlier, Safran Software Solutions AS was a part of the Dovre division and
Camako formed its own division.
During the period under review, the Dovre division has been renamed to the Oil &
Gas Services division. The division consists of many companies, such as Fabcon
Canada Limited in Canada, Dovre Group Inc. in the USA and Dovre Group AS in
Norway.
Oil & Gas Services, Software Solutions, and other operations are separately
reported business segments. Other operations consist mainly of the Proha Group
administration. The information for the financial period January 1 - March 31,
2010 is presented according to the above mentioned segment division.
NET SALES
January - March, 2010
The Group's net sales in Q1 increased by 7.3% totaling EUR 16.3 (15.2) million.
The Oil & Gas Services division accounted for 90.0% (90.9%) and the Software
Solutions division for 10.2% (9.3%). Net sales for Oil & Gas Services increased
by 6.3% totaling EUR 14.7 (13.8) million. Net sales for Software Solutions grew
by 17.6% totaling EUR 1.7 (1.4) million.
Distribution of net sales by business segments
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | | 1-12 |
| (EUR million) | 2010 | 2009 | Change % | 2009 |
--------------------------------------------------------------------------------
| Oil & Gas Services | 14,7 | 13,8 | 6,3 | 54,9 |
--------------------------------------------------------------------------------
| Software Solutions | 1,7 | 1,4 | 17,6 | 5,9 |
--------------------------------------------------------------------------------
| Other operations | 0,0 | 0,1 | -47,4 | 0,1 |
--------------------------------------------------------------------------------
| Net sales between segments | -0,1 | -0,1 | 19,1 | -0,2 |
--------------------------------------------------------------------------------
| Group Total | 16,3 | 15,2 | 7,3 | 60,7 |
--------------------------------------------------------------------------------
Distribution of net sales by geographical segments
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | 1-12 |
| (EUR million) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| EMEA | 8,7 | 9,0 | 34,8 |
--------------------------------------------------------------------------------
| AMERICAS | 7,3 | 6,3 | 26,5 |
--------------------------------------------------------------------------------
| APAC | 0,5 | 0,2 | 0,7 |
--------------------------------------------------------------------------------
| Net sales between segments | -0,1 | -0,3 | -1,3 |
--------------------------------------------------------------------------------
| Group Total | 16,3 | 15,2 | 60,7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | 1-12 |
| (% of net sales) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| EMEA | 53,4 % | 59,2 % | 57,3 % |
--------------------------------------------------------------------------------
| AMERICAS | 44,7 % | 41,2 % | 43,6 % |
--------------------------------------------------------------------------------
| APAC | 2,8 % | 1,4 % | 1,2 % |
--------------------------------------------------------------------------------
| Net sales between segments | -0,8 % | -1,8 % | -2,1 % |
--------------------------------------------------------------------------------
| Group Total | 100,0 % | 100,0 % | 100,0 % |
--------------------------------------------------------------------------------
PROFITABILITY
Operating result January - March, 2010
The operating result was EUR 0.5 (-0.2) million. Oil & Gas Services' operating
result was EUR 0.7 (0.3) million. Software Solutions' operating result was EUR
0,1 (-0.2) million. Operating result for other operations was EUR -0.3 (-0.2)
million.
Distribution of operating result by segment
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | | 1-12 |
| (EUR million) | 2010 | 2009 | Change % | 2009 |
--------------------------------------------------------------------------------
| Oil & Gas Services | 0,7 | 0,2 | 208,7 | 1,6 |
--------------------------------------------------------------------------------
| Software Solutions | 0,1 | -0,2 | 141,2 | -0,3 |
--------------------------------------------------------------------------------
| Other operations | -0,3 | -0,2 | -56,1 | -0,8 |
--------------------------------------------------------------------------------
| Operating profit between segments | 0,0 | 0,0 | -13,0 | -0,2 |
--------------------------------------------------------------------------------
| Group Total | 0,5 | -0,2 | 373,4 | 0,3 |
--------------------------------------------------------------------------------
Non-recurring items
The result for January - March, 2010, and the corresponding period in 2009 does
not include any non-recurring items. The net result for 2009 included
non-recurring items of approximately EUR 0.8 million.
Result January - March, 2010
The Group's result before taxes was EUR 0.7 (-0.0) million and after taxes EUR
0.5 (-0.0) million.
The Proha Group's earnings per share was EUR 0.01 (-0.00).
The Proha Group's return on investment (ROI) was 15.7% (4.5%).
CASH FLOW, FINANCING AND INVESTMENTS
On March 31, 2010, the Proha Group balance sheet total was EUR 31.8 (29.6)
million.
The cash and cash equivalents for the Proha Group totaled EUR 4.3 (2.6) million
at the end of Q1. In addition, the parent company and the subsidiaries have
unused credit limits.
The cash flow from operating activities was EUR 1.1 (-1.7) million. The cash
flow from operating activities was decreased by the increase of EUR 0.3 million
in current interest-free receivables and increased by the EUR 1.2 million
increase in current interest-free payables. EUR 0.4 million were paid in taxes.
The cash flow from investing activities was EUR -0.3 (-0.1) million.
The gross investments totaled EUR 0.4 (0.1) million.
The cash flow from financing activities was EUR -0.2 (1.3) million. New loans
worth of EUR 0.3 million were drawn, and EUR 0.2 million paid back.
The balance sheet goodwill totaled EUR 7.3 (6.3) million on March 31, 2010. On
December 31, 2009, the balance sheet goodwill totaled EUR 7.0 million. The
change in January - March, 2010, is caused by translation differences. The
Group's goodwill is not amortized, but tested for impairment under IAS 36. No
indications of impairment of assets exist.
The equity ratio was 47.3% (45.9%). Gearing was -5.7% (3.9%). On March 31, 2010,
the interest-bearing liabilities amounted to EUR 3.4 (3.1) million, accounting
for 10.5% (10,5%) of the Group's shareholders' equity and liabilities total. Of
the interest-bearing liabilities, EUR 0.7 (1.1) million were non-current and EUR
2.7 (2.0) million current. The Group's quick ratio was 1.5 (1.5).
RESEARCH AND DEVELOPMENT
In January - March, 2010, the Group's research and development costs were EUR
0.3 (0.2) million, representing 2% (1%) of the Group net sales. A total of EUR
0.2 (0.5) million of research and development costs were capitalized at the end
of the period.
The Group's R&D costs consist of the R&D of Safran and Camako in the Software
Solutions division. Safran has started the development of the version 3.7 of
Safran Project and Safran Web Access application is in the testing phase. Camako
EPM 4.2 version was released at the beginning of the year offering improved
performance and upgraded reporting functionalities.
CHANGES IN THE PROHA GROUP MANAGEMENT
The employment of Proha Plc's executive vice president Janne Rainvuori ended on
February 1, 2010.
PERSONNEL
The Group's personnel expenses were EUR 14.6 (14.1) million.
The personnel expenses of the Oil & Gas Services division were EUR 13.2 (12.8)
million. The personnel expenses of the Software Solutions division were 1.2
(1.3) million. The personnel expenses of the other operations were EUR 0.1 (0.1)
million.
In January - March, 2010, the number of personnel averaged 399 (394).
Distribution of personnel by segment (average)
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | | 1-12 |
| | 2010 | 2009 | Change % | 2009 |
--------------------------------------------------------------------------------
| Oil & Gas Services | 337 | 325 | 3,7 | 336 |
--------------------------------------------------------------------------------
| Software Solutions | 59 | 64 | -7,8 | 63 |
--------------------------------------------------------------------------------
| Other operations | 3 | 5 | -40,0 | 5 |
--------------------------------------------------------------------------------
| Total | 399 | 394 | 1,3 | 404 |
--------------------------------------------------------------------------------
On March 31, 2010, Proha employed 400 (399) people worldwide, out of which 338
(330) were employed by the Oil & Gas Services division, 59 (64) by the Software
Solutions division and 3 (5) by the Group administration.
BUSINESS PERFORMANCE
The demand for Oil & Gas Services' services has been steady all over the world.
Especially in Canada and other international markets business has been active
and this has generated new assignments for Dovre. The demand in the USA has not
grown as expected.
Dovre's operations in Canada have grown well, and customers are investing in
both Alberta sand oil projects and new oil rig projects in Newfoundland, for
example ExxonMobil's Hebron and Kearl. In addition, Dovre has signed agreements
with two new customers in Canada. Some customers have announced that they will
critically review their oil sands investments, which may lead to cutting down
these projects towards the latter half of 2010.
In international markets Dovre has acted in line with the demands of its major
customers, and the customer projects of the new business units have produced
positive result already during the first quarter. Especially in Australia and
South-East Asia there is a strong demand for professional project management
services. In addition, gas projects in Papua New Guinea are being started from
Brisbane.
The market for Dovre's services in Norway has been more stable in Q1. Also in
Norway we have managed to improve both growth and profitability. The ISO9000
certificate was renewed in March.
The net sales of Software Solutions division grew in Q1 by 17.3%. For the
period, Camako's net sales and operating result were slightly less than
anticipated. An essential deviation was caused by a delay in the beginning of
license sales. The development of both sales and result of Safran was positive.
The result was impacted by the recovery improvement in the Norwegian market.
Proha has decided to streamline the Group structure in 2010. The Group's
internal financing and financial management will be developed towards a global
Group structure instead of separate companies. The Group's financial management
has switched to a six-month planning period instead of the 12-month used before.
This enables the company to react on market changes quicker than before.
SHARES, SHARE CAPITAL, AND AUTHORIZATION TO ISSUE SHARES
Shares and share capital
Proha Plc has one class of shares. Each share entitles the shareholder to one
vote. The Proha Plc shares are listed in the NASDAQ OMX Helsinki Ltd.
On March 31, 2010, the subscribed capital of Proha Plc was EUR 15,916,854.20. On
March 31, 2010, the total number of Proha Plc shares was 61,961,751.
Option rights
On January 1, 2010, a total of 2,697,000 options were outstanding of the option
plans of 2006 and 2007, entitling to subscription of 2,697,000 shares.
During the period under review, Ilkka Toivola, Proha Plc's CEO, was granted
100,000 option rights under the option plan of 2007 C series at the subscription
price of EUR 0.37 per option.
No shares were subscribed for with Proha Plc's options during January - March,
2010. No option rights were redeemed during the period.
On March 31, 2010, a total of 2,797,000 option rights were outstanding as
follows: 1,119,000 option rights under 2006 plan (EUR 0.48) and 1,678,000 option
rights under 2007 plan (EUR 0.37). The company has in reserve 222,000 option
rights under 2006 plan and 299,000 option rights under 2007 plan. Each option
right entitles to subscription of one share.
The Authorization of the Board of Directors
The Annual General Meeting (AGM) on April 18, 2007 authorized the Board of
Directors to resolve to issue shares through issuance of shares or special
rights entitling to shares. In accordance with the authorization, the Board can
resolve to issue a maximum of 12,243,734 shares through issuance of shares or
special rights entitling to shares (including option rights) under Chapter 10,
Section 1 of the Companies Act, in one or more issues. The authorization
includes both the issuance of new shares as well as shares held by the Group,
and corresponded to 20 percent of the Group's total number of shares at the date
of the AGM. The authorization is effective until April 17, 2012.
During the period, no new shares were issued based on this authorization. A
total of 11,500,653 shares were remaining of the authorization on March 31,
2010.
TRADING AND MARKET CAPITALIZATION
In January - March, 2010, approximately 16.9 million Proha shares were traded on
the NASDAQ OMX Helsinki Ltd., corresponding to a turnover of approximately EUR
5.9 million.
From January 1 to March 31, 2010, the lowest quotation was EUR 0.29 and the
highest quotation was EUR 0.38. On March 31, 2010, the closing quotation was EUR
0.35.
The period-end market capitalization was approximately EUR 21.7 million.
The number of registered shareholders of Proha Plc totaled 3,267 on March 31,
2010.
CORPORATE GOVERNANCE
Decisions made at the Proha Plc's Annual General Meeting
The Annual General Meeting of Proha Plc on March 17, 2010, decided that the
number of Board members is four. The following four members were elected to
continue as the members of the Board: Ilari Koskelo, Antti Manninen, Leena
Mäkelä and Hannu Vaajoensuu. Ernst & Young Oy, Authorized Public Accountants,
continued as the Group's auditor.
A separate stock exchange bulletin has been issued on the resolutions of the
Annual General Meeting on March 17, 2010.
Decisions of the organizational meeting of Proha Plc's Board of Directors
The organizational meeting of Proha Plc's Board of Directors on March 17, 2010
elected Hannu Vaajoensuu as the chairman and Antti Manninen as the vice chairman
of the Board.
Corporate Governance
Proha complies with the Finnish Corporate Governance Code, but makes the
following exception to the code:
Recommendation 14: The majority of the Board is not independent of the company.
Of the four Board members, independent of the company and its significant
shareholders are the chairman Hannu Vaajoensuu and the vice chairman Antti
Manninen.
The Corporate Governance Statement from 2009 has been composed in accordance
with Recommendation 51 of the new Corporate Governance Code. The Corporate
Governance Statement was issued separately in the Review by Proha Plc Board of
Directors.
Proha's corporate governance principles are available on the company's website
at www.proha.com.
SHORT-TERM RISKS AND UNCERTAINTIES
The success of the Oil & Gas Services division is influenced by the energy
sector markets and investment levels in the oil and gas industry. The market
pricing and wages of Dovre's deliveries are still under pressure, even though
the toughest adaptation phase has probably been passed.
Oil & Gas Services expands its business to new markets and establishes
subsidiaries in new operational areas. Growth in new markets demands investments
and also includes operational risks.
In Oil & Gas Services' business operations, a few major clients constitute a
significant share of net sales. With these major clients Dovre has extensive
global delivery agreements. Therefore, Dovre is highly dependent on key
customers and the long-term frame agreements signed with them.
Even though the markets are stabilizing to the level of 2009, corporate
customers are still cautious in their investments. This relates to the Software
Solutions division as a whole. The forecasts indicate that investment level is
steady and it may slightly grow, but the financial situation of single customers
varies. The customers consider project management development as a very
important competitive advantage, but they are very cautious about starting new
projects.
In Q1 Proha did not use any currency hedging. For Proha Group, the most
important currencies are euro, Norwegian crown, US dollar, and Canadian dollar.
Currency fluctuations can affect the company's net sales. Receivables and
payables in foreign currencies can also realize in translation profits or
losses.
EVENTS AFTER THE PERIOD
There were no events after the period.
Espoo, April 27, 2010
Proha Plc
Board of Directors
For additional information, please contact:
PROHA PLC
CEO Ilkka Toivola, tel. +358 (0)20 436 2000
ilkka.toivola@proha.com
CFO Sirpa Haavisto, tel. +358 (0)20 436 2000
sirpa.haavisto@proha.com
Distribution:
NASDAQ OMX Helsinki
Major media
CONDENSED FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
The interim report is prepared in line with the International IFRS Standards,
and the same accounting principles have been applied as in the 2009 financial
statements. Key indicator calculations remain unchanged and have been presented
in the 2009 financial statements.
A change in reporting structure
For the period the reporting structure has been changed so that Oil & Gas
Services, Software Solutions and other operations constitute separately reported
divisions. The information for the financial period of January 1, - March 31,
2010, is thus presented according to the above mentioned segment division.
Change in presentation of income statement 2009
Deviating from the earlier practice, share of results in associates was in the
financial statements of 2009 presented as a part of operating result. The
information for January 1 - March 31, 2010, and the comparative data have been
changed to correspond to this presentation.
GROUP COMPREHENSIVE INCOME STATEMENT
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | Change | 1-12 |
| (EUR thousand) | 2010 | 2009 | % | 2009 |
--------------------------------------------------------------------------------
| NET SALES | 16 295 | 15 183 | 7,3 | 60 738 |
--------------------------------------------------------------------------------
| Other operating income | 13 | 46 | -70,9 | 208 |
--------------------------------------------------------------------------------
| Share of results in | | -51 | 100,0 | -100 |
| associates | | | | |
--------------------------------------------------------------------------------
| Material and services | -41 | -58 | -29,5 | -156 |
--------------------------------------------------------------------------------
| Employee benefits expense | -14 626 | -14 126 | 3,5 | -55 735 |
--------------------------------------------------------------------------------
| Depreciation and | -125 | -146 | -14,5 | -650 |
| amortization | | | | |
--------------------------------------------------------------------------------
| Impairment | | | | -118 |
--------------------------------------------------------------------------------
| Other operating expenses | -991 | -1 040 | -4,8 | -3 924 |
--------------------------------------------------------------------------------
| OPERATING RESULT | 526 | -192 | 373,4 | 263 |
--------------------------------------------------------------------------------
| Financing income | 234 | 366 | -36,2 | 887 |
--------------------------------------------------------------------------------
| Financing expenses | -38 | -195 | -80,4 | -1 240 |
--------------------------------------------------------------------------------
| RESULT BEFORE TAX | 721 | -22 | 3 451,4 | -90 |
--------------------------------------------------------------------------------
| Tax on income from | -266 | -21 | 1 190,9 | -659 |
| operations | | | | |
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD | 456 | -42 | 1 182,5 | -749 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 714 | 651 | | 1 593 |
| translating foreign | | | | |
| operations | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income | 714 | 651 | | 1 593 |
| for the period, net of tax | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME | 1 169 | 609 | | 844 |
| FOR THE PERIOD | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ALLOCATION OF RESULT FOR | | | | |
| THE PERIOD | | | | |
--------------------------------------------------------------------------------
| Result attributable to | 452 | -53 | 957,1 | -871 |
| equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Result attributable to | 4 | 11 | -65,6 | 121 |
| minority interest | | | | |
--------------------------------------------------------------------------------
| | 456 | -42 | 1 182,7 | -749 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ALLOCATION OF COMPREHENSIVE | | | | |
| RESULT FOR THE PERIOD | | | | |
--------------------------------------------------------------------------------
| Result attributable to | 1 162 | 609 | 90,7 | 721 |
| equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Result attributable to | 7 | -1 | 817,7 | 123 |
| minority interest | | | | |
--------------------------------------------------------------------------------
| | 1 169 | 609 | 92,1 | 844 |
--------------------------------------------------------------------------------
| Earnings/share EUR | | | | |
--------------------------------------------------------------------------------
| Undiluted | 0,01 | 0,00 | 957,1 | -0,01 |
--------------------------------------------------------------------------------
| Diluted | 0,01 | 0,00 | 957,1 | -0,01 |
--------------------------------------------------------------------------------
| Comprehensive | | | | |
| earnings/share EUR | | | | |
--------------------------------------------------------------------------------
| Undiluted | 0,02 | 0,01 | 90,7 | 0,01 |
--------------------------------------------------------------------------------
| Diluted | 0,02 | 0,01 | 90,7 | 0,01 |
--------------------------------------------------------------------------------
AVERAGE NUMBER OF SHARES
--------------------------------------------------------------------------------
| Average number of shares: |
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | 1-12 | |
| | 2010 | 2009 | 2009 | |
--------------------------------------------------------------------------------
| Undiluted | 61 961 751 | 61 961 751 | 61 961 751 | |
--------------------------------------------------------------------------------
| Diluted | 61 961 751 | 61 961 751 | 61 961 751 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares at the end of the period: |
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | |
--------------------------------------------------------------------------------
| | 2010 | 2009 | |
--------------------------------------------------------------------------------
| Shares | 61 961 751 | 61 961 751 | |
--------------------------------------------------------------------------------
GROUP BALANCE SHEET
--------------------------------------------------------------------------------
| | 31.3. | 31.3. | | 31.12. |
| (EUR thousand) | 2010 | 2009 | Change % | 2009 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 1 678 | 2 147 | -21,9 | 1 696 |
--------------------------------------------------------------------------------
| Goodwill | 7 311 | 6 266 | 16,7 | 7 022 |
--------------------------------------------------------------------------------
| Tangible assets | 204 | 299 | -31,8 | 198 |
--------------------------------------------------------------------------------
| Investments in associates | 933 | 1 405 | -33,6 | 933 |
--------------------------------------------------------------------------------
| Trade receivables and other | 271 | 174 | 56,1 | 260 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Available-for-sale investments | 215 | 130 | 65,1 | 211 |
--------------------------------------------------------------------------------
| Deferred tax asset | 449 | 269 | 67,2 | 398 |
--------------------------------------------------------------------------------
| Non-current assets | 11 061 | 10 690 | 3,5 | 10 718 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Trade receivables and other | 16 359 | 16 254 | 0,6 | 15 250 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Tax receivable, income tax | 78 | 67 | 17,1 | 185 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 4 283 | 2 579 | 66,1 | 3 758 |
--------------------------------------------------------------------------------
| Current assets | 20 720 | 18 900 | 9,6 | 19 193 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 31 781 | 29 589 | 7,4 | 29 911 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 15 917 | 15 917 | 0,0 | 15 917 |
--------------------------------------------------------------------------------
| Share premium account | 0 | 4 379 | -100,0 | 0 |
--------------------------------------------------------------------------------
| Fair value reserve and other | 5 188 | 433 | 1 098,5 | 5 193 |
| reserves | | | | |
--------------------------------------------------------------------------------
| Translation differences | 778 | -798 | -197,6 | -140 |
--------------------------------------------------------------------------------
| Retained earnings | -7 195 | -6 547 | -9,9 | -7 449 |
--------------------------------------------------------------------------------
| Equity attributable to equity | 14 689 | 13 383 | 9,8 | 13 520 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | 201 | 82 | 144,0 | 195 |
--------------------------------------------------------------------------------
| Shareholders' equity | 14 890 | 13 466 | 10,6 | 13 714 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 702 | 641 | 9,6 | 669 |
--------------------------------------------------------------------------------
| Long-term liabilities, | 712 | 1 135 | -37,3 | 608 |
| interest-bearing | | | | |
--------------------------------------------------------------------------------
| Long-term liabilities, | 39 | 329 | -88,1 | 153 |
| interest-free | | | | |
--------------------------------------------------------------------------------
| Liabilities from defined benefit | 1 388 | 862 | 61,0 | 1 290 |
| plan | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 2 841 | 2 966 | -4,2 | 2 720 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Short-term interest-bearing | 2 716 | 1 963 | 38,3 | 2 878 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 11 143 | 11 009 | 1,2 | 10 181 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Tax liability, income tax | 191 | 184 | 3,3 | 317 |
--------------------------------------------------------------------------------
| Current provisions | | | | 100 |
--------------------------------------------------------------------------------
| Current liabilities | 14 050 | 13 157 | 6,8 | 13 477 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 31 781 | 29 589 | 7,4 | 29 911 |
--------------------------------------------------------------------------------
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
a) Share capital
b) Share premium account
c) Unrestricted equity fund
d) Fair value reserve and other reserves
e) Translation differences
f) Retained earnings
g) Equity attributable to equity holders of the parent
h) Minority interest
i) Shareholders' equity total
--------------------------------------------------------------------------------
| | a) | b) | c) | d) | e) |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 917 | 4 379 | 227 | 196 | -1 154 |
| 1.1.2009 | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income | 0 | 0 | 22 | 0 | 356 |
--------------------------------------------------------------------------------
| Share based payments | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Transfers between items | 0 | 0 | -11 | 0 | 0 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 917 | 4 379 | 237 | 196 | -798 |
| 31.3.2009 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | a) | b) | c) | d) | e) |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 917 | 0 | 217 | 4 976 | -140 |
| 1.1.2010 | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income | 0 | 0 | 8 | 0 | 919 |
--------------------------------------------------------------------------------
| Share based payments | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Transfers between items | 0 | 0 | -13 | 0 | 0 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 917 | 0 | 212 | 4 976 | 778 |
| 31.3.2010 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | f) | g) | h) | i) |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 1.1.2009 | -6 808 | 12 756 | 72 | 12 828 |
--------------------------------------------------------------------------------
| Comprehensive income | 231 | 609 | -1 | 609 |
--------------------------------------------------------------------------------
| Share based payments | 18 | 18 | 0 | 18 |
--------------------------------------------------------------------------------
| Transfers between items | 11 | 0 | 11 | 11 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 31.3.2009 | -6 547 | 13 383 | 82 | 13 466 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | f) | g) | h) | i) |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 1.1.2010 | -7 449 | 13 520 | 195 | 13 714 |
--------------------------------------------------------------------------------
| Comprehensive income | 236 | 1 162 | 7 | 1 169 |
--------------------------------------------------------------------------------
| Share based payments | 6 | 6 | 0 | 6 |
--------------------------------------------------------------------------------
| Transfers between items | 13 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 31.3.2010 | -7 195 | 14 689 | 201 | 14 890 |
--------------------------------------------------------------------------------
GROUP CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | 1-12 |
| (EUR thousand) | | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | |
--------------------------------------------------------------------------------
| | Operating result | 526 | -192 | 263 |
--------------------------------------------------------------------------------
| | Adjustments, total | 131 | 373 | 1 375 |
--------------------------------------------------------------------------------
| | Change in net working capital, | 887 | -1 563 | -1 531 |
| | total | | | |
--------------------------------------------------------------------------------
| | Interest paid | -37 | -63 | -281 |
--------------------------------------------------------------------------------
| | Interest received | 9 | 26 | 39 |
--------------------------------------------------------------------------------
| | Other financial expenses paid | -5 | -5 | -267 |
--------------------------------------------------------------------------------
| | Other financial income received | 8 | 1 | 55 |
--------------------------------------------------------------------------------
| | Income taxes paid | -423 | -300 | -975 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | 1 096 | -1 723 | -1 322 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| | Investments in tangible and | -213 | -78 | -147 |
| | intangible assets | | | |
--------------------------------------------------------------------------------
| | Acquisition of subsidiaries net | -110 | -6 | -179 |
| | cash acquired *) | | | |
--------------------------------------------------------------------------------
| | Investments in other investments | | 0 | -75 |
--------------------------------------------------------------------------------
| | Increase (-) / decrease (+) in loan | | -54 | 214 |
| | receivables | | | |
--------------------------------------------------------------------------------
| | Dividends received | | 5 | 6 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | -323 | -133 | -180 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| | Proceeds from short-term loans | 300 | 1 317 | 2 467 |
--------------------------------------------------------------------------------
| | Repayments of short-term loans | -548 | | -326 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | -248 | 1 317 | 2 142 |
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 525 | -539 | 640 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at beginning of | 3 758 | 3 118 | 3 118 |
| the period | | | |
--------------------------------------------------------------------------------
| Foreign exchange rate adjustment | 120 | -95 | 50 |
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 405 | -444 | 590 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of the | 4 283 | 2 579 | 3 758 |
| period | | | |
--------------------------------------------------------------------------------
*) Additional purchase price for earlier acquisitions.
GROUP INCOME STATEMENT QUARTERLY - Interim period January 1 - March 31, 2010
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 | 2009 | 2009 |
| (EUR thousand) | 1-3 | 1-3 | 4-6 | 7-9 | 10-12 |
--------------------------------------------------------------------------------
| NET SALES | 16 295 | 15 183 | 14 986 | 15 300 | 15 269 |
--------------------------------------------------------------------------------
| Other operating income | 13 | 46 | 46 | -47 | 163 |
--------------------------------------------------------------------------------
| Materials and services | 0 | -51 | -49 | 0 | 0 |
--------------------------------------------------------------------------------
| Employee benefits expense | -41 | -58 | 0 | -68 | -30 |
--------------------------------------------------------------------------------
| Depreciation and | -14 626 | -14 126 | -14 019 | -13 966 | -13 623 |
| amortization | | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -125 | -146 | -181 | -160 | -298 |
--------------------------------------------------------------------------------
| OPERATING RESULT | -991 | -1 040 | -1 032 | -604 | -1 248 |
--------------------------------------------------------------------------------
| % | 526 | -192 | -249 | 455 | 232 |
--------------------------------------------------------------------------------
| Financing income | 3,2 % | -1,3 % | -1,7 % | 3,0 % | 1,5 % |
--------------------------------------------------------------------------------
| Financing expenses | 234 | 366 | 51 | 59 | 411 |
--------------------------------------------------------------------------------
| Share of result in | -38 | -195 | -195 | -391 | -459 |
| associates | | | | | |
--------------------------------------------------------------------------------
| RESULT BEFORE TAX | 721 | -22 | -394 | 123 | 185 |
--------------------------------------------------------------------------------
| % | 4,4 % | -0,1 % | -2,6 % | 0,8 % | 1,2 % |
--------------------------------------------------------------------------------
| Tax on income from | -265 | -21 | -71 | -108 | -455 |
| operations | | | | | |
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD | 456 | -42 | -464 | 15 | -270 |
--------------------------------------------------------------------------------
| % | 2,8 % | -0,3 % | -3,1 % | 0,1 % | -1,8 % |
--------------------------------------------------------------------------------
GROUP COMMITMENTS AND CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| (EUR thousand) | 31.3. | 31.3. | 31.12. |
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| COLLATERAL FOR OWN COMMITENTS | | | |
--------------------------------------------------------------------------------
| Debts secured by corporate mortgages | | | |
--------------------------------------------------------------------------------
| Loans from financial institutions | 2554 | 2 964 | 2951 |
--------------------------------------------------------------------------------
| Book value of shares of Dovre | 7300 | 6 949 | 7186 |
| International AS and Dovre Fabcon AS and | | | |
| current assets of Dovre Fabcon AS given | | | |
| as security | | | |
--------------------------------------------------------------------------------
| Debts secured by assets | | | |
--------------------------------------------------------------------------------
| Loans and checking account credit lines | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Book value of trade receivables and | 619 | 594 | 650 |
| fixed assets given as security | | | |
--------------------------------------------------------------------------------
| Debts secured by shares | | | |
--------------------------------------------------------------------------------
| Loans and checking account credit lines | 696 | 0 | 515 |
--------------------------------------------------------------------------------
| Book value of pledged shares | 933 | 511 | 933 |
--------------------------------------------------------------------------------
| Future minimum lease payments under | | | |
| non-cancellable operating leases | | | |
--------------------------------------------------------------------------------
| Not later than one year | 193 | 175 | 316 |
--------------------------------------------------------------------------------
| Later than one year and not later | 1 024 | 545 | 1 096 |
| than five years | | | |
--------------------------------------------------------------------------------
| Total | 1 217 | 720 | 1 412 |
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
--------------------------------------------------------------------------------
| Investments in associates | 31.3.2010 | 31.3.2009 | 31.12.2009 | |
--------------------------------------------------------------------------------
| Carrying value, opening | 933 | 1 342 | 1 342 | |
| balance | | | | |
--------------------------------------------------------------------------------
| Additions | 0 | 54 | 0 | |
--------------------------------------------------------------------------------
| Disposals | 0 | 0 | -310 | |
--------------------------------------------------------------------------------
| Share of profit / loss | 0 | -51 | -100 | |
| in associates | | | | |
--------------------------------------------------------------------------------
| Translation differences | 0 | 59 | 0 | |
--------------------------------------------------------------------------------
| At the end of the | 933 | 1 405 | 933 | |
| financial year | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transactions with other | 1-3/2010 | 1-3/2009 | 1-12/2009 | |
| related parties | | | | |
--------------------------------------------------------------------------------
| Purchases | | | | |
--------------------------------------------------------------------------------
| Consulting fees and | 0 | 121 | 149 | |
| rents*) | | | | |
--------------------------------------------------------------------------------
| Consulting fees and | 0 | -15 | 335 | |
| reimbursements**) | | | | |
--------------------------------------------------------------------------------
| Consulting fees and | 0 | 0 | 20 | |
| reimbursements***) | | | | |
--------------------------------------------------------------------------------
| Other | 0 | 16 | 0 | |
--------------------------------------------------------------------------------
| Total | 0 | 121 | 504 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Open balances with the | 31.3.2010 | 31.3.2009 | 31.12.2009 | |
| related parties | | | | |
--------------------------------------------------------------------------------
| Trade payables | 0 | 58 | 9 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) Consulting fees and rents have been paid to the companies |
| controlled by Birger Flaa, a former member of the Board in |
| Proha Plc (resigned June 16,2009) |
--------------------------------------------------------------------------------
| **) Consulting fees and rents have been paid to a company |
| controlled by Otto Søberg, the former CEO of Dovre Group AS |
| (resigned October 9, 2009) |
--------------------------------------------------------------------------------
| ***) Consulting fees and rents have been paid to Havacment Oy, |
| a company controlled by Hannu Vaajoensuu, a member of the |
| Board in Proha Plc. |
--------------------------------------------------------------------------------
GROUP KEY FINANCIAL PERFORMANCE INDICATORS
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | 1-12 |
| (EUR million) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Net sales | 16,3 | 15,2 | 60,7 |
--------------------------------------------------------------------------------
| Operating result | 0,5 | -0,1 | 0,3 |
--------------------------------------------------------------------------------
| % of Net sales | 3,2 % | -0,9 % | 0,4 % |
--------------------------------------------------------------------------------
| Result before taxes | 0,7 | -0,0 | -0,1 |
--------------------------------------------------------------------------------
| % of Net sales | 4,4 % | -0,1 % | -0,1 % |
--------------------------------------------------------------------------------
| Result for the period | 0,5 | -0,0 | -0,9 |
--------------------------------------------------------------------------------
| % of Net sales | 2,8 % | -0,3 % | -1,4 % |
--------------------------------------------------------------------------------
| Return on equity, % | 12,7 % | -1,3 % | -5,6 % |
--------------------------------------------------------------------------------
| Return on investment, % | 15,7 % | 4,5 % | 6,7 % |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 3,4 | 3,1 | 3,5 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 4,3 | 2,6 | 3,8 |
--------------------------------------------------------------------------------
| Gearing, % | -5,7 % | 3,9 % | -2,0 % |
--------------------------------------------------------------------------------
| Equity-ratio, % | 47,3 % | 45,9 % | 46,5 % |
--------------------------------------------------------------------------------
| Balance sheet total | 31,8 | 29,6 | 29,9 |
--------------------------------------------------------------------------------
| Gross investments | 0,4 | 0,1 | 3,5 |
--------------------------------------------------------------------------------
| % of Net sales | 2,6 % | 0,9 % | 5,7 % |
--------------------------------------------------------------------------------
| R & D costs | 0,3 | 0,2 | 0,8 |
--------------------------------------------------------------------------------
| % of Net sales | 1,7 % | 1,2 % | 1,3 % |
--------------------------------------------------------------------------------
| Personnel average for the period | 399 | 394 | 404 |
--------------------------------------------------------------------------------
| Personnel at the end of the period | 400 | 399 | 408 |
--------------------------------------------------------------------------------
| Earnings per share, EUR | | | |
--------------------------------------------------------------------------------
| Basic | 0,01 | -0,00 | -0,01 |
--------------------------------------------------------------------------------
| Diluted | 0,01 | -0,00 | -0,01 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 0,24 | 0,22 | 0,22 |
--------------------------------------------------------------------------------
LARGEST SHAREHOLDERS AS OF MARCH 31, 2010
--------------------------------------------------------------------------------
| Name | Number of | % of all shares |
| | shares | and voting |
| | | rights |
--------------------------------------------------------------------------------
| Etra Capital Oy *) | 13 000 000 | 21,0 % |
--------------------------------------------------------------------------------
| Etola Erkki Olavi *) | 3 000 000 | 4,8 % |
--------------------------------------------------------------------------------
| Koskelo Ilari **) | 2 962 590 | 4,8 % |
--------------------------------------------------------------------------------
| Mäkelä Pekka | 1 982 375 | 3,2 % |
--------------------------------------------------------------------------------
| Navdata Oy **) | 1 300 000 | 2,1 % |
--------------------------------------------------------------------------------
| Siik Rauni Marjut | 1 050 000 | 1,7 % |
--------------------------------------------------------------------------------
| Thominvest | 1 043 500 | 1,7 % |
--------------------------------------------------------------------------------
| Hinkka Petri | 889 500 | 1,4 % |
--------------------------------------------------------------------------------
| Virkki Risto Anton | 730 000 | 1,2 % |
--------------------------------------------------------------------------------
| Siik Seppo Sakari | 674 000 | 1,1 % |
--------------------------------------------------------------------------------
| Ruokostenpohja Ismo Eero Voitto | 673 950 | 1,1 % |
--------------------------------------------------------------------------------
| Paasi Kari | 600 000 | 1,0 % |
--------------------------------------------------------------------------------
| Hinkka Invest Oy | 583 390 | 0,9 % |
--------------------------------------------------------------------------------
| Jokinen Reino Väinämö | 530 000 | 0,9 % |
--------------------------------------------------------------------------------
| Svenska Handelsbanken AB (PUBL), | 513 000 | 0,8 % |
| filialverksamheten i Finland | | |
--------------------------------------------------------------------------------
| Pere Pekka | 465 942 | 0,8 % |
--------------------------------------------------------------------------------
| Nordea Pankki Suomi Oyj | 430 075 | 0,7 % |
--------------------------------------------------------------------------------
| Eficor Oyj | 419 350 | 0,7 % |
--------------------------------------------------------------------------------
| Olsson Vesa Ensio | 400 000 | 0,6 % |
--------------------------------------------------------------------------------
| Saikko Risto Olavi | 395 065 | 0,6 % |
--------------------------------------------------------------------------------
*) Etra Capital Oy is a controlling interest company of Erkki Etola.
**) Navdata Oy is a controlling interest company of Ilari Koskelo, a member of
the Board in Proha Plc.
Hannu Vaajoensuu's, the chairman of the Board in Proha Plc., family members
living in the same household with him own directly and through Havacment Oy, a
controlling interest company of Hannu Vaajoensuu, a total of 710,000 Proha Plc
shares. Antti Manninen owns directly and through Amlax Oy, a controlling
interest company of Antti Manninen, a total of 505,000 Proha Plc shares.
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