2009-08-06 08:00:00 CEST
2009-08-06 08:00:09 CEST
REGULATED INFORMATION
Proha - Interim report (Q1 and Q3)
PROHA PLC INTERIM REPORT (IFRS) JANUARY 1 - JUNE 30, 2009
Proha Plc Interim Report August 6, 2009 9.00 a.m. PROHA PLC INTERIM REPORT (IFRS) JANUARY 1 - JUNE 30, 2009 SUMMARY April - June Group net sales were EUR 15.0 (16.4) million. Decrease was 8.8%. Dovre division accounted for 94% (94%) and Camako division for 6% (6%) of the Group net sales. Net sales for Dovre division were EUR 14.1 (15.5) million. Decrease was 9%. Net sales for Camako division were EUR 0.9 (0.9) million. Decrease was 2%. Group operating result before non-recurring items was EUR 0.0 (0.5) million and after non-recurring items EUR -0.2 (-0.5) million. Dovre division's operating result before non-recurring items was EUR 0.2 (0.8) million and after non-recurring items EUR 0.0 (0.7) million. Operating result for Camako division was EUR 0.0 (-0.1) million. Operating result for other operations was EUR -0.2 (-1.1) million. Earnings per share were EUR -0.01 (-0.01). January - June Group net sales were EUR 30.2 (31.7) million. Decrease was 4.8%. Dovre division accounted for 94% (95%) and Camako division for 6% (5%) of the Group net sales. Net sales for Dovre division were EUR 28.5 (30.2) million. Decrease was 6%. Net sales for Camako division were EUR 1.7 (1.5) million. Growth was 17%. Group operating result before non-recurring items was EUR -0.1 (0.6) million and after non-recurring items EUR -0.3 (-0.4) million. Dovre division's operating result before non-recurring items was EUR 0.4 (1.5) million and after non-recurring items EUR 0.2 (1.5) million. Operating result for Camako division was EUR -0.2 (-0.3) million. Operating result for other operations was EUR -0.4 (-1.5) million. Earnings per share were EUR -0.01 (-0.02). The interim report is unaudited. GROUP KEY INDICATORS -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 01-12 | | (EUR | 2009 | 2008 | % | 2009 | 2008 | % | 2008 | | million) | | | | | | | | -------------------------------------------------------------------------------- | Net sales | 15,0 | 16,4 | -8,8 % | 30,2 | 31,7 | -4,8 % | 62,4 | -------------------------------------------------------------------------------- | Operating | 0,0 | 0,5 | -100,0 % | -0,1 | 0,6 | -123,3 % | 1,6 | | result | | | | | | | | | excl. non- | | | | | | | | | recurring | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- | % of net | 0,0 % | 3,1 % | | -0,5 % | 1,9 % | | 2,5 % | | sales | | | | | | | | -------------------------------------------------------------------------------- | Operating | -0,2 | -0,5 | 58,4 % | -0,3 | -0,4 | 11,2 % | 0,6 | | result | | | | | | | | | incl. non- | | | | | | | | | recurring | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- | % of net | -1,3 | -2,9 % | | -1,1 % | -1,2 % | | 1,0 % | | sales | % | | | | | | | -------------------------------------------------------------------------------- | Result | -0,4 | -0,7 | 39,9 % | -0,4 | -0,9 | 52,1 % | 0,6 | | before | | | | | | | | | taxes | | | | | | | | -------------------------------------------------------------------------------- | Result for | -0,5 | -0,8 | 43,4 % | -0,5 | -1,2 | 57,8 % | -0,2 | | the period | | | | | | | | -------------------------------------------------------------------------------- | Return on | -14,1 | -22,8 | | 4,4 % | -12,7 | | -0,8 % | | equity, % | % | % | | | % | | | -------------------------------------------------------------------------------- | Return on | -4,8 | -10,9 | | 10,1 % | 0,0% | | 7,7 % | | investment | % | % | | | | | | | , % | | | | | | | | -------------------------------------------------------------------------------- | Cash and | 3,1 | 3,5 | -10,4 % | 3,1 | 3,5 | -10,4 % | 3,1 | | cash equi- | | | | | | | | | valents | | | | | | | | -------------------------------------------------------------------------------- | Cash flow | 0,2 | 0,0 | 392,5 % | -1,6 | -1,2 | -34,0 % | 1,2 | | from | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | Debt-equit | 1,5 % | 5,1 % | | 1,5 % | 5,1 % | | -11,2 | | y ratio, % | | | | | | | % | -------------------------------------------------------------------------------- | Equity- | 45,1 | 43,1 % | | 45,1 % | 43,1 % | | 49,0 % | | ratio, % | % | | | | | | | -------------------------------------------------------------------------------- | Earnings per | | | | | | | | share, EUR | | | | | | | -------------------------------------------------------------------------------- | Basic | -0,01 | -0,01 | 43,4 % | -0,01 | -0,02 | 58,0 % | 0,00 | -------------------------------------------------------------------------------- | Diluted | -0,01 | -0,01 | 43,4 % | -0,01 | -0,02 | 58,0 % | 0,00 | -------------------------------------------------------------------------------- | Equity per | 0,21 | 0,21 | -2,6 % | 0,21 | 0,21 | -2,6 % | 0,21 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- ILARI KOSKELO, CEO The Proha Group's operating result fell below our expectations again in the second quarter. The core business itself performed closely to our budget, but the administrative structures instigated prior to the recession have proved to be too heavy and financially unsustainable. Dovre's administrative structure reflects the 2008 situation and will require to be immediately unencumbered. The decisions regarding improving cost efficiency will be made as soon as possible. Dovre's customer base both in Norway and especially in Canada has developed well regardless of the market situation, but operating margins, and thereby profitability, are still facing pressures. The organizational structure of the Camako division was dissolved at the end of the second quarter, and the merger of the three Finnish subsidiaries was implemented as of August 1, 2009. The simpler administrative structure of one company brings cost savings to Camako and its profitability is projected to improve. The Camako staff has been very cooperative in finding measures to streamline the operations. NET SALES April - June The Proha Group net sales reduced by 8.8% and were EUR 15.0 (16.4) million. The Dovre division accounted for 94% (94%) and the Camako division for 6% (6%) of the Proha Group net sales. The net sales for the Dovre division reduced by 9% and were EUR 14.1 (15.5) million. The net sales for the Camako division reduced by 2% and were EUR 0.9 (0.9) million. January - June The Proha Group net sales reduced by 4.8% and were EUR 30.2 (31.7) million. The Dovre division accounted for 94% (95%) and the Camako division for 6% (5%) of the Proha Group net sales. The net sales for the Dovre division reduced by 6% and were EUR 28.5 (30.2) million. The net sales for the Camako division grew by 17% and were EUR 1.7 (1.5) million. Distribution of net sales by business segments (primary segment) -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 1-12 | | (EUR | 2009 | 2008 | % | 2009 | 2008 | % | 2008 | | million) | | | | | | | | -------------------------------------------------------------------------------- | Dovre | 14 107 | 15 504 | -9,0 | 28 485 | 30 178 | -5,6 | 59 347 | -------------------------------------------------------------------------------- | Camako | 887 | 904 | -1,9 | 1 705 | 1 463 | 16,5 | 3 018 | -------------------------------------------------------------------------------- | Other | 62 | 37 | 65,5 | 125 | 81 | 54,4 | 367 | | operations | | | | | | | | -------------------------------------------------------------------------------- | Net sales | -71 | -23 | | -146 | -47 | | -300 | | between | | | | | | | | | segments | | | | | | | | -------------------------------------------------------------------------------- | Group Total | 14 986 | 16 423 | -8,8 | 30 169 | 31 675 | -4,8 | 62 432 | -------------------------------------------------------------------------------- Distribution of net sales by geographical segments (secondary segment) -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | | (EUR million) | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | EMEA | 8 607 | 10 850 | 17 665 | 20 788 | 39 827 | -------------------------------------------------------------------------------- | AMERICAS | 6 584 | 5 575 | 12 845 | 11 003 | 23 172 | -------------------------------------------------------------------------------- | APAC | 131 | 234 | 274 | 485 | 770 | -------------------------------------------------------------------------------- | Net sales between | -336 | -237 | -616 | -600 | -1 337 | | segments | | | | | | -------------------------------------------------------------------------------- | Group Total | 14 986 | 16 423 | 30 169 | 31 675 | 62 432 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | | (% of net sales) | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | EMEA | 57,4 % | 66,1 % | 58,6 % | 65,6 % | 63,8 % | -------------------------------------------------------------------------------- | AMERICAS | 43,9 % | 33,9 % | 42,6 % | 34,7 % | 37,1 % | -------------------------------------------------------------------------------- | APAC | 0,9 % | 1,4 % | 0,9 % | 1,5 % | 1,2 % | -------------------------------------------------------------------------------- | Net sales between | -2,2 % | -1,4 % | -2,0 % | -1,9 % | -2,1 % | | segments | | | | | | -------------------------------------------------------------------------------- | Group Total | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % | -------------------------------------------------------------------------------- FINANCIAL PERFORMANCE Operating result April - June The Proha Group operating result before non-recurring items was EUR 0.0 (0.5) million and after non-recurring items EUR -0.2 (-0.5) million. Dovre division's operating result before non-recurring items was EUR 0.2 (0.8) million and after non-recurring items EUR 0.0 (0.7) million. Operating result for Camako division was EUR 0.0 (-0.1) million. Operating result for other operations was EUR -0.2 (-1.1) million. January - June The Proha Group operating result before non-recurring items was EUR -0.1 (0.6) million and after non-recurring items EUR -0.3 (-0.4) million. Dovre division's operating result before non-recurring items was EUR 0.4 (1.5) million and after non-recurring items EUR 0.2 (1.5) million. Operating result for Camako division was EUR -0.2 (-0.3) million. Operating result for other operations was EUR -0.4 (-1.5) million. Distribution of operating result by segment (excluding non-recurring items) -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 1-12 | | (EUR | 2009 | 2008 | % | 2009 | 2008 | % | 2008 | | million) | | | | | | | | --------------------------------------------------------------------------------| Dovre | 0,2 | 0,8 | -74,6 | 0,4 | 1,5 | -72,3 | 2,9 | -------------------------------------------------------------------------------- | Camako | 0,0 | 0,0 | 22,7 | -0,2 | -0,3 | 33,3 | -0,4 | -------------------------------------------------------------------------------- | Other | -0,2 | -0,2 | 28,8 | -0,4 | -0,6 | 40,5 | -1,0 | | operations | | | | | | | | -------------------------------------------------------------------------------- | Group Total | 0,0 | 0,5 | -100,0 | -0,1 | 0,6 | -123,3 | 1,6 | -------------------------------------------------------------------------------- Distribution of operating result by segment (including non-recurring items) -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 1-12 | | (EUR | 2009 | 2008 | % | 2009 | 2008 | % | 2008 | | million) | | | | | | | | -------------------------------------------------------------------------------- | Dovre | 0,0 | 0,7 | -99,8 | 0,2 | 1,5 | -84,9 | 2,9 | -------------------------------------------------------------------------------- | Camako | 0,0 | -0,1 | 65,1 | -0,2 | -0,3 | 45,3 | -0,4 | -------------------------------------------------------------------------------- | Other | -0,2 | -1,1 | 85,4 | -0,4 | -1,5 | 74,9 | -1,8 | | operations | | | | | | | | -------------------------------------------------------------------------------- | Group Total | -0,2 | -0,5 | 58,4 | -0,3 | -0,4 | 11,2 | 0,6 | -------------------------------------------------------------------------------- Non-recurring items The operating result and the result for both the period of January - June, 2009, and April - June, 2009, include approx. EUR 0.2 (1.0) million of non-recurring charges. Dovre's operating result for both the period of January - June, 2009, and April - June, 2009, includes EUR 0.2 (0.0) million in non-recurring charges due to the terminations of employment. During the first half of 2008 and during the second quarter of 2008, the operating result for the other operations included approx. EUR 0.9 million in non-recurring charges. Result for the period April - June The Proha Group result before taxes were EUR -0.4 (-0.7) million and after taxes EUR -0.5 (-0.8) million. The Proha Group earnings per share were EUR -0.01 (-0.01). The Proha Group comprehensive earnings per share were EUR 0.00 (-0.01). The Proha Group return on investment (ROI) was -4.8% (-10.9%). January - June The Proha Group result before taxes were EUR -0.4 (-0.9) million and after taxes EUR -0.5 (-1.2) million. The Proha Group earnings per share were EUR -0.01 (-0.02). The Proha Group comprehensive earnings per share were EUR 0.01(-0.02). The Proha Group return on investment (ROI) was 10.1% (0.0%). CASH FLOW, FINANCING AND INVESTMENTS On June 30, 2009, the Proha Group balance sheet total was EUR 29.2 (31.6) million. On June 30, 2009, the cash and cash equivalents for the Proha Group totaled EUR 3.1 (3.5) million. Additionally, the Group has unused checking account limits. The cash flow from operating activities was EUR -1.6 (-1.2) million for the period under review. The cash flow from operating activities of the second quarter was EUR 0.2 million. In the period under review, the cash flow from operating activities was decreased by the increase of EUR 1.9 million in current interest-free receivables and increased by the EUR 0.8 million increase in current interest-free payables. EUR 0.5 million were paid in taxes. The cash flow from investing activities was EUR 0.1 (-0.6) million in the period under review. The cash flow from investing activities included investments of EUR -0.1 million in tangible and intangible assets and a decrease of EUR 0.2 million in non-current loan receivables. The gross investments totaled EUR 0.1 (0.6) million. The cash flow from financing activities was EUR 1.5 (-0.1) million. New loans worth of EUR 1.8 million were drawn, and EUR 0.3 million were paid back. The balance sheet goodwill totaled EUR 6.2 (6.7) million on June 30, 2009. 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 45.1% (43.1%). The debt-to-equity ratio was 1.5% (5.1%). On June 30, 2009, the interest-bearing liabilities amounted to EUR 3.3 (4.2) million, accounting for 11.3% (13.1%) of the Group's shareholders' equity and liabilities total. Of the interest-bearing liabilities, EUR 1.1 (1.5) million were non-current and EUR 2.2 (2.7) million current. The Group's quick ratio was 1.5 (1.4). RESEARCH AND DEVELOPMENT In January - June, 2009, Proha's research and development costs were EUR 0.1 (0.4) million representing 1% (3%) of the Group net sales. The Group R&D costs consist of the R&D of Safran software products of the Dovre division, and of the R&D of the Camako division. A total of EUR 0.0 (0.1) million of research and development costs were capitalized during the period under review. Camako EPM 4.1. was released at the end of January, 2009. The new version offers upgraded integration with Microsoft Office Project Server and improved features of the Camako EPM print utility. The specification of the next version is in progress. Datamar Oy has launched the redevelopment of the Studenta system together with the clients. Ongoing contracts with the fire and rescue departments involve further development of RescuePlanner, which will also expedite the development of the new version. PERSONNEL In January - June, 2009, the employee benefits expense for the Group amounted to EUR 28.1 (29.3) million. The employee benefits expense of the Dovre division were EUR 26.6 (26.9) million. The employee benefits expense of the Camako division were EUR 1.4 (1.2) million. The employee benefits expense for other operations were EUR 0.2 (1.2) million. The average number of the Group personnel was 397 (388) in the period under review. Distribution of personnel by segments (average) -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 1-12 | | | 2009 | 2008 | % | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- | Dovre | 358 | 349 | 2,4 | 354 | 346 | 2,5 | 351 | -------------------------------------------------------------------------------- | Camako | 38 | 35 | 8,4 | 38 | 35 | 9,5 | 36 | -------------------------------------------------------------------------------- | Other | 5 | 7 | -28,6 | 5 | 7 | -28,6 | 6 | | operations | | | | | | | | -------------------------------------------------------------------------------- | Total | 401 | 392 | 2,4 | 397 | 388 | 2,6 | 393 | -------------------------------------------------------------------------------- On June 30, 2009, the Group employed 400 (396) people worldwide, out of which 358 (355) were being employed by the Dovre division, 37 (35) by the Camako division and 5 (6) by the Group administration. CHANGES IN MANAGEMENT The Proha Board of Directors has changed the composition of the management team in its meeting on April 27, 2009. The members of the management team are Ilari Koskelo, Sirpa Haavisto and Otto Søberg. In the same meeting the Board decided that due to the company's current size, it no longer requires a substitute managing director. Therefore, Janne Rainvuori will no longer act as the substitute managing director and is not a member of the management team. In the Camako division, the managing director of Camako Nordic Oy and a member of the Proha management team, Timo Saros, left to pursue other options outside of the Proha Group as of June 30, 2009. Proha's CEO, Ilari Koskelo, was appointed as the managing director of Camako Oy (formerly Camako Nordic Oy) as of June 30, 2009. BUSINESS PERFORMANCE Dovre division Dovre is a globally operating company within project management, procurement and consulting. Dovre's five core competencies consist of management consulting, project & procurement, project services, Safran systems and Dovre Campus. The net sales of the Dovre division were reduced by two percent in the period under review. The net sales of Dovre Norway were reduced largely due to the weakening of the Norwegian krone as compared to the same period in 2008. Also the profitability declined and was contributed by an increase in the administrative expenses as well as by the difficult Norwegian market conditions. Additionally, non-recurring charges from employment terminations reduced the second quarter result of Dovre Norway. In North America, the net result and profitability of Dovre USA were reduced due to a difficult market situation in Houston. However, the net result and profitability of Dovre Canada were favorably improved. The net sales were clearly increased despite of the weakening of the Canadian dollar as compared to the same period in 2008. Camako division The net sales of the Camako division were increased by 17 percent in the period under review. The net sales and profitability have performed closely to the plan. The general financial situation is reflected also in growing precaution within the Camako clientele. The customers regard the development of project management very important in a tightening competitive market, but they are extremely careful to initiate new development projects. This trend cannot yet strongly be seen in the public sector, but it is anticipated to also impact the sector in the fall. During the second quarter Camako has entered into a partnership agreement with JPP-Soft Oy in Finland and Metier Scandinavia A/S in Denmark to resell Camako EPM software solutions. SHARES, SHARE CAPITAL AND AUTHORIZATIONS TO ISSUE SHARES Shares and share capital Proha Plc has one class of shares. Each share entitles the shareholder to one vote. Proha Plc shares are traded in the NASDAQ OMX Helsinki Ltd. On June 30, 2009, the share capital of Proha Plc was EUR 15,916,854.20. There were no changes in the share capital during the period under review. On June 30, 2009, the total number of the shares was 61,961,751. No new shares were issued during the period under review. Trading and market capitalization In January - June, 2009, approximately 2.8 million Proha shares were traded on the NASDAQ OMX Helsinki Ltd., corresponding to a turnover of approximately EUR 0.7 million. During the period under review, the lowest quotation was EUR 0.23 and the highest quotation was EUR 0.29. The closing price on June 30, 2009, was EUR 0.26. The period-end market capitalization was approximately EUR 16.1 million. The number of registered shareholders of Proha Plc totaled 3160 on June 30, 2009. Option rights No shares were subscribed for with Proha Plc's option during the period under review. In the period under review, a total of 222,000 option rights under 2006 plan and a total of 366,000 option rights under 2007 plan were redeemed. The option plan 2005 ended on April 1, 2009. 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 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 company, and corresponded to 20 percent of the company's total number of shares at the date of the AGM. The authorization is effective until April 17, 2012. No new shares were issued during the period under review. A total of 11,500,653 shares were remaining of the authorization on June 30, 2009. CORPORATE GOVERNANCE Decisions made at Proha Plc's Annual General Meeting In the Proha Plc's Annual General Meeting held on March 31, 2009, it was decided that the number of Board members be four. The following persons were elected as Board members: Ilari Koskelo, Antti Manninen, Leena Mäkelä and Hannu Vaajoensuu. Ernst & Young Oy, Authorized Public Accountants, will continue as the company's auditor. Annual General Meeting amended the article concerning the notice of the general meeting so that the notice of the general meeting shall be given at the latest 21 days before the general meeting. In addition, the Annual General Meeting decided that the notice of the general meeting will no longer be published in a newspaper. The Annual General Meeting decided to decrease the share premium account by its total amount of EUR 4,780,244.32 and to transfer the amount to the invested non-restricted equity fund. After the decrease the amount of the share premium account shall be zero and the share premium account will be closed. The decrease of the share premium account will require the approval of the National Board of Patents and Registration of Finland. A separate stock exchange bulletin has been issued on other resolutions of the Annual General Meeting of Shareholders on March 31, 2009. Decisions made at the organizational meeting of Proha Plc's Board of Directors The organizational meeting of Proha Plc's Board of Directors on March 31, 2009 elected Antti Manninen as the Chairman and Ilari Koskelo as the Vice Chairman of the Board. Corporate Governance Proha Plc follows the recommendations of the Finnish Corporate Governance Code. Proha makes one deviation from the Code: - Recommendation 14: The majority of directors are not independent from the company. Out of the four members of the Board of Directors, Chairman Antti Manninen and Hannu Vaajoensuu, are considered independent from the company and its significant shareholders. Proha's corporate governance principles can be found on the company's website at www.proha.com. SHORT-TERM RISKS AND UNCERTAINTIES The demand in oil and gas sector together with the level of investments in the sector impacts the success of the Dovre division. The companies operating in the oil and gas industry are challenged also by the adequacy of resources and personnel turnover. The general market conditions in most segments are fairly weak causing some uncertainty for companies to start new projects and investments. According to its strategy, the Dovre division offers its customers project deliverables with a higher level of content and value added services, which have a slightly higher responsibility and risk than the previous offering. The risk taking is being mitigated and is reflected in pricing of the services. The business operations of the Camako division will be affected by competition from the market in general and by new technological solutions developed by that competition. In addition, instability in the financial sector may weaken companies' capabilities in some market segments to start new, significant investment projects, and thereby reduce the demand on improvements and development of the project management. At the same time, the importance of project portfolio and resource management as a part of business planning is always emphasized in transitions, such as decline and recovery. EVENTS AFTER THE PERIOD Proha's Board of Directors decided in its meeting on July 9, 2009, to merge Camako Finland Oy and Datamar Oy with Camako Oy (formerly Camako Nordic Oy) to streamline the organizational structure and reduce administrative costs. The merger is estimated to be legalized in the beginning of November. Camako Nordic Oy's name has been changed to Camako Oy as of July 20, 2009. The new streamlined Camako organization was implemented as of August 1, 2009. FUTURE OUTLOOK The general economic situation may slow down Proha's growth. Proha previously forecasted a positive operating result for 2009. It is still considered possible to achieve a positive operating result after non-recurring items. Requests for proposals are slightly down and price pressure on new projects as well as existing ones is a reality. The success in securing new business while maintaining profitable rates in all projects is a key issue for the rest of the year. Low oil prices globally and the general economic slowdown decrease the oil and gas companies' investments, which in turn will negatively affect the demand on Dovre's services and cause pressures to cut prices on services. The Dovre management foresees the market in Canada and Norway to be better than the average situation seen in the rest of the world. The difficult market situation in the USA is anticipated to continue in 2009. The corrective measures to improve the cost efficiency of Dovre Norway will be implemented as soon as possible. Growing uncertainty and caution are also seen among Camako's customers. The rest of the year will continue to be challenging, but the management estimates the targets to be met. The above prospects are based on forecasts approved by the Proha Board of Directors. Espoo, August 5, 2009 Proha Plc Board of Directors More information: PROHA PLC Ilari Koskelo, CEO, tel. +358 (0)20 436 2000 ilari.koskelo@proha.com Sirpa Haavisto, CFO, tel. + 358 (0)20 436 2000 sirpa.haavisto@proha.com Distribution: NASDAQ OMX Helsinki Major Media www.proha.com The interim report has been prepared according to the International Financial Reporting Standards (IFRS). As of January 1, 2009, the Group has applied the following new and revised standards: IFRS 8 Operating Segments and IAS 1 Presentation of financial statements. Otherwise, the same accounting principles have been applied as in the 2008 financial statements. Key indicator calculations remain unchanged and have been presented in the 2008 financial statements. IFRS 8 has not affected the segment information in the notes. IAS 1 has affected the presentation of the income statement and statement of changes in shareholders' equity. The Group's primary segment reporting is based on business segments. Dovre, Camako and other operations constitute separately reporting business segments. Other operations consist of the Proha administration. GROUP INCOME STATEMENT -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 1-12 | | (EUR thousand) | 2009 | 2008 | % | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- | NET SALES |14 986 | 16 423 | -8,8 | 30 169 | 31 675 | -4,8 | 62 432 | | | | | | | | | | -------------------------------------------------------------------------------- | Other | 46 | 39 | 19,5 | 92 | 71 | 30,7 | 399 | | operating | | | | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- | Material and | 0 | -117 | -100,2 | -58 | -153 | -62,1 | -317 | | services | | | | | | | | -------------------------------------------------------------------------------- | Employee |-14 019|-15 403 | -9,0 |-28 145 |-29 336 | -4,1 |-56 915 | | benefits | | | | | | | | | expense | | | | | | | | -------------------------------------------------------------------------------- | Depreciation | -181 | -130 | 39,5 | -327 | -274 | 19,3 | -595 | | and | | | | | | | | | amortization | | | | | | | | -------------------------------------------------------------------------------- | Other | -1 032| -1 293 | -20,2 | -2 072 | -2 368 | -12,5 | -4 408 | | operating | | | | | | | | | expenses | | | | | | | | -------------------------------------------------------------------------------- | OPERATING | -200 | -481 | 58,4 | -342 | -385 | 11,2 | 596 | | RESULT | | | | | | | | -------------------------------------------------------------------------------- | Financing | 51 | 29 | 73,4 | 416 | 74 | 460,3 | 1 095 | | income | | | | | | | | -------------------------------------------------------------------------------- | Financing | -195 | -160 | 21,7 | -390 | -409 | -4,6 | -823 | | expenses | | | | | | | | -------------------------------------------------------------------------------- | Share of | -49 | -43 | -15,2 | -100 | -148 | 32,5 | -237 | | results in | | | | | | | | | associates | | | | | | | | -------------------------------------------------------------------------------- | RESULT BEFORE | -394 | -655 | 39,9 | -415 | -868 | 52,1 | 631 | | TAX | | | | | | | | -------------------------------------------------------------------------------- | Tax on income | -71 | -155 | -54,3 | -91 | -333 | -72,6 | -744 | | from | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | RESULT FOR THE | -464 | -810 | 42,6 | -507 | -1 200 | 57,8 | -113 | | PERIOD | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | | | | | | | | | comprehensive | | | | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- | Exchange | 199 | 29 | | 849 | -158 | | -1 693 | | differences on | | | | | | | | | translating | | | | | | | | | foreign | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | Other | 199 | 29 | | 849 | -158 | | -1 693 | | comprehensive | | | | | | | | | income for the | | | | | | | | | period, net of | | | | | | | | | tax | | | | | | | | -------------------------------------------------------------------------------- | TOTAL | -266 | -780 | | 343 | -1 358 | | -1 806 | | COMPREHENSIVE | | | | | | | | | INCOME FOR THE | | | | | | | | | PERIOD | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ALLOCATION OF RESULT | | | | | | | | FOR THE PERIOD | | | | | | | -------------------------------------------------------------------------------- | Result | -473 | -836 | 43,4 | -526 | -1 247 | 57,8 | -218 | | attributable | | | | | | | | | to equity | | | | | | | | | holders of the | | | | | | | | | parent | | | | | | | | -------------------------------------------------------------------------------- | Result | 9 | 27 | -67,7 | 19 | 47 | -59,0 | 105 | | attributable | | | | | | | | | to minority | | | | | | | | | interest | | | | | | | | -------------------------------------------------------------------------------- | | -464 | -810 | 42,6 | -507 | -1 200 | 57,8 | -113 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ALLOCATION OF | -292 | -799 | 63,4 | 317 | -1 394 | 122,7 | -1 892 | | COMPREHENSIVE | | | | | | | | | RESULT FOR THE | | | | | | | | | PERIOD | | | | | | | | -------------------------------------------------------------------------------- | Result | 27 | 19 | 38,2 | 26 | 36 | -28,0 | 86 | | attributable | | | | | | | | | to equity | | | | | | | | | holders of the | | | | | | | | | parent | | | | | | | | -------------------------------------------------------------------------------- | Result | -266 | -780 | 65,9 | 343 | -1 358 | 125,2 | -1 806 | | attributable | | | | | | | | | to minority | | | | | | | | | interest | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share | | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Undiluted | -0,01 | -0,01 | 43,4 | -0,01 | -0,02 | 58,0 | 0,00 | -------------------------------------------------------------------------------- | Diluted | -0,01 | -0,01 | 43,4 | -0,01 | -0,02 | 58,0 | 0,00 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive | | | | | | | | | earnings/share | | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Undiluted | 0,00 | -0,01 | 63,4 | 0,01 | -0,02 | 122,7 | -0,03 | -------------------------------------------------------------------------------- | Diluted | 0,00 | -0,01 | 63,4 | 0,01 | -0,02 | 122,7 | -0,03 | -------------------------------------------------------------------------------- AVERAGE NUMBER OF SHARES -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | | (pcs) | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Undiluted | 61 961 751 | 61 961 751 | 61 961 751| 61 749 044| 61 855 397 |-------------------------------------------------------------------------------- | Diluted | 61 961 751 | 61 961 751 | 61 961 751| 61 749 044| 61 855 397 | -------------------------------------------------------------------------------- GROUP BALANCE SHEET -------------------------------------------------------------------------------- | | 30.6. | 30.6. | | 31.12. | | (EUR thousand) | 2009 | 2008 | Change % | 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Intangible assets | 2 022 | 2 583 | -21,7 | 2 127 | -------------------------------------------------------------------------------- | Goodwill | 6 216 | 6 725 | -7,6 | 5 857 | -------------------------------------------------------------------------------- | Tangible assets | 260 | 361 | -28,0 | 303 | -------------------------------------------------------------------------------- | Investments in associates | 933 | 1 313 | -29,0 | 1 342 | -------------------------------------------------------------------------------- | Trade and other receivables | 129 | 48 | 167,3 | 122 | -------------------------------------------------------------------------------- | Available-for-sale investments | 431 | 204 | 111,5 | 242 | -------------------------------------------------------------------------------- | Deferred tax asset | 287 | 179 | 59,9 | 213 | -------------------------------------------------------------------------------- | Non-current assets | 10 277 | 11 413 | -9,9 | 10 206 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 15 648 | 16 728 | -6,5 | 13 269 | -------------------------------------------------------------------------------- | Tax receivable, income tax | 214 | 38 | 464,8 | 14 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 3 104 | 3 463 | -10,4 | 3 118 | -------------------------------------------------------------------------------- | Current assets | 18 966 | 20 229 | -6,2 | 16 401 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 29 243 | 31 642 | -7,6 | 26 607 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | -------------------------------------------------------------------------------- | Share capital | 15 917 | 15 917 | -0,0 | 15 917 | -------------------------------------------------------------------------------- | Share premium account | 4 379 | 4 379 | 0,0 | 4 379 | -------------------------------------------------------------------------------- | Fair value and other reserves | 418 | 497 | -15,9 | 422 | -------------------------------------------------------------------------------- | Translation differences | -855 | 72 | | -1 154 | -------------------------------------------------------------------------------- | Retained earnings | -6 985 | -7 649 | 8,7 | -6 808 | -------------------------------------------------------------------------------- | Equity attributable to equity | 12 873 | 13 215 | -2,6 | 12 756 | | holders of the parent | | | | | -------------------------------------------------------------------------------- | Minority interest | 98 | 195 | -50,0 | 72 | -------------------------------------------------------------------------------- | Shareholders' equity | 12 970 | 13 411 | -3,3 | 12 828 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 637 | 640 | -0,5 | 570 | -------------------------------------------------------------------------------- | Long-term liabilities, interest- | 1 087 | 1 488 | -26,9 | 1 139 | | bearing | | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 177 | 395 | -55,2 | 150 | | interest-free | | | | | -------------------------------------------------------------------------------- | Liabilities from defined benefit | 1 006 | 522 | 92,7 | 640 | | plan | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | 2 907 | 3 045 | -4,5 | 2 499 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Short-term interest-bearing | 2 210 | 2 663 | -17,0 | 547 | | liabilities | | | | | -------------------------------------------------------------------------------- | Trade payables and other | 10 952 | 12 018 | -8,9 | 10 307 | | liabilities | | | | | -------------------------------------------------------------------------------- | Tax liability, income tax | 204 | 294 | -30,5 | 406 | -------------------------------------------------------------------------------- | Current provisions | 0 | 211 | -100,0 | 21 | -------------------------------------------------------------------------------- | Current liabilities | 13 365 | 15 186 | -12,0 | 11 280 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 29 243 | 31 642 | -7,6 | 26 607 | -------------------------------------------------------------------------------- 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 | 329 | 0 | 187 | | 1.1.2008 | | | | | | -------------------------------------------------------------------------------- | Comprehensive income | 0 | 0 | -2 | 0 | -116 | -------------------------------------------------------------------------------- | Share based payments | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Transfers between | 0 | 0 | -25 | 0 | 0 | | items | | | | | | -------------------------------------------------------------------------------- | Acquisitions | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Share issues | 0 | 0 | 0 | 196 | 0 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 15 917 | 4 379 | 302 | 196 | 72 | | 30.6.2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | f) | g) | h) | i) | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | -6 470 | 14 342 | 115 | 14 457 | | | 1.1.2008 | | | | | | -------------------------------------------------------------------------------- | Comprehensive income | -1 277 | -1 394 | 36 | -1 358 | | -------------------------------------------------------------------------------- | Share based payments | 72 | 72 | 0 | 72 | | -------------------------------------------------------------------------------- | Transfers between | 25 | 0 | 0 | 0 | | | items | | | | | | -------------------------------------------------------------------------------- | Acquisitions | 0 | 0 | 44 | 44 | | -------------------------------------------------------------------------------- | Share issues | 0 | 196 | 0 | 196 | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | -7 649 | 13 215 | 195 | 13 411 | | | 30.6.2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | a) | b) | c) | d) | e) | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 15 917 | 4 379 | 227 | 196 | -1 154 | | 1.1.2009 | | | | | | -------------------------------------------------------------------------------- | Comprehensive income | 0 | 0 | 18 | 0 | 299 | -------------------------------------------------------------------------------- | Share based payments | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Transfers between | 0 | 0 | -23 | 0 | 0 | | items | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 15 917 | 4 379 | 223 | 196 | -855 | | 30.6.2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | f) | g) | h) | i) | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | -6 808 | 12 756 | 72 | 12 828 | | | 1.1.2009 | | | | | | -------------------------------------------------------------------------------- | Comprehensive income | -229 | 317 | 26 | 343 | | -------------------------------------------------------------------------------- | Share based payments | 28 | 28 | 0 | 28 | | -------------------------------------------------------------------------------- | Transfers between | 23 | 0 | 0 | 0 | | | items | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | -6 986 | 12 873 | 98 | 12 970 | | | 30.6.2009 | | | | | | -------------------------------------------------------------------------------- GROUP CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | | 1-6 | 1-6 | 1-12 | | (EUR thousand)| | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Cash flow from operating activities | | | | -------------------------------------------------------------------------------- | | Operating result | -342 | -385 | 596 | -------------------------------------------------------------------------------- | | Adjustments | 446 | 400 | 655 | -------------------------------------------------------------------------------- | | Change in net working capital | -1 040 | -303 | 969 | -------------------------------------------------------------------------------- | | Interest paid | -127 | -171 | -268 | -------------------------------------------------------------------------------- | | Interest received | 29 | 72 | 231 | -------------------------------------------------------------------------------- | | Other financial expenses paid | -10 | -30 | -47 | -------------------------------------------------------------------------------- | | Other financial income received | 1 | 1 | 25 | -------------------------------------------------------------------------------- | | Income taxes paid | -510 | -742 | -912 | -------------------------------------------------------------------------------- | Cash flow from operating activities | -1 553 | -1 159 | 1 249 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing activities | | | | -------------------------------------------------------------------------------- | | Investments in tangible and | -101 | -183 | -380 | | | intangible assets | | | | -------------------------------------------------------------------------------- | | Acquired subsidiaries | -6 | -164 | -708 | -------------------------------------------------------------------------------- | | Proceeds from disposal of | 0 | 0 | -4 | | | subsidiaries | | | | -------------------------------------------------------------------------------- | | Investments in associates | 0 | -223 | 0 | -------------------------------------------------------------------------------- | | Proceeds from associates | 0 | 0 | 19 | -------------------------------------------------------------------------------- | | Increase (-) / decrease (+) in loan | 178 | 0 | -576 | | | receivables | | | | -------------------------------------------------------------------------------- | | Dividends received | 6 | 3 | 3 | -------------------------------------------------------------------------------- | Cash flow from investing activities | 77 | -568 | -1 646 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | | Proceeds from short-term loans | 1 787 | 399 | 879 | -------------------------------------------------------------------------------- | | Repayments of short-term loans | -326 | -420 | -2 548 | -------------------------------------------------------------------------------- | | Proceeds from long-term loans | 0 | 262 | 228 | -------------------------------------------------------------------------------- | | Repayments of long-term loans | 0 | -340 | -352 | -------------------------------------------------------------------------------- | | Paid Dividends | 0 | 0 | -41 | -------------------------------------------------------------------------------- | Cash flow from financing activities | 1 462 | -99 | -1 834 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | -14 | -1 826 | -2 231 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at beginning of | 3 118 | 5 349 | 5 349 | | the period | | | | -------------------------------------------------------------------------------- | Foreign exchange rate adjustment | -118 | -60 | -434 | -------------------------------------------------------------------------------- | Cash and cash equivalents of subsidiaries | 0 | 131 | 131 | | acquired | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents of subsidiaries | 0 | 0 | -49 | | divested | | | | -------------------------------------------------------------------------------- | Change in cash and cash equivalents | 104 | -1 957 | -1 880 | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of the | 3 104 | 3 463 | 3 118 | | period | | | | -------------------------------------------------------------------------------- GROUP QUARTERLY INCOME STATEMENT -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | 2008 | 2008 | | (EUR thousand) | 1-3 | 1-3 | 4-6 | 4-6 | 7-9 | 10-12 | -------------------------------------------------------------------------------- | NET SALES | 15 183 | 15 253 | 14 986 | 16 423 | 14 878 | 15 879 | -------------------------------------------------------------------------------- | Other operating | 46 | 32 | 46 | 39 | 134 | 194 | | income | | | | | | | -------------------------------------------------------------------------------- | Materials and | -58 | -35 | 0 | -117 | -50 | -115 | | services | | | | | | | -------------------------------------------------------------------------------- | Employee | -14 126 | -13 933 | -14 019 | -15 403 | -13 308 | -14 270 | | benefits expense | | | | | | | -------------------------------------------------------------------------------- | Depreciation and | -146 | -144 | -181 | -130 | -166 | -154 | | amortization | | | | | | | -------------------------------------------------------------------------------- | Other operating | -1 040 | -1 075 | -1 032 | -1 293 | -921 | -1 119 | | expenses | | | | | | | -------------------------------------------------------------------------------- | OPERATING RESULT | -142 | 96 | -200 | -481 | 567 | 415 | -------------------------------------------------------------------------------- | % | -0,9 % | 0,6 % | -1,3 % | -2,9 % | 3,8 % | 2,6 % | -------------------------------------------------------------------------------- | Financing income | 366 | 45 | 51 | 29 | 263 | 758 | -------------------------------------------------------------------------------- | Financing | -195 | -249 | -195 | -160 | -103 | -311 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Share of result | -51 | -105 | -49 | -43 | -43 | -47 | | in associates | | | | | | | -------------------------------------------------------------------------------- | RESULT BEFORE | -22 | -213 | -394 | -655 | 685 | 814 | | TAX | | | | | | | -------------------------------------------------------------------------------- | % | -0,1 % | -1,4 % | -2,6 % | -4,0 % | 4,6 % | 5,1 % | -------------------------------------------------------------------------------- | Tax on income | -21 | -178 | -71 | -155 | -178 | -233 | | from operations | | | | | | | -------------------------------------------------------------------------------- | RESULT FOR THE | -42 | -391 | -464 | -810 | 507 | 581 | | PERIOD | | | | | | | -------------------------------------------------------------------------------- | % | -0,3 % | -2,6 % | -3,1 % | -4,9 % | 3,4 % | 3,7 % | -------------------------------------------------------------------------------- COMMITMENTS AND CONTINGENT LIABILITIES -------------------------------------------------------------------------------- | (EUR thousand) | 30.6. | 30.6. | 31.12. | | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Collateral for own commitments | | | | -------------------------------------------------------------------------------- | Debts secured by corporate mortgages | | | | -------------------------------------------------------------------------------- | Loans from financial institutions | 2 701 | 3 845 | 1 170 | -------------------------------------------------------------------------------- | Book value of shares of Dovre Group AS | 5 575 | 7 292 | 4 704 | | and Dovre Fabcon AS and current assets of | | | | | Dovre Fabcon AS given as security | | | | -------------------------------------------------------------------------------- | Debts secured by assets | | | | -------------------------------------------------------------------------------- | Loans and checking account credit lines | 222 | 250 | 269 | -------------------------------------------------------------------------------- | Book value of trade receivables and fixed | 515 | 536 | 542 | | assets given as security | | | | -------------------------------------------------------------------------------- | Debts secured by shares | | | | -------------------------------------------------------------------------------- | Loans and checking account credit lines | 293 | 0 | 0 | -------------------------------------------------------------------------------- | Book value of pledged shares | 511 | 511 | 511 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Future minimum lease payments under non-cancellable operating leases | -------------------------------------------------------------------------------- | Not later than one year | 188 | 263 | 218 | -------------------------------------------------------------------------------- | Later than one year and not later than | 691 | 679 | 557 | | five years | | | | -------------------------------------------------------------------------------- | Total | 879 | 942 | 776 | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS -------------------------------------------------------------------------------- | Investments in associates | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Carrying value, opening balance | 1 342 | 1 277 | 1 277 | -------------------------------------------------------------------------------- | Additions | 53 | 225 | 470 | -------------------------------------------------------------------------------- | Disposals | -439 | 0 | -72 | -------------------------------------------------------------------------------- | Share of profit / loss in | -91 | -166 | -237 | | associates | | | | -------------------------------------------------------------------------------- | Translation differences | 67 | -23 | -95 | -------------------------------------------------------------------------------- | At the end of the financial year | 933 | 1 313 | 1 342 | -------------------------------------------------------------------------------- | Other related parties | 1-6/2009 | 1-6/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | Sales | 0 | 14 | 14 | -------------------------------------------------------------------------------- | Purchases | | | | -------------------------------------------------------------------------------- | Consulting fees *) | -15 | 126 | 152 | -------------------------------------------------------------------------------- | Consulting fees **) | 114 | 0 | 172 | -------------------------------------------------------------------------------- | Rents *) | 117 | 132 | 260 | -------------------------------------------------------------------------------- | Other | 0 | 3 | 3 | -------------------------------------------------------------------------------- | Total | 216 | 261 | 587 | -------------------------------------------------------------------------------- | Open balances | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Trade payables | 0 | 51 | 58 | -------------------------------------------------------------------------------- *) The consulting fees and rents have been paid to companies controlled by Birger Flaa, a member of the Board of Dovre Group AS. Birger Flaa resigned from the Board on June 16, 2009. **) The consulting fees have been paid to a company controlled by Otto Søberg, the managing director of Dovre Group AS. GROUP KEY INDICATORS -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | | (EUR million) | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Net sales | 15,0 | 16,4 | 30,2 | 31,7 | 62,4 | -------------------------------------------------------------------------------- | Operating result | -0,2 | -0,5 | -0,3 | -0,4 | 0,6 | -------------------------------------------------------------------------------- | % of Net sales | -1,3 % | -2,9 % | -1,1 % | -1,2 % | 1,0 % | -------------------------------------------------------------------------------- | Result before taxes | -0,4 | -0,7 | -0,4 | -0,9 | 0,6 | -------------------------------------------------------------------------------- | % of Net sales | -2,6 % | -4,0 % | -1,4 % | -2,7 % | 1,0 % | -------------------------------------------------------------------------------- | Result for the period | -0,5 | -0,8 | -0,5 | -1,2 | -0,2 | -------------------------------------------------------------------------------- | % of Net sales | -3,2 % | -5,1 % | -1,7 % | -3,9 % | -0,3 % | -------------------------------------------------------------------------------- | Return on equity, % | -14,1 % | -22,8 % | 4,4 % | -12,7 % | -0,8 % | -------------------------------------------------------------------------------- | Return on investment, | -4,8 % | -10,9 % | 10,1 % | 0,0 % | 7,7 % | | % | | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 3,3 | 4,2 | 3,3 | 4,2 | 1,7 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Cash and cash | 3,1 | 3,5 | 3,1 | 3,5 | 3,1 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Gearing, % | 1,5 % | 5,1 % | 1,5 % | 5,1 % | -11,2 % | -------------------------------------------------------------------------------- | Equity-ratio, % | 45,1 % | 43,1 % | 45,1 % | 43,1 % | 49,0 % | -------------------------------------------------------------------------------- | Balance sheet total | 29,2 | 31,6 | 29,2 | 31,6 | 26,6 | -------------------------------------------------------------------------------- | Gross investments | 0,1 | 0,3 | 0,1 | 0,6 | 1,6 | -------------------------------------------------------------------------------- | % of Net sales | 0,9 % | 1,7 % | 0,3 % | 1,8 % | 2,5 % | -------------------------------------------------------------------------------- | R & D costs | 0,1 | 0,4 | 0,3 | 0,9 | 1,5 | -------------------------------------------------------------------------------- | % of Net sales | 0,9 % | 2,7 % | 1,0 % | 2,8 % | 2,4 % | -------------------------------------------------------------------------------- | Personnel average for | 401 | 392 | 397 | 388 | 393 | | the period | | | | | | -------------------------------------------------------------------------------- | Personnel average at | 400 | 396 | 400 | 396 | 391 | | the end of the period | | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | | | | | -------------------------------------------------------------------------------- | Basic | -0,01 | -0,01 | -0,01 | -0,02 | 0,00 | -------------------------------------------------------------------------------- | Diluted | -0,01 | -0,01 | -0,01 | -0,02 | 0,00 | -------------------------------------------------------------------------------- | Equity per share, EUR | 0,21 | 0,21 | 0,21 | 0,21 | 0,21 | -------------------------------------------------------------------------------- MAJOR SHAREHOLDERS ON JUNE 30, 2009 -------------------------------------------------------------------------------- | Shareholders | Shares and voting | | | | Rights | | | | Pcs | % | -------------------------------------------------------------------------------- | 1 | Oy Etra Invest Ab | 7 367 209 | 11,89 | -------------------------------------------------------------------------------- | 2 | Dovregruppen AS | 6 560 646 | 10,59 | -------------------------------------------------------------------------------- | 3 | Koskelo Ilari | 2 771 549 | 4,47 | -------------------------------------------------------------------------------- | 4 | Etola Erkki Olavi | 2 500 000 | 4,03 | -------------------------------------------------------------------------------- | 5 | Mäkelä Pekka | 1 982 375 | 3,20 | -------------------------------------------------------------------------------- | 6 | Eficor Oyj | 1 859 950 | 3,00 | -------------------------------------------------------------------------------- | 7 | Navdata Oy *) | 1 300 000 | 2,10 | -------------------------------------------------------------------------------- | 8 | Thominvest Oy | 1 043 500 | 1,68 | -------------------------------------------------------------------------------- | 9 | Siik Rauni Marjut | 1 000 000 | 1,61 | -------------------------------------------------------------------------------- | 10 | Hinkka Petri Juhani | 889 500 | 1,44 | -------------------------------------------------------------------------------- | 11 | Ruokostenpohja Ismo Eero | 703 950 | 1,14 | -------------------------------------------------------------------------------- | 12 | Pere Pekka | 697 341 | 1,13 | -------------------------------------------------------------------------------- | 13 | Hinkka Invest Oy | 583 390 | 0,94 | -------------------------------------------------------------------------------- | 14 | Siik Seppo Sakari | 580 000 | 0,94 | -------------------------------------------------------------------------------- | 15 | Jokinen Reino Väinämö | 530 000 | 0,86 | -------------------------------------------------------------------------------- | 16 | Kefura Ab | 460 000 | 0,74 | -------------------------------------------------------------------------------- | 17 | Virkki Tuula Viola | 450 000 | 0,73 | -------------------------------------------------------------------------------- | 18 | Paasi Kari | 420 000 | 0,68 | -------------------------------------------------------------------------------- | 19 | Olsson Vesa Ensio | 400 000 | 0,65 | -------------------------------------------------------------------------------- | 20 | Saikko Risto Olavi | 395 065 | 0,64 | -------------------------------------------------------------------------------- | Total of 20 largest shareholders | 32 494 475 | 52,4 | -------------------------------------------------------------------------------- | Total of nominee-registered shareholders | 861 155 | 1,4 | -------------------------------------------------------------------------------- | Others | 28 606 121 | 46,2 | -------------------------------------------------------------------------------- | Total of shareholders | 61 961 751 | 100,0 | -------------------------------------------------------------------------------- *) Ilari Koskelo, Proha Plc's CEO, holds control over Navdata Oy.
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