2009-11-05 08:00:00 CET
2009-11-05 08:00:08 CET
REGULATED INFORMATION
Proha - Interim report (Q1 and Q3)
PROHA PLC INTERIM REPORT (IFRS) JANUARY 1 - SEPTEMBER 30, 2009
Proha Plc Interim Report November 5, 2009 9.00 a.m.
PROHA PLC INTERIM REPORT (IFRS) JANUARY 1 - SEPTEMBER 30, 2009
SUMMARY
July - September
Group net sales were EUR 15.3 (14.9) million. Increase was 3%.
Dovre division accounted for 96% (96%) and Camako division for 4% (4%) of the
Group net sales. Net sales for Dovre division were EUR 14.7 (14.2) million.
Increase was 3%. Net sales for Camako division were EUR 0.6 (0.7) million.
Decrease was 8%.
Group operating result was EUR 0.5 (0.5) million.
Dovre division's operating result was EUR 0.7 (0.7) million. Operating result
for Camako division was EUR -0.1 (-0.1) million. Operating result for other
operations was EUR -0.1 (-0.1) million.
The result of the third quarter does not include non-recurring items.
Earnings per share were EUR 0.00 (0.01).
January - September
Group net sales were EUR 45.5 (46.6) million. Decrease was 2%.
Dovre division accounted for 95% (95%) and Camako division for 5% (5%) of the
Group net sales. Net sales for Dovre division were EUR 43.2 (44.4) million.
Decrease was 3%. Net sales for Camako division were EUR 2.3 (2.1) million.
Growth was 9%.
Group operating result before non-recurring items was EUR 0.4 (1.0) million and
after non-recurring items EUR 0.0 (0.0) million.
Dovre division's operating result before non-recurring items was EUR 1.2 (2.1)
million and after non-recurring items EUR 0.8 (2.1) million. Operating result
for Camako division was EUR -0.3 (-0.4) million. Operating result for other
operations was EUR -0.5 (-1.7) million.
Earnings per share were EUR -0.01 (-0.01).
The interim report is unaudited.
GROUP KEY INDICATORS
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| (EUR | 7-9 | 7-9 | Change | 1-9 | 1-9 | Change | 01-12 |
| million) | 2009 | 2008 | % | 2009 | 2008 | % | 2008 |
--------------------------------------------------------------------------------
| Net sales | 15,3 | 14,9 | 2,8 % | 45,5 | 46,6 | -2,3 % | 62,4 |
--------------------------------------------------------------------------------
| Operating | 0,5 | 0,5 | -12,7 % | 0,4 | 1,0 | -57,7 % | 1,4 |
| result | | | | | | | |
| excl. non- | | | | | | | |
| recurring | | | | | | | |
| items | | | | | | | |
--------------------------------------------------------------------------------
| % of net | 3,0 % | 3,5 % | | 0,9 % | 2,1 % | | 2,2 % |
| sales | | | | | | | |
--------------------------------------------------------------------------------
| Operating | 0,5 | 0,5 | -13,3 % | 0,0 | 0,0 | -252,6 % | 0,4 |
| result | | | | | | | |
| incl. non- | | | | | | | |
| recurring | | | | | | | |
| items | | | | | | | |
--------------------------------------------------------------------------------
| % of net | 3,0 % | 3,5 % | | 0,0 % | 0,0 % | | 0,6 % |
| sales | | | | | | | |
--------------------------------------------------------------------------------
| Result | 0,1 | 0,7 | -82,0 % | -0,3 | -0,2 | -59,8 % | 0,6 |
| before | | | | | | | |
| taxes | | | | | | | |
--------------------------------------------------------------------------------
| Result for | 0,0 | 0,5 | -97,1 % | -0,5 | -0,7 | 29,1 % | -0,2 |
| the period | | | | | | | |
--------------------------------------------------------------------------------
| Return on | 0,4 % | 14,9 %| | 0,7 % | -5,1 % | | -0,8 % |
| equity, % | | | | | | | |
--------------------------------------------------------------------------------
| Return on | 11,7 %|12,7 % | | 10,2 % | 0,6 % | | 7,7 % |
| investment,%| | | | | | | |
--------------------------------------------------------------------------------
| Cash and | 3,1 | 3,8 | -19,8 % | 3,1 | 3,8 | -19,8 % | 3,1 |
| cash | | | | | | | |
| equivalents | | | | | | | |
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| Cash flow | 0,1 | 0,5 | -81,2 % | -1,5 | -0,7 | -108,3 % | 1,2 |
| from | | | | | | | |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Debt-equity | 1,6 % | 3,8 % | | 1,6 % | 3,8 % | | -11,2 |
| ratio, % | | | | | | | % |
--------------------------------------------------------------------------------
| Equity-rati | 45,6 | 42,9 | | 45,6 % | 42,9 % | | 49,0 % |
| o, % | % | % | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | | | | | |
| EUR | | | | | |
--------------------------------------------------------------------------------
| Basic | 0,00 | 0,01 | 118,1 % | -0,01 | -0,01 | 21,5 % | 0,00 |
--------------------------------------------------------------------------------
| Diluted | 0,00 | 0,01 | 118,1 % | -0,01 | -0,01 | 21,5 % | 0,00 |
--------------------------------------------------------------------------------
| Equity per | 0,22 | 0,22 | -0,3 % | 0,22 | 0,22 | -0,3 % | 0,21 |
| share, EUR | | | | | | | |
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NET SALES
July - September
The Proha Group net sales increased by 2.8% and were EUR 15.3 (14.9) million.
The Dovre division accounted for 96% (96%) and the Camako division for 4% (4%)
of the Proha Group net sales. The net sales for the Dovre division increased by
3% and were EUR 14.7 (14.2) million. The net sales for the Camako division
decreased by 8% and were EUR 0.6 (0.7) million.
January - September
The Proha Group net sales reduced by 2.3% and were EUR 45.5 (46.6) million.
The Dovre division accounted for 95% (95%) and the Camako division for 5% (5%)
of the Proha Group net sales. The net sales for the Dovre division decreased by
3% and were EUR 43.2 (44.4) million. The net sales for the Camako division grew
by 9% and were EUR 2.3 (2.1) million.
Distribution of net sales by business segments (primary segment)
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| (EUR | 7-9 | 7-9 | Change | 1-9 | 1-9 | Change | 1-12 |
| thousand) | 2009 | 2008 | % | 2009 | 2008 | % | 2008 |
--------------------------------------------------------------------------------
| Dovre | 14 690 | 14 216 | 3,3 | 43 175 | 44 394 | -2,7 | 59 347 |
--------------------------------------------------------------------------------
| Camako | 607 | 659 | -7,9 | 2 312 | 2 122 | 8,9 | 3 018 |
--------------------------------------------------------------------------------
| Other | 61 | 68 | -9,8 | 186 | 149 | 25,1 | 367 |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Net sales | -59 | -65 | | -204 | -112 | | -300 |
| between | | | | | | | |
| segments | | | | | | | |
--------------------------------------------------------------------------------
| Group Total | 15 300 | 14 878 | 2,8 | 45 469 | 46 553 | -2,3 | 62 432 |
--------------------------------------------------------------------------------
Distribution of net sales by geographical segments (secondary segment)
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (EUR thousand) | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| EMEA | 8 395 | 9 430 | 26 060 | 30 218 | 39 827 |
--------------------------------------------------------------------------------
| AMERICAS | 7 125 | 5 581 | 19 970 | 16 583 | 23 172 |
--------------------------------------------------------------------------------
| APAC | 104 | 151 | 378 | 636 | 770 |
--------------------------------------------------------------------------------
| Net sales between | -324 | -284 | -939 | -884 | -1 337 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Group Total | 15 300 | 14 878 | 45 469 | 46 553 | 62 432 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (% of net sales) | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| EMEA | 54,9 % | 63,4 % | 57,3 % | 64,9 % | 63,8 % |
--------------------------------------------------------------------------------
| AMERICAS | 46,6 % | 37,5 % | 43,9 % | 35,6 % | 37,1 % |
--------------------------------------------------------------------------------
| APAC | 0,7 % | 1,0 % | 0,8 % | 1,4 % | 1,2 % |
--------------------------------------------------------------------------------
| Net sales between | -2,1 % | -1,9 % | -2,1 % | -1,9 % | -2,1 % |
| segments | | | | | |
--------------------------------------------------------------------------------
| Group Total | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % |
--------------------------------------------------------------------------------
FINANCIAL PERFORMANCE
Operating result
July - September
The Proha Group operating result was EUR 0.5 (0.5) million.
Dovre division's operating result was EUR 0.7 (0.7) million. Operating result
for Camako division was EUR -0.1 (-0.1) million. Operating result for other
operations was EUR -0.1 (-0.1) million.
January - September
The Proha Group operating result before non-recurring items was EUR 0.4 (1.0)
million and after non-recurring items EUR 0.0 (0.0) million.
Dovre division's operating result before non-recurring items was EUR 1.2 (2.1)
million and after non-recurring items EUR 0.8 (2.1) million. Operating result
for Camako division was EUR -0.3 (-0.4) million. Operating result for other
operations was EUR -0.5 (-1.7) million.
Distribution of operating result by segment (excluding non-recurring items)
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | Change | 1-9 | 1-9 | Change | 1-12 |
| (EUR million) | 2009 | 2008 | % | 2009 | 2008 | % | 2008 |
--------------------------------------------------------------------------------
| Dovre | 0,7 | 0,7 | -4,4 | 1,2 | 2,1 | -41,6 | 2,7 |
--------------------------------------------------------------------------------
| Camako | -0,1 | -0,1 | -25,6 | -0,3 | -0,4 | 17,8 | -0,4 |
--------------------------------------------------------------------------------
| Other | -0,1 | -0,1 | -8,6 | -0,5 | -0,8 | 32,0 | -1,0 |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Group Total | 0,5 | 0,5 | -12,7 | 0,4 | 1,0 | -57,7 | 1,4 |
--------------------------------------------------------------------------------
Distribution of operating result by segment (including non-recurring items)
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | Change | 1-9 | 1-9 | Change | 1-12 |
| (EUR million) | 2009 | 2008 | % | 2009 | 2008 | % | 2008 |
--------------------------------------------------------------------------------
| Dovre | 0,7 | 0,7 | -4,8 | 0,8 | 2,1 | -59,7 | 2,6 |
--------------------------------------------------------------------------------
| Camako | -0,1 | -0,1 | -25,6 | -0,3 | -0,4 | 29,6 | -0,4 |
--------------------------------------------------------------------------------
| Other | -0,1 | -0,1 | -8,6 | -0,5 | -1,7 | 68,1 | -1,8 |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Group Total | 0,5 | 0,5 | 13,3 | 0,0 | 0,0 | 252,6 | 0,4 |
--------------------------------------------------------------------------------
Non-recurring items
The operating result and the result for period of January - September, 2009,
include approx. EUR 0.4 (1.0) million of non-recurring charges. Dovre's
operating result for period of January - September, 2009, includes EUR 0.4 (0.0)
million in non-recurring charges due to the terminations of employment. The
result of the third quarter does not include non-recurring items.
Result for the period
July - September
The Proha Group result before taxes was EUR 0.1 (0.7) million and after taxes
EUR 0.0 (0.5) million.
The Proha Group earnings per share were EUR 0.00 (0.01).
The Proha Group comprehensive earnings per share were EUR 0.00 (0.00).
The Proha Group return on investment (ROI) was 11.7% (12.7%).
January - September
The Proha Group result before taxes were EUR -0.3 (-0.2) million and after taxes
EUR -0.5 (-0.7) million.
The Proha Group earnings per share were EUR -0.01 (-0.01).
The Proha Group comprehensive earnings per share were EUR 0.01 (-0.02).
The Proha Group return on investment (ROI) was 10.2% (0.6%).
CASH FLOW, FINANCING AND INVESTMENTS
On September 30, 2009, the Proha Group balance sheet total was EUR 30.2 (32.1)
million.
On September 30, 2009, the cash and cash equivalents for the Proha Group totaled
EUR 3.1 (3.8) million. Additionally, the Group has unused checking account
limits.
The cash flow from operating activities was EUR -1.5 (-0.7) million for the
period under review. The cash flow from operating activities of the third
quarter was EUR 0.1 million. In the period under review, the cash flow from
operating activities was decreased by the increase of EUR 2.7 million in current
interest-free receivables and increased by the EUR 1.0 million increase in
current interest-free payables. EUR 0.6 million were paid in taxes.
The cash flow from investing activities was EUR 0.0 (-1.1) million in the period
under review. The cash flow from investing activities included investments of
EUR 0.2 million in tangible and intangible assets and a decrease of EUR 0.2
million in non-current loan receivables. The gross investments totaled EUR 0.2
(0.8) million.
The cash flow from financing activities was EUR 1.5 (0.3) 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 6.6 (6.7) million on September 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 45.6% (42.9%). The debt-to-equity ratio was 1.6% (3.8%). On
September 30, 2009, the interest-bearing liabilities amounted to EUR 3.3 (4.3)
million, accounting for 10.9% (13.5%) of the Group's shareholders' equity and
liabilities total. Of the interest-bearing liabilities, EUR 1.1 (1.3) million
were non-current and EUR 2.2 (3.0) million current. The Group's quick ratio was
1.6 (1.4).
RESEARCH AND DEVELOPMENT
In January - September, 2009, Proha's research and development costs were EUR
0.5 (1.0) million representing 1% (2%) 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 (0.2) million of research and development costs were
capitalized during the period under review.
PERSONNEL
In January - September, 2009, the employee benefits expense for the Group
amounted to EUR 42.1 (42.6) million.
The employee benefits expense of the Dovre division were EUR 40.0 (39.5)
million. The employee benefits expense of the Camako division were EUR 1.8 (1.8)
million. The employee benefits expense for other operations were EUR 0.3 (1.3)
million.
The average number of the Group personnel was 402 (392) in the period under
review.
Distribution of personnel by segments (average)
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | Muutos | 1-9 | 1-9 | Muutos | 1-12 |
| | 2009 | 2008 | % | 2009 | 2008 | % | 2008 |
--------------------------------------------------------------------------------
| Dovre | 368 | 360 | 2,0 | 359 | 351 | 2,3 | 351 |
--------------------------------------------------------------------------------
| Camako | 39 | 37 | 5,5 | 38 | 35 | 8,4 | 36 |
--------------------------------------------------------------------------------
| Other | 6 | 5 | 20,0 | 5 | 6 | -9,4 | 6 |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Total | 412 | 402 | 2,6 | 402 | 392 | 2,7 | 393 |
--------------------------------------------------------------------------------
On September 30, 2009, the Group employed 419 (405) people worldwide, out of
which 373 (362) were being employed by the Dovre division, 40 (38) by the Camako
division and 6 (5) by the Group administration.
CHANGES IN MANAGEMENT
The Proha Board of Directors on September 18, 2009 appointed Ilkka Toivola
(M.Sc.) as the Chief Executive Officer of the company. Prior to joining Proha,
Toivola worked with Nokia Siemens Networks in a number of international
executive positions since 2000. He also has top management experience with
Hewlett-Packard Company. Toivola will assume his position as CEO by November 16,
2009.
Proha's present CEO, Ilari Koskelo, continues as the Vice Chairman of the Proha
Board of Directors.
Petri Karlsson has been appointed as the managing director of Camako Oy
(previously Camako Nordic Oy) as of August 17, 2009.
BUSINESS PERFORMANCE
Dovre division
Dovre is a globally operating company within project management, procurement and
consulting. The Dovre division has two reporting units, Dovre Norway and
DovreFabcon in North America.
Dovre Norway's third quarter was characterized by a market still affected by the
financial crisis and lower activity in new projects in Norway. The result for
the period under review was negatively affected by renegotiations of rates for
major clients. In addition to reduced rates, the negotiations have also taken
capacity from other activities in the quarter. It has been a demanding process
to implement reduced salary to a majority of the consultants. Despite the above
challenges, Dovre Norway managed to secure continued high utilization of the
available resources in all business units. Dovre will in the next period focus
on increasing and improving the quality of the work processes related to the
consultants. Additionally, the emphasis in the last quarter will be to
strengthen marketing efforts.
The international business unit of the Dovre division, DovreFabcon in North
America, grew considerably in the third quarter. Headcount also increased
according to the plan. Continuing improvement of service quality to the global
customers has proven to be a key for success and growth. DovreFabcon continues
to be the leader in provision of project management personnel to oil sands
projects and offshore oil and gas projects around the world. As business winds
down on the Adriatic LNG Terminal construction project in Italy, the team turns
its attention to new projects and operational growth in regions of Asia, such as
Russia's Sakhalin Island, Australia and Papua New Guinea. Our number one
priority continues to be serving our customers' needs while being the best
representative in industry for our consultants.
Camako division
Camako is a significant provider of consulting, training and software services
within the enterprise project management.
The net sales and profitability of the Camako division were slightly short of
the targets during the third quarter.
Camako's structure, operations and strategy have been sharpened during the third
quarter. It is believed that the outcome of these measures will positively
affect the result during the fourth quarter.
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 September 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 September 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 - September, 2009, approximately 16.9 million Proha shares were
traded on the NASDAQ OMX Helsinki Ltd., corresponding to a turnover of
approximately EUR 4.5 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 September 30, 2009, was EUR
0.27.
The period-end market capitalization was approximately EUR 16.7 million.
The number of registered shareholders of Proha Plc totaled 3,224 on September
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 September 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 National
Board of Patents and Registrations of Finland on September 8, 2009 granted Proha
Plc the permission to decrease its share premium account in accordance with the
resolution of the Annual General Meeting held on March 31, 2009.
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 effect of reduced rates
and salaries in the market has generated a more unstable market. The end of year
is the typical contractual end date for many assignments, most of which would
normally be extended for an extra six months. Dovre's clients are increasingly
taking into consideration the cost factors, and therefore, some of the contracts
may not be extended.
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 careful to
initiate new development projects.
EVENTS AFTER THE PERIOD
Changes in management
The Group administration of Proha and its Dovre division will be integrated in
November, 2009. The CEO of Proha Plc will act as the CEO of Dovre Group AS. In
addition, the former board of Dovre containing external board members has been
replaced by the Group's internal board. Ilkka Toivola, the nominated CEO of
Proha, will act as the CEO of Dovre Group AS. Toivola was appointed as the new
CEO of Proha Plc on September 18, 2009. Toivola will start in Proha and Dovre on
November 16, 2009.
Dovre Group's present CEO, Otto Søberg, left as agreed on October 9,2009, after
completing his responsibilities of the 18-month management-for-hire contract.
Arve Jensen has been appointed as the head of Norwegian operations. The current
CFO of Dovre Group, Are Njåstein, will continue in his position. Jensen and
Njåstein from Norway, and Mike Critch, the head of Dovre North America business
unit, will report to the Proha Group's CEO, Ilkka Toivola. In addition, Proha's
CFO, Sirpa Haavisto, as well as the managing directors of Proha's software and
services companies, Safran Software Solutions AS and Camako Oy, will also report
to Toivola.
Camako merger
The merging of Camako Finland Oy and Datamar Oy with Camako Oy (previously
Camako Nordic Oy) was finalized November 4, 2009.
FUTURE OUTLOOK
Previously Proha projected that the general economical condition may slow down
Proha's growth of the net sales. Reaching a positive operating result after the
non-recurring items was considered to be possible.
Proha restates its earlier projections and forecasts a positive operating result
for 2009. Continuing organizational improvement plans may, however, cause
non-recurring items, which will reduce the result.
In general, there are some positive indicators of a more normalized market. The
oil price has increased and there are positive signs in the availability of
project financing, which in turn can increase the number of investment projects.
Currently, it is difficult to predict how fast this will result in a more active
market.
The above prospects are based on forecasts approved by the Proha Board of
Directors.
Espoo, November 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
www.proha.com
Distribution:
NASDAQ OMX Helsinki
Major Media
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.
Changes in presentation of income statement
Share of results in associates is presented as a part of operating result
starting with the third quarter interim report and continuing in the subsequent
reporting. Comparison data has been adjusted accordingly.
GROUP INCOME STATEMENT
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | Change| 1-9 | 1-9 | Change| 1-12 |
| (EUR thousand) | 2009 | 2008 | % | 2009 | 2008 | % | 2008 |
--------------------------------------------------------------------------------
| NET SALES | 15 300 | 14 878 | 2,8 | 45 469 | 46 553 | -2,3 | 62 432|
--------------------------------------------------------------------------------
| Other operating | -47 | 134 |-135,2 | 45 | 205 | -78,0 | 399 |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Share of results | 0 | -43 | -15,2 | -100 | -190 | 32,5 | -237 |
| in associates | | | | | | | |
--------------------------------------------------------------------------------
| Material and | -68 | -50 | 36,6 | -126 | -202 | -37,8 | -317 |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Employee |-13 966 |-13 308 | 4,9 |-42 111 |-42 644 | -1,3 |-56 915|
| benefits expense | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -160 | -166 | -3,7 | -488 | -441 | 10,6 | -595 |
| amortization | | | | | | | |
--------------------------------------------------------------------------------
| Other operating | -604 | -921 | -34,4 | -2 676 | -3 288 | -18,6 | -4 408|
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| OPERATING RESULT | 454 | 524 | -13,3 | 13 | -8 | 252,6 | 359 |
--------------------------------------------------------------------------------
| Financing income | 59 | 263 | -77,5 | 476 | 337 | 40,9 | 1 095 |
--------------------------------------------------------------------------------
| Financing | -391 | -103 | 280,2 | -781 | -512 | 52,5 | -823 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| RESULT BEFORE | 123 | 685 | -82,1 | -292 | -183 | -59,8 | 631 |
| TAX | | | | | | | |
--------------------------------------------------------------------------------
| Tax on income | -108 | -178 | -39,1 | -199 | -511 | -60,9 | -744 |
| from operations | | | | | | | |
--------------------------------------------------------------------------------
| RESULT FOR THE | 15 | 507 | -97,1 | -492 | -694 | 29,1 | -113 |
| PERIOD | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other | | | | | | | |
| comprehensive | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Exchange | 380 | -357 | | 1 229 | -515 | | -1 693|
| differences on | | | | | | | |
| translating | | | | | | | |
| foreign | | | | | | | |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| Other | 380 | -357 | | 1 229 | -515 | | -1 693|
| comprehensive | | | | | | | |
| income for the | | | | | | | |
| period, net of | | | | | | | |
| tax | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 395 | 150 | | 738 | -1 209 | | -1 806|
| COMPREHENSIVE | | | | | | | |
| INCOME FOR THE | | | | | | | |
| PERIOD | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ALLOCATION OF | | | | | | | |
| RESULT | | | | | | | |
| FOR THE PERIOD | | | | | | | |
--------------------------------------------------------------------------------
| Result | -85 | 471 |-118,1 | -611 | -777 | 21,3 | -218 |
| attributable to | | | | | | | |
| equity holders | | | | | | | |
| of the parent | | | | | | | |
--------------------------------------------------------------------------------
| Result | 100 | 36 | 176,1 | 119 | 83 | 43,2 | 105 |
| attributable to | | | | | | | |
| minority | | | | | | | |
| interest | | | | | | | |
--------------------------------------------------------------------------------
| | 15 | 507 | -97,1 | -492 | -694 | 29,1 | -113 |
--------------------------------------------------------------------------------
| ALLOCATION OF | | | | | | | |
| COMPREHENSIVE | | | | | | | |
| RESULT FOR THE | | | | | | | |
| PERIOD | | | | | | | |
--------------------------------------------------------------------------------
| Result | 301 | 216 | 39,0 | 618 | -1 178 | 152,4 | -1 892|
| attributable to | | | | | | | |
| equity holders | | | | | | | |
| of the parent | | | | | | | |
--------------------------------------------------------------------------------
| Result | 94 | -67 | 241,6 | 120 | -31 | 491,1 | 86 |
| attributable to | | | | | | | |
| minority | | | | | | | |
| interest | | | | | | | |
--------------------------------------------------------------------------------
| | 395 | 150 | 163,8 | 738 | -1 209 | 161,0 | -1 806|
| | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share | | | | | | | |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Undiluted | 0,00 | 0,01 | -118,1| -0,01 | -0,01 | 21,5 | 0,00 |
| | | | | | | | |
--------------------------------------------------------------------------------
| Diluted | 0,00 | 0,01 | -118,1| -0,01 | -0,01 | 21,5 | 0,00 |
| | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive | | | | | | | |
| earnings/share | | | | | | | |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Undiluted | 0,00 | 0,00 | -39,0 | 0,01 | -0,02 | 152,3 | -0,03 |
--------------------------------------------------------------------------------
| Diluted | 0,00 | 0,00 | -39,0 | 0,01 | -0,02 | 152,3 | -0,03 |
--------------------------------------------------------------------------------
AVERAGE NUMBER OF SHARES
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (pcs) | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Undiluted | 61 961 751| 61 961 751| 61 961 751 | 61 819 946 | 61 855 397 |
--------------------------------------------------------------------------------
| Diluted | 61 961 751| 61 961 751| 61 961 751 | 61 819 946 | 61 855 397 |
--------------------------------------------------------------------------------
GROUP BALANCE SHEET
--------------------------------------------------------------------------------
| | 30.9. | 30.9. | | 31.12. |
| (EUR thousand) | 2009 | 2008 | Change % | 2008 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 1 994 | 2 475 | -19,4 | 2 127 |
--------------------------------------------------------------------------------
| Goodwill | 6 554 | 6 714 | -2,4 | 5 857 |
--------------------------------------------------------------------------------
| Tangible assets | 249 | 379 | -34,4 | 303 |
--------------------------------------------------------------------------------
| Investments in associates | 933 | 1 253 | -25,6 | 1 342 |
--------------------------------------------------------------------------------
| Trade and other receivables | 448 | 516 | -13,2 | 242 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 210 | 48 | 340,4 | 122 |
--------------------------------------------------------------------------------
| Deferred tax asset | 339 | 183 | 85,1 | 213 |
--------------------------------------------------------------------------------
| Non-current assets | 10 726 | 11 568 | -7,3 | 10 206 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 16 288 | 16 716 | -2,6 | 13 269 |
--------------------------------------------------------------------------------
| Tax receivable, income tax | 143 | 1 | | 14 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 3 067 | 3 823 | -19,8 | 3 118 |
--------------------------------------------------------------------------------
| Current assets | 19 498 | 20 540 | -5,1 | 16 401 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 30 224 | 32 108 | -5,9 | 26 607 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 15 917 | 15 917 | | 15 917 |
--------------------------------------------------------------------------------
| Share premium account | 0 | 4 379 | -100,0 | 4 379 |
--------------------------------------------------------------------------------
| Fair value and other reserves | 5 201 | 477 | 989,7 | 422 |
--------------------------------------------------------------------------------
| Translation differences | -369 | -148 | -150,2 | -1 154 |
--------------------------------------------------------------------------------
| Retained earnings | -7 340 | -7 175 | -2,3 | -6 808 |
--------------------------------------------------------------------------------
| Equity attributable to equity | 13 409 | 13 451 | -0,3 | 12 756 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | 192 | 129 | 49,1 | 72 |
--------------------------------------------------------------------------------
| Shareholders' equity | 13 601 | 13 580 | 0,2 | 12 828 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 670 | 635 | 5,6 | 570 |
--------------------------------------------------------------------------------
| Long-term liabilities, | 1 127 | 1 328 | -15,1 | 1 139 |
| interest-bearing | | | | |
--------------------------------------------------------------------------------
| Long-term liabilities, | 629 | 399 | 57,8 | 150 |
| interest-free | | | | |
--------------------------------------------------------------------------------
| Liabilities from defined | 1 240 | 650 | 90,7 | 640 |
| benefit plan | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 3 666 | 3 012 | 21,7 | 2 499 |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Short-term interest-bearing | 2 161 | 3 011 | -28,3 | 547 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 10 602 | 12 057 | -12,1 | 10 307 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Tax liability, income tax | 194 | 410 | -52,7 | 406 |
--------------------------------------------------------------------------------
| Current provisions | | 38 | -100,0 | 21 |
--------------------------------------------------------------------------------
| Current liabilities | 12 957 | 15 517 | -16,5 | 11 280 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 30 224 | 32 108 | -5,9 | 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 | -15 | 0 | -335 |
--------------------------------------------------------------------------------
| Share based payments | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Transfers between | 0 | 0 | -33 | 0 | 0 |
| items | | | | | |
--------------------------------------------------------------------------------
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Share issues | 0 | 0 | 0 | 196 | 0 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 917 | 4 379 | 282 | 196 | -148 |
| 30.9.2008 | | | | | |
--------------------------------------------------------------------------------
| | f) | g) | h) | i) |
---------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | -6 470 | 14 342 | 115 | 14 457 |
| 1.1.2008 | | | | |
---------------------------------------------------------------------
| Comprehensive income | -829 | -1 178 | -31 | -1 209 |
---------------------------------------------------------------------
| Share based payments | 91 | 91 | 0 | 91 |
---------------------------------------------------------------------
| Transfers between | 33 | 0 | 0 | 0 |
| items | | | | |
---------------------------------------------------------------------
| Acquisitions | 0 | 0 | 44 | 44 |
---------------------------------------------------------------------
| Share issues | 0 | 196 | 0 | 196 |
---------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | -7 175 | 13 451 | 129 | 13 580 |
| 30.9.2008 | | | | |
---------------------------------------------------------------------
| | a) | b) | c) | d) | e) |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 917 | 4 379 | 227 | 196 | -1 154 |
| 1.1.2009 | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income | 0 | 0 | -38 | 0 | 785 |
--------------------------------------------------------------------------------
| Share based payments | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Decrease of share | 0 | -4 780 | 0 | 4 780 | 0 |
| premium account | | | | | |
--------------------------------------------------------------------------------
| Transfers between | 0 | 401 | 36 | 0 | 0 |
| items | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 15 917 | 0 | 225 | 4 976 | -369 |
| 30.9.2009 | | | | | |
--------------------------------------------------------------------------------
| | f) | g) | h) | i) |
---------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | -6 808 | 12 756 | 72 | 12 828 |
| 1.1.2009 | | | | |
---------------------------------------------------------------------
| Comprehensive income | -130 | 618 | 120 | 738 |
---------------------------------------------------------------------
| Decrease of share | 35 | 35 | 0 | 35 |
| premium account | | | | |
---------------------------------------------------------------------
| Share based payments | 0 | 0 | 0 | 0 |
---------------------------------------------------------------------
| Transfers between | -437 | 0 | 0 | 0 |
| items | | | | |
---------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | -7 340 | 13 409 | 192 | 13 601 |
| 30.9.2009 | | | | |
---------------------------------------------------------------------
GROUP CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (EUR | 1-9 | 1-9 | 1-12 |
| thousand) | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | |
--------------------------------------------------------------------------------
| Operating result | 13 | 182 | 596 |
--------------------------------------------------------------------------------
| Adjustments | 980 | 806 | 655 |
--------------------------------------------------------------------------------
| Change in net working capital | -1 686 | -635 | 969 |
--------------------------------------------------------------------------------
| Interest paid | -223 | -330 | -268 |
--------------------------------------------------------------------------------
| Interest received | 37 | 85 | 231 |
--------------------------------------------------------------------------------
| Other financial expenses paid | -13 | -37 | -47 |
--------------------------------------------------------------------------------
| Other financial income received | 1 | 1 | 25 |
--------------------------------------------------------------------------------
| Income taxes paid | -576 | -777 | -912 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | -1 468 | -705 | 1 249 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| Investments in tangible and | -220 | -329 | -380 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Acquired subsidiaries | -6 | -238 | -708 |
--------------------------------------------------------------------------------
| Proceeds from disposal of | | -249 | -4 |
| subsidiaries | | | |
--------------------------------------------------------------------------------
| Investments in associates | | | |
--------------------------------------------------------------------------------
| Proceeds from associates | | | 19 |
--------------------------------------------------------------------------------
| Increase (-) / decrease (+) in loan | 161 | -298 | -576 |
| receivables | | | |
--------------------------------------------------------------------------------
| Dividends received | 6 | 3 | 3 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | -59 | -1 112 | -1 646 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Proceeds from short-term loans | 1 801 | 879 | 879 |
--------------------------------------------------------------------------------
| Repayments of short-term loans | -326 | -410 | -2 548 |
--------------------------------------------------------------------------------
| Proceeds from long-term loans | | | 228 |
--------------------------------------------------------------------------------
| Repayments of long-term loans | | 212 | -352 |
--------------------------------------------------------------------------------
| Paid Dividends | | -411 | -41 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | 1 475 | 270 | -1 834 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | -51 | -1 547 | -2 231 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at beginning of | 3 118 | 5 349 | 5 349 |
| the period | | | |
--------------------------------------------------------------------------------
| Foreign exchange rate adjustment | -120 | 20 | -434 |
--------------------------------------------------------------------------------
| Cash and cash equivalents of subsidiaries | | 131 | 131 |
| acquired | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents of subsidiaries | | | -49 |
| divested | | | |
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 69 | -1 697 | -1 880 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of the | 3 067 | 3 803 | 3 118 |
| period | | | |
--------------------------------------------------------------------------------
GROUP QUARTERLY INCOME STATEMENT
--------------------------------------------------------------------------------
| (EUR | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2008 |
| thousand) | 1-3 | 1-3 | 4-6 | 4-6 | 7-9 | 7-9 | 10-12 |
--------------------------------------------------------------------------------
| NET SALES | 15 183 | 15 253 | 14 986 | 16 423 | 15 300 | 14 878 | 15 879 |
--------------------------------------------------------------------------------
| Other | 46 | 32 | 46 | 39 | -47 | 134 | 194 |
| operating | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Share of | -51 | -105 | -49 | -43 | 0 | -43 | -47 |
| result in | | | | | | | |
| associates | | | | | | | |
--------------------------------------------------------------------------------
| Materials and | -58 | -35 | 0 | -117 | -68 | -50 | -115 |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Employee | -14 126| -13 933| -14 019| -15 403| -13 966| -13 308| -14 270|
| benefits | | | | | | | |
| expense | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -146 | -144 | -181 | -130 | -160 | -166 | -154 |
| and | | | | | | | |
| amortization | | | | | | | |
--------------------------------------------------------------------------------
| Other | -1 040 | -1 075 | -1 032 | -1 293 | -604 | -921 | -1 119 |
| operating | | | | | | | |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| OPERATING | -192 | -9 | -249 | -524 | 454 | 524 | 368 |
| RESULT | | | | | | | |
--------------------------------------------------------------------------------
| % | -1,3 % | -0,1 % | -1,7 % | -3,2 % | -3,2 % | 3,5 % | 2,3 % |
--------------------------------------------------------------------------------
| Financing | 366 | 45 | 51 | 29 | 59 | 263 | 758 |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Financing | -195 | -249 | -195 | -160 | -391 | -103 | -311 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| RESULT BEFORE | -22 | -213 | -394 | -655 | 123 | 685 | 814 |
| TAX | | | | | | | |
--------------------------------------------------------------------------------
| % | -0,1 % | -1,4 % | -2,6 % | -4,0 % | 0,8 % | 4,6 % | 5,1 % |
--------------------------------------------------------------------------------
| Tax on income | -21 | -178 | -71 | -155 | -108 | -178 | -233 |
| from | | | | | | | |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| RESULT FOR | -42 | -391 | -464 | -810 | 15 | 507 | 581 |
| THE PERIOD | | | | | | | |
--------------------------------------------------------------------------------
| % | -0,3 % | -2,6 % | -3,1 % | -4,9 % | 0,1 % | 3,4 % | 3,7 % |
--------------------------------------------------------------------------------
COMMITMENTS AND CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| (EUR thousand) | 30.9. | 30.9. | 31.12. |
| | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Collateral for own commitments | | | |
--------------------------------------------------------------------------------
| Debts secured by corporate mortgages | | | |
--------------------------------------------------------------------------------
| Loans from financial institutions | 2 699 | 3 754 | 1 170 |
--------------------------------------------------------------------------------
| Book value of shares of Dovre Group AS | 6 399 | 7 324 | 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 | 236 | 240 | 269 |
--------------------------------------------------------------------------------
| Book value of trade receivables and fixed | 509 | 431 | 542 |
| assets given as security | | | |
--------------------------------------------------------------------------------
| Debts secured by shares | | | |
--------------------------------------------------------------------------------
| Loans and checking account credit lines | 434 | | |
--------------------------------------------------------------------------------
| Book value of pledged shares | 511 | 511 | 511 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Future minimum lease payments under non-cancellable operating leases |
--------------------------------------------------------------------------------
| Not later than one year | 190 | 251 | 218 |
--------------------------------------------------------------------------------
| Later than one year and not later than | 675 | 557 | 557 |
| five years | | | |
--------------------------------------------------------------------------------
| Total | 866 | 807 | 776 |
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
--------------------------------------------------------------------------------
| Investments in associates | 30.9.2009 | 30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Carrying value, opening balance | 1 342 | 1 277 | 1 277 |
--------------------------------------------------------------------------------
| Additions | 53 | 249 | 470 |
--------------------------------------------------------------------------------
| Disposals | -439 | 0 | -72 |
--------------------------------------------------------------------------------
| Share of profit / loss in | -91 | -227 | -237 |
| associates | | | |
--------------------------------------------------------------------------------
| Translation differences | 67 | -46 | -95 |
--------------------------------------------------------------------------------
| At the end of the financial year | 933 | 1 253 | 1 342 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------| Other related parties | 1-9/2009 | 1-9/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| Sales | 0 | 14 | 14 |
--------------------------------------------------------------------------------
| Purchases | | | |
--------------------------------------------------------------------------------
| Consulting fees *) | -15 | 157 | 152 |
--------------------------------------------------------------------------------
| Consulting fees **) | 245 | 98 | 172 |
--------------------------------------------------------------------------------
| Rents *) | 117 | 201 | 260 |
--------------------------------------------------------------------------------
| Other | 0 | 3 | 3 |
--------------------------------------------------------------------------------
| Total | 347 | 459 | 587 |
--------------------------------------------------------------------------------
| Open balances | 30.9.2009 | 30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Trade payables | 0 | 0 | 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 former managing director of Dovre Group AS.
GROUP KEY INDICATORS
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
| (EUR million) | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Net sales | 15,3 | 14,9 | 45,5 | 46,6 | 62,4 |
--------------------------------------------------------------------------------
| Operating result | 0,5 | 0,5 | 0,0 | 0,0 | 0,4 |
--------------------------------------------------------------------------------
| % of Net sales | 3,0 % | 3,5 % | 0,0 % | 0,0 % | 0,6 % |
--------------------------------------------------------------------------------
| Result before taxes | 0,1 | 0,7 | -0,3 | -0,2 | 0,6 |
--------------------------------------------------------------------------------
| % of Net sales | 0,8 % | 4,6 % | -0,6 % | -0,4 % | 1,0 % |
--------------------------------------------------------------------------------
| Result for the period | 0,0 | 0,5 | -0,5 | -0,7 | -0,2 |
--------------------------------------------------------------------------------
| % of Net sales | 0,1 % | 3,4 % | -1,1 % | -1,5 % | -0,3 % |
--------------------------------------------------------------------------------
| Return on equity, % | 0,4 % | 14,9 % | 0,7 % | -5,1 % | -0,8 % |
--------------------------------------------------------------------------------
| Return on investment, | 11,7 % | 12,7 % | 10,2 % | 0,6 % | 7,7 % |
| % | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing | 3,3 | 4,3 | 3,3 | 4,3 | 1,7 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 3,1 | 3,8 | 3,1 | 3,8 | 3,1 |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Gearing, % | 1,6 % | 3,8 % | 1,6 % | 3,8 % | -11,2 % |
--------------------------------------------------------------------------------
| Equity-ratio, % | 45,6 % | 42,9 % | 45,6 % | 42,9 % | 49,0 % |
--------------------------------------------------------------------------------
| Balance sheet total | 30,2 | 32,1 | 30,2 | 32,1 | 26,6 |
--------------------------------------------------------------------------------
| Gross investments | 0,1 | 0,4 | 1,6 | 0,9 | 1,6 |
--------------------------------------------------------------------------------
| % of Net sales | 0,6 % | 2,4 % | 3,6 % | 2,0 % | 2,5 % |
--------------------------------------------------------------------------------
| R & D costs | 0,2 | 0,1 | 0,5 | 1,0 | 1,5 |
--------------------------------------------------------------------------------
| % of Net sales | 1,0 % | 0,9 % | 1,0 % | 2,2 % | 2,4 % |
--------------------------------------------------------------------------------
| Personnel average for | 412 | 402 | 402 | 392 | 393 |
| the period | | | | | |
--------------------------------------------------------------------------------
| Personnel average at | 419 | 405 | 419 | 405 | 391 |
| the end of the period | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | | | | |
--------------------------------------------------------------------------------
| Basic | 0,00 | 0,01 | -0,01 | -0,01 | 0,00 |
--------------------------------------------------------------------------------
| Diluted | 0,00 | 0,01 | -0,01 | -0,01 | 0,00 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 0,22 | 0,22 | 0,22 | 0,22 | 0,21 |
--------------------------------------------------------------------------------
MAJOR SHAREHOLDERS ON SEPTEMBER 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 *) | 2 933 069 | 4,73 |
--------------------------------------------------------------------------------
| 4 | Etola Erkki Olavi **) | 2 750 000 | 4,44 |
--------------------------------------------------------------------------------
| 5 | Mäkelä Pekka | 1 982 375 | 3,20 |
--------------------------------------------------------------------------------
| 6 | Navdata Oy *) | 1 300 000 | 2,10 |
--------------------------------------------------------------------------------
| 7 | Eficor Oyj | 1 125 750 | 1,82 |
--------------------------------------------------------------------------------
| 8 | Siik Rauni Marjut | 1 044 300 | 1,69 |
--------------------------------------------------------------------------------
| 9 | Thominvest Oy | 1 043 500 | 1,68 |
--------------------------------------------------------------------------------
| 10 | Hinkka Petri Juhani | 889 500 | 1,44 |
--------------------------------------------------------------------------------
| 11 | Ruokostenpohja Ismo Eero | 693 950 | 1,12 |
--------------------------------------------------------------------------------
| 12 | Siik Seppo Sakari | 650 000 | 1,05 |
--------------------------------------------------------------------------------
| 13 | Hinkka Invest Oy | 583 390 | 0,94 |
--------------------------------------------------------------------------------
| 14 | Jokinen Reino Väinämö | 530 000 | 0,86 |
--------------------------------------------------------------------------------
| 15 | Paasi Kari | 522 368 | 0,84 |
--------------------------------------------------------------------------------
| 16 | Pere Pekka | 465 942 | 0,75 |
--------------------------------------------------------------------------------
| 17 | Kefura Ab | 450 000 | 0,73 |
--------------------------------------------------------------------------------
| 18 | Virkki Tuula Viola | 430 000 | 0,69 |
--------------------------------------------------------------------------------
| 19 | Olsson Vesa Ensio | 400 000 | 0,65 |
--------------------------------------------------------------------------------
| 20 | Saikko Risto Olavi | 395 065 | 0,64 |
--------------------------------------------------------------------------------
| Total of 20 largest shareholders | 32 117 064 | 51,8 |
--------------------------------------------------------------------------------
| Total of nominee-registered shareholders | 803 155 | 1,3 |
--------------------------------------------------------------------------------
| Others | 29 041 532 | 46,9 |
--------------------------------------------------------------------------------
| Total of shareholders | 61 961 751 | |
--------------------------------------------------------------------------------
*) Ilari Koskelo, Proha Plc's CEO, holds control over Navdata Oy.
**) Erkki Etola holds control over Oy Etra Invest Ab
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