Tekla Corporation's Interim Report January 1 - June 30, 2009: Second
quarter also satisfactory consi
(Thomson Reuters ONE) - Tekla Corporation Interim report August 7, 2009 at9.00 a.m.Tekla Corporation's Interim Report January 1 - June 30, 2009:Second quarter also satisfactory considering the circumstancesNet sales of Tekla Group for January-June 2009 totaled 24.05 (29.38)million euros, decreasing by approximately 18%. The operating resultwas 2.22 (6.97) million euros, 9.2% (23.7%) of net sales. Earningsper share were 0.08 (0.23) euros.Net sales for the second quarter amounted to 11.86 (14.52) millioneuros, decreasing by approximately 18%. The operating result for thequarter was 0.98 (3.04) million euros, or 8.3% (20.9%) of net sales.Ari Kohonen, President and CEO, comments on the interim report:- The second quarter figures were on the same level with the firstquarter, i.e. fell short of the corresponding period the previousyear. Net sales and operating result for the first half of the yeardecreased considerably. The operating result was approximately 9% ofnet sales, which we may consider satisfactory under thesecircumstances.- Net sales decreased by approximately 26% in our main business area,Building & Construction, during the reporting period. Hardly anymarket area saw good license sales. Germany, Japan and a few smallermarkets fared the best during the first half of the year. Salesdecreased the most in the Nordic countries and India. Net salesstructure remained the same compared with the first quarter; licensesales nearly halved and maintenance sales increased. Cautiouspositive signs of a revival in demand can be seen in the UnitedStates and also some other markets. However, it is still too early toestimate when this will translate into our sales figures.- We are particularly satisfied with the success of the Infra &Energy business area also during the second quarter. Net sales of thebusiness area increased by more than 15% during the first twoquarters and its result improved considerably. The growth in netsales was generated mainly by active product projects and serviceoperations. In addition, net sales generated by maintenanceincreased.- The number of personnel decreased by eight persons during thesecond quarter. The average number of employees during the quarterincreased on the previous year, yet costs were below the level of thecorresponding period the previous year. This year, for instance, nomajor development projects similar to last year's ones took placeduring the second quarter. Stricter cost control has also decreasedour cost level.- In Tekla's product-based business, product development is more ofan investment than an operating expense. The market situationcontinues to be challenging, but we will continue our long-term lineto further strengthen our market and product position. When theeconomy begins to revive, we will be in good form.As regards the year as a whole, the Board keeps the previouslyannounced outlook unchanged. Net sales are estimated to beapproximately 50 million euros. The operating result will beconsiderably lower in 2009 than in 2008. Measures to ensureprofitability will continue.- - -Tekla will organize an information meeting for analysts and media atWTC Helsinki (meeting room 2), Aleksanterinkatu 17, on August 7,2009, starting at 11.30 a.m. The meeting will be held in Finnish.- - -Tekla is an international software product company whose model-basedsoftware solutions make customers' core processes more effective inbuilding and construction, energy distribution, infrastructuremanagement and water supply. Tekla has customers in over 90countries. Tekla Group's net sales for 2008 were nearly 60 millioneuros and operating result approximately 14 million euros.International operations account for approximately 80% of net sales.Tekla Group currently employs over 460 persons, of whom 190 workoutside Finland. Tekla was established in 1966, making it one of thelongest operating software companies in Finland. www.tekla.comTEKLA CORPORATION'S INTERIM REPORT JANUARY 1 - JUNE 30, 2009NET SALES AND PROFITABILITY* Net sales of Tekla Group for January-June 2009 were 24.05 millioneuros (29.38 million euros in January-June 2008).* Net sales decreased by 18.1%.* Operating result was 2.22 (6.97) million euros.* Operating result percentage was 9.2 (23.7).* Earnings per share were 0.08 (0.23) euros.* Return on investment was 18.8 (51.1) percent.* Return on equity was 12.2 (36.7) percent.FINANCIAL POSITION* Cash flow from operating activities totaled 7.85 (7.04) millioneuros.* Liquid assets amounted to 27.74 (25.53) million euros on June 30,2009. The assets have been invested in money market instruments withvery low risk. On December 31, 2008, liquid assets amounted to 26.30million euros.* Equity ratio was 62.1 (61.8) percent.* Interest-bearing debts were 0.12 (0.14) million euros.* Net effects of changes in exchange rates on net sales and operatingresult were small.OTHER KEY FIGURES* International operations accounted for 80% (84%) of net sales.* Personnel averaged 458 (414) for January-June.* At the end of June, the number of personnel including part-timestaff was 463 (444).* At year's end, the number of personnel including part-time staffwas 464 (400).* Gross investments in property, plant and equipment were 1.16 (0.60)million euros.* Equity per share was 1.18 (1.12) euros.* On the last trading day of June, trading closed at 5.50 (8.00)euros.BUSINESS AREASNET SALES BY BUSINESS AREA Q1-Q2/ Q1-Q2/ Change 1-12/ Q2/ Q2/Million euros 2009 2008 2008 2009 2008Building & Construction 17.46 23.70 -6.24 46.07 8.58 11.49Infra & Energy 6.63 5.74 0.89 12.95 3.30 3.07Net sales between segments -0.04 -0.06 0.02 -0.12 -0.02 -0.04Total 24.05 29.38 -5.33 58.90 11.86 14.52OPERATING RESULT BY BUSINESS AREA Q1-Q2/ Q1-Q2/ Change 1-12/ Q2/ Q2/Million euros 2009 2008 2008 2009 2008Building & Construction 1.48 6.75 -5.27 12.13 0.56 2.65Infra & Energy 0.74 0.23 0.51 1.97 0.42 0.28Others 0.00 -0.01 0.01 0.00 0.11Total 2.22 6.97 -4.75 14.10 0.98 3.04Building & ConstructionTekla's Building & Construction business area (B&C) develops andmarkets the Tekla Structures software product for informationmodel-based design of steel and concrete structures as well as themanagement of fabrication and construction.Demand fluctuates strongly in our license-based sales. Particularlyfrom last year's fall onward, the development of the buildingindustry has been negative in all of Tekla's key market areas.Uncertainty of financing has added to the problems, and this isparticularly seen in new larger projects. The general economicsituation affects customers investments, making their decision-makingtimes longer and postponing the start-up of projects into the future.It seems that pent-up demand is piling up in the market. At themoment, there are only cautious signs of a revival in sight.Despite the building industry's challenging situation, Tekla's marketposition remained unchanged. Tekla's position as a supplier of 3Dmodeling software is strong in all markets and the numbers of usersare on the increase. Customers in the building industry are seekingtools that make their operations more efficient, which is whatTekla's products are. Information modeling is strengthening itsfoothold in structural design and other stages of the buildingprocess. The benefits of information modeling are seen more clearlyin site management in particular.Instead of large one-off sales, software continues to be purchased insmaller batches. However, many of the purchases are strategic withcustomers preparing for the information-model-based way of working.It is very favorable for Tekla that the building industry's move toinformation-model-based 3D processes from traditional 2D ways ofworking continues. Building Information Modeling (BIM) is a trendthat is gaining momentum in the industry. BIM means that theinformation of the product model is transferred and shared betweenthe parties of the construction process.The net sales of B&C amounted to 17.46 (23.70) million euros forJanuary-June 2009. Net sales decreased by approximately 26% comparedto the corresponding period the previous year. Operating result was1.48 (6.75) million euros. B&C's operating result percentage for thereporting period was 8.5% (28.5%).During the second quarter, B&C's net sales amounted to 8.58 (11.49)million euros and its operating result was 0.56 (2.65) million euros,or 6.5% (23.1%) of net sales. Net sales structure remained the samecompared with the first quarter; license sales nearly halved andmaintenance sales increased.International operations accounted for 96% (95%) of B&C's net salesin January-June 2009. Hardly any market area saw good license sales.Germany, Japan and a few smaller markets fared the best during thefirst half of the year. Sales decreased the most in the Nordiccountries and India. Cautious positive signs of a revival in demandcan be seen in the United States and also some other markets.However, it is still too early to estimate when this will translateinto our sales figures.In July, Tekla opened an office in Bangkok, Thailand, for B&C'scustomer support functions. A corresponding office was opened inJakarta, Indonesia, in February.In April, Tekla purchased the business operations of 3-Design LLC, asmall producer of general engineering software. The company mainlyoperates in the UK market.Tekla and Rautaruukki signed a strategic cooperation agreement. TeklaStructures BIM software will be used for structural steel design inalmost all countries in which Rautaruukki's construction division hasa presence.In early 2009, Tekla and UK-based Fisher Engineering signed a frameagreement to replace all of Fisher's current structural design anddetailing software licenses with Tekla Structures licenses. The planis to implement the agreement over a two-year period.Tekla and HGG from the Netherlands signed an agreement on continuedcooperation. The aim is to develop a standardized software solutionfor the steel tube industry in Tekla Structures. The solution coversall 3D tubular structures from design and detailing to automaticfabrication. These are widely used e.g. in the off-shore industry.The annual main version of Tekla Structures was released at the endof March. The focus of product development will be on improvementsthat support collaboration between different parties in the planningand construction process and increase efficiency of the constructionprocess as a whole.Infra & EnergyThe Infra & Energy business area focuses on the development and salesof model-based software solutions that support customers' coreprocesses. Its key customer industries (products in parentheses) areenergy distribution (Tekla Xpower), public administration (TeklaXcity), as well as civil engineering and water (Tekla Xstreet andTekla Xpipe).In the energy industry, information system acquisitions are strategicinvestments for the companies. The economic recession has not hadmuch effect on these investments. Tekla's market position as asupplier of network information systems is strong in the Nordic andBaltic countries.In public administration, the economic crunch has decreased incomeand funds available for investments. However, information systemsprovide additional productivity, efficiency and self-service andtherefore cost-savings. Decreased financial resources have sloweddown the development of the municipal sector, and investments aresubject to increasing scrutiny. Tekla's sales and market positionremained strong in Finland.The net sales of I&E amounted to 6.63 (5.74) million euros forJanuary-June 2009. The business area performed well during the firsthalf of the year, and its net sales increased by 15.5%. I&E'soperating result improved considerably to 0.74 (0.23) million euros.International operations accounted for 39% (34%) of net sales. I&E'soperating result percentage was 11.2% (4.0%). The growth in net saleswas generated mainly in active product projects and serviceoperations. In addition, net sales generated by maintenanceincreased.I&E's second quarter was better than the corresponding quarter theprevious year. Net sales for the second quarter amounted to 3.30(3.07) million euros, and operating result was 0.42 (0.28) millioneuros, or 12.7% (9.1%) of net sales.The implementation project to adopt the Tekla Xpower networkinformation system launched with Vattenfall Europe Berlin (Germany)at the beginning of 2009 continued. Vattenfall aims to put the systemto production use at the end of January 2010 throughout the Berlindistribution area. The deal is a significant step for Tekla in theGerman market.In the field of energy distribution, the first phases of theintegration project of Oü Jaotusvörk (Eesti Energia, Estonia) werecompleted in June. The Tekla Xpower Operation Management System (OMS)extension initiated with Swedish district heat customers was finishedduring the spring. This is a significant product extension for thedistrict heat and water supply sector. In the field of publicadministration, further development projects of the Tekla Xcitysystem and Tekla's Web solutions were implemented.PERSONNELThe Group personnel averaged 458 (414) for January-June 2009; onaverage 190 (167) worked outside Finland. In these figures, thenumber of part-time staff has been converted to correspond tofull-time work contribution. At the beginning of the year, Teklapersonnel totaled 464 (400) including part-time staff, of whom 189(158) worked outside Finland, and at the end of June 463 (444), ofwhom 190 (179) worked outside Finland.SHARE AND OWNERSHIP STRUCTUREShares and share capitalThe total number of Tekla Corporation shares at the end of June 2009was 22,586,200, of which the company owned 169,600. The total bookcounter value of those was 5,088 euros, representing 0.75% of thecompany's shares and the total number of votes. A total of 898,212.35euros had been used for acquiring the company's own shares, and theirmarket value was 932,800 euros on June 30, 2009. The book countervalue of the share is 0.03 euros. At the end of the period, sharecapital stood at 677,586 euros.Share price trends and tradingThe highest quotation of the share in January-June 2009 was 5.95(13.00) euros, the lowest 3.40 (7.58) euros. The average quotationwas 4.23 (10.21) euros. On the last trading day of June, tradingclosed at 5.50 (8.00) euros.A total of 1,519,545 (4,966,217) Tekla shares changed hands inJanuary-June 2009 at NASDAQ OMX Helsinki Ltd, amounting to 6.7% (22%)of the entire share capital.Nominee registered and foreign owners held 24.87% (23.66%) of allshares at the end of June 2009.ANNUAL GENERAL MEETINGTekla Corporation's Annual General Meeting on March 18, 2009 adoptedTekla Corporation's financial statements and consolidated financialstatements for 2008. The Annual General Meeting also discharged theCEO and the Board members from liability. The AGM accepted theBoard's proposal whereby a dividend of 0.25 euros per share wasdistributed for 2008 (total 5,604,150 euros). The dividend paymentdate was March 30, 2009.Ari Kohonen, Olli-Pekka Laine (Vice Chair), Heikki Marttinen (Chair),Erkki Pehu-Lehtonen and Reijo Sulonen were re-elected Board membersuntil the conclusion of the Annual General Meeting in 2010. TimoKeinänen was re-elected deputy member of the Board. Juha Kajanencontinues as the Tekla personnel representative on the Board withKirsi Hakkila as his personal deputy.Ernst & Young Oy, Authorized Public Accountants, were elected as thecompany's new auditor, with Erkka Talvinko, Authorized PublicAccountant, as the auditor in charge.The AGM authorized the Board to increase the company's share capitaland acquire or transfer the company's treasury shares. Theabove-mentioned authorizations are valid until the next AnnualGeneral Meeting, however not later than April 30, 2010. The Board didnot use the authorizations during the reporting period.SHORT-TERM RISKS AND UNCERTAINTY FACTORSPossible risks and uncertainty factors associated with Tekla'sbusiness are mainly related to the market and competition situationand the general economic situation. Trends in the building industryare weak in nearly all markets, and this has had a negative impact onthe demand for Tekla products.A majority of Tekla's net sales comprises of sales of licensesentitling to use software products. Fluctuation in their demand canbe rapid and significant. In the short term and with rapidlydecreasing demand, it is challenging to proportion fixed personnelexpenses, which account for the majority of Tekla's costs. Tekla is,however, able to react swiftly to growing demand, and profits fromadditional sales are good.The sales of Tekla software are geographically distributed. Alsoindividual customers do not account for a significant share of netsales, and therefore these risks are not significant.OUTLOOK FOR 2009As regards the year as a whole, the Board keeps the previouslyannounced outlook unchanged. Net sales are estimated to beapproximately 50 million euros. The operating result will beconsiderably lower in 2009 than in 2008. Measures to ensureprofitability will continue.NEXT FINANCIAL REPORTTekla Corporation's Interim Report for January-September 2009 will bepublished on Friday, October 30, 2009.Espoo, August 6, 2009TEKLA CORPORATIONBoard of DirectorsFor additional information, please contact:Ari Kohonen, President and CEO, Tel. +358 50 641 24, ari.kohonen (at)tekla.comTimo Keinänen, CFO, Tel. +358 400 813 027, timo.keinanen (at)tekla.comDistribution: NASDAQ OMX Helsinki Ltd, main mediaCONSOLIDATED FINANCIAL STATEMENTS(unaudited)CONSOLIDATED INCOMESTATEMENT Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/Million euros 2009 2008 2008 2009 2008Net sales 24.05 29.38 58.90 11.86 14.52Other operatingincome 0.13 0.54 1.01 0.05 0.42Change ininventories offinished goods andinwork in progress 0.00 0.00 -0.04 0.04 0.00Raw materials andconsumables used -1.09 -1.32 -2.86 -0.47 -0.71Employeecompensation andbenefit expense -14.24 -13.87 -27.84 -7.11 -7.23Depreciation -0.75 -0.55 -1.17 -0.40 -0.28Other operatingexpenses -5.88 -7.21 -13.90 -2.99 -3.68Operating result 2.22 6.97 14.10 0.98 3.04% of net sales 9.23 23.72 23.94 8.26 20.94Financial income 1.26 1.21 2.44 0.37 0.41Financial expenses -0.86 -0.93 -1.39 -0.25 -0.19Profit (loss) beforetaxes 2.62 7.25 15.15 1.10 3.26% of net sales 10.89 24.68 25.72 9.27 22.45Income taxes -0.88 -2.04 -4.20 -0.40 -0.94Result for theperiod 1.74 5.21 10.95 0.70 2.32Attributable to:Owners of the parent 1.74 5.21 10.95 0.70 2.32Earnings per share forprofitattributable to the ownersof the parent (EUR) 0.08 0.23 0.49 0.03 0.10Earnings are not diluted.CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/Million euros 2009 2008 2008 2009 2008Result for theperiod 1.74 5.21 10.95 0.70 2.32Other comprehensiveincomefor the period, netof tax: Transl.differences 0.07 0.02 -0.07 -0.02 0.11 Changes inavailable-for- sale investments -0.01 -0.14 -0.06 0.02 -0.02 Total 0.06 -0.12 -0.13 0.00 0.09Total comprehensiveincomefor the period 1.80 5.09 10.82 0.70 2.41Attributable to:Owners of the parent 1.80 5.09 10.82 0.70 2.41CONDENSED BALANCESHEETMillion euros 6/2009 6/2008 12/2008AssetsNon-current assetsProperty, plant andequipment 1.55 1.73 1.70Goodwill 0.19 0.10 0.19Intangible assets 2.19 0.88 1.64Other financialassets 3.38 0.30 0.30Receivables 0.20 0.31 0.26Deferred tax assets 0.16 0.15 0.18Non-current assets,total 7.67 3.47 4.27Current assetsInventories 0.03 0.07 0.03Trade and otherreceivables 9.80 12.71 13.87Tax receivables 1.12 0.00 0.26Other financialassets 19.75 19.89 19.99Cash and cashequivalents 4.96 5.67 6.34Current assets,total 35.66 38.34 40.49Assets total 43.33 41.81 44.76Equity andliabilitiesEquityShare capital 0.68 0.68 0.68Share premiumaccount 8.89 8.89 8.89Other own capital 1.93 1.05 1.87Retained earnings 15.03 14.66 18.89Equity total 26.53 25.28 30.33Non-currentliabilitiesDeferred taxliabilities 0.09 0.05 0.08Interest-bearingliabilities 0.09 0.09 0.08Non-currentliabilities tot. 0.18 0.14 0.16Current liabilitiesTrade and otherpayables 16.57 16.13 14.14Tax liabilities 0.02 0.21 0.09Currentinterest-bearingliabilities 0.03 0.05 0.04Current liabilitiestotal 16.62 16.39 14.27Liabilities total 16.80 16.53 14.43Equity andliabilities total 43.33 41.81 44.76CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to the owners of the parent Share Share Res. Fair Acc. Ret. cap. prem. fund value transl earn. acct res. diff. TotalEquity January1, 08 0.68 8.89 1.33 0.30 -0.46 20.71 31.45Payment ofdividend -11.26 -11.26Totalcomprehensiveincome for theperiod -0.14 0.02 5.21 5.09Equity June30, 08 0.68 8.89 1.33 0.16 -0.44 14.66 25.28 Attributable to the owners of the parent Share Share Res. Fair Acc. Ret. cap. prem. fund value transl earn. acct. res. diff. TotalEquity January1, 09 0.68 8.89 1.33 0.24 0.30 18.89 30.33Payment ofdividend -5.60 -5.60Totalcomprehensiveincome for theperiod -0.01 0.07 1.74 1.80Equity June30, 09 0.68 8.89 1.33 0.23 0.37 15.03 26.53CONDENSED CASH FLOW STATEMENT Q1-Q2/ Q1-Q2/ Q1-Q4/Million euros 2009 2008 2008Net cash flows fromoperatingactivities 7.85 7.04 9.51Cash flows from investingactivities:Investments -1.16 -0.60 -2.02Sale of intangible assetsandproperty, plant andequipment 0.01 -0.01Cash outflow on acquisition -0.15Purchases of available-for-sale financial assets -23.34 -31.50 -52.84Proceeds from sale ofavailable-for-salefinancial assets 19.87 33.24 55.20Interests received fromavailable-for-salefinancial assets 0.38 0.54 1.05Net cash used in/frominvestingactivities -4.25 1.69 1.23Cash flows from financingactivities:Payment of dividend -5.60 -11.26 -11.26Own shares -0.68Repayments of long-termdebt -0.22 -0.22Payments of finance leaseliabilities -0.02 -0.01 -0.03Net cash used in financingactivities -5.62 -11.49 -12.19Net decrease/increase incash andcash equivalents -2.02 -2.76 -1.45Cash and cash equivalentsatbeginning of the period 6.98 8.43 8.43Cash and cash equivalentsat end ofthe period 4.96 5.67 6.98The cash and cashequivalents in thecash flow statement include:Cash and cash equivalents 4.96 5.67 6.34Available-for-sale financialassets,cash equivalents 0.00 0.00 0.64NOTES TO THE INTERIMREPORTThe notes are presented in millions of euros, unless otherwisestated.This interim report has been prepared in accordance with the IAS 34(Interim Financial Reporting) standard. The same accounting andvaluationpolicies and methods of computation have been followed in theinterimfinancial reports as in the annual financial statements for 2008.The amendments and interpretations to published standards as wellasnew standards, effective January 1, 2009, are presented in detailinthe financial statements for 2008. Tekla Corporation hasapplied IFRS 8, Operating Segments, standard as of January 1, 2009.The segment information has already previously been based oninternalreporting to the management, so the operating segments are the sameas thebusiness segments according to IAS 14.Tekla Corporation has also applied the amended standard IAS 1,Presentation of Financial Statements, as of January 1, 2009, andthis hasresulted in changes in the presentation of the income statement andtheconsolidated statement of changes in equity.The figures presented in the Interim Report are unaudited.Use of estimatesWhen preparing the interim report, the Group's management isrequiredto make estimates and assumptions influencing the content of theinterimreport, and it must exercise its judgment regarding the applicationofaccounting policies. Although these estimates are based on themanagement'sbest knowledge, actual results may ultimately differ from theestimates used in the interim report. Tax losses carried forwardarerecognized as deferred tax assets only to the extent that it isprobablethat future taxable profits will be available against which unusedtaxlosses can be utilized. Actual results could differ from thoseestimates.Segment informationNet sales by business area Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/Million euros 2009 2008 2008 2009 2008Building & Construction 17.46 23.70 46.07 8.58 11.49Infra & Energy 6.63 5.74 12.95 3.30 3.07Net sales between segments -0.04 -0.06 -0.12 -0.02 -0.04Total 24.05 29.38 58.90 11.86 14.52Operating result by business area Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/Million euros 2009 2008 2008 2009 2008Building & Construction 1.48 6.75 12.13 0.56 2.65Infra & Energy 0.74 0.23 1.97 0.42 0.28Others -0.01 0.11Total 2.22 6.97 14.10 0.98 3.04Financial indicators Q1-Q2/ Q1-Q2/ Q1-Q4/ Q2/ Q2/ 2009 2008 2008 2009 2008Earnings per share(EPS),EUR 0.08 0.23 0.49 0.03 0.10Equity/share, EUR 1.18 1.12 1.35Interest-bearingliabilities 0.12 0.14 0.12Equity ratio, % 62.1 61.8 68.4Net gearing, % -92.6 -100.4 -86.3Return on investment, % 18.8 51.1 49.0 17.1 54.4Return on equity, % 12.2 36.7 35.4 10.6 38.5Number of sharesat the end of the 22,416,600 22,516,600period 22,416,600Number of shares,on average 22,416,600 22,516,600 22,485,500Gross investments, MEUR 1.16 0.60 2.02 0.49 0.33% of net sales 4.82 2.04 3.43 4.13 2.27Personnel, on average 458 414 430 457 425Consolidated income statement by quarter Q2/ Q1/ Q4/ Q3/ Q2/Million euros 2009 2009 2008 2008 2008Net sales 11.86 12.19 15.80 13.72 14.52Other operating income 0.05 0.08 0.32 0.15 0.42Change in inventories offinished goods and inwork in progress 0.04 -0.04 -0.12 0.08Raw materials andconsumables used -0.47 -0.62 -0.98 -0.56 -0.71Employee compensation andbenefit expense -7.11 -7.13 -7.41 -6.56 -7.23Depreciation -0.40 -0.35 -0.33 -0.29 -0.28Other operating expenses -2.99 -2.89 -3.65 -3.04 -3.68Operating result 0.98 1.24 3.63 3.50 3.04% of net sales 8.26 10.17 22.97 25.51 20.94Financial income 0.37 0.89 0.74 0.49 0.41Financial expenses -0.25 -0.61 -0.31 -0.15 -0.19Profit (loss) before taxes 1.10 1.52 4.06 3.84 3.26% of net sales 9.27 12.47 25.70 27.99 22.45Income taxes -0.40 -0.48 -1.07 -1.09 -0.94Result for the period 0.70 1.04 2.99 2.75 2.32Income taxes Q1-Q2/ Q1-Q2/ Q1-Q4/ 2009 2008 2008Taxes for the financialperiod and prior periods -0.84 -2.16 -4.37Deferred taxes -0.04 0.12 0.17Total -0.88 -2.04 -4.20Property,plant and equipment 6/2009 6/2008 12/2008Cost at the beginningof the period 7.76 7.20 7.20Translation differences 0.00 -0.05 -0.10Additions 0.30 0.41 0.75Disposals -0.09 -0.15 -0.09Cost at the end of theperiod 7.97 7.41 7.76Accumulated depreciation atthe beginning of the period 6.06 5.41 5.41Translation differences 0.00 -0.04 -0.10Accumulated depreciation ondisposals -0.07 -0.07 -0.06Depreciation for the financialperiod 0.43 0.38 0.81Accumulated depreciationat the end of the period 6.42 5.68 6.06Net book amount at the end ofthe period 1.55 1.73 1.70The investments consisted of normal acquisitions of hardware,software and equipment.ProvisionsThe Group had no provisions in the reporting or comparisonperiod.Collaterals, contingent liabilities and other commitments 6/2009 6/2008 12/2008Collaterals for own commitmentsBusiness mortgages(as collateral for bankguarantee limit) 0.50 0.50 0.50Pledged funds 0.06 0.05 0.06Leasing and rentalagreement commitmentsPremises 5.11 4.00 5.58Others 0.71 0.84 0.71Total 5.82 4.84 6.29Derivative contractsCurrency forward contracts:Fair value 0.04 0.13 -0.14Nominal value ofunderlying instruments 1.81 2.37 2.38The Group makes derivative contracts to hedge againstthe exchange rate risks of prospective sales agreements.Derivative contracts are stated at fair value, and relatedforeign exchange gains and losses are recognized in the incomestatement. The derivative contracts hedge sales in US dollars inaccordance with the Group policy.Related party transactions 6/2009 6/2008 12/2008Gerako OyPurchases of services 0.10 0.11 0.21Management remunerationSalaries and post-employmentbenefits 0.73 0.94 1.47Management herein refers to members of the Tekla Management Team.http://hugin.info/131880/R/1333317/316034.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.08.2009 - 08:00 Uhr
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