Tekla Corporation's Interim Report January 1 - September 30, 2009:
Third quarter steady, cautious im
(Thomson Reuters ONE) - Tekla Corporation Interim report October 30, 2009at 9:00 a.m.Tekla Corporation's Interim Report January 1 - September 30, 2009:Third quarter steady, cautious improvement in sightNet sales of Tekla Group for January-September 2009 totaled 35.78(43.10) million euros, decreasing by approximately 17%. The operatingresult was 4.61 (10.47) million euros, 12.9% (24.3%) of net sales.Earnings per share were 0.16 (0.35) euros.Net sales for the third quarter amounted to 11.73 (13.72) millioneuros, decreasing by 14.5%. The operating result for the quarter was2.39 (3.50) million euros, or 20.4% (25.5%) of net sales.Ari Kohonen, President and CEO, comments on the interim report:- Stable development continued during the third quarter. Net salesand profitability did fall short of the year before, but less thanduring the first two quarters. This reflects a gradual improvement inthe outlook. It is still too early to say how much the picking upwill influence the net sales and operating result for the lastquarter. Tekla's profitability, cash flow and solidity continue to begood.- Cautiousness in forecasting the future is still due, as theuncertainty of the world economy continues. Customers have not yetseen an improvement in the situation in their business figures.However, the demand has stabilized and cautious positive signs can beseen. Our outlook continues to be good, assuming that the recovery ofthe world economy continues.- The figures of our main business area, Building & Construction, areslightly better than in the previous quarters, but clearly lower thanlast year. From our perspective, it is favorable that BuildingInformation Modeling (BIM) is consolidating its position in thebuilding industry.- During the third quarter, license and maintenance sales remainedsteady compared to the first half of the year. The relative drop inlicense sales was smaller than during the first half of the year. Thedevelopment of net sales was good in several countries in the Middleand Far East, such as China and Indonesia. Cautious positive signs ofrecovery were seen in the US market. South America seems like apromisingly developing market, and we are boosting our salesactivities there. Development of sales continued to be softparticularly in the Nordic countries.- In the Infra & Energy business area, the third quarter was at thelevel of the previous year. We are satisfied with I&E's performancethis year. The business area's net sales increased by approximately11% in January-September and the result improvement was significant.- The number of personnel increased by four persons during the thirdquarter. The average number of employees during the entire reportingperiod increased by 35 persons on the previous year, but total costswere still nearly 5% lower than last year. The lower costs are due tocost control and compensation level adapted according toprofitability.As regards the year as a whole, the Board holds to its previouslyannounced outlook in terms of net sales. Net sales are estimated tobe approximately 50 million euros. The operating result percentage isestimated to be approximately half compared to previous year.- - -Tekla will organize an information meeting for analysts and media atWTC Helsinki (meeting room 2), Aleksanterinkatu 17, on October 30,2009, starting at noon.- - -TEKLA CORPORATION'S INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2009NET SALES AND PROFITABILITY* Net sales of Tekla Group for January-September 2009 were 35.78million euros (43.10 million euros in January-September 2008).* Net sales decreased by 17%.* Operating result was 4.61 (10.47) million euros.* Operating result percentage was 12.9 (24.3).* Earnings per share were 0.16 (0.35) euros.* Return on investment was 22.8 (50.2) percent.* Return on equity was 15.9 (36.1) percent.FINANCIAL POSITION* Cash flow from operating activities totaled 6.43 (7.50) millioneuros.* Liquid assets amounted to 26.18 (25.16) million euros on September30, 2009. The assets have been invested in money market instrumentswith very low risk. On December 31, 2008, liquid assets amounted to26.30 million euros.* Equity ratio was 72.4 (66.9) percent.* Interest-bearing debts were 0.12 (0.13) million euros.* Net effects of changes in exchange rates on net sales and operatingresult were small.OTHER KEY FIGURES* International operations accounted for 81% (84%) of net sales.* Personnel averaged 457 (422) for January-September.* At the end of September, the number of personnel includingpart-time staff was 467 (451).* At year's end, the number of personnel including part-time staffwas 464 (400).* Gross investments in property, plant and equipment were 1.47 (1.07)million euros.* Equity per share was 1.26 (1.22) euros.* On the last trading day of September, trading closed at 7.00 (6.10)euros.BUSINESS AREASNET SALES BY BUSINESS AREA Q1-Q3/ Q1-Q3/ Change 1-12/ Q3/ Q3/Million euros 2009 2008 2008 2009 2008Building & Construction 26.44 34.72 -8.28 46.07 8.98 11.02Infra & Energy 9.39 8.45 0.94 12.95 2.76 2.71Net sales between segments -0.05 -0.07 0.02 -0.12 -0.01 -0.01Total 35.78 43.10 -7.32 58.90 11.73 13.72OPERATING RESULT BY BUSINESS AREA Q1-Q3/ Q1-Q3/ Change 1-12/ Q3/ Q3/Million euros 2009 2008 2008 2009 2008Building & Construction 3.67 9.77 -6.10 12.13 2.19 3.02Infra & Energy 1.13 0.71 0.42 1.97 0.39 0.48Others -0.19 -0.01 -0.18 -0.19 0.00Total 4.61 10.47 -5.86 14.10 2.39 3.50Building & ConstructionTekla's Building & Construction business area (B&C) develops andmarkets the Tekla Structures software product for informationmodel-based design of steel, concrete and other structures as well asthe management 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 economicuncertainty continues to affect customers' investments, making theirdecision-making times longer and postponing the start-up of projectsinto the future. It seems that pent-up demand is piling up in themarket. At the moment, there are cautious signs of a revival insight.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.New customers account for an increasing proportion of sales, which isa positive sign of interest in Tekla's expanding product offering.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) isconsolidating its position in the building industry. BIM means thatthe information of the product model is transferred and sharedbetween the parties of the construction process.The net sales of B&C amounted to 26.44 (34.72) million euros forJanuary-September 2009. Net sales decreased by approximately 24%compared to the corresponding period the previous year. Operatingresult was 3.67 (9.77) million euros. B&C's operating resultpercentage for the reporting period was 13.9% (28.1%).During the third quarter, B&C's net sales amounted to 8.98 (11.02)million euros and its operating result was 2.19 (3.02) million euros,or 24.4% (27.4%) of net sales. The figures are slightly better thanfor the two previous quarters, even though clearly lower than lastyear. License and maintenance sales remained steady. The relativedrop of license sales was smaller than during the first half of theyear.International operations accounted for 96% (96%) of B&C's net salesin January-September 2009. The development of net sales was good inseveral countries in the Middle and Far East, such as China andIndonesia. Cautious positive signs of recovery were seen in the USmarket. South America seems like a promisingly developing market, andsales activities are boosted there. Development of sales is stillsoft in the Nordic countries.Building Information Modeling (BIM) expands cooperation between thedifferent parties of the construction process. In order to make thiseasier, the interoperability of software is increased and dataexchange between software systems is improved. This way customers areable to choose the product that is suited the best for a specifictask. As examples of this are the cooperation agreements signed byTekla with CAD-Duct and Graphisoft during the reporting period andwith Nemetschek at the end of October.Measures against software piracy continued both by own efforts and incooperation with BSA. It seems that the efforts are bearing fruit,even though piracy will never be eradicated completely.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 inApril. Tekla Structures BIM software will be used for structuralsteel design in almost all countries in which Rautaruukki'sconstruction division has a 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 Dutch machine tool manufacturer HGG signed an agreement oncontinued cooperation during the first months of the year. The aim isto develop a standardized software solution for the steel tubeindustry in Tekla Structures, covering all 3D tubular structures fromdesign and detailing to automatic fabrication. These are widely usede.g. in the off-shore industry.The product development of the Tekla Structures main version to bereleased early next year will be on improvements that supportcollaboration between different parties in the planning andconstruction 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 9.39 (8.45) million euros forJanuary-September 2009. Net sales increased by some 11%. I&E'soperating result improved considerably to 1.13 (0.71) million euros.International operations accounted for 39% (37%) of net sales. I&E'soperating profit percentage was 12.0% (8.4%).I&E's third quarter was at the same level with the correspondingquarter the previous year. Net sales for the quarter amounted to 2.76(2.71) million euros, and operating result was 0.39 (0.48) millioneuros, or 14.1% (17.7%) of net sales. This year, net sales perquarter seem to be accumulating more evenly than in 2008, due to thetiming of customer product projects for instance.Latvenergo expanded the use of Tekla Xpower, and the distributionmanagement system now covers the management of the entire Latviandistribution network. The Tekla Xpower implementation project withVattenfall Europe Berlin (Germany) launched at the beginning of 2009continued according to plans.Tekla Xcity won new customers in the public administration when anexpansion to the domain of environmental control and permits wascompleted for the system.In the field of energy distribution, the system integration of EestiEnergia Jaotusvõrk Oÿ proceeded according to plans. In addition,support for the European network calculation standard (IEC standard)was completed. In the field of public administration, e-service withTekla Xcity is now possible in permit matters (eLupa) moreextensively, while earlier it has been available for building permitsonly.PERSONNELThe Group personnel averaged 457 (422) for January-September 2009; onaverage 189 (170) 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 September 467 (451),of whom 190 (179) worked outside Finland.SHARE AND OWNERSHIP STRUCTUREShares and share capitalThe total number of Tekla Corporation shares at the end of September2009 was 22,586,200, of which the company owned 169,600. The totalbook counter value of those was 5,088 euros, representing 0.75% ofthe company's shares and the total number of votes. A total of898,212.35 euros had been used for acquiring the company's ownshares, and their market value was 1,187,200 euros on September 30,2009. The book counter value of the share is 0.03 euros. At the endof the period, share capital stood at 677,586 euros.Share price trends and tradingThe highest quotation of the share in January-September 2009 was 7.88(13.00) euros, the lowest 3.40 (5.80) euros. The average quotationwas 4.82 (9.71) euros. On the last trading day of September, tradingclosed at 7.00 (6.10) euros.A total of 2,292,565 (6,078,136) Tekla shares changed hands inJanuary-September 2009 at NASDAQ OMX Helsinki Oy, amounting to 10.2%(26.9%) of the entire share capital.Nominee registered and foreign owners held 24.53% (25.21%) of allshares at the end of September 2009.Flagging AnnouncementsTekla Corporation received on September 18, 2009, a notificationaccording to which the holdings of Threadneedle Asset ManagementHoldings Limited and Ameriprice Financial Inc have decreased belowthe 10% threshold on September 17, 2009. According to thenotification, the holdings of Threadneedle and Ameriprice total2,251,721 shares, which represent 9.969% of Tekla's shares and votingrights.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 elected Board membersuntil the conclusion of the Annual General Meeting in 2010. TimoKeinänen was re-elected deputy member of the Board. Juha Kajanen willcontinue 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 its 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 net sales for the year as a whole, the Board holds toits previously announced outlook; net sales are estimated to beapproximately 50 million euros. The operating result percentage isestimated to be approximately half compared to previous year.Previously, it was estimated that the operating result for 2009 wouldbe considerably lower than for 2008.NEXT FINANCIAL REPORTTekla Corporation's financial statements bulletin for 2009 will bepublished on Friday, February 12, 2010.Espoo, October 29, 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 Oy, main mediaTekla 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.comCONSOLIDATED FINANCIAL STATEMENTS (unaudited)CONSOLIDATED INCOME STATEMENT Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/Million euros 2009 2008 2008 2009 2008Net sales 35.78 43.10 58.90 11.73 13.72Other operating income 0.19 0.69 1.01 0.06 0.15Change in inventories offinished goods and inwork in progress 0.04 0.08 -0.04 0.04 0.08Raw materials andconsumables used -1.42 -1.88 -2.86 -0.33 -0.56Employee compensation andbenefit expense -20.36 -20.43 -27.84 -6.12 -6.56Depreciation -1.16 -0.84 -1.17 -0.41 -0.29Other operating expenses -8.46 -10.25 -13.90 -2.58 -3.04Operating result 4.61 10.47 14.10 2.39 3.50% of net sales 12.88 24.29 23.94 20.38 25.51Financial income 1.57 1.70 2.44 0.31 0.49Financial expenses -1.23 -1.08 -1.39 -0.37 -0.15Profit (loss) before taxes 4.95 11.09 15.15 2.33 3.84% of net sales 13.83 25.73 25.72 19.86 27.99Income taxes -1.46 -3.13 -4.20 -0.58 -1.09Result for the period 3.49 7.96 10.95 1.75 2.75Attributable to:Owners of the parent 3.49 7.96 10.95 1.75 2.75Earnings per share for profitattributable to the ownersof the parent (EUR) 0.16 0.35 0.49 0.08 0.12Earnings are not diluted.CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/Million euros 2009 2008 2008 2009 2008Result for the period 3.49 7.96 10.95 1.75 2.75Other comprehensive incomefor the period, net of tax: Transl. differences 0.08 -0.13 -0.07 0.01 -0.15 Changes in available-for- sale investments 0.03 -0.04 -0.06 0.04 0.10 Total 0.11 -0.17 -0.13 0.05 -0.05Total comprehensive incomefor the period 3.60 7.79 10.82 1.80 2.70Attributable to:Owners of the parent 3.60 7.79 10.82 1.80 2.70CONDENSED BALANCE SHEETMillion euros 9/2009 9/2008 12/2008AssetsNon-current assetsProperty, plant andequipment 1.48 1.65 1.70Goodwill 0.19 0.23 0.19Intangible assets 2.12 1.01 1.64Other financial assets 2.91 0.30 0.30Receivables 0.19 0.29 0.26Deferred tax assets 0.34 0.23 0.18Non-current assets, total 7.23 3.71 4.27Current assetsInventories 0.07 0.16 0.03Trade and otherreceivables 7.87 12.19 13.87Tax receivables 0.72 0.10 0.26Other financial assets 18.85 19.66 19.99Cash and cash equivalents 4.78 5.54 6.34Current assets, total 32.29 37.65 40.49Assets total 39.52 41.36 44.76Equity and liabilitiesEquityShare capital 0.68 0.68 0.68Share premium account 8.89 8.89 8.89Other own capital 1.98 1.00 1.87Retained earnings 16.78 16.82 18.89Equity total 28.33 27.39 30.33Non-current liabilitiesDeferred tax liabilities 0.11 0.04 0.08Interest-bearing liabilities 0.08 0.08 0.08Non-current liabilities tot. 0.19 0.12 0.16Current liabilitiesTrade and other payables 10.94 13.58 14.14Tax liabilities 0.02 0.22 0.09Current interest-bearingliabilities 0.04 0.05 0.04Current liabilities total 11.00 13.85 14.27Liabilities total 11.19 13.97 14.43Equity and liabilities total 39.52 41.36 44.76CONSOLIDATED STATEMENT OF CHANGES INEQUITY Attributable to the owners of the parent Share Share Res. Fair Acc. Ret. cap. prem. fund value transl earn. acct res. diff. TotalEquity January 1,08 0.68 8.89 1.33 0.30 -0.46 20.71 31.45Payment of dividend -11.26 -11.26Acquisition ofown shares -0.59 -0.59Total comprehensiveincome for theperiod -0.04 -0.13 7.96 7.79Equity September30, 08 0.68 8.89 1.33 0.26 -0.59 16.82 27.39 Attributable to the owners of the parent Share Share Res. Fair Acc. Ret. cap. prem. fund value transl earn. acct res. diff. TotalEquity January 1,09 0.68 8.89 1.33 0.24 0.30 18.89 30.33Payment of dividend -5.60 -5.60Total comprehensiveincome for theperiod 0.03 0.08 3.49 3.60Equity September30, 09 0.68 8.89 1.33 0.27 0.38 16.78 28.33CONDENSED CASH FLOW STATEMENT Q1-Q3/ Q1-Q3/ Q1-Q4/Million euros 2009 2008 2008Net cash flows from operatingactivities 6.43 7.50 9.51Cash flows from investing activities:Investments -1.46 -1.07 -2.02Sale of intangible assets andproperty, plant and equipment 0.04 0.00 -0.01Cash outflow on acquisition -0.15Purchases of available-for-sale financial assets -26.24 -38.15 -52.84Proceeds from sale ofavailable-for-sale financial assets 24.18 40.51 55.20Interests received fromavailable-for-sale financial assets 0.48 0.70 1.05Net cash used in/from investingactivities -3.00 1.99 1.23Cash flows from financing activities:Payment of dividend -5.60 -11.26 -11.26Own shares -0.59 -0.68Repayments of long-term debt -0.22 -0.22Payments of finance lease liabilities -0.03 -0.01 -0.03Net cash used in financing activities -5.63 -12.08 -12.19Net decrease/increase in cash andcash equivalents -2.20 -2.59 -1.45Cash and cash equivalents atbeginning of the period 6.98 8.43 8.43Cash and cash equivalents at end ofthe period 4.78 5.84 6.98The cash and cash equivalents in thecash flow statement include:Cash and cash equivalents 4.78 5.54 6.34Available-for-sale financial assets,cash equivalents 0.00 0.30 0.64NOTES TO THE INTERIM REPORTThe 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 the interimfinancial reports as in the annual financial statements for 2008.The amendments and interpretations to published standards as well asnew standards, effective January 1, 2009, are presented in detail inthe 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 on internalreporting to the management, so the operating segments are the sameas thebusiness segments according to IAS 14.Tekla Corporation has also applied the revised standard IAS 1,Presentation of Financial Statements, as of January 1, 2009, and thishasresulted 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 is requiredto 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 theestimatesused in the interim report. Tax losses carried forward are recognizedas deferred tax assets only to the extent that it is probable thatfuturetaxable profits will be available against which unused tax losses canbeutilized. Actual results could differ from those estimates.Segment informationNet sales by business area Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/Million euros 2009 2008 2008 2009 2008Building & Construction 26.44 34.72 46.07 8.98 11.02Infra & Energy 9.39 8.45 12.95 2.76 2.71Net sales between segments -0.05 -0.07 -0.12 -0.01 -0.01Total 35.78 43.10 58.90 11.73 13.72Operating result by business area Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/Million euros 2009 2008 2008 2009 2008Building & Construction 3.67 9.77 12.13 2.19 3.02Infra & Energy 1.13 0.71 1.97 0.39 0.48Others -0.19 -0.01 -0.19Total 4.61 10.47 14.10 2.39 3.50Financial indicators Q1-Q3/ Q1-Q3/ Q1-Q4/ Q3/ Q3/ 2009 2008 2008 2009 2008Earnings per share (EPS),EUR 0.16 0.35 0.49 0.08 0.12Equity/share, EUR 1.26 1.22 1.35Interest-bearing liabilities 0.12 0.13 0.12Equity ratio, % 72.4 66.9 68.4Net gearing, % -82.9 -91.4 -86.3Return on investment, % 22.8 50.2 49.0 34.2 58.2Return on equity, % 15.9 36.1 35.4 25.6 41.7Number of sharesat the end of the period 22,416,600 22,433,334 22,416,600Number of shares,on average 22,416,600 22,508,167 22,485,500Gross investments, MEUR 1.47 1.07 2.02 0.31 0.47% of net sales 4.11 2.48 3.43 2.64 3.43Personnel, on average 457 422 430 455 436Consolidated income statement by quarter Q3/ Q2/ Q1/ Q4/ Q3/Million euros 2009 2009 2009 2008 2008Net sales 11.73 11.86 12.19 15.80 13.72Other operating income 0.06 0.05 0.08 0.32 0.15Change in inventories offinished goods and inwork in progress 0.04 0.04 -0.04 -0.12 0.08Raw materials andconsumables used -0.33 -0.47 -0.62 -0.98 -0.56Employee compensation andbenefit expense -6.12 -7.11 -7.13 -7.41 -6.56Depreciation -0.41 -0.40 -0.35 -0.33 -0.29Other operating expenses -2.58 -2.99 -2.89 -3.65 -3.04Operating result 2.39 0.98 1.24 3.63 3.50% of net sales 20.38 8.26 10.17 22.97 25.51Financial income 0.31 0.37 0.89 0.74 0.49Financial expenses -0.37 -0.25 -0.61 -0.31 -0.15Profit (loss) before taxes 2.33 1.10 1.52 4.06 3.84% of net sales 19.86 9.27 12.47 25.70 27.99Income taxes -0.58 -0.40 -0.48 -1.07 -1.09Result for the period 1.75 0.70 1.04 2.99 2.75Income taxes Q1-Q3/ Q1-Q3/ Q1-Q4/ 2009 2008 2008Taxes for the financialperiod and prior periods -1.59 -3.34 -4.37Deferred taxes 0.13 0.21 0.17Total -1.46 -3.13 -4.20Property,plant and equipment 9/2009 9/2008 12/2008Cost at the beginningof the period 7.76 7.20 7.20Translation differences 0.01 -0.03 -0.10Additions 0.49 0.53 0.75Disposals -0.14 -0.15 -0.09Cost at the end of theperiod 8.12 7.55 7.76Accumulated depreciation atthe beginning of the period 6.06 5.41 5.41Translation differences 0.01 -0.03 -0.10Accumulated depreciation ondisposals -0.08 -0.07 -0.06Depreciation for the financialperiod 0.65 0.59 0.81Accumulated depreciationat the end of the period 6.64 5.90 6.06Net book amount at the end ofthe period 1.48 1.65 1.70The investments consisted of normal acquisitions of hardware,software and equipment.ProvisionsThe Group had no provisions in the reporting or comparison period.Collaterals, contingent liabilities and other commitments 9/2009 9/2008 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 4.75 6.01 5.58Others 0.62 0.78 0.71Total 5.37 6.79 6.29Derivative contractsCurrency forward contracts:Fair value 0.09 -0.09 -0.14Nominal value ofunderlying instruments 1.80 2.01 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 theincome statement. The derivative contracts hedge sales in USdollars in accordance with the Group policy.Related party transactions 9/2009 9/2008 12/2008Gerako OyPurchases of services 0.16 0.15 0.21Management remunerationSalaries and post-employmentbenefits 1.00 1.22 1.47Management herein refers to members of the Tekla Management Team.http://hugin.info/131880/R/1351408/326607.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.10.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 7659
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 281 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Tekla Corporation's Interim Report January 1 - September 30, 2009:
Third quarter steady, cautious im"
steht unter der journalistisch-redaktionellen Verantwortung von
Tekla Oyj (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
