Proha Plc Stock Exchange Bulletin August 12, 2004 at 9.10 a.m.
THE INTERIM REPORT OF PROHA PLC FOR JANUARY 1 - JUNE 30, 2004
- The Proha -Group's net sales for the period January 1 -
June 30, 2004 were EUR 33.9 million (EUR 40.2 million for
January 1 - June 30, 2003).
- Earnings before interest, taxes and amortization (EBITA) totalled
EUR -2.9 million (EUR -2.0 million).
- The result includes EUR 1.2 (0.7) million of non-recurring
reorganization charges.
- In the second quarter net sales EUR 17.0 million (EUR 16.9 million
January 1 - March 31, 2004) and result (EBITA) EUR -0.8 (-2.1)
million improved slightly compared to the first quarter.
- The sales of investment planning and control solution based
Artemis 7 portfolio and project management software increased
substantially and already account for almost half of all new
licenses sold.
- The balance sheet of the Group was strengthened, as Norwegian Dovre
became Proha's fully-owned subsidiary and Proha's subgroup Artemis
acquired a total of USD 9 million through equity finance. After the
transaction, Proha's ownership of Artemis reduced from 80% to 57%.
- Profitability improved less than expected and the Group's main focus
still lies in improving it. The net sales of 2004 are expected to be
below the previous year. Business operations are expected to turn
profitable in the last quarter of the year at the latest.
BUSINESS PERFORMANCE
In line with its strategy, Proha focuses on the international
portfolio and project management software and service business. The
Proha Group includes the subgroup Artemis, which accounts for
approximately 65% of the net sales of the Group, and project
management operations in Norway, which mainly serve the oil and gas
sector and represent approximately 32% of the net sales of the Group.
Proha is a world leader in enterprise-level project and portfolio
management solutions.
After the decline in net sales of the Artemis subgroup during the
second quarter of 2003, the business volume has remained on a steady
level. The sales of the new generation Artemis 7 software with a
higher unit price, have developed favourably accounting for about
half of all new Artemis license sales during the period. The total
number of new Artemis licenses sold during the period is 25,000
(37,000).
Patrick Ternier was appointed as new President and CEO of the Artemis
subgroup as of January 23, 2004. The adjustments on Artemis' cost
structure were started immediately. The whole impact of these
adjustments is not yet visible in the period.
The development of industry-specific solutions based on Artemis 7 has
progressed as planned and is continuing.
The Norwegian operations developed as anticipated and the krone-
denominated business volume has increased slightly compared to the
first half of 2003. The euro-denominated net sales, however, have
remained nearly unchanged due to fluctuations of exchange rates.
During the period, Proha's subsidiary Safran has focused on the
development of a distribution channel for Safran for Microsoft
Project. Dovre International AS, which has been partly owned by
Proha, was acquired into Proha's full ownership in June 2004.
After the end of the period, Dovre entered into a frame agreement
with a leading Norwegian energy company. The agreement secures
business volume for Dovre for several years.
NET SALES
The Proha Group's net sales for January 1 - June 30, 2004 were
EUR 33.9 million (40.2 million). The net sales of the Artemis subgroup
totalled EUR 21.9 (26.9) million and accounted for 65% (67%) of the
Group's net sales. The net sales of the Norwegian operations totalled
EUR 11.0 (12.0) million and accounted for 32% (30%) of the Group's
net sales.
The net sales of the second quarter amounted to EUR 17.0 million
(18.0 million). The net sales of the Artemis subgroup were EUR 10.9
(12.0) million and the net sales of the Norwegian operations were
EUR 5.7 (5.6) million.
The decline in the sales volume of Artemis compared to the
corresponding period in 2003 was caused by the termination of some
consultancy agreements since and the recognition of major software
license sales as revenue during the first months of 2003. The
appreciation of the euro also had a declining effect on the net sales.
The U.S. service sales decreased during the second quarter of 2003 and
remained on a lower level during the first half of 2004.
In the first half of 2004, 64% of the Group's net sales originated
from outside the euro area. The appreciation of the euro reduced the
euro-denominated net sales for the period by 4,1% or EUR 1,6 million
compared to the corresponding period in 2003.
Distribution of net sales by product type:
Net sales EUR Percentage EUR Percentage
by product million of million of
types 1-6/2004 net sales 1-6/2003 net sales
One-time
license revenue 5.4 15.9% 7.1 17.7%
Recurring
license revenue 7.2 21.2% 8.1 20.2%
Services 21.3 62.9% 25.0 62.1%
Total 33.9 100.0% 40.2 100.0%
The emphasis of net sales was still on services, which constituted
EUR 21.3 million (25.0 million) or 62.9% (62.1%) of net sales. The
services include Dovre's project management consultancy and the
consultancy, training, implementation and support services of
Artemis' software solutions.
License sales amounted to EUR 12.6 million (15.2 million), accounting
for 37.1% (37.9%) of net sales. The share of one-time licenses was
EUR 5.4 million (7.1 million) and that of recurring licenses EUR 7.2
million (8.1 million).
During the first half of 2004, the Group's customers bought
approximately 25,000 (37,000) new Artemis end-user licenses. The total
number of Artemis licenses sold worldwide is over 580,000. The number
of licenses sold in the first half of 2004 is not fully comparable to
the corresponding period in 2003 because now license sales were
focused on products with richer feature sets than before.
Distribution of net sales by country:
1-6/2004 1-6/2003
EUR Percentage EUR Percentage
million of net sales million of net sales
Great Britain 3.2 9% 5.2 13%
Italy 3.2 9% 2.9 7%
Japan 2.0 6% 3.0 8%
Norway 11.1 33% 12.0 30%
France 3.5 10% 3.7 9%
Germany 1.6 5% 1.7 4%
Singapore 0.6 2% 0.5 1%
Finland 4.0 12% 4.4 10%
United States 4.7 14% 6.8 17%
Others 1%
Total 33.9 100% 40.2 100%
PROFITABILITY
Earnings before interest, taxes and amortization (EBITA) totalled
EUR -2.9 million (-2.0 million).
The Artemis subgroup's earnings (EBITA) were EUR -2.7 (-1.5) million
during the first half of 2004 and EUR -0.6 (-2.2) million during the
second quarter of 2004. Cost-savings were continued during the period.
However, the realized sales level did not enable reaching the set
profitability goals.
Earnings (EBITA) of the Norwegian operations were EUR 0.5 (0.9)
million during the first half of 2004 and EUR 0.1 (0.3) million during
the second quarter of 2004. The result of the Norwegian operations was
as expected.
The operating result (EBIT) of the Group was EUR -3.9 (-3.0) million,
amounting to -11.5% (-7.4%) of net sales.
The operating result included EUR 1.2 (0.7) million of non-
recurring reorganization charges. The charges include employment
termination costs of EUR 0.9 (0.7) million and other operating
expenses of EUR 0.3 (0.0) million.
The result before appropriations, taxes and extraordinary items was
EUR -3.9 (-3.3) million. The result for the period was
EUR -4.3 (-3.6) million.
Earnings per share amounted to EUR -0.08 (-0.07). Return on investment
(ROI) was -27,9% (-18.8%) and return on equity (ROE) was -64.1%
(-48.8%).
FINANCING AND INVESTMENTS
At the end of the first half of 2004, cash and cash equivalents
totalled EUR 10.1 million (8.7 million). The amount of cash and cash
equivalents increased EUR 3.0 million compared to the situation on
December 31, 2003. In the period, cash flow from operating activities
was EUR -5.3 million, which was mainly due to the unprofitable
operations of Artemis.
In June 2004, the Proha Group's financial position was strengthened,
as its subsidiary Artemis acquired a total of USD 9 million through
equity finance. In a special issue, Artemis offered a group of
investors led by the US Emancipation Capital LLP a total of 4,090,909
new shares of Artemis' preferred stock, at USD 2.20 each, amounting
to a value of USD 9 million. With the transaction, Artemis' working
capital was increased and debt repaid. The transaction strengthens
the balance sheet of Artemis.
On June 30, 2004, interest-bearing liabilities amounted to EUR 9.8
(7.0) million, accounting for 19.8% (14.4%) of the Group's capital and
reserves, provisions, and creditors total. Of the interest-bearing
liabilities, EUR 4.1 million (5.0 million) were non-current
liabilities and EUR 5.7 million (2.0 million) current liabilities.
The Group's Quick Ratio was 1.1 (1.2).
Gross investments in fixed assets were EUR 0.3 (0.4) million.
The balance sheet total on June 30, 2004 was EUR 49.4 (49.1) million.
Equity to assets ratio was 32.7% (30.3%) and gearing -2.09% (-12.4%).
STATEMENT ON THE ADEQUACY OF THE GROUP'S ASSETS
On June 30, 2004 the Group's cash and cash equivalents amounted to
EUR 10.1 million (8.7 million). According to Proha's management, this
is sufficient to continue as a going concern.
RESEARCH AND DEVELOPMENT
The product development costs of strategic products were EUR 3.7 (4.2)
million, representing 11% (10%) of the period's net sales.
The development of Artemis 7 and solutions based on it have continued
intensively. Safran has focused on the development of Safran for
Microsoft Project.
Research and development costs are expensed in the year they are
incurred. The product development costs of regionally developed
tactical products are also expensed in full.
The handling of product development costs will be changed to
correspond to the IFRS principles and the decision 50/1998 of
Finland's Ministry of Trade and Industry during the financial year
2004. This means that part of the product development costs that
are now expensed will be capitalized and amortized over their
expected useful lives.
According to plan, the IFRS principles will be applied for
the first time in the financial statements for January 1 -
December 31, 2004. However, in the interim reports for 2004
development costs will be expensed.
If product development costs had been capitalized in the first half of
2004, they would have accounted for approximately EUR 2.4 million
according to preliminary estimates. Product development costs
capitalized for the whole financial year are estimated to be
approximately EUR 4 - 5 million.
PERSONNEL
On June 30, 2004, the Proha Group employed 571 (654) people. The
number of employees in Finland was 94 (116), with 477 (538) working
abroad. The average number of personnel in the period was 588 (650).
Staff costs amounted to EUR 26.3 million (29.6 million), constituting
77.7% (73.5%) of net sales. The staff costs for the first half of 2004
include charges of EUR 0.9 million (0.7 million) caused by
terminations of employment.
ADOPTION OF IFRS
Proha will publish its first IFRS Financial Statements for the
financial year ending December 31, 2005. As of 2005, the interim
reports will also be prepared in accordance with the IFRS standards.
The company will follow the recommendations of the Committee of
European Securities Regulators (CESR) to inform about the
implementation of the IFRS standards.
The company estimates, that the main differences from the Group's
current accounting principles will pertain to the handling of product
development costs (IAS 38). Part of the product development costs that
were previously expensed will be capitalized and amortized over their
expected useful lives. In addition, the implementation of the
following IFRS standards may have a significant impact on the
accounting: business combinations (IFRS 3), impairment of assets
(IAS 36), employee benefits (IAS 19), income taxes (IAS 12) and
share-based payment (IFRS 2).
In Proha's current accounting principles, research and development
costs are expensed in the year they are incurred. The handling of
product development costs will be changed to correspond to the IFRS
principles during the financial year 2004. According to plan, the
IFRS principles will be applied for the first time in the financial
statements for January 1 - December 31, 2004.
GROUP STRUCTURE
The essential parts of the Proha Group's business operations are the
Artemis subgroup, and the Norwegian operations that are represented
by Safran Software Solutions AS and Dovre International AS. After
the transactions conducted during the second quarter of 2004, Proha
now owns approximately 57% of Artemis and 100% of the operations in
Norway.
Artemis acquired a total of USD 9 million through equity finance
The subgroup Artemis' financial position was strengthened by a
transaction implemented in the US, as Proha's subsidiary Artemis
International Solutions Corporation (Artemis) acquired a total of
USD 9 million through equity finance. After the transaction, the
preferred shares issued constitute 29% of all Artemis' shares. The
issue reduced Proha's ownership of Artemis from 80% to 57%. The
transaction also increased the Proha Group's capital and reserves
(share premium account) by EUR 7.4 million, as the minority share
has not been separated from the subgroup Artemis because of the
subgroup's unprofitability.
In a special issue, a group of investors led by Emancipation Capital
LLP was granted Artemis' preferred shares, that do not entitle the
shareholder to a dividend but take priority over common shares in the
creditors' order of priority. Also, the approval of the majority of
shareholders who own preferred shares is required for certain
decisions that affect Artemis' group structure. Each preferred share
is convertible into one Artemis common share.
In addition to Emancipation Capital, the investors include Potomac
Capital and Trilogy Software Corporation, whose founder and CEO Joe
Liemandt has become a member of Artemis' Board of Directors.
Members of the AISC Board of Directors are:
Steven Yager (Chairman), Amos Barzilay, Pekka Halonen, Ari Horowitz,
Joe Liemandt, Mike Murphy, Pekka Mäkelä, Pekka Pere, Bengt Älgevik,
and Olof Ödman.
Dovre to Proha's full ownership
The Proha Group's share in the Norwegian Dovre International AS grew
to 100%. Proha used its option and acquired the remaining 60% of
Dovre. Prior to this, the Proha Group owned 40% of Dovre through its
fully-owned Norwegian subsidiary Safran Software Solutions AS. The
transaction was conducted as a share exchange, in which the
shareholders of Dovre International AS received a total of 7,850,000
new Proha Plc shares, amounting to approximately 12.8% of Proha's
share capital after the increase in the share capital. Based on
Proha's control over Dovre as determined in the shareholder
agreement, Dovre has already been consolidated as a subsidiary of
the Proha Group.
The shares given to the shareholders of Dovre, the total subscription
price of which is EUR 3.9 million, have been entered into a share
issue account. The share premium created by the transaction is
EUR 1.9 million.
Members of the Dovre International AS Board of Directors are:
Birger Flaa (Chairman), Olle Ödman, Timo Saros, Steinar Dalva, and
Finn Olav Mjærum.
PROHA'S ANNUAL GENERAL MEETING HELD ON APRIL 14, 2004
The Annual General Meeting held on April 14, 2004 confirmed the
Financial Statements of 2003, discharged the CEO and the Board of
Directors from liability and approved the Board of Directors' proposal
according to which no dividend is paid and the result for the
financial year is entered in profit/loss brought forward.
The following five members were elected to the Board of Directors of
Proha Plc: Olof Ödman, Pekka Pere, Alec Gores, Carlo Boldi, and
Pekka Mäkelä.
The Board of Directors decided that the members of the Board, who are
not employed by the Proha Group or the Gores Technology Group, are
paid a fee of EUR 18,000 per year each.
Ernst & Young Oy was elected to continue as the company's auditor,
with Ulla Nykky, APA, as the auditor in charge.
Stock option issue
The Annual General Meeting approved the Board of Directors' proposal
to issue a maximum of 850,000 stock options. However, in line with
the proposal of the elected Board members, the Annual General Meeting
did not give stock options to the Board members or the CEO. In a
Board meeting on April 14, 2004, the Board also decided not to give
any stock options.
Authorization to increase the share capital
The Annual General Meeting authorized the Board of Directors to
increase the company's share capital through an issue of new shares,
stock options, option warrants and/or convertible bonds deviating
from the shareholders pre-emptive subscription rights. Pursuant to
this authorization, the aggregate maximum number of new shares to be
issued or offered for subscription pursuant to stock options, option
warrants and/or convertible bonds shall not exceed 10,673,454 with a
book value of EUR 0.26 each, and the share capital of the company may
be increased by no more than EUR 2,775,098.04. At the time, this
represented 20 per cent of the registered share capital and of the
votes that can be cast in the General Meeting of Shareholders. This
authorization is valid for a period of one year from the date of the
Annual General Meeting. The General Meeting decided that the
authorization given to the Board by the Annual General Meeting on
April 24, 2003 ends immediately.
SHARE CAPITAL AND AUTHORIZATIONS TO ISSUE SHARES
Proha Plc has one class of shares. The book value of the shares is EUR
0.26 per share. Each share entitles the shareholder to one vote. Proha
Plc shares are traded on the NM list of the Helsinki Stock Exchange.
On June 30, 2004, the subscribed capital of Proha Plc was EUR
13,875,490.20 and the total number of shares was 53,367,270.
The Board of Directors used the authorization given by the Annual
General Meeting on April 14, 2004 and offered the shareholders of
Dovre International AS a total of 7,850,000 new Proha shares in a
special issue. The increase in share capital was entered into the
trade register on July 1, 2004. After the registration, Proha Plc's
share capital totals EUR 15,916,490.20 and the amount of shares
61,217,270.
A total of 2,823,454 shares corresponding to EUR 734,098.04 in share
capital remain unused of the authorization.
CONVERTIBLE LOAN
In December 20, 2002, Proha issued a convertible loan that was offered
for subscription to professional investors. A total of EUR 2,810,000
of the loan was subscribed. The fixed interest rate of the loan is
6.00% p.a. The loan can be converted into a maximum of 4,496,000 new
shares. The conversion begun on February 19, 2003 and will terminate
two banking days before the loan matures on December 30, 2007.
TRADING ON THE HELSINKI STOCK EXCHANGE
The number of registered shareholders of Proha Plc totaled 4054 on
March 31, 2004. During the period January 1 - June 30, 2004, the share
price was EUR 0.46 at its lowest and EUR 1.15 at its highest. The
closing price on June 30, 2004 was EUR 0.59. Market capitalization was
approximately EUR 31.5. million at the end of the period. The trading
volume of the Proha share on the NM list of the Helsinki Stock
Exchange was approximately EUR 9.1 million during the first half of
2004.
CORPORATE GOVERNANCE
Proha Plc follows the recommendations of the Helsinki Stock Exchange,
the Central Chamber of Commerce and the Confederation of Finnish
Industries and Employers regarding the corporate governance of
publicly held companies. Proha deviates from the recommendation in
two respects. 1) Of the five members of the Proha Board of Directors
two are currently independent of the company and one of them is also
independent of any significant owners. 2) A share-based bonus system
may also be applied to those members of the Board, who do not have an
employment relationship with the company. Proha's corporate
governance principles can be found on the company's website at
www.proha.com.
EVENTS AFTER THE PERIOD
After the end of the period, Dovre entered into a frame agreement with
a leading Norwegian energy company. The agreement secures business
volume for Dovre for several years.
PROSPECTS FOR THE NEAR FUTURE
Profitability improved less than expected and the Group's main focus
still lies on improving it. The net sales of 2004 are expected to be
below the previous year. Business operations are expected to turn
profitable in the last quarter of the year at the latest.
PUBLICATION OF ARTEMIS' RESULT FOR THE SECOND QUARTER
The Artemis subgroup published its Quarterly Report on
August 11, 2004. The Quarterly Report (FORM 10-Q) is available on the
SEC website at
www.sec.gov/edgar/searchedgar/companysearch.html under the name
Artemis International.
PRESS CONFERENCE
Proha Plc will hold a press conference for the media and financial
analysts on August 12, 2004 at 12.00 a.m. at the Espa cabinet of the
Scandic hotel Simonkenttä, address: Simonkatu 9, Helsinki.
For more information please contact:
PROHA PLC
CEO Pekka Pere, tel. +358-(0)20 4362 000
pekka.pere@proha.com
www.proha.com
DISTRIBUTION:
Helsinki Stock Exchange
Major Media
The figures in this interim report are unaudited.
PROHA GROUP CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET
JANUARY 1-JUNE 30, 2004
INCOME STATEMENT 1/04-6/04 1/03-6/03 1/03-12/03
(EUR 1000) (EUR 1000) (EUR 1000)
Net sales 33 907 40 215 76 792
Share of associated
companies' results 39 15 5
Other operating income 455 382 1 031
Materials and services -2 705 -3 550 -6 188
Staff costs -26 336 -29 557 -56 782
Depreciation, amortization
and value adjustments
Depreciation according
to plan -302 -544 -1 133
Value adjustments of
investments held as non-
current assets 0
Amortization of goodwill
on consolidation -967 -975 -1 982
Change in consolidation
reserve 14 18 36
Depreciation, amortization
and value adjustments total -1 256 -1 501 -3 079
Other operating expenses -7 989 -8 973 -17 766
Operating profit/loss -3 884 -2 968 -5 988
Financial income and expense -31 -342 141
Profit/loss before
extraordinary items,
appropriations and taxes -3 915 -3 310 -5 847
Income taxes -429 -526 -978
Change in deferred tax
liabilities -78
Profit/loss before minority
interest -4 344 -3 836 -6 902
Minority interest -4 187 715
Profit/loss for the
financial year -4 348 -3 649 -6 187
BALANCE SHEET
ASSETS
Non-current assets
Intangible assets 454 578 463
Goodwill on
consolidation 14 277 13 421 12 420
Tangible assets 976 1 587 997
Investments 1 234 1 932 2 114
Non-current assets total 16 941 17 518 15 995
Current assets
Non-current receivables 1 023 336 448
Share issue receivables 0 0 0
Current receivables 21 317 22 456 21 120
Marketable securities 80 84 80
Cash and cash
equivalents 10 065 8 684 7 058
Current assets total 32 485 31 559 28 706
ASSETS TOTAL 49 426 49 077 44 701
LIABILITIES
Capital and reserves
Subscribed capital 13 875 13 485 13 875
Share issue 3 925 938 0
Share premium account 10 368 3 906 2 964
Profit/loss brought
forward -7 691 -2 128 -796
Profit/loss for the
financial year -4 348 -3 649 -6 187
Capital loan 0 187 0
Capital and reserves total 16 130 12 739 9 857
Minority interest 49 1 532 1 081
Consolidation reserve 0 272 254
Provisions 241 684 88
Creditors
Non-current creditors 4 537 5 056 4 317
Current creditors 28 469 28 795 29 104
Creditors total 33 006 33 851 33 421
LIABILITIES TOTAL 49 426 49 077 44 701
KEY RATIOS OF THE PROHA GROUP
1/04-6/04 1/03-6/03 1/03-12/03
Net sales (EUR 1000) 33 907 40 215 76 792
EBITDA* -2 628 -1 467 -2 909
% of net sales -7,8% -3,6% -3,8%
EBITA** -2 930 -2 011 -4 042
% of net sales -8,6% -5,0% -5,3%
EBIT*** -3 884 -2 968 -5 988
% of net sales -11,5% -7,4% -7,8%
Profit/loss before
extraordinary items,
appropriations and taxes -3 915 -3 310 -5 847
% of net sales -11,5% -8,2% -7,6%
Profit/loss for the -4 348 -3 649 -6 187
financial year
% of net sales -12,8% -9,1% -8,1%
* Earnings before interest,
taxes, depreciation and
goodwill amortization
** Earnings before
interest, taxes and
goodwill amortization
*** Earnings before
interest and taxes
Research and development
costs (EUR 1000) 3 714 4 187 7 920
% of net sales 11,0% 10,4% 10,3%
Personnel at the end of the
financial year 571 654 619
Average personnel 588 650 642
1) Weighted number of
shares 53 367 270 51 867 270 52 615 215
1) Earnings per share, EUR -0,081 -0,070 -0,12
2) Weighted number of shares
diluted by stock options 55 228 011 52 181 757 53 128 712
2) Earnings per share, EUR *) *) *)
*) The key ratio Earnings per
share, adjusted by the dilution
effect, is not presented because
it would be better than the
undiluted figure
3) Number of shares at the
end of the period 53 367 270 51 867 270 53 367 270
3) Equity per share, EUR 0,30 0,24 0,18
Net sales by country 1/04-6/04 1/03-6/03 1/-03-12/03
Great Britain 9% 13% 12%
Italy 9% 7% 8%
Japan 6% 8% 7%
Norway 33% 30% 31%
France 10% 9% 10%
Germany 5% 4% 4%
Singapore 2% 1% 0%
Finland 12% 10% 10%
United States 14% 17% 18%
Other 1%
Total 100% 100% 100%
Net sales by product type 1/04-6/04 1/03-6/03 1/-03-12/03
One-time license revenue 16% 18% 16%
Recurring license revenue 21% 20% 21%
Services 63% 62% 63%
Total 100% 100% 100%
CASH FLOW STATEMENT 1.1-30.6.2004 1.1.-31.12.2003
Cash flow from operating activities
Operating profit/loss -3 884 -5 988
Adjustments
Depreciation, amortization
and value adjustments 1 282 3 079
Profits and losses on sale of
fixed assets and shares -149 -121
Other adjustments 112 -385
Change in net working capital -1 868 -363
Financial income and expense, net -42 236
Income taxes -710 -748
Cash flow from operating activities -5 260 -4 290
Cash flow from investing activities
Investments in tangible and
intangible assets -273 -493
Cash flow from acquisition of
subsidiaries and associated companies 236 0
Cash flow from disposal of subsidiaries
and associated companies -3 150
Other paid cash flows 0 0
Other received cash flows 14 63
Cash flow from investing activities -25 -280
Cash flow from financing activities
Share issue 7 404 938
Proceeds from short-term loans 3 655 5 379
Repayments of short-term loans -2 292 -5 972
Proceeds from convertible loan 0 0
Proceeds from long-term loans 72 151
Repayments of long-term loans -158 -1 030
Repayments of capital loans 0 -102
Dividends paid -389 -401
Cash flow from financing activities 8 292 -1 037
Change in cash and cash equivalents 3 007 -5 608
0
Cash and cash equivalents Jan.1 -7 058 -12 666
Cash and cash equivalents of
subsidiaries acquired 0 0
Cash and cash equivalents of
subsidiaries sold 0 0
Cash and cash equivalents Jun .31 10 065 7 058
Change in cash and cash equivalents 3 007 -5 608
INCOME STATEMENTS BY QUARTER
Q2/2004 Q1/2004 Q1/2003 Q2/2003 Q3/2003 Q4/2003
Net Sales 17 020 16 887 22 135 18 080 17 156 19 420
Share of associated
companies' results 11 28 3 13 -33 23
Other operating income 432 23 277 106 162 486
Materials and services -1 304 -1 401 -2 037 -1 513 -1 385 -1 252
Staff costs -13 074 -13 262 -15 237 -14 320 -13 574 -13 651
Depreciation,
amortization and value
adjustments
Depreciation
according to plan -148 -155 -266 -278 -317 -273
Value adjustments of
investments held as
non- current assets 0 0 0 0 0 0
Amortization of
goodwill on
consolidation -498 -469 -495 -480 -483 -524
Change in
consolidation reserve -9 22 9 9 9 9
Depreciation,
amortization and value
adjustments total -654 -601 -752 -749 -791 -787
Other operating
expenses -3 773 -4 216 -4 321 -4 652 -3 542 -5 251
Operating profit/loss -1 341 -2 543 67 -3 035 -2 007 -1 013
Financial income and
expense -192 161 -379 37 58 425
Profit/loss before
extraordinary items,
appropriations and
taxes -1 533 -2 382 -313 -2 998 -1 948 -588
Income taxes -93 -337 -146 -353 -298 -180
Change in deferred tax
liabilities 0 0 -13 -13 -25 -26
Profit/loss before
minority interest -1 626 -2 718 -472 -3 364 -2 271 -795
Minority interest 177 -181 -216 403 302 226
Profit/loss for the
period -1 448 -2 899 -688 -2 961 -1 970 -569
EBITA -834 -2 096 553 -2 564 -1 533 -498
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