Interim report for first and second quarter ended June 30, 2002

Adera AB (publ) Interim report for first and second quarter ended June 30, 2002 A major share of the Group's operations was sold to Guide in Q2. Swedish subsidiary Fagerö Konsult AB, which conducted the remaining consulting operations, was declared bankrupt on 20 June. The Board's and the management's efforts to identify new operations for the company have been intensified. Net sales for the period came to SEK 5.1 million (SEK 95.0 m). The operating loss for the period was - SEK 9.5 million (- SEK 75.1 m). The pre-tax loss for the period totalled - SEK 9.7 million (- SEK 79.2 m). On 30 June, the Group's liquid assets came to SEK 5.6 million. The Group had 6 employees at the end of the period, all of whom are employed by the parent company. The operations The efforts of the Board and management to evaluate potential structural deals for the consulting operations intensified during Q2. At the start of Q2, the operative activities included 85 people, of whom 40 in Stockholm and 45 in Gothenburg. On 13 May, an agreement was signed with Guide concerning the sale of the business activities conducted by subsidiaries Adera Sweden AB (now known as Fagerö Konsult AB) and Astrakan Strategisk Utbildning AB (now known as Särsö Utbildning AB). The deal resulted in capital gains of SEK 5 million. This sale involved the transfer to Guide of the majority of employees at Adera Sweden AB in Stockholm and around half those in Gothenburg, as well as all employees of Astrakan Strategisk Utbildning AB. The selling price to Guide came to SEK 7.2 million. Of this sum, SEK 7.0 million was for the business activities of Adera Sweden AB and SEK 0.2 million for the business activities of Astrakan Strategisk Utbildning AB. 40% of the total purchase sum was paid in cash to Fagerö Konsult AB and Astrakan Strategisk Utbildning AB respectively when the agreement was signed, and the remaining 60% will be paid in March 2003. The decision to wind up the remaining operations of the subsidiary, Adera Sweden AB, was taken on 23 May. The close-down costs at the subsidiary were estimated to total some SEK 11 million. Despite the intensive efforts made at management level to find new structural solutions, the Board of the subsidiary decided on 19 June to file for bankruptcy. The bankruptcy petition was submitted to the district court on 20 June. In connection with the decision to wind up the consulting operations, the Board of Adera AB commissioned the management to consider the opportunities of acquiring new operations. At the end of Q2, the Group only had 6 employees (at the parent company). Two of these employees will be leaving their jobs during Q3. By the end of the period, all other employees of the parent company except the President had been given notice. All crucial functions involved in managing any remaining operation at the company have been outsourced to external consultants. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/09/02/20020902BIT00850/wkr0001.doc The Full Report http://www.waymaker.net/bitonline/2002/09/02/20020902BIT00850/wkr0002.pdf The Full Report