Interim report of Proha PLC for the period january 1 - june 30, 2001

INTERIM REPORT OF PROHA PLC FOR THE PERIOD JANUARY 1 - JUNE 30, 2001 - Net sales for the first half-year 2001 was EUR 42.2 million (FIM 250.6 million), growth compared to the corresponding period in 2000 was 517%. - Operating loss was EUR -2.8 million (FIM -16.7 million), against operating profit of EUR 1.1 million for the corresponding period in 2000. - Earnings before financial expenses, taxes, and depreciation (EBITDA) was EUR -0.7 million, compared to EUR 1.3 million for the same period in 2000. - Result for the first half-year 2001 was affected by the weak result of associated companies, financing expenses resulting from the Opus360 deal and some of non-recurring expenses, more extensive use of outsourcing and the operating loss of Artemis subsidiary SPR Inc. - Despite of the uncertainty of the international economic development, the Company aims at a positive result (EBITDA) for the financial year 2001. - The organic growth of net sales for the financial year 2001 is expected to be 5-20%, depending on the international economic development. - The first phase of Opus360 Corporation share exchange agreement was completed on July 31, 2001. The net sales and result forecasts exclude the effects of the Opus360 Corporation acquisition. - The already known and forecasted losses of Opus360 will have an impact on Proha's financial result for the year 2001. Losses have been taken into account in the purchase price of Opus360. - The Opus360 deal has improved the Group's financial position and will decrease financial expenses for the rest of the year 2001. NET SALES AND RESULT Proha Group's net sales for January 1 - June 30, 2001 increased to EUR 42.2 million, compared to EUR 6.8 million for the same period in 2000. Earnings before financial expenses, taxes, and depreciation (EBITDA) was EUR -0.7 million (EUR 1.3 million). Operating profit decreased to EUR -2.8 million, compared to EUR 1.1 million for the corresponding period in 2000. Loss before appropriations and taxes was EUR -3.2 million (-7.5 % of net sales), compared to EUR 1.1 million in 2000. Earnings per share for the six month period amounted to EUR -0.06 (EUR 0.03). ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/08/16/20010816BIT00050/bit0001.doc The full report http://www.waymaker.net/bitonline/2001/08/16/20010816BIT00050/bit0001.pdf The full report