THE INTERIM REPORT OF PROHA PLC FOR JANUARY 1 - SEPTEMBER 30, 2004
Proha Plc Stock Exchange Bulletin November 11, 2004 at 9.10 a.m. THE INTERIM REPORT OF PROHA PLC FOR JANUARY 1 - SEPTEMBER 30, 2004 - The Proha -Group's net sales for the period January 1 - September 30, 2004 were EUR 48.4 million (EUR 57.4 million for January 1 - September 30, 2003). - Earnings before interest, taxes and amortization (EBITA) totaled EUR -4.6 (EUR -3.5) million - The result for the period under review includes EUR 1.8 (0.7) million of non-recurring restructuring charges. - In the third quarter net sales were EUR 14.5 (EUR 17.2) million and result (EBITA) EUR -1.7 (-1.5) million. - The third quarter result includes non-recurring charges of EUR 0.6 million, that were predominantly due to concentrating the German operations in Munich. - The sales of Artemis 7 portfolio and project management solution for investment planning and control continued to increase substantially accounting 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%. - The reorganization of operations has continued at Artemis. The number of personnel came down by approximately 15%. - The Norwegian operations were profitable and both the net sales and result developed as expected. - The Group's main focus remains in improving profitability. The net sales of 2004 are expected to be below the previous year. Following the reorganization efforts the lower cost level will allow the fourth quarter earnings (EBITA) turn positive. 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 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/11/11/20041111BIT00020/wkr0001.pdf The full report