Proha plc financial statements january 1 - december 31, 2001

PROHA PLC FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2001 - Earnings before financial expenses, taxes, and depreciation (EBITDA) excluding the effect of Opus360 Corporation transaction was EUR 0.5 million, which is EUR 0.5 million more than anticipated. - Net sales were EUR 82.8 million, growth compared to the financial year 2000 (EUR 36.1 million) was 129%. - Group's cash assets on December 31, 2001 were EUR 7.0 million, increase compared to the year 2000 (EUR 6.0 million) was EUR 1.0 million. - Earnings before financial expenses, taxes, and depreciation (EBITDA) was EUR -4.4 million, against EUR 3.8 million in 2000. The result includes the negative effect of the Opus360 Corporation transaction, approximately EUR -4.9 million. - Restructuring of Opus360 Corporation was concluded. The process is not expected to generate more than EUR 2.0 million of additional costs for the current financial year. - Result before taxes was EUR -7.2 million, against EUR 1.5 million in 2000. - Product development expenses of strategic products were EUR 11.6 million, of which EUR 11.2 million was entered as expense. As a result of the product development, PortfolioDirector, a new Artemis product for strategic management, was introduced globally in the fall 2001. - Due to uncertain general economic situation, Proha's budget for the financial year 2002 is based on profitability without growth. However, a 20% growth in net sales is set as a sales target. - Result for the first quarter in 2002 (EBITDA) is expected to exceed the budget and be slightly positive. Because of seasonal fluctuations, the result is anticipated to improve during the last quarter. NET SALES AND RESULT Proha is a global software company focusing on maximizing its customers' business performance by providing management solutions. The Proha Group's net sales in 2001 increased by 129% to EUR 82.8 million (EUR 36.15 million in 2000). Earnings before financial expenses, taxes, and depreciation (EBITDA) stood at EUR -4.4 million (EUR 3.8 million in 2000). Net sales include approximately EUR 1.0 million revenue recognition from Germany and Italy that in accordance with the Finnish and local accounting principles must be entered as income. However, in accordance with the US accounting principles revenue recognition cannot be entered as income until the sum is paid into the company's account. The difference is due to different contractual usage. Operating loss was EUR -6.1 million, against operating profit of EUR 1.9 million in 2000. Result before appropriations and taxes was EUR -7.2 million (EUR 1.5 million in 2000), which is -8.7% of net sales. Earnings per share amounted to EUR -0.20 (EUR 0.03 in 2000). Espoo The Board of Directors of Proha Plc For more information please contact: PROHA PLC President and 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/2002/03/14/20020314BIT00410/wkr0001.doc The full report http://www.waymaker.net/bitonline/2002/03/14/20020314BIT00410/wkr0002.pdf The full report