HELSINKI, Finland, March 18, 2003 (PRIMEZONE) -- The Proha Group's net result in 2002 was EUR 1.8 (-10.1 in 2001) million, showing an increase of EUR 11.9 million compared to the net result in 2001.
Result was in line with expectations despite the challenging situation in the software market.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) was EUR 5.3 (-4.4) million.
Operating result (EBIT) was EUR 3.1 (-6.1) million.
Profitability was improved by streamlining of operations and cost savings.
The sale of non-core operations had a positive impact of EUR 3.7 million on the result.
Result was weakened by one-time charges of EUR 0.8 million of the Internet Technologies business area.
In 2002, the Proha Group's net sales were EUR 100.8 (82.8) million. The increase in net sales results from consolidation of Dovre International AS (Dovre) as a subsidiary into the consolidated financial statements. In the interim reports of 2002, Dovre has been consolidated as an associated company.
The consolidation of Dovre as a subsidiary increased the net sales by EUR 20.3 million. Without Dovre's impact, the volume of operations increased but towards the year-end the strong euro had a decreasing effect on the net sales presented in euros.
In 2002, Proha sold over 92,000 end-user licenses of which over 30,000 were delivered during the fourth quarter.
The Group's cash and cash equivalents grew significantly in the fourth quarter. On December 31, 2002, cash and cash equivalents amounted to EUR 12.7 (7.0) million.
In 2003, operative business of the Group is expected to grow moderately and at least in line with the general growth of the software market. Profitability is anticipated to improve further.
The audit of the Artemis sub-group has not been completed.
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