Panostaja Oyj Stock Exchange Bulletin, 12th March 2007 PANOSTAJA GROUP INTERIM REPORT FOR THE THREE-MONTH PERIOD ENDED 31st JANUARY 2007 Panostaja Group's IFRS-compliant net turnover for the first quarter was EUR 16.7 million (EUR 11.4 million), which represents 47% growth. The Group's operating profit increased by 97% to EUR 1.35 million (EUR 0.69 million). Diluted earnings per share stood at 1.6 cents (1.0 cents), equivalent to 60% growth. Equity per share was EUR 0.52 (EUR 0.33). The equity ratio stood at 56.8% (39.8%), including a subordinated loan. It is fair to expect the consolidated net turnover to grow and for the results to remain at a healthy level, provided that there are no material changes in the economic situation. This Interim Report was prepared in compliance with the recognition and measurement principles of the International Financial Reporting Standards (IFRS), complying with the same accounting policies as the financial statements prepared for 2005/2006. GROUP FINANCIAL PERFORMANCE Panostaja Group's net turnover for the last quarter was EUR 16.7 million (EUR 11.4 million). Net turnover growth resulted from growth within the Industrial Construction business area in particular. The Group's operating profit was EUR 1.35 million (EUR 0.69 million), while profit before taxes stood at EUR 1.25 million (EUR 0.55 million). The Group's operating profit improved due to growth in net turnover and enhanced profitability. The Group's net financial expenses amounted to about EUR 0.1 million. Interest expenses will increase from now on due to the subordinated loan raised at the end of the period under review. The Group's average number of employees during the reporting period was 453 (434). INVESTMENTS AND FINANCING The Group's gross capital expenditure during the first quarter amounted to EUR 0.16 million (EUR 1.11 million). Cash flow from operating activities was strong throughout the period. The Group's equity ratio stood at 33.3% (30.8%), excluding the subordinated loan. Dividends distributed during the period under review amounted to EUR 3.87 million (dividends paid to minority shareholders in subsidiaries amounted to EUR 0.16 million). CHANGES TO THE GROUP STRUCTURE On 20th December 2006, the parent company of Annektor Group was demerged into Annektor Oy and Solikko Finance Oy. This had no impact on the Group's financial results and balance sheet. ADMINISTRATION AND ANNUAL GENERAL MEETING The Annual General Meeting was held on 15th December 2006. The AGM re-elected Mr. Olli Halmevuo and Mr. Matti Koskenkorva to Panostaja Oyj's Board of Directors. New members elected to the Board were Mr. Jukka Ala-Mello, Secretary of the Board of Kone Corporation, Mr. Eero Lehti, Chairman of the Board of the Federation of Finnish Enterprises, and Mr. Hannu Tarkkonen, Executive Vice President of Etera Mutual Pension Insurance Company. The AGM further elected Mr. Hannu Pellinen, APA, and PricewaterhouseCoopers Oy, APA, as auditors. The Annual General Meeting adopted the financial statements presented for the financial year ended 31st October 2006 and the Board's proposal to transfer the profit for the period to retained earnings and to distribute EUR 0.13 per share in dividends was approved. The record date for dividend payment was 20th December 2006 and the payment date was as from 29th December 2006. In addition, the AGM discharged the Board of Directors and the Chief Executive Officer from liability. The Annual General Meeting authorised the Board of Directors to decide on an increase in share capital through one or more regular or bonus issues, such that a maximum of 30,000,000 new Class A shares and a maximum of 30,000,000 new Class B shares may be offered for subscription in the issue(s) at a nominal price of EUR 0.12 each, and that the share capital increase must not exceed EUR 7,200,000. In addition, the Board of Directors was authorised to decide on an increase in share capital by granting options and other rights referred to in Chapter 10, Section 1 of the Companies Act, such that a maximum of 30,000,000 new Class A shares and a maximum of 30,000,000 new Class B shares may be offered for subscription in the issue(s), and that the share capital increase must not exceed EUR 7,200,000. The share issue authorisations did not exclude the Board's right to decide on private placements; such issues may disapply the shareholders' pre-emption rights laid down in Chapter 9, Section 3 of the Companies Act. Furthermore, the Annual General Meeting authorised the Board of Directors to obtain a subordinated loan at a maximum of EUR 21,250,000 from domestic institutional investors, to decide on granting option rights to key personnel within the company and on acquisition and disposal of the company's own shares within the limits of acquiring a maximum of 1,725,659 Class A shares and a maximum of 1,247,797 Class B shares. During the period under review, the Board has exercised its authorisation to obtain a subordinated loan of EUR 21,250,000 from domestic institutional investors and to decide on granting option rights to key personnel within the company. SHARE CAPITAL AND OWN SHARES Panostaja Oyj's share capital entered in the Trade Register equated to EUR 3,571,508.64 and the number of shares was 29,762,572 at the end of the reporting period. The numbers of issued Class A and B shares amounted to 17,259,595 and 12,505,977 respectively. CONVERTIBLE SUBORDINATED LOANS The amount of the 2004 convertible subordinated loan outstanding at the end of the period under review totalled EUR 2,350,600. During the reporting period, the 2004 convertible subordinated loan was used to subscribe for 28,000 new Class B shares. On 4th January 2007, the company sent notification to holders of 2004 convertible subordinated bonds to the effect that the company would exercise its right under the terms of the loan to repay the entire loan principal early at a nominal price, because the trade-weighted average price of Panostaja Oyj's Class B share had, since 2nd January 2006, exceeded the conversion price specified in the terms of the loan by more than 100% for 20 of 30 consecutive trading days on the Helsinki Stock Exchange. Repayment of the subordinated loan was cancelled, however, because all bond holders applied to convert their bonds into shares according to the terms of the loan. As a result of conversions, bond-holders subscribed for 3,358,000 Panostaja new Class B shares. The EUR 402,960 increase in share capital was entered in the Trade Register on 22nd February 2007. The Board of Directors exercised the authorisation granted at the Annual General Meeting on 15th December 2006 to obtain a subordinated loan from domestic institutional investors. During the reporting period, the Board approved subscriptions for 2006 convertible subordinated bonds at a total of EUR 21,250,000. The interest rate is 6.5% and the loan period runs from 15th January 2007 to 1st March 2012. The bonds may be converted into a maximum of 12,500,000 Panostaja's new Class B shares and bond conversions may result in an increase of share capital at a maximum of EUR 1,500,000. The first loan disbursement, amounting to EUR 10,625,000, was made to Panostaja Oyj on 15th January 2007 and the remainder of the loan will be paid on 15th May 2007. A component of the amount of the subordinated loan paid, about EUR 430,000, has been recognised as an increase in equity in accordance with IAS 32. OPTIONS The Board of Directors exercised its authorisation to decide on granting option rights 2006A to key personnel within the company and to a subsidiary fully owned by the company. The number of options granted was 460,000, which entitled holders to subscribe for 460,000 shares. The options granted have been treated in the Interim Report in accordance with IFRS 2. SHARE PERFORMANCE AND SHAREHOLDING During the reporting period, prices of Panostaja Oyj's Class A and B shares varied between EUR 1.21 and EUR 1.70 and between EUR 1.18 and EUR 1.73 respectively. The volumes of trading in Class A and B shares amounted to 425,300 and 1,054,085 shares respectively, equating to 4.9% of the share capital. The January closing price for both Class A and B shares was EUR 1.48. The company's total market capitalisation stood at EUR 44.0 million at the end of January. Holdings in Panostaja Oyj changed when the increase in share capital was entered in the Trade Register on 22nd February 2007. The company received the following declarations relating to changes in holdings: 1. Matti Koskenkorva's holding in Panostaja Oyj's share capital fell below 15%. Matti Koskenkorva's portion of Panostaja Oyj's share capital and votes currently stands as follows: -------------------------------------------------------------------------------- | | No. of shares | % of share | % of voting rights | | | | capital | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Class A shares | 3,312,624 | 10.00% | 18.35% | -------------------------------------------------------------------------------- | Class B shares | 1,351,668 | 4.08% | 0.37% | -------------------------------------------------------------------------------- | TOTAL | 4,664,292 | 14.08% | 18.73% | -------------------------------------------------------------------------------- 2. Maija Koskenkorva's holding in Panostaja Oyj's share capital fell below 10%. Maija Koskenkorva's portion of Panostaja Oyj's share capital and votes currently stands as follows: -------------------------------------------------------------------------------- | | No. of shares | % of share | % of voting rights | | | | capital | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Class A shares | 1,122,788 | 3.39% | 6.22% | -------------------------------------------------------------------------------- | Class B shares | 1,982,904 | 5.99% | 0.55% | -------------------------------------------------------------------------------- | TOTAL | 3,105,692 | 9.38% | 6.77% | -------------------------------------------------------------------------------- 3. Mauno Koskenkorva's holding in Panostaja Oyj's share capital fell below 5%. Mauno Koskenkorva's portion of Panostaja Oyj's share capital and votes currently stands as follows: -------------------------------------------------------------------------------- | | No. of shares | % of share | % of voting rights | | | | capital | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Class A shares | 1,536,480 | 4.64% | 8.51% | -------------------------------------------------------------------------------- | Class B shares | 13,392 | 0.04% | 0.00% | -------------------------------------------------------------------------------- | TOTAL | 1,549,872 | 4.68% | 8.52% | -------------------------------------------------------------------------------- OUTLOOK FOR THE REST OF THE FINANCIAL YEAR Panostaja Group will focus on the business idea in alignment with its core business strategy and on development of its business areas. The company aims to dispose of assets not related to its core business. The increasing supply of companies will enable expansion into new business areas. The company believes that the level of prices of small enterprises will become more moderate in the future, as the rising interest rate and the continuous increase in the supply of businesses over the next few years will affect valuation levels. Panostaja aims to pursue growth by acquiring SMEs operating in traditional industries for both its existing and new business areas. Domestically, the economic situation is expected to remain favourable. The economic outlook for Panostaja's business areas is moderately positive. It can be expected that the consolidated net turnover presented in the current format will grow and that results will remain at a healthy level, provided that there are no material changes in the economic situation. The data provided in this Interim Report is unaudited. The Interim Report covering the six-month period from 1st November 2006 to 30th April 2007 will be published on 7th June 2007. Panostaja Oyj Board of Directors For further information, please contact Mr. Olli Halmevuo, CEO, tel. +358 (0)3 263 4300. Panostaja Oyj Olli Halmevuo CEO All forecasts and estimates presented in this Interim Report are based on the current views of the management of the Group and the business areas on the economic environment and outlook and actual results may be significantly different. TABLE SECTION -------------------------------------------------------------------------------- | Panostaja Group | 11/06-01/07 | 11/05-01/06*) | 11/05-10/06 | -------------------------------------------------------------------------------- | (EUR 1,000) | (3 months) | (3 months) | (12 months) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | 16,696 | 11,351 | 57,755 | -------------------------------------------------------------------------------- | Other operating income | 36 | 21 | 772 | -------------------------------------------------------------------------------- | Share of profit of associates | 0 | 89 | 86 | -------------------------------------------------------------------------------- | Total expenses | 15,042 | 10,531 | 51,929 | -------------------------------------------------------------------------------- | Planned depreciation and | 340 | 243 | 1,209 | | amortisation | | | | -------------------------------------------------------------------------------- | Operating profit | 1,350 | 687 | 5,476 | -------------------------------------------------------------------------------- | Financial income and expenses | -103 | -141 | -540 | -------------------------------------------------------------------------------- | Profit before taxes | 1,247 | 546 | 4,936 | -------------------------------------------------------------------------------- | Taxes | -324 | -126 | -1,210 | -------------------------------------------------------------------------------- | Profit for the period from | 923 | 420 | 3,725 | | continuing operations | | | | -------------------------------------------------------------------------------- | Profit for the period from | 0 | 79 | 4,903 | | discontinued operations | | | | -------------------------------------------------------------------------------- | Profit for the period | 923 | 499 | 8,628 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | -------------------------------------------------------------------------------- | Minority interest | 318 | 158 | 1,171 | -------------------------------------------------------------------------------- | Equity holders of the parent | 605 | 341 | 7,457 | | company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share attributable to equity holders of the parent company | -------------------------------------------------------------------------------- | Earnings per share, EUR - basic | 0.020 | 0.010 | 0.268 | -------------------------------------------------------------------------------- | Earnings per share, EUR - | 0.016 | 0.010 | 0.242 | | diluted | | | | -------------------------------------------------------------------------------- *) The net turnover and expenses relating to Pajakulma Group, which was sold on 31st October 2006, have been removed from the income statement for the comparative period. Pajakulma Group's profit is reported under ‘profit for the period from discontinued operations'. Consolidated balance sheet summary -------------------------------------------------------------------------------- | (EUR 1,000) | 01/2007 | 01/2006 | 10/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Intangible assets | 2,193 | 1,299 | 2,211 | -------------------------------------------------------------------------------- | Property, plant and equipment | 9,496 | 9,931 | 9,654 | -------------------------------------------------------------------------------- | Interests in associates | 891 | 1,616 | 894 | -------------------------------------------------------------------------------- | Other non-current assets | 123 | 135 | 127 | -------------------------------------------------------------------------------- | Interest-bearing receivables | 15 | 15 | 15 | -------------------------------------------------------------------------------- | Total | 12,718 | 12,996 | 12,900 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Stocks | 7,645 | 10,057 | 7,941 | -------------------------------------------------------------------------------- | Trade and other receivables | 11,419 | 10,196 | 14,360 | -------------------------------------------------------------------------------- | Short-term investments | 15,407 | 1,018 | 2,222 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 6,603 | 1,568 | 10,207 | -------------------------------------------------------------------------------- | Total | 41,074 | 22,839 | 34,730 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 53,792 | 35,835 | 47,631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity holders of the parent company | -------------------------------------------------------------------------------- | Share capital | 3,572 | 3,291 | 3,568 | -------------------------------------------------------------------------------- | Other equity | 11,778 | 5,676 | 14,592 | -------------------------------------------------------------------------------- | Total | 15,350 | 8,967 | 18,160 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 2,307 | 1,970 | 2,154 | -------------------------------------------------------------------------------- | Total equity | 17,657 | 10,937 | 20,314 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 304 | 39 | 309 | -------------------------------------------------------------------------------- | Convertible loan | 12,517 | 3,195 | 2,316 | -------------------------------------------------------------------------------- | Non-current liabilities | 8,628 | 9,637 | 9,393 | -------------------------------------------------------------------------------- | Current liabilities | 14,686 | 12,027 | 15,298 | -------------------------------------------------------------------------------- | Total liabilities | 36,135 | 24,898 | 27,316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 53,792 | 35,835 | 47,631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | 01/2007 | 01/2006 | 10/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating | 3,813 | 372 | 6,062 | | activities | | | | -------------------------------------------------------------------------------- | Cash flow from (used in) investing | -158 | -1,149 | 1,788 | | activities | | | | -------------------------------------------------------------------------------- | Cash flow from (used in) financing | -834 | 520 | 1,720 | | activities | | | | -------------------------------------------------------------------------------- | Proceeds from subordinated loan | 10,625 | 0 | 0 | -------------------------------------------------------------------------------- | Dividends paid | -3,865 | -2,110 | -2,094 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 9,851 | -2,367 | 7,476 | | equivalents | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 01/2007 | 01/2006 | 10/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, EUR | 0.52 | 0.33 | 0.68 | -------------------------------------------------------------------------------- | Average no. of shares, 1,000 | 29,738 | 27,425 | 27,839 | -------------------------------------------------------------------------------- | No. of shares at end of period, | 29,763 | 27,425 | 29,735 | | 1,000 | | | | -------------------------------------------------------------------------------- | No. of shares, 1,000, diluted | 39,346 | 32,121 | 31,224 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity (ROE), % | 19.5 | 19.7 | 22.7 | -------------------------------------------------------------------------------- | Return on investment (ROI), % | 15.5 | 13.0 | 16.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross capital expenditure | | | | -------------------------------------------------------------------------------- | On non-current assets (EUR | 0.2 | 1.1 | 4.8 | | million) | | | | -------------------------------------------------------------------------------- | % of net turnover | 1.0 | 7.0 | 8.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest-bearing liabilities 1) | 10,621 | 11,290 | 11,289 | -------------------------------------------------------------------------------- | Equity ratio, % 1) | 33.3 | 30.8 | 43.4 | -------------------------------------------------------------------------------- | Equity ratio, % 2) | 56.8 | 39.8 | 48.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of employees | 453 | 434 | 526 | -------------------------------------------------------------------------------- Excluding subordinated loan (convertible bonds). Including subordinated loan. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | (EUR 1,000) | Share | Share | Invested | Retaine | Minorit | Total | | | capita | premiu | unrestric | d | y | | | | l | m | ted | earning | interes | | | | | accoun | equity | s | t | | | | | t | fund | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' | 3,568 | 2,683 | | 11,909 | 2,154 | 20,314 | | EQUITY 31st OCT. | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- | Increase of | 3 | 16 | | | | 19 | | share capital | | | | | | | | relating to | | | | | | | | conversions of | | | | | | | | convertible | | | | | | | | subordinated | | | | | | | | bonds | | | | | | | -------------------------------------------------------------------------------- | Equity component | | | 430 | | | 430 | | of convertible | | | | | | | | subordinated | | | | | | | | loan | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | 18 | -18 | | 0 | | incentive | | | | | | | | schemes | | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | 605 | 318 | 923 | | period | | | | | | | -------------------------------------------------------------------------------- | Dividends paid | | | | -3,865 | -165 | -4,030 | -------------------------------------------------------------------------------- | SHAREHOLDERS' | 3,572 | 2,699 | 448 | 8,631 | 2,307 | 17,657 | | EQUITY 31st JAN. | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' | 3,291 | 882 | | 6,098 | 2,277 | 12,548 | | EQUITY 31st | | | | | | | | OCT. 2005 | | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | 341 | 158 | 499 | | period | | | | | | | -------------------------------------------------------------------------------- | Dividends paid | | | | -1,645 | -465 | -2,110 | -------------------------------------------------------------------------------- | SHAREHOLDERS' | 3,291 | 882 | | 4,794 | 1,970 | 10,937 | | EQUITY 31st JAN. | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION Primary reporting format - business segments -------------------------------------------------------------------------------- | EUR 1,000 | 01/2007 | 01/2006 | | -------------------------------------------------------------------------------- | NET TURNOVER | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial services | 2,477 | 1,868 | | -------------------------------------------------------------------------------- | Joinery industry | 2,205 | 2,375 | | -------------------------------------------------------------------------------- | Industrial construction | 6,636 | 3,226 | | -------------------------------------------------------------------------------- | Wholesale trade | 3,564 | 2,876 | | -------------------------------------------------------------------------------- | Other | 1,814 | 1,006 | | -------------------------------------------------------------------------------- | Total | 16,696 | 11,351 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT/LOSS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial services | 144 | 90 | | -------------------------------------------------------------------------------- | Joinery industry | -61 | 31 | | -------------------------------------------------------------------------------- | Industrial construction | 1,357 | 613 | | -------------------------------------------------------------------------------- | Wholesale trade | 22 | 4 | | -------------------------------------------------------------------------------- | Other | -95 | -51 | | -------------------------------------------------------------------------------- | Total | 1,367 | 687 | | -------------------------------------------------------------------------------- The Group does not have a secondary reporting segment. GROUP'S QUARTERLY PERFORMANCE -------------------------------------------------------------------------------- | (EUR | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | | million) | | | | | | | | | | -------------------------------------------------------------------------------- | | Q1/0 | Q2/0 | Q3/0 | Q4/0 | Q1/0 | Q2/0 | Q3/0 | Q4/06 | Q1/07 | | | 5 | 5 | 5 | 5 | 6 | 6 | 6 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | 14.6 | 14.7 | 14.5 | 18.4 | 11.4 | 12.5 | 14.0 | 19.9 | 16.7 | | turnover | | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.6 | 0.0 | | operating | | | | | | | | | | | income | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 14.0 | 13.9 | 13.0 | 16.2 | 10.4 | 11.7 | 12.5 | 17.1 | 15.0 | | expenses | | | | | | | | | | -------------------------------------------------------------------------------- | Depreciatio | 0.3 | 0.3 | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | | n and | | | | | | | | | | | amortisatio | | | | | | | | | | | n | | | | | | | | | | -------------------------------------------------------------------------------- | Operating | 0.4 | 0.6 | 1.4 | 2.0 | 0.7 | 0.5 | 1.3 | 3.0 | 1.4 | | profit | | | | | | | | | | -------------------------------------------------------------------------------- | Financial | -0.2 | -0.1 | -0.2 | -0.1 | -0.2 | -0.1 | -0.1 | -0.1 | -0.1 | | items | | | | | | | | | | -------------------------------------------------------------------------------- | Profit | 0.2 | 0.5 | 1.2 | 1.9 | 0.5 | 0.4 | 1.2 | 2.8 | 1.2 | | before | | | | | | | | | | | taxes | | | | | | | | | | -------------------------------------------------------------------------------- | Taxes | 0.0 | -0.1 | -0.3 | -0.7 | -0.1 | -0.1 | -0.3 | -0.7 | -0.3 | -------------------------------------------------------------------------------- | Minority | -0.0 | -0.2 | -0.3 | -0.4 | -0.2 | -0.2 | -0.3 | -0.5 | -0.3 | | interest | | | | | | | | | | -------------------------------------------------------------------------------- | Profit from | 0.2 | 0.2 | 0.6 | 0.8 | 0.2 | 0.1 | 0.6 | 1.7 | 0.6 | | continuing | | | | | | | | | | | operations | | | | | | | | | | -------------------------------------------------------------------------------- | Profit from | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.5 | 0.2 | 4.1 | 0.0 | | discontinue | | | | | | | | | | | d | | | | | | | | | | | operations | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0.2 | 0.2 | 0.6 | 0.8 | 0.3 | 0.6 | 0.8 | 5.8 | 0.6 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- CONTINGENT LIABILITIES -------------------------------------------------------------------------------- | (EUR million) | 01/2007 | 01/2006 | 10/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Collateral given on behalf of group companies: | -------------------------------------------------------------------------------- | Mortgages | 5.7 | 5.5 | 6.1 | -------------------------------------------------------------------------------- | Floating charges | 2.6 | 6.3 | 3.5 | -------------------------------------------------------------------------------- | Pledges | 6.3 | 3.2 | 6.3 | -------------------------------------------------------------------------------- | Rental liabilities | 1.2 | 1.2 | 1.2 | -------------------------------------------------------------------------------- | Other liabilities | 0.6 | 0.6 | 0.1 | -------------------------------------------------------------------------------- | Lease liabilities | 0.4 | 0.8 | 0.8 | -------------------------------------------------------------------------------- The Group has entered into interest rate swaps at a nominal value of EUR 1.2 million. Liabilities have been measured at the nominal or book value of collateral. Income taxes have been accounted for as a share of the estimated taxes for the entire financial year calculated in proportion to the results for the reporting period.
PANOSTAJA GROUP INTERIM REPORT FOR THE THREE-MONTH PERIOD ENDED 31st JANUARY
| Source: Panostaja Oyj