Tekla Corporation Interim report May 5, 2010 at 9:00 a.m. Tekla Corporation's Interim Report January 1 - March 31, 2010: Moderate growth in net sales and operating result Net sales of Tekla Group for January-March 2010 totaled 12.84 (12.19) million euros, increasing by 5.3%. The operating result was 1.48 (1.24) million euros, 11.5% (10.2%) of net sales. Earnings per share were 0.07 (0.05) euros. Ari Kohonen, President and CEO, comments on the reporting period: - Net sales and operating result for the first quarter reflect a slight improvement in demand. The threats to the overall economy have not gone away, but the chances of growth picking up speed towards the end of the year have increased. - The net sales of the Building & Construction business area increased by approximately 6% year-on-year, and its operating result was also higher than a year ago. The favorable level of maintenance sales was retained, and license sales saw growth. In particular, picking up was seen in additional sales to existing customers. - With regard to the market areas, growth of license sales was favorable in Asia and the Nordic countries. Development in the rest of Europe was soft. License sales increased the most in Saudi Arabia and India. The level of sales remained unchanged in the United States. - The Infra & Energy business area continues on a steady growth track. During the first quarter, I&E's net sales and operating result increased to some extent. - The number of personnel decreased slightly during the first quarter. This was mainly due to random variation. However, Tekla's long-term personnel trend continues to be rising in order be able to utilize the market potential in sight. - During the reporting period, Tekla was presented the Internationalization Award by the President of the Republic of Finland for 2009. We are extremely pleased about this recognition of our efforts. Our success in the international software product market is based on Finnish expertise, industry know-how and close cooperation with the customers, as well as our long-term perspective. The Board does not change its estimate of the moderate growth of full-year net sales and operating result given in February. - - - Tekla will organize an information meeting for analysts and media at WTC Helsinki (meeting room 2), Aleksanterinkatu 17, on May 5, 2010 at 12:00 noon - 1:00 p.m. A conference call in English will take place on the same day at 3:00 p.m. Finnish time. The telephone number is +358 30 661 1900, ID: 50045 and code: 5157. - - - Tekla is an international software product company whose model-based software solutions make customers' core processes more effective in building and construction, energy distribution, infrastructure management and water supply. Tekla has customers in nearly 100 countries. Tekla's net sales for 2009 were 50 million euros and operating result almost 7 million euros. International operations accounted for more than 80% of net sales. Tekla Group currently employs over 460 persons, of whom almost 200 are outside Finland. Tekla was established in 1966, making it one of the longest operating software companies in Finland. www.tekla.com <http://www.tekla.com/> NET SALES AND PROFITABILITY * Net sales of Tekla Group for January-March 2010 were 12.84 million euros (12.19 million euros in January-March 2009). * Net sales increased by 5.3%. * Operating result was 1.48 (1.24) million euros. * Operating result percentage was 11.5 (10.2). * Earnings per share were 0.07 (0.05) euros. * Return on investment was 25.1 (22.1) percent. * Return on equity was 19.6 (14.9) percent. FINANCIAL POSITION * Cash flow from operating activities totaled 8.85 (8.12) million euros * Liquid assets amounted to 35.26 (28.42) million euros on March 31. The liquid assets on March 31, 2010, include the dividends of 4.48 million euros paid in April. The assets have been invested in money market instruments with very low risk. * Equity ratio was 58.8 (54.7) percent. Comparable equity ratio, if the dividends had been paid during the reporting period, would have been 55.0 percent. * Interest-bearing debts were 0.13 (0.12) million euros. * Changes in exchange rates had no effect on net sales or operating result. OTHER KEY FIGURES * International operations accounted for 78.4% (79.4%) of net sales. * Personnel averaged 451 (459) for January - March. * At the end of March, the number of personnel including part-time staff was 454 (471). * At the end of 2009, the number of personnel including part-time staff was 466 (464). * Gross investments were 0.29 (0.67) million euros. * Equity per share was 1.40 (1.15) euros. * On the last trading day of March, trading closed at 7.73 (3.79) euros. BUSINESS AREAS NET SALES Million euros Q1/2010 Q1/2009 Change Q1-4/2009 ----------------------------------------------------------- Building & Construction 9.42 8.88 0.54 36.34 Infra & Energy 3.43 3.33 0.10 13.80 Net sales between segments -0.01 -0.02 0.01 -0.07 ----------------------------------------------------------- Total 12.84 12.19 0.65 50.07 OPERATING RESULT Million euros Q1/2010 Q1/2009 Change Q1-4/2009 -------------------------------------------------------- Building & Construction 1.14 0.92 0.22 4.72 Infra & Energy 0.34 0.32 0.02 2.08 Others 0.00 0.00 - 0.01 -------------------------------------------------------- Total 1.48 1.24 0.24 6.81 Building & Construction Tekla's Building & Construction business area (B&C) develops and markets the Tekla Structures software product. Designed for Building Information Modeling (BIM), Tekla Structures is a tool that offers open integration with other programs and models imported from them, supporting all the phases of the construction process. The software is a comprehensive solution for structural engineering, design and production of steel structures and precast units, reinforced concrete detailing as well as site and construction management. <http://www.tekla.com/fi/solutions/building-construction/structural-engineers> Demand can fluctuate strongly in our license-based sales. Particularly from fall 2008 onward, the development of the building industry was negative until the end of 2009 in nearly all of Tekla's key market areas. The economic situation continues uncertain, but slight recovery can be seen in the demand. Our market position has strengthened and customers' future expectations are more positive than before. Despite the building industry's challenging situation, Tekla's position as a supplier of 3D modeling software is strong and the numbers of users are on the increase. Customers in the building industry are seeking tools that make their operations more efficient, which is what Tekla's products are. Information modeling is strengthening its foothold in structural design and other stages of the building process. The benefits of information modeling are seen more clearly in site management in particular. The net sales of B&C amounted to 9.42 (8.88) million euros for January-March 2010. Net sales increased by approximately 6% compared to the corresponding period the previous year. Operating result was 1.14 (0.92) million euros. B&C's operating result percentage was 12.1% (10.4%). The favorable level of maintenance sales was retained, and license sales saw growth. Additional sales to existing customers, increasing their proportion, were a sign of the picking up of sales. The average size of the deals was also higher. International operations accounted for 95% (96%) of B&C's net sales in January-March 2010. With regard to the market areas, growth was favorable in Asia and the Nordic countries. Development in the rest of Europe was soft. License sales increased the most in Saudi Arabia and India. The level of sales remained unchanged in the United States. It is very favorable for Tekla that the building industry's move to information-model-based 3D processes from traditional 2D ways of working continues. Because of this, the business area's long-term outlook continues to be promising. Building Information Modeling (BIM) is consolidating its position in the building industry. BIM means that the information of the product model is transferred and shared between the parties of the construction process. This expands the cooperation between the parties involved in the building process. In order to facilitate cooperation, the interoperability of software is increased further and data exchange between software systems is improved, so that customers are able to choose the product that is suited the best for a specific task. Tekla Structures' functionality for cast-in-place was selected as the "Most Innovative Product" at the North American construction industry's annual "World of Concrete" event in March. Measures against software piracy continued both by own efforts and in cooperation with other parties, such as BSA. The efforts are bearing fruit, even though piracy will probably never be eradicated completely. During the first quarter, Tekla established a regional office in Singapore to serve customers throughout Southeast Asia. At the same time, the product development activity in Malaysia was transferred to Finland. The product development of Tekla Structures concentrated on development that supports the advance of BIM, i.e., sharing and utilizing the models between the parties. The annual main version of Tekla Structures was released in February 2010. Infra & Energy The Infra & Energy business area focuses on the development and sales of model-based software solutions that support customers' core processes. Its key customer industries (products in parentheses) are energy distribution (Tekla Xpower), public administration (Tekla Xcity), as well as civil engineering and water (Tekla Xstreet and Tekla Xpipe). In the energy industry, information system acquisitions are strategic investments for the companies. The economic recession has not had much effect on these investments. Climate change and the strive toward sustainable development set new requirements for the industry, e.g., with new energy production methods becoming more common and partial decentralization of production. In addition, consumers' demands for the reliability of distribution and energy consumption-related customer service will increase. New technologies and software solutions hold a key role in achieving these objectives. Tekla's market position as a supplier of energy distribution information systems is strong in the Nordic and Baltic countries. In public administration, the economic crunch has decreased income and funds available for investments. Improved and more extensive utilization of information technology is seen to be a key solution for achieving efficiency, self-services and thereby cost-savings. Citizens' services are being extensively migrated into the Web, and the accessibility of the services can also be improved this way. Tekla's sales and market position remained strong in Finland. The net sales of I&E amounted to 3.43 (3.33) million euros for January-March 2010. Net sales increased by 3%. Operating result was 0.34 (0.32) million euros. International operations accounted for 34% (36%) of net sales. I&E's operating result percentage was 9.9% (9.6%). An agreement was made with Keravan Energia and Porvoon Energia on the use of Tekla Xpower. The companies will implement the system extensively in their network functions, from design to operation and maintenance. The implementation project with Vattenfall Central Europe in Berlin proceeded according to plans. As for started development projects, e.g., the utilization of quality data of automatic meter reading in Tekla Xpower could be mentioned. The specification of the desktop solution for electronic service of municipal built-up areas (KRYSP) advanced as planned. In the water supply sector, it was agreed with key customers to start a property management development project. PERSONNEL Tekla Group personnel averaged 451 (459) for January-March 2010; on average 187 (189) worked outside Finland. In these figures, the number of part-time staff has been converted to correspond to full-time work contribution. At the beginning of the year, Tekla personnel totaled 466 (464) including part-time staff, of whom 192 (189) worked outside Finland, and at the end of March 454 (471), of whom 186 (193) worked outside Finland. The decrease in the number of personnel was mainly due to random variation. However, Tekla's long-term personnel trend continues to be rising in order to be able to utilize the market potential in sight. SHARE AND OWNERSHIP STRUCTURE Shares and share capital The total number of Tekla Corporation shares at the end of March 2010 was 22,586,200, of which the company owned 169,600. The total book counter value of those was 5,088 euros, representing 0.75% of the company's shares and the total number of votes. A total of 898,212.35 euros had been used for acquiring the company's own shares, and their market value was 1,311,008 euros on March 31, 2010. The book counter value of the share is 0.03 euros. At the end of the period, share capital stood at 677,586 euros. Share price trends and trading The highest quotation of the share in January-March 2010 was 7.87 (4.80) euros, the lowest 6.30 (3.40) euros. The average quotation was 6.79 (3.82) euros. On the last trading day of March, trading closed at 7.73 (3.79) euros. A total of 1,712,990 (801,503) Tekla shares changed hands in January-March 2010 at NASDAQ OMX Helsinki Ltd, amounting to 7.6% (3.5%) of the entire share capital. Nominee registered and foreign owners held 19.6% (25.0%) of all shares at the end of March 2010. SHORT-TERM RISKS AND UNCERTAINTY FACTORS Possible risks and uncertainty factors associated with Tekla's business are mainly related to the market and competition situation and the general economic situation. Trends in the building industry are still rather weak in most markets, and this has had a negative impact on the demand for Tekla products. A majority of Tekla's net sales comprises of sales of licenses entitling to use software products. Fluctuation in their demand can be rapid and significant. In the short term and with rapidly decreasing demand, it is challenging to proportion fixed personnel expenses, which account for the majority of Tekla's costs. Tekla is, however, able to react swiftly to growing demand, and profits from additional sales are good. The sales of Tekla software are geographically distributed. In addition, individual customers do not account for a significant share of net sales, and therefore these risks are not substantial. EVENTS AFTER THE REPORTING PERIOD ANNUAL GENERAL MEETING Tekla Corporation's Annual General Meeting was held on April 8, 2010. The AGM adopted Tekla Corporation's financial statements and consolidated financial statements for 2009. It also discharged the CEO and the Board members from liability. The AGM accepted the Board's proposal whereby a dividend of 0.20 euros per share be distributed for 2009, or a total of 4,483,320 euros. The dividend payment date was April 20, 2010. Ari Kohonen, Olli-Pekka Laine (Vice Chair), Heikki Marttinen (Chair), Erkki Pehu-Lehtonen and Reijo Sulonen were elected Board members until the conclusion of the Annual General Meeting in 2011. Timo Keinänen was re-elected deputy member of the Board. Juha Kajanen will continue as the Tekla personnel representative on the Board with Kirsi Hakkila as his personal deputy. The AGM decided to remain the compensation to the Board the same as in 2009: Chairman of the Board will receive 3,000 euros per month, Deputy Chairman of the Board 2,500 euros per month and other members of the Board 2,000 euros per month. In addition, the members' travel expenses will be reimbursed. The members of the Board employed by Tekla Group will not be paid any fees for their board work. Ernst & Young Oy, Authorized Public Accountants, was elected as company auditor, with Erkka Talvinko, Authorized Public Accountant, as the auditor in charge. The auditor's remuneration will be based on invoicing. The AGM decided on amending Article 7 of the Articles of Association due to the amendments of the Finnish Companies Act with regard to invitations to a general meeting and registration period. The AGM authorized the Board to increase the company's share capital and acquire or transfer the company's treasury shares. The authorizations are valid until the next Annual General Meeting, however not later than April 30, 2011. In addition, the AGM decided on reducing the share premium account shown on the company's balance sheet of December 31, 2009 by transferring all the funds in the share premium account to the invested non-restricted equity fund. Following the reduction, the amount of the share premium account will be zero. The Board of Directors' proposals reviewed by the AGM have been published in the notice to the annual general meeting on March 16, 2010, and the decision by the AGM have been published in a stock exchange release on April 8, 2010. OUTLOOK FOR 2010 The rate of the recovery of the global economy has a major impact on the development of Tekla's net sales, but foreseeing it continues to be difficult. The February estimate of moderate growth of full-year net sales and operating profit will remain unchanged. NEXT FINANCIAL REPORT Tekla's interim report for January-June 2010 will be published on August 6, 2010. Espoo, May 4, 2010 TEKLA CORPORATION Board of Directors For additional information, please contact: Ari Kohonen, President and CEO, Tel. +358 50 641 24, Timo Keinänen, CFO, Tel. 0400 813 027 firstname.lastname@tekla.com <mailto:firstname.lastname@tekla.com> Distribution: NASDAQ OMX Helsinki Ltd, main media CONSOLIDATED FINANCIAL STATEMENTS (unaudited) CONSOLIDATED INCOME STATEMENT Q1/ Q1/ Q1-Q4/ Million euros 2010 2009 2009 Net sales 12.84 12.19 50.07 Other operating income 0.13 0.08 0.33 Change in inventories of finished goods and in work in progress 0.03 -0.04 0.07 Raw materials and consumables used -0.44 -0.62 -2.11 Employee compensation and benefit expense -7.34 -7.13 -27.96 Depreciation -0.42 -0.35 -1.57 Other operating expenses -3.32 -2.89 -12.02 Operating result 1.48 1.24 6.81 % of net sales 11.53 10.17 13.60 Financial income 0.79 0.89 2.01 Financial expenses -0.38 -0.61 -1.56 Profit (loss) before taxes 1.89 1.52 7.26 % of net sales 14.72 12.47 14.50 Income taxes -0.39 -0.48 -2.02 Result for the period 1.50 1.04 5.24 Attributable to: Owners of the parent 1.50 1.04 5.24 Earnings per share for profit attributable to the owners of the parent (EUR) 0.07 0.05 0.23 Earnings are not diluted. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Q1/ Q1/ Q1-Q4/ Million euros 2010 2009 2009 Result for the period 1.50 1.04 5.24 Other comprehensive income for the the period, net of tax: Transl. differences -0.06 0.09 0.08 Changes in available-for-sale investments 0.01 -0.03 -0.15 Total -0.05 0.06 -0.07 Total. comprehensive income for the period 1.45 1.10 5.17 Attributable to: Owners of the parent 1.45 1.10 5.17 CONDENSED BALANCE SHEET Million euros 3/2010 3/2009 12/2009 Assets Non-current assets Property, plant and equipment 1.40 1.69 1.42 Goodwill 0.19 0.19 0.19 Intangible assets 1.97 1.93 2.03 Other financial assets 1.13 3.80 1.64 Receivables 0.54 0.25 0.36 Deferred tax assets 0.62 0.20 0.44 Non-current assets, total 5.85 8.06 6.08 Current assets Inventories 0.13 0.11 Trade and other current receivables 13.35 14.01 9.74 Tax receivables 0.13 0.58 0.13 Other financial assets 26.95 18.20 20.04 Cash and cash equivalents 7.34 6.77 5.13 Current assets, total 47.90 39.56 35.15 Assets total 53.75 47.62 41.23 Equity and liabilities Equity Share capital 0.68 0.68 0.68 Share premium account 8.89 8.89 8.89 Other own capital 1.75 1.93 1.80 Retained earnings 20.03 14.33 18.53 Equity total 31.35 25.83 29.90 Non-current liabilities Deferred tax liabilities 0.11 0.07 0.10 Interest-bearing liabilities 0.07 0.08 0.08 Non-current liabilities total 0.18 0.15 0.18 Current liabilities Trade and other payables 22.15 21.59 11.05 Tax liabilities 0.01 0.01 0.04 Current interest-bearing liabilities 0.06 0.04 0.06 Current liabilities total 22.22 21.64 11.15 Liabilities total 22.40 21.79 11.33 Equity and liabilities total 53.75 47.62 41.23 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to the owners of the parent Share Share Fair Acc. Ret. capital prem. Res. vale transl. earn. acct fund res. diff. Total Equity January 1, 2009 0.68 8.89 1.33 0.24 -0.53 19.72 30.33 Payment of dividend -5.60 -5.60 Transfer from retained earnings 0.83 -0.83 0.00 Total comprehensive income for the period -0.03 0.09 1.04 1.10 Equity March 31, 2009 0.68 8.89 1.33 0.21 0.39 14.33 25.83 Attributable to the owners of the parent Share Share Fair Acc. Ret. capital prem. Res. vale transl. earn. acct fund res. diff. Total Equity January 1, 2010 0.68 8.89 1.33 0.09 0.38 18.53 29.90 Payment of dividend 0.00 Total comprehensive income for the period 0.01 -0.06 1.50 1.45 Equity March 31, 2010 0.68 8.89 1.33 0.10 0.32 20.03 31.35 CONDENSED CASH FLOW STATEMENT Q1/ Q1/ Q1-Q4/ Million euros 2010 2009 2009 Net cash flows from operating activities 8.85 8.12 6.89 Cash flows from investing activities: Investments -0.33 -0.67 -1.71 Sale of intangible assets and property, plant and equipment 0.22 Purchases of available-for- sale financial assets -16.78 -11.73 -33.16 Proceeds from sale of available-for-sale financial assets 8.73 10.74 32.82 Interests received from available-for-sale financial assets 0.07 0.31 0.72 Net cash used in/from investing activities -8.31 -1.35 -1.11 Cash flows from financing activities: Payment of dividend -5.60 -5.60 Payments of finance lease liabilities -0.01 -0.04 Net cash used in financing activities 0.00 -5.61 -5.64 Net decrease/increase in cash and cash equivalents 0.54 1.16 0.14 Cash and cash equiv. at beginning of the period 7.12 6.98 6.98 Cash and cash equivalents at end of the period 7.66 8.14 7.12 The cash and cash equivalents in the cash flow statement include: Cash and cash equivalents 7.34 6.77 5.13 Available-for-sale financial assets, cash equivalents 0.32 1.37 1.99 NOTES TO THE INTERIM REPORT The notes are presented in millions of euros, unless otherwise stated. This interim report has been prepared in accordance with the IAS 34 (Interim Financial Reporting) standard. The same accounting and valuation policies and methods of computation have been followed in the interim report as in the annual financial statements for 2009. The amendments and interpretations to published standards as well as new standards, effective January 1, 2010, are presented in detail in the financial statement for 2009. The figures presented in the Interim Report are unaudited. Use of estimates When preparing the interim report, the Group's management is required to make estimates and assumptions influencing the content of the interim report, and it must exercise its judgment regarding the application of accounting policies. Although these estimates are based on the management's best knowledge, actual results may ultimately differ from the estimates used in the interim report. Tax losses carried forward are recognized as deferred tax assets only to the extent that it is probable that future taxable profits will be available against which unused tax losses can be utilized. Actual results could differ from those estimates. Segment information Net sales by business area Q1/ Q1/ Q1-Q4/ Million euros 2010 2009 2009 Building & Construction 9.42 8.88 36.34 Infra & Energy 3.43 3.33 13.80 Net sales between segments -0.01 -0.02 -0.07 Total 12.84 12.19 50.07 Operating result by business area Q1/ Q1/ Q1-Q4/ Million euros 2010 2009 2009 Building & Construction 1.14 0.92 4.72 Infra & Energy 0.34 0.32 2.08 Others 0.01 Total 1.48 1.24 6.81 Financial indicators Q1/ Q1/ Q1-Q4/ 2010 2009 2009 Earnings per share (EPS), EUR 0.07 0.05 0.23 Equity/share, EUR 1.40 1.15 1.33 Interest-bearing liabilities 0.13 0.12 0.13 Equity ratio, % 58.8 54.7 73.1 Net gearing, % -108.8 -96.1 -83.7 Return on investment, % 25.1 22.1 24.5 Return on equity, % 19.6 14.9 17.4 Number of shares, at end of the period 22,416,600 22,416,600 22,416,600 Number of shares, on average 22,416,600 22,416,600 22,416,600 Gross investments, MEUR 0.29 0.67 1.71 % of net sales 2.26 5.50 3.42 Personnel, on average 451 459 456 Consolidated income statement by quarter Q1/ Q4/ Q3/ Q2/ Q1/ Million euros 2010 2009 2009 2009 2009 Net sales 12.84 14.29 11.73 11.86 12.19 Other operating income 0.13 0.14 0.06 0.05 0.08 Change in inventories of finished goods and in work in progress 0.03 0.03 0.04 0.04 -0.04 Raw materials and consumables used -0.44 -0.69 -0.33 -0.47 -0.62 Employee compensation and benefit expense -7.34 -7.60 -6.12 -7.11 -7.13 Depreciation -0.42 -0.41 -0.41 -0.40 -0.35 Other operating expenses -3.32 -3.56 -2.58 -2.99 -2.89 Operating result 1.48 2.20 2.39 0.98 1.24 % of net sales 11.53 15.40 20.38 8.26 10.17 Financial income 0.79 0.44 0.31 0.37 0.89 Financial expenses -0.38 -0.33 -0.37 -0.25 -0.61 Profit (loss) before taxes 1.89 2.31 2.33 1.10 1.52 % of net sales 14.72 16.17 19.86 9.27 12.47 Income taxes -0.39 -0.56 -0.58 -0.40 -0.48 Result for the period 1.50 1.75 1.75 0.70 1.04 Income taxes Q1/ Q1/ Q1-Q4/ 2010 2009 2009 Taxes for the financial period and prior periods -0.57 -0.50 -2.28 Deferred taxes 0.18 0.02 0.26 Total -0.39 -0.48 -2.02 Property, plant and equipment 3/2010 3/2009 12/2009 Cost at the beginning of the period 8.30 7.76 7.76 Translation differences 0.11 0.03 Additions 0.17 0.21 0.66 Disposals -0.45 -0.06 -0.15 Cost at the end of the period 8.13 7.91 8.30 Accumulated depreciation at 6.88 6.06 6.06 Translation differences 0.08 0.02 Accumulated depreciation on disposals -0.45 -0.06 -0.08 Depreciation for the financial period 0.22 0.22 0.88 Accumulated depreciation at the end of the period 6.73 6.22 6.88 Net book amount at the end of the period 1.40 1.69 1.42 The investments consisted of normal acquisitions of hardware, software, and equipment. Provisions The Group had no provisions in the reporting or comparison period. Collaterals, contingent liabilities and other commitments 3/2010 3/2009 12/2009 Collaterals for own commitments Business mortgages (as collateral for bank guarantee limit) 0.50 0.50 0.50 Pledged funds 0.08 0.06 0.07 Leasing and rental agreement commitments Premises 4.45 5.43 4.63 Others 0.53 0.70 0.59 Total 4.98 6.13 5.22 Derivative contracts Currency forward contracts: Fair value -0.07 -0.10 0.06 Nominal value of underlying instruments 1.78 1.77 2.49 The Group makes derivative contracts to hedge against the exchange rate risks of prospective sales agreements. Derivative contracts are stated at fair value, and related foreign exchange gains and losses are recognized in the income statement. The derivative contracts hedge sales in US dollars in accordance with the Group policy. Related party transactions 3/2010 3/2009 12/2009 Gerako Oy Purchases of services 0.08 0.05 0.21 Management remuneration Salaries and post-employment benefits 0.32 0.47 1.27 Management herein refers to members of the Tekla Management Team. [HUG#1411786]
Tekla Corporation's Interim Report January 1 - March 31, 2010: Moderate growth in net sales and operating result
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