TJ GROUP
CONSOLIDATED PROFIT AND LOSS STATEMENT
 
 
 1 Jan– % 1 Jan– % 1 Jan– %
 30 June of 30 June of 31 Dec of
 2003 turn- 2002 turn- Chan- 2002 turn-
 6 mths over 6 mths over ge % 12 mths over
Net sales 12,482 14,075 -11.3% 27,559
Change in work in
progress,inc (+),dec(-) -58 -139 -67
Other operating income 456 566 839
Materials and services 1 749 2,884 5,423
 
Personnel expenses 8,826 14,201 23,805
 
Depreciations
 Depreciations
 according to plan 654 870  1,736
Rents 2,251 2,552 5,058
Marketing expenses 387 518 1,017
Other operating
expenses 2,708 4,207 7,216
 
Operating
profit/loss  -3,695 –29.6% -10,730 –76.2% -15,924 –57.8%
Financial income
and expenses
 Interest income
 and other
 financial income 40 51 344
 Interest expenses
 and other
 financial expenses -235 -1,063 -1,340
 Share of profit/loss
 in associated
 companies -59 383 426
 
Profit/loss before
reserves and
income taxes -3,949 -11,359 -16,494
Extraordinary expenses -1,365  -1,044 -2,315
 
Profit/loss before
income taxes -5,314 -12,403 -18,809
Income taxes 0 32 19
 
PROFIT/LOSS
FOR THE PERIOD -5,314 –42.6% -12,371 –87.9%  -18,790 –68.2%
 
 
 
CONSOLIDATED PROFIT AND LOSS STATEMENT BY QUARTER
(euro thousand)
 
 1 Jan– 1 April– 1 Jan–
 31 March 30 June 30 June
  2003 2003 2003
 3 months 3 months 6 months
 
Net sales 7,184 5,298 12,482
Change in work in progress,inc(+),dec(-) -177 119 -58
Other operating income 216 240 456
Materials and services 1,166 583 1,749
 
Personnel expenses 4,938 3,888 8,826
Depreciations
 Depreciations according to plan 334 320 654
Rents 1,247 1,004 2,251
Marketing expenses 207 180 387
Other operating expenses 1,583 1,125 2,708
 
Operating profit/loss -2,252 -1,443 -3,695
Financial income and expenses
 Interest income and
 other financial income 27 13 40
 Interest expenses and
 other financial expenses -186 -49 -235
 Share of profit in associated companies -1 -58 -59
 
Profit/loss before reserves
and income taxes -2,412 -1,537 -3,949
Extraordinary expenses -143 -1,222 -1,365
 
Profit/loss before income taxes -2,555 -2,759 -5,314
Income taxes 0 0 0
 
Profit/loss for the period -2,555 -2,759 -5,314
 
 
 
CONSOLIDATED BALANCE SHEET
(EUR thousand)
 
ASSETS 30 June 2003 30 June 2002 31 Dec 2002
 
NON-CURRENT ASSETS
Intangible assets
 Intangible rights 442 557  522
 Consolidation goodwill 1,194 1,107 1,129
 Goodwill 3,843 4,661 4,113
 Other capitalized expenditure 715 475 741
  6,194 6,800 6,505
 
Tangible assets
 Machinery and equipment 756 1,615 986
Investments
 Shares in associated companies 962 979 1,021
 Other shares and participations  11 61 11
CURRENT ASSETS
Stocks
Work in progress 0 1 234
Other stocks 0 18 13
 0  19 247
Receivables
 Trade receivables 2,948 4,768 5,542
 Loan receivables 5 22 13
 Other current assets 3,373 2,988 3,329
Cash and cash equivalents 3,702 12,232 5,831
TOTAL ASSETS 17,951 29,484 23,485
 
 
 
SHAREHOLDERS' EQUITY AND LIABILITIES
 30 June 2003 30 June 2002 31 Dec 2002
 
SHAREHOLDERS' EQUITY
Share capital 2,447 2,447 2,447
Premium reserve 63,573 63,573 63,573
Retained earnings -52,037 -33,147 -33,156
Profit/loss for the period -5,314 -12,371 -18,790
TOTAL SHAREHOLDERS' EQUITY 8,669 20,502 14,074
 
OBLIGATORY RESERVES
 Other reserves 50 50 50
 
LIABILITIES
Long-term liabilities
 Convertible loans 3,000 0 0
 Loans from financial institutions 315 333 244
 3,315 333 244
Current liabilities
 Loans from financial institutions 97 178 237
 Trade payables 1,150 2,472 3,026
 Other current liabilities 1,365 1,943 1,803
 Accrued liabilities 3,305  4,006 4,051
TOTAL SHAREHOLDERS'
EQUITY AND LIABILITIES 17,951 29,484 23,485
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENT
(EUR thousand)
 
 1 Jan– 1 Jan– 1 Jan–
  30 June 30 June 31 Dec
 2003 2002 2002
 6 months 6 months 12 months
 
Cash flow from operating activities
 
Operating profit/loss -3,695 -10,730 -15,925
Depreciations 654 870 1,735
Change in working capital -255 4,680 3,804
Interests received 40 51 770
Interests paid -235 -1,063 -1,339
Other financial items -91 151 -25
Extraordinary income and expenses -1,365 -1,044 -2,314
Income taxes, paid 0 32 19
Cash flow from operating activities total -4,947 -7,053 -13,275
 
Cash flow/investments
Investments in intangible
and tangible assets -113 -321 -724
Sales of intangible
and tangible assets 0 0 628
Investments in other
shares and holdings 0 0 -374
Cash flow/investments total -113 -321 -470
 
Cash flow before financing activities -5,060 -7,374 -13,745
 
Cash flow/financing
Change in long-term liabilities,
inc(+), dec(-) 3,071 -333 -422
Change in short-term liabilities,
inc(+), dec(-)  -140 -255 -196
Share issue 0 10,076 10,076
Cash flow/financing total 2,931 9,488 9,458
 
Change in liquid funds -2,129  2,114 -4,287
Liquid funds opening balance 5,831 10,118 10,118
Liquid funds closing balance 3,702 12,232 5,831
 
 
 
CONSOLIDATED CASH FLOW STATEMENT BY QUARTER
(EUR thousand)
 
  1 Jan– 1 April– 1 Jan– 1 Jan–
 31 March 30 June 30 June 30 June
 2003 2003 2003 2002
 3 months 3 months 6 months  6 months
 
Cash flow from operating activities
 
Operating profit/loss -2,252 -1,443 -3,695 -10,730
Depreciations 334 320 654 870
Change in working capital -217 -38 -255 4,680
Interests received 27 13 40 51
Interests paid -186 -49 -235 -1,063
Other financial items 34 -125 -91 151
Extraordinary income
and expenses -143 -1,222 -1,365 -1,044
Income taxes, paid 0 0 0 32
Cash flow from operating
activities total -2,403 -2,544 -4,947 -7,053
 
Cash flow/investments
Investments in intangible
and tangible assets -58 -55 -113 -321
Cash flow/investments total -58 -55 -113 -321
 
Cash flow before
financing activities -2,461 -2,599 -5,060 -7,374
 
Cash flow/financing
Change in long-term
liabilities, inc(+), dec(-) -234 3,305 3,071 -333
Change in short-term
liabilities, inc(+), dec(-) 164 -304 -140 -255
Share issue  0 0 0 10,076
Cash flow/financing total -70 3,001 2,931 9,488
 
Change in liquid funds -2,531 402 -2,129 2,114
Liquid funds opening balance 5,831 3,300 5,831 10,118
Liquid funds closing balance 3,300 3,702 3,702 12,232
 
 
 
FIGURES BY COMPANY
(EUR thousand)
 
 1 Jan– 1 Jan–
 30 June 30 June
 2003 2002
 6 months 6 months
 
Net sales
Documenta Oy, Finland 1,479 1,547
Key Partners Oy, Finland (1) 4,478 913
PlanMill Ltd, Finland 464 542
TJ Group AB, Sweden 583 870
TJ Group Americas Inc. 268  985
TJ Group AS, Norway 1,751 3,059
TJ Group A/S, Denmark 104 530
TJ Group GmbH, Germany 2,948 3,614
TJ Group GmbH Switzerland (1) 45 8
TJ Group Limited, UK 23 72
TJ Group Oyj, Finland 454 3,649
TJ Group Services Oy, Finland (1) 1,726  257
 - intercompany sales -1,843 -1,971
TJ Group total 12,480 14,075
 
(1) The company's operation has started April 2002
 
 
  1 Jan– 1 Jan–
 30 June 30 June
 2003 2002
 6 months 6 months
Result before reserves and income taxes
Documenta Oy, Finland -98 32
Key Partners Oy, Finland (1) 986 -672
PlanMill Ltd, Finland -13 75
TJ Group AB, Sweden -424 -585
TJ Group Americas Inc. –545 -490
TJ Group AS, Norway -305 -1,318
TJ Group A/S, Denmark  -270 -851
TJ Group GmbH, Germany -685 -1,507
TJ Group GmbH Switzerland (1) -156 -132
TJ Group Limited, UK -83 -141
TJ Group Oyj, Finland -2,541 -5,998
TJ Group Services Oy, Finland (1) -212 -32
 - intercompany items 397 260
TJ Group total  -3,949 -11,359
 
(1) The company's operation has started April 2002
 
 
 30 June 2003 30 June 2002
Employees
Documenta Oy, Finland 38 32
Key Partners Oy, Finland (1) 93 113
PlanMill Ltd, Finland 11 10
TJ Group AB, Sweden 10 31
TJ Group Americas Inc.  3 15
TJ Group AS, Norway 24 25
TJ Group A/S, Denmark 0 22
TJ Group GmbH, Germany 32 90
TJ Group GmbH Switzerland (1) 2 1
TJ Group Limited, UK 2 1
TJ Group Oyj, Finland 10 39
TJ Group Services Oy, Finland (1)  34 16
TJ Group total 259 395
 
(1) The company's operation has started April 2002
 
 
 
FIGURES BY COMPANY BY QUARTER
(EUR thousand)
 1 Jan– 1 April– 1 Jan– 1 Jan–
 31 March 30 June 30 June 30 June
 2003 2003 2003 2002
 3 months 3 months 6 months 6 months
Net sales
Documenta Oy, Finland 724 755 1,479 1,547
Key Partners Oy, Finland (1) 2,210 2,268 4,478 913
PlanMill Ltd, Finland 244 220 464 542
TJ Group AB, Sweden 366  217 583 870
TJ Group Americas Inc. 142 126 268 985
TJ Group AS, Norway 1,130 621 1,751 3,059
TJ Group A/S, Denmark 104 0 104 530
TJ Group GmbH, Germany 2,281 667 2,948 3,614
TJ Group GmbH Switzerland (1) 22 23 45 8
TJ Group Limited, UK 4 19 23 72
TJ Group Oyj, Finland 192  262 454 3,649
TJ Group Services Oy, Finland (1) 782 944 1,726 257
 - intercompany sales -1,017 -826 -1,843 -1,971
TJ Group total 7,184 5,296 12,480 14,075
 
(1) The company's operation has started April 2002
 
 
 1 Jan– 1 April– 1 Jan– 1 Jan–
 31 March 30 June 30 June 30 June
 2003 2003 2003 2002
 3 months 3 months 6 months 6 months
Result before reserves
and income taxes
Documenta Oy, Finland 3 -101 -98 32
Key Partners Oy, Finland (1) 491 495  986 -672
PlanMill Ltd, Finland 18 -31 -13 75
TJ Group AB, Sweden -156 -268 -424 -585
TJ Group Americas Inc. –330 -215 -545 -490
TJ Group AS, Norway  -51 -254 -305 -1,318
TJ Group A/S, Denmark -270 0 -270 -851
TJ Group GmbH, Germany -599 -86 -685 -1,507
TJ Group GmbH Switzerland (1) -87 -69 -156 -132
TJ Group Limited, UK -22 -61 -83 -141
 
TJ Group Oyj, Finland -1,516 -1,025 -2,541 -5,998
TJ Group Services Oy, Finland (1) -30 -182 -212 -32
 - intercompany items 137 260 397 260
TJ Group total -2,412 -1,537 -3,949 -11,359
 
(1) The company's operation has started April 2002
 
 
 31 March 30 June 30 June 30 June
  2003 2003 2003 2002
Employees
Documenta Oy, Finland 35 38 38 32
Key Partners Oy, Finland (1) 96 93 93 113
PlanMill Ltd, Finland  11 11 11 10
TJ Group AB, Sweden 11 10 10 31
TJ Group Americas Inc. 10 3 3 15
TJ Group AS, Norway 24 24 24  25
TJ Group A/S, Denmark 10 0 0 22
TJ Group GmbH, Germany 60 32 32 90
TJ Group GmbH Switzerland (1) 2 2 2 1
TJ Group Limited, UK  1 2 2 1
TJ Group Oyj, Finland 11 10 10 39
TJ Group Services Oy, Finland (1) 36 34 34 16
TJ Group total 307 259 259 395
 
(1) The company's operation has started April 2002
 
 
 
KEY FIGURES
 1 Jan– 1 Jan– 1 Jan–
 30 June 30 June 31 Dec
  2003 2002 2002
 6 months 6 months 12 months
 
Net sales, EUR million 12.48 14.08 27.56
Operating profit/loss, EUR million -3.70 -10,73 -15.92
  % of net sales -29.6% -76.2% -57.8%
Return on equity, % (2) -69.5% -104.6% -89.3%
Return on investment, % (2) -55.5% -92.0% -79.1%
Interest bearing net debt, EUR million  -0.3 -11.7 -5.4
Net debt to equity (Net Gearing), % -3.3% -57.2% -38.0%
Equity ratio, % 48.4% 69.9% 60.9%
Gross investments 0.1 0,3 1.1
 % of net sales 1% 2% 4%
Personnel at the end of the period 259 395 321
Personnel average 302 452 396
 
Key figures per share
Earnings/share, euro -0.03 -0.17 -0.17
Shareholders' equity per share, euro 0.07 0.17 0.15
 
(2) The percentages for return on equity and return on investment have
been adjusted to reflect the figures for a 12-month period.