SYSOPEN PLC´S INTERIM REPORT FOR Q1-Q3/2002reports.huginonline.com/880649/110096.pdfThe Group´s...

STOCK EXCHANGE RELEASE 7 Nov. at 09.30 a.m. 1

SysOpen Plc Hiomotie 19, 00380 Helsinki

Tel +358 424 20201, Fax +358 424 2020 700 www.sysopen.fi

Trade reg.: 0831312-4

SYSOPEN PLC´S INTERIM REPORT FOR Q1-Q3/2002 - Consolidated operating profit was at the forecast level, markedly exceeding the IT sector´s average - Turnover came to EUR 21.3 million, up 6 per cent year-on-year, taking into account the divestment of a business with 25 employees - Earnings before interest, taxes and goodwill amortisation (EBITA) accounted for 10 per cent of turnover, as forecast, or EUR 2.1 million, down EUR 0.8 million on a year earlier - Profit before extraordinary items and taxes came to EUR 1.3 million - Earnings per share were EUR 0.14 - The period-end number of employees totalled 317, showing a staff reduction of 9 on 2001 - Considering the overall market conditions, SysOpen´s near-term prospects are cautiously optimistic - The comparable consolidated turnover for 2002 is expected to remain at the previous year´s level, while EBITA is expected to hover around 10 per cent and earnings per share around EUR 0.20-0.22 - Organic growth in turnover is expected to accelerate in 2003, and profitability to improve MARKETS The worldwide economic and political situation remained uncertain, and, contrary to expectations, the economy did not recover during the second half of 2002, resulting in continuing low demand for IT services. Clients are currently concentrating on cost cutting, and the rapid improvement of their own profitability and efficiency. Due to this, several client project launches have been delayed, especially outside the Helsinki Metropolitan Area. In many cases, clients have also performed project launches using their own resources. Despite the weak market situation, SysOpen managed to increase its comparable turnover and achieve healthy profits, as forecast. REPORTED TURNOVER FOR THE PERIOD YEAR-ON-YEAR Consolidated turnover for the period reached EUR 21.3 million (Q1-Q3/2001: EUR 21.9 million). International businesses accounted for 3.6 per cent of consolidated turnover (Q1-Q3/2001: 2.1 per cent). In February, the Group sold its Logistics Consulting Services to the unit’s management, a deal which involved 25 employees. Taking this sale into consideration, the comparable turnover for Q1-Q3/2001 amounted to EUR 20.1 million. Compared to this amount, turnover for the period in review growing by 5.7 per cent. Turnover by business area for Q1-Q3/2002: Enterprise Application Solutions 85.7 %




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Software Solutions 14.3 %

REPORTED TURNOVER COMPARED TO THE PREVIOUS QUARTER Consolidated turnover for Q2/2002 amounted to EUR 7.5 million and for Q3/2002, EUR 6.2 million. Turnover decreased by 17.5 per cent on the previous quarter, mainly due to seasonal fluctuations during the summer. OPERATING PROFIT AND FINANCIAL PERFORMANCE FOR THE PERIOD YEAR-ON-YEAR The Group´s business profitability continued markedly to exceed the industry average. Consolidated earnings before interest, taxes and goodwill amortisation (EBITA) came to EUR 2.1 million (Q1-Q3/2001: EUR 2.9 million, down 28 per cent), accounting for 10.0 per cent of reported consolidated turnover (Q1-Q3/2001: 13.4 per cent). Consolidated financing costs include a EUR 264,000 write-down of marketable securities and a total of EUR 303,000 in write-downs in the share capital of associated companies and other related equity. Due to these one-off write-downs, financing costs amounted to EUR 531,000 (Q1-Q3/2001: EUR 148,000). For the same reason, profit before extraordinary items and taxes came to EUR 1.3 million (Q1-Q3/2001: EUR 2.6 million). Earnings per share were EUR 0.14 (Q1-Q3/2001: EUR 0.18). OPERATING PROFIT AND FINANCIAL PERFORMANCE COMPARED TO THE PREVIOUS QUARTER Q2/2002 consolidated profit before interest, taxes and goodwill amortisation (EBITA) achieved EUR 1.6 million (21.5 per cent of turnover) compared to EUR -0.09 million for Q3/2002 (-1.5 per cent of turnover). As of the beginning of 2003, the reversal procedure for holiday pay provisions will be changed to correspond to the actual holiday periods. To make the effects of these changes to the reversal procedure easier to predict, an estimate based on the new procedure will be formulated this year. During Q2/2002, the positive effect of holiday pay reversals on EBITA was around EUR 700,000. The new entry procedure would bring EBITA for Q2/2002 and Q3/2002 to 12.1 per cent and 9.8 per cent, respectively. This procedural change will have no impact on the Group´s annual figures. Irrespective of the prodedure, the Group´s business profitablity for Q3 remained below the level of Q2, as predicted, due to normal seasonal fluctuations during the summer. TAX RATE AND NET PROFIT




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The Group´s structure was streamlined in 2001 by consolidating profitable subsidiaries into the parent company. As a result, the parent company incurred tax-deductible losses of EUR 7.3 million resulting from the dissolution of the subsidiaries. The tax authorities have now confirmed the level of losses associated with the dissolution, and correspondingly approved a five-year depreciation period (years 2001 to 2005). These losses will lighten the company´s tax burden and improve net profit by EUR 423,000 per year, and earnings per share by EUR 0.05 per year. During the report period, the tax reserve for 2001 was liquidated to a value of EUR 364,000 and the tax reserve for the current year to EUR 289,000. HUMAN RESOURCES AND ADMINISTRATION At the end of the period, the number of employees totalled 317, down 9.7 per cent year-on-year (Q1-Q3/2001: 351). This staff reduction, by 9 on last year, was largely due to the sale of Logistics Consulting Services. The average number of employees totalled 330 (Q1-Q3/2001: 336). Reported employee turnover came to 7.6 per cent (Q1-Q3/2001: 8 per cent) Employees by function: Enterprise Application Solutions 66% Software Solutions 17% Administration and Management 13% International Operations 4% Changes in Board responsibilities In June, SysOpen Plc´s Board of Directors appointed Kari Karvinen, the previous Vice-Chairman, as the new Chairman of the Board. Karvinen´s responsibilities include business acquisitions and alliances as well as the development of corporate governance. The Board of Directors appointed Matti Savolainen as Vice-Chairman, Jorma Kylätie, Risto Linturi and Timo Tiihonen being the other members of the Board of Directors. Jorma Kylätie has returned from sick leave and will resume his responsibilities on the Board of Directors, concentrating on markets and production methods. Additionally, he will work part-time within the company as a Senior Advisor in relation to the aforementioned areas of responsibility. FINANCING AND CAPITAL EXPENDITURE




Trade reg.: 0831312-4

The Group´s financial position remained healthy throughout the report period. The balance sheet total came to EUR 16.5 million (Q1-Q3/2001: EUR 18.2 million) and equity ratio was 80 per cent (Q1-Q3/2001: 72 per cent). The ratio of net liabilities to shareholders´ equity, or net gearing, was -50 per cent (Q1-Q3/2001: -51 per cent). Liquid assets totalled EUR 6.4 million (Q1-Q3/2001: EUR 6.6 million). The Group´s gross capital expenditure amounted to EUR 0.3 million (Q1-Q3/2001: EUR 1.2 million). In addition to this, the Group continued to spend on service development and in-house software component engineering. These investments were entered directly as expensed, as they occurred. SHARE CAPITAL AND SHARES The nominal value per share was EUR 0.1, the number of shares totalling 9,362,914. The ten major shareholders as of 31 October 2002 Shareholder Proportion (%) of shares

and votes Kari Karvinen 16.9 Matti Savolainen 16.8 Jorma Kylätie 16.2 LEL Employment Pension Fund 4.8 Olli Ahonen 2.0 Suomi Insurance Company Ltd 1.6 Seppo Sneck 1.4 Sampo Suomi Osake 1.3 Yrjö Toiviainen 1.2 Kimmo Rahkamaa 1.1 Holdings by number of shares held, as of 31 October 2002 Number of shares

Proportion (%)

of holdings

Proportion (%) of

shares and votes

1 - 100 34.9 0.8 101 - 1,000 52.8 6.6

1,001 - 10,000 10.2 8.2 10,001 - 100,000 1.8 20.1

100,001 - 1,000,000 0.3 14.4 1,000,001 - 3,000,000 0.1 50.0

Total number of holdings: 2,800 Total number of shares: 9,362,914




Trade reg.: 0831312-4

Holdings by sector, as of 31 October 2002 Proportion

(%) of holdings

Proportion (%) of shares

Corporate sector 7.5 4.6 Financing and insurance 0.6 8.3 Government sector 0.1 5.3 Non-profit organisations 0.3 0.5 Households 91.0 81.2 The Group´s Share Performance on the Helsinki Exchanges during Q1-Q3/2002 The lowest reported share quotation was EUR 2.52 and the highest was EUR 6.35. The Group´s share value closed at EUR 2.70 on the final day of trading. The weighted average price was EUR 4.71 and the Group´s market capitalisation totalled EUR 25,279,868 by the end of the period. SysOpen reported a total of 2,800 shareholders on 31 October 2002. The Group´s shares are quoted on the Main List of the Helsinki Exchanges under the telecommunications and electronics business sector. The lot includes 50 shares. Shareholders´ Meetings SysOpen Plc´s Annual General Meeting was held on 21 March 2002. The AGM adopted the Financial Statements for 2001 and discharged those accountable from liability. In accordance with the Board´s proposal, the AGM confirmed the profit distribution for 2001. The AGM re-elected all five members of the Board of Directors. The AGM unanimously approved the following Board proposals: The AGM decided to increase the company´s share capital and the par value of the share through a bonus issue in order to round off the euro-denominated par value of the share. It also decided to amend Articles 3 and 4 of the Articles of Association. - The AGM authorised the Board of Directors to decide on issuing one or more convertible bonds, issuing stock options and/or increasing the company´s share capital through one or more rights issues. This authorisation granted by the AGM has not been exercised. - The AGM authorised the Board of Directors to transfer the company´s own shares (treasury shares). This authorisation has not been exercised. Stock-Option Schemes A total of 369,000 stock options have been issued in accordance with SysOpen Plc´s stock-option scheme for 1999-2004, all of which have been exercised. The share subscription period for all warrants will expire on




Trade reg.: 0831312-4

31 October 2004. The share subscription price for A, B, C and D warrants is EUR 6.40, EUR 9.30, EUR 6.55 and EUR 4.43 per share, respectively. On 1 November 2002, SysOpen Partners Oy, the Group´s wholly-owned subsidiary, held a total of 58,041 stock options, in accordance with the stock-option scheme for 1999-2004. A total of 400,000 stock options have been issued in accordance with SysOpen Plc´s stock-option scheme for 2000-2005, all of which have been exercised. The share subscription period for all warrants will expire on 31 May 2005 and the share subscription price for E warrants is set at EUR 8.30 per share, and for F warrants at EUR 5.36 per share. On 1 November 2002, SysOpen Partners Oy, the Group´s wholly-owned subsidiary, held a total of 92,340 stock options, in accordance with the stock-option scheme for 2000-2005. GROUP STRUCTURE SysOpen will continue to further develop its organisation with the aim of achieving the goals defined in the long-term business plan and strategies. As of the beginning of 2003, Sysopen´s business units will be as follows: Commerce and Services, Telecoms and Industry, Financing, Organisations and Business Development, Domestic Regions and SysOpen Object Team Oy. The following changes will come into effect at the beginning of 2003:

- A new business unit called Organisations and Business Development will be created. The unit will comprise of the Organisations, International Operations and Accessibility business units. The unit will specialise in its own products.

- The former Software Solutions business unit will be dismantled and the New Product Concepts and the Print Management business teams will be merged into other industry-specific business units.

With this modernised Group structure, we aim to make more efficient use of our client-oriented expertise in the industry. Merging the software product business into the industry-based business units will reinforce the position of Organisations as the core unit of our product-and-industry-based business, and markedly increases the efficiency of sales of solutions based on SysOpen´s own products, product frameworks and components in the business units. These organisational changes will support the realisation of SysOpen´s vision and long-term plan, published in November 2001. SYSOPEN´S BUSINESS SysOpen offers its customers software and expert services that enhance their electronic business operations. Our business consists of enterprise application solutions and software and the supporting consulting and technology development services.




Trade reg.: 0831312-4

During the report period, SysOpen strengthened its position as an integrator of electronic business solutions for large and medium-sized customers. With healthy profitability, demand for enterprise application solutions and consulting services remained at a steady level in the Helsinki Metropolitan Area. Overall, Software Solutions made a loss for the period, due in particular to R&D spending financed through cash flow from business operations. SysOpen continued to focus on sales of product frameworks and components, both abroad and to partners. Within client solutions, more emphasis will be given to system deliveries based on our own product frameworks and components, such as OpenFrame and OpenID. These product frameworks and components will be used as productivity tools in client solutions. They will be utilised on an industry-specific basis in software implementation for the needs of passenger traffic, regional administration and various organisations and associations. The period saw new contracts, including Tieto-Tapiola Oy/Tapiola Group, Suomen Asiakastieto Oy, LEL Työeläkekassa, Metso Paper Inc., Fennia, Stora Enso´s Veitsiluoto mills, Outokumpu Zinc Oy, Kemira Oyj´s Harjavalta plant, Kuntien Tekniset KTK ry and the Trade Union of Education in Finland. Account Strategy J2EE co-operation agreement made with Suomen Asiakastieto Oy, based on the architectural work performed In March 2001, Suomen Asiakastieto Oy launched a system and application architecture study, choosing SysOpen Plc as a partner. The project involved mapping out the infra for the current system and application architecture, and the related technology, a systems definition and a road map description. The systems definition included presenting a new application architecture and provision of the bases upon which the new solutions were selected. As a part of the new architecture, Suomen Asiakastieto and SysOpen have reached an agreement on the delivery of the OpenFrame application framework. OpenFrame is based on the principle of delivering a powerful and scalable basic architecture and application development platform for electronic business. OpenAdmin user management application for LEL Työeläkekassa LEL Työeläkekassa and SysOpen have concluded an agreement on the delivery of the OpenAdmin user management application as a part of the infrastructure of LEL´s network services. OpenAdmin will be integrated as a part of LEL´s environment, and it will upgrade the OpenFrame technology architecture delivered to LEL earlier.




Trade reg.: 0831312-4

Consulting and Spearhead Strategy Architecture and object project consulting for Tieto-Tapiola SysOpen will participate in the architecture and object project consulting for new J2EE projects for Tieto-Tapiola, a member of the Tapiola Group. These projects include consulting and mentoring in object specifications, design and implementation, and mapping the basic structures of the application architecture and new technologies used. An essential element of these projects involves mentoring the members of the project teams, providing them with practical expertise of object projects during all of their phases. Product Strategy Membership register system for Kuntien Tekniset KTK ry SysOpen Plc will deliver the Lyyti membership register system to Kuntien Tekniset KTK ry. The system delivery will include operations management, membership register and course management systems. Lyyti is a comprehensive information management system for trade unions, designed for the easy management of membership, employer and organisational hierarchy information, and for the collection of membership fees. With Lyyti, unions can provide their members with high-quality membership services and efficiently control the payment of membership fees. Lyyti supports the current procedures of trade unions, but also makes it possible to develop the union services. Lyyti membership register system upgraded for the Trade Union of Education in Finland SysOpen Plc will deliver a strike management application for the Lyyti membership register system to the Trade Union of Education. This extension makes it possible to control the payment of strike pay during possible industrial action and the possible collection of additional membership fees from working members. This software acquisition is one of the steps the union has taken to increase its preparedness for union action during collective bargaining. OpenZone delivery to Kemira Oyj´s Harjavalta plant OpenZone is a solution for the automated identification of vehicle traffic, managing passes and controlling bars at gates and display boards. During the early autumn, an OpenZone system will be delivered to Kemira Oyj´s Harjavalta plant. Automated identification of vehicle traffic produces savings in human resources, thus improving the human-resource allocation available to meet needs in specific situations. The benefits of OpenZone are also manifested in reporting procedures. Based on its open architecture and modern product development base, the system can be




Trade reg.: 0831312-4

extended to other systems, such as production and logistics systems and fire prevention or security systems. In September, SysOpen Plc and Kiitolinja Oy struck a customer-specific deal on the Waybill dispatch-processing software. According to the deal, Kiitolinja will receive the part of the Waybill business specifically developed for Kiitolinja, including the related rights. With the deals made with Finland Post Corporation in June and with Kiitolinja Oy now in September, SysOpen has fully divested itself of Waybill business. Acquisition and Alliance Strategy SysOpen will actively continue preparations for activities consistent with its strategy. Strategic fit and the promotion of factors that essentially affect shareholder value will be given a special emphasis when it comes to potential company acquisitions and alliance arrangements. In August, SysOpen´s associated company Visy Oy, located in Varkaus, carried out a share issue with the intent of stabilising the company's solvency. SysOpen did not take part in the share issue, which resulted in SysOpen´s shareholding in Visy Oy falling below the associated company limit of 12.5 per cent. Earlier this year, SysOpen wrote down all equity items related to Visy and has no claims in relation to Visy Oy. EVENTS AFTER THE PERIOD UNDER REVIEW SysOpen´s associated company Ideos Oy, located in Kuopio, filed for bankruptcy in October, the company´s assets no longer covering its obligations. SysOpen´s share in the company was 25 per cent. SysOpen is suing the bankruptcy estate for a claim of EUR 53,000. SysOpen wrote down all claims in relation to Ideos earlier this year. NEAR-TERM PROSPECTS Demand for SysOpen´s services has remained strong, especially in the Helsinki Metropolitan Area. We have maintained our position among our customers and obtained new pilot projects from new customers with great business potential. We expect the business of Enterprise Application Solutions to be highly profitable. Through organisational changes, we are moving the focus of our software product business from the investment and development phase to the sales and delivery phase. The business is based on our own products, product frameworks and components, and we expect its profitability to develop favourably. Demand for Consulting Services and Technology Development




Trade reg.: 0831312-4

should also remain robust, especially in relation to demanding object-based technology and IT architecture projects. Continuing our focus on cost-control measures, the Group will increasingly aim at strengthening its profitable and growing business areas, with a view to increasing market share at home, in particular. SysOpen´s order book is long compared to the previous year, but due to the recession and the uncertainty in world politics, customers are taking longer to make investment decisions and customer project launches are delayed. Forecasting demand is difficult in the current market situation, but SysOpen´s near-term prospects seem cautiously optimistic. If the economy in general improves faster than predicted, it will have a positive impact on SysOpen, through the resultant upswing in demand for IT services. Comparable consolidated turnover for 2002 is expected to remain at the previous year´s level, while EBITA is expected to hover at around 10 per cent. Earnings per share is estimated to come to EUR 0.20-0.22. SysOpen has continued to develop its internal processes, providing solid foundations for future growth. As a result, organic growth in turnover in 2003 is expected to accelerate, improving profitability. BRIEFING SysOpen will hold a briefing on its Interim Report for Q1-Q3/2002 for analysts and the press on Thursday, 7 November 2002 at 12.00 p.m. in the Torni Hotel, on the 12th floor in the Torni vista cabinet, Kalevankatu 5, 00100 Helsinki. All are welcome. SysOpen will organise a Capital Markets Day for analysts and the press, briefing them on the company´s business strategies, on Thursday, 28 November 2002, 2 to 6 p.m. in SysOpen Tower, Hiomotie 19, 00380 Helsinki. RSVP by e-mail to [email protected]. All are welcome. The financial statement report for 2002 will be published on Thursday, 13 February 2003. Next year´s Annual General Meeting will be held on Thursday, 20 March 2003. Helsinki, 7 November 2002 SYSOPEN PLC Board of Directors




Trade reg.: 0831312-4

The numbers in this interim report have not been audited. Consolidated Income Statement for 1 January-30 September 2002 EUR 1,000

1 Jan.-30 Sept. 2002

1 Jan.-30 Sept. 2001

Jan.1-31 Dec. 2001

TURNOVER 21,298 21,937 30,756 Other operating income

121

60

68 Materials and services -604 -1,042 -1,683 Personnel expenses -12,526 -12,243 -16,936 Depreciation and write downs

-621

-532

-780

Other operating expenses -5,546

-5,230

-7,317

EBITA 2,122

2,950

4,108

Goodwill amortisation - 257 - 214 -292 OPERATING PROFIT 1,865 2,736 3,816 Financial income and expenses

-531 -148 -155

Profit before extraordinary items and taxes

1,334

2,588

3,661

Direct taxes -44 -849 -1,181 Minority interest 1 -54 -102 PROFIT/LOSS FOR THE PERIOD

1,291 1,685 2,379




Trade reg.: 0831312-4

Consolidated Balance Sheet on 30 September 2002, EUR 1,000 ASSETS TOTAL 30 Sept.

2002 30 Sept.

2001 31 Dec. 2001

FIXED AND OTHER NON-CURRENT ASSETS

Intangible assets Development costs 57 167 139 Intangible rights 489 595 564 Other non-current assets

164

149

170 Group goodwill 852 887 1,135 Intangible assets total

1,562

1,798

2,008 Tangible assets 1,646 1,938 1,916 Long-term investments 1,191 1,220 1,227 INVENTORIES AND CURRENT ASSETS

Inventories Current receivables 5,608 6,630 7,599 Short-term investments 1,549 1,870 1,827 Cash and bank receivables

4,907 4,705 3,478

ASSETS TOTAL 16,463 18,161 18,055 LIABILITIES AND SHAREHOLDERS´ EQUITY TOTAL

30 Sept. 2002

30 Sept. 2001

31 Dec. 2001

SHAREHOLDERS´ EQUITY Share capital 936 777 787 Issue premium fund 7,092 7,209 7,241 Retained earnings

3,430

3,082

3,089 Profit/loss for the period

1,291 1,685 2,379

SHAREHOLDERS´ EQUITY TOTAL

12,749 12,753 13,496

MINORITY INTEREST 152 136 161 LIABILITIES Long-term liabilities 11

Short-term liabilities 3,562

5,261

4,398

LIABILITIES AND SHAREHOLDERS´ EQUITY TOTAL

16,463 18,161 18,055




Trade reg.: 0831312-4

Group key figures and ratios for 1 January-30 September 2002 on a comparable basis 1 Jan.-30

Sept. 20021 Jan.-30 Sept. 2001

Jan.1-31 Dec. 2001

Turnover 21,298 21,937 30,756 Turnover growth, % -3 37 34 EBITA

2,122

2,950

4,108 - % of turnover 10 13 13 Operating profit 1,865 2,736 3,816 - % of turnover 9 12 12 Profit before extraordinary items and taxes

1,334

2,588

3,661

- % of turnover 6 12 12 Return on equity, % 13 18 19 Return on capital invested, %

14 27 27

Interest-bearing liabilities

4 11 10

Short-term investments + cash and bank receivables 6,456

6,575

5,304

Net gearing, % -50

-51

-39

Equity ratio, % 80 72 76 Capital expenditure

300

1,190

1,690 - % of turnover 1 5 5 Personnel at period-end 317 351 355 Average personnel 330 336 341 Earning per share, EUR 0.14 0.18 0.26 Equity per share, EUR 1.38 1.39 1.46




Trade reg.: 0831312-4

Group key figures and ratios for 2002 and 2001 on a quarterly basis Q1-Q3/

2002 Q1+Q2/ 2002

Q1/ 2002

Q1-Q4/ 2001

Q1-Q3/ 2001

Turnover 21,298 15,122

7,635 30,756

21,937

Turnover growth, % -3 0.8

2

34

37

EBITA

2,122 2,215

609

4,108

2,950

- % of turnover 10 15 8 13 13 Operating profit

1,865 2,040 521

3,816 2,736

- % of turnover 9 13 7 12 12 Profit before extraordinary items and taxes

1,334 840

-506

3,661

2,588

- % of turnover 6 6 0 12 12 Return on equity, % 13 8

-19

19

18

Return on capital invested, % 14 13

-17

27

27

Interest-bearing liabilities 4 6

8

10

11

Short-term investments + cash and bank receivables 6,456 5,263

6,308

5,304

6,575

Net gearing, %

-50 -43

-57

-39

-51

Equity ratio, % 80 76

62

76

72

Gross capital 300 264

146 1,690

1,190

expenditure - % of turnover 1 2 2 5 5 Personnel at period-end 317 319

331

355

351

Average personnel 330 336

348

341

336

Earning per share, EUR 0.14 0.05

-0.07 0.26 0.18

Equity per share, EUR 1.38 1.3

1.18

1.46

1.39




Trade reg.: 0831312-4

Key figures and ratios are based on calculations conducted on a nine-month basis. The earnings-per-share ratio is based on the average share-issue-adjusted number of shares (9,191,756) for the period. The number of outstanding shares totalled 9,262,914 at the end of the period. The ratios of return on equity and return on capital invested have been annualised. SysOpen held a total of 100,000 treasury shares at the end of the period. The Group has no contingent liabilities associated with derivative contracts. FOR FURTHER INFORMATION, PLEASE CONTACT Arto Sahla, Managing Director, tel.+358 424 2020 339, gsm +358 400 442 986, email: [email protected] Kirsi Lindroth, Director of Corporate Communications, tel.+358 424 2020 388, gsm +358 40 521 6332, e-mail: [email protected] The Interim Report and the related slide show are also available on the Group´s Web site: www.sysopen.fi, as of 7 November 1:00 p.m.. SYSOPEN PLC DISTRIBUTION Helsinki Exchanges Major media

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