Panostaja Oyj

Quarterly Report • May 31, 2018

PANOSTAJA OYJ'S SIX-MONTH REVIEW

Two new segments for Panostaja: Carrot Palvelut and Oscar Software

February 1, 2018–April 30, 2018 (3 months)

• As a result of corporate acquisitions during the previous financial period, Grano's net sales for the review period increased by 37% from the corresponding period last year. EBIT increased to MEUR 2.9 from MEUR 2.4 in the reference period.
• Panostaja invested in the HR services sector and secured a majority shareholding in Carrot Palvelut Oy.
• After the review period, Panostaja acquired a majority shareholding in Oscar Software Group Oy, a company providing SMEs with ERP systems and financial management services.
• Net sales increased in three of the seven segments. The profit/loss of Carrot Palvelut Oy, which was acquired at the end of the review period, will be consolidated into the Group's profit/loss as of May 1, 2018. Overall, the Group's net sales for the review period increased by 27% to MEUR 45.9 (MEUR 36.2).
• EBIT improved in four of seven segments, and the entire Group's EBIT remained at the level of the reference period, standing at MEUR 1.9 (MEUR 1.5).
• Earnings per share (undiluted) were 0.4 cents (-3.0 cents)

November 1, 2017–April 30, 2018 (6 months)

• Net sales increased in three of the seven segments. Overall, the Group's net sales for the review period increased by 30% to MEUR 90.8 (MEUR 69.9).
• EBIT improved in four of the seven segments, and the EBIT of the entire Group increased from MEUR 0.5 to MEUR 3.7.
• Panostaja divested itself of KotiSun and recorded a profit of MEUR 32.9 before taxes for the sale.
• Earnings per share (undiluted) were 51.3 cents (-4.9 cents).

CEO Juha Sarsama: Two new segments for Panostaja

"Panostaja acquired two new investment targets over the course of the spring. At the end of the review period, Panostaja invested in the growth of the HR services sector and purchased a majority shareholding in Carrot Palvelut Oy, which provides staffing, recruitment and outsourcing services. Our aim is to expedite Carrot's growth amid the current shift in employment and working methods. The prospects for HR services are good and the foundation for growth is strong. We are confident that the company is capable of continuing its positive development and updating and expanding its services.

After the review period, Panostaja acquired a majority shareholding in Oscar Software Group Oy, a company providing SMEs with ERP systems and financial management services. We want to contribute to helping the Finnish SME field prosper amid the changes brought on by digitalization, and our goal is to expedite Oscar's growth and help it develop the leading and most comprehensive business platform for SMEs in Finland. The company is at a very interesting stage of its development and it has a strong brand on the growing market of SMEs' enterprise resource planning systems.

Thanks to Grano's growth the total net sales of Panostaja's segments continued its notable growth, climbing to 27%. Alongside Grano, however, only KL-Varaosat showed significant growth, and the development of the segments' net sales was partially weaker than expected. CoreHW, which was purchased last year, also increased the total net sales, but the company's net sales were exceptionally low in the review period, even though seasonal variations are typical of the company's project-oriented operations. Increased net sales and the stabilization of Megaklinikka's profitability improved EBIT for the review period, increasing it to MEUR 1.9 from MEUR 1.5 in the reference period.

The streamlining measures initiated at Grano in the fall were completed as planned, and we expect them to support the company's profitability over the remaining financial period. The operations and profitability of Megaklinikka have also been stabilized. On the other hand, CoreHW's quarter was exceptionally weak as the commencement of new customer projects was delayed and the proportion of customer work remained low. However, the company directed available resources to the development of its own products, which was a strong focus during the review period. Net sales were also lower than expected at Helakeskus, where net sales continued to decline. The company's new management has initiated measures to rectify the situation. We will keep an eye on how things progress at Helakeskus and whether or not CoreHW manages to recover from the decline of its net sales.

The corporate acquisitions market remained generally active in the period under review, and the availability of new opportunities has been relatively good. The markets provide opportunities for both new select acquisitions and divestments, and we will continue to actively explore new corporate acquisition opportunities."

Investments 3 months

Grano

Grano is Finland's leading content and marketing services company

Grano's net sales for the review period stood at MEUR 34.8, with growth from the corresponding period being 37%. The key reasons for the increase in net sales were Lönnberg Painot Oy, Oy Fram Ab, Kuopion Neon2 Oy and the business operations of Brand Factory Finland Oy, which were purchased during the previous financial period. Grano's EBIT for the second quarter stood at MEUR 2.9, which is an increase of MEUR 0.4 from the reference period.

Over the course of the review period, demand was good in most product areas, but the differences between the areas remain vast. Large print and decal services in particular are in high demand. The situation for digital printing is also good. On the other hand, the market volumes of offset printing continued their downward trend due to a higher-than-expected decline in volumes during the review period.

The EBIT of the second quarter improved over the reference year. The costs of the employer-employee negotiations that ended in October slightly improved the result of the second quarter, but mostly the effects will become evident during the remainder of the financial year. The MEUR 0.4 in sales profit from machinery sold as part of the production restructuring efforts also improved the result for the review period. The EBIT for the review period is encumbered by the depreciations of increased corporate acquisitions and equipment purchases. The total depreciations for the review period stood at MEUR 2.0 (MEUR 1.1).

During the review period, Grano implemented staff reduction measures in accordance with the employeremployee negotiations held in October 2017 and continued to integrate its corporate acquisitions and reorganize its operations. The operational reorganizations are now complete and will result in the Group reducing the number of its employees by 103 across its various operating locations (the prior estimate was about 100 people). The reorganization measures include streamlining sales, administration and financial management, and increasing production efficiency through restructuring and centralization. The most important measures to streamline production are as follows:

• Offset strong centralization of production and reduction of production locations, as well as significant investments in Vaasa to enable automation and increased volume
• Centralization of large print production and reduction of production locations
• Site-specific streamlining measures in CAD business
• In digital printing, moving production operations and conducting site-specific streamlining measures
• In premedia, transitioning from local operations to a nationwide operating model

Grano's strategy is to spearhead a change in the sector, which is why it has continued to invest heavily in the further development of digital business, in accordance with its strategy. Grano's continued goal is to leverage corporate acquisitions to grow selectively in terms of both digital services and printing, thereby bolstering its market position in both areas.

MEUR	3 months	3 months	6 months	6 months	12 months
	2/18-4/18	2/17-4/17	11/17-4/18	11/16-4/17	11/16-10/17
Net sales, MEUR	34.8	25.4	68.8	48.7	105.3
EBIT, MEUR	2.9	2.4	4.0	3.0	6.3

Interest-bearing net liabilities	60.9	36.3	60.9	36.3	55.8
Panostaja's holding	52.8%

KL-Varaosat

KL-Varaosat is a wholesaler and retailer of car spare parts for MB, BMW and

Volvo. KL-Varaosat's net sales for the review period were MEUR 3.5, growth from the corresponding period being 9%. The growth is primarily a result of sales development in the new operating locations and Volvo spare parts. EBIT was also improved from the reference period to MEUR 0.3.

The market situation in the review period was as expected, although demand at the beginning of the review period was slightly weaker than anticipated. The demand for Volvo products has been good, and the long-term expectations are also good.

Audi-VW has been established as a new brand offering provided through an Express outlet that serves the sales operations of other locations and is situated in connection to the Vantaa facility. Initially, the Audi-VW selection will be actively offered to repair shop customers only.

Strong efforts have been made to further develop the services of the remodeled online shop. The Service Partner repair shop cooperation is proceeding through shop-specific development measures, development of the customer promise and marketing.

MEUR	3 months	3 months	6 months	6 months	12 months
	2/18-4/18	2/17-4/17	11/17-4/18	11/16-4/17	11/16-10/17
Net sales, MEUR	3.5	3.2	6.9	6.4	13.5
EBIT, MEUR	0.3	0.2	0.5	0.4	1.0
Interest-bearing net liabilities	0.2	1.0	0.2	1.0	0.6
Panostaja's holding	75.0%

Selog

Selog is the biggest wholesaler of ceiling materials in Finland

Selog's net sales for the review period stood at MEUR 2.4, which is at the level of the reference period. EBIT stood at MEUR 0.2, which was an improvement of MEUR 0.1 from the previous year.

The atmosphere in the second quarter remained somewhat expectant. The initiation of many important installation tasks was delayed, which will increase demand for ceiling materials in the coming months. The prospects remain good.

Simo Tuokko, who has served as the CEO, will leave the company by May 31. The process of recruiting another CEO is under way.

In the review period, Selog Group has purchased all shares of the company's minority shareholders, increasing Panostaja's holding to 100% at the end of the review period. The purchase of the company's own shares increased the amount of interest-bearing loans.

MEUR	3 months	3 months	6 months	6 months	12 months
	2/18-4/18	2/17-4/17	11/17-4/18	11/16-4/17	11/16-10/17
Net sales, MEUR	2.4	2.4	4.3	5.0	10.8
EBIT, MEUR	0.2	0.1	0.2	0.2	0.8
Interest-bearing net liabilities	1.1	0.2	1.1	0.2	0.0
Panostaja's holding	100.0%

Helakeskus

Helakeskus is a major wholesaler of furniture fittings in Finland

Helakeskus' net sales for the review period were MEUR 2.2, which was a 6% decrease from the reference period. In addition to this, EBIT decreased from the reference period to MEUR 0.1.

The net sales in the review period were particularly affected by the weak sales in March, which resulted in the net sales falling below the level of the reference year. Though the market demand is good, the competition around the most important products has tightened. The market demand has also continued to center on project trade, which has been subjected to fierce price competition. Demand in consumer trade has been lower, but it has shown some signs of recovery.

The company is currently taking action to reverse the decline in net sales. Sales management arrangements will be specified and the product selection will be developed to better serve the needs of customers and project trade in particular.

MEUR	3 months	3 months	6 months	6 months	12 months
	2/18-4/18	2/17-4/17	11/17-4/18	11/16-4/17	11/16-10/17

Net sales, MEUR	2.2	2.4	4.1	4.5	8.9
EBIT, MEUR	0.1	0.2	0.1	0.2	0.5
Interest-bearing net liabilities	5.5	5.3	5.5	5.3	5.5
Panostaja's holding	100.0%

Megaklinikka

Megaklinikka offers dental care with a new concept

Megaklinikka's net sales of MEUR 1.3 for the review period were MEUR 0.3 below the level of the reference period. EBIT increased from MEUR -0.6 in the reference period to MEUR 0.0. The Stockholm clinic increases the net sales for the reference period and weakens the profit/loss.

As regards the clinic business, the market development in Helsinki has remained challenging. The company launched a new website with new appointment booking opportunities, which are expected to support sales. Developing the profitability of the clinic business remains a key goal, but efforts to improve visibility will also be made to generate growth.

The licensing business has grown steadily. The prospects for expanding licensing activities in Finland are still good, and one new license agreement was completed during the review period. In Sweden, the business of the company's strategic partner AquaDental is growing well and opportunities for expanding the cooperation are being explored. In addition to this, active sales efforts directed at Swedish public sector customers will be continued.

MEUR	3 months	3 months	6 months	6 months	12 months
	2/18-4/18	2/17-4/17	11/17-4/18	11/16-4/17	11/16-10/17
Net sales, MEUR	1.3	1.6	2.7	3.0	6.0
EBIT, MEUR	0.0	-0.6	-0.2	-1.4	-1.6
Interest-bearing net liabilities	6.0	6.1	6.0	6.1	5.9
Panostaja's holding	79.8%

Heatmasters

Heatmasters offers metal heat treatment services and technology

Heatmasters' net sales for the review period were MEUR 1.1, which is a 15% decrease from the review period. EBIT was slightly negative and was dragged below the reference period level by the net sales.

Heat treatment projects in Finland went ahead at the end of the review period after the slow winter season. The seasonally profitable summer months are now ahead, and the outdoor worksites of process facilities and the annual maintenance season of power plants have opened.

In furnace and furnace modernization as well as accessory sales, demand has remained stable. A significant furnace delivery to a Polish machine tool factory took place in the review period.

The company has continued to develop a new service concept, which involves using partners to provide customers with service packages that are optimized around heat treatment and contain NDT inspection, blasting, painting, transport and staffing services, in addition to heat treatment.

MEUR	3 months	3 months	6 months	6 months	12 months
	2/18-4/18	2/17-4/17	11/17-4/18	11/16-4/17	11/16-10/17
Net sales, MEUR	1.1	1.3	2.2	2.2	5.3
EBIT, MEUR	-0.1	0.0	-0.2	-0.3	-0.2
Interest-bearing net liabilities	0.7	1.0	0.7	1.0	0.9
Panostaja's holding	80.0%

CoreHW

CoreHW provides high-added value RF IC design services

The company was incorporated into the Panostaja Group as of September 1, 2017, which is why no reference information is yet available. The company's net sales for the review period stood at MEUR 0.5 while its EBIT was MEUR -0.5.

The demand for the company's services during the review period has remained good. However, net sales were exceptionally low in the period due to the delayed initiation of new projects, which led to a low level of billable customer work. Still, the company has been able to utilize available resources to develop its own products, which has been a strong focus during the review period. The company is in the process of negotiating new customer projects and the outlook for an increase in billable customer work is good.

The company has also invested in commercializing IP licensing operations based on current intellectual property rights. The goal is to sign the first licensing agreement in 2018.

MEUR	3 months	3 months	6 months	6 months	12 months
	2/18-4/18	2/17-4/17	11/17-4/18	11/16-4/17	11/16-10/17

Net sales, MEUR	0.5	0.0	1.8	0.0	1.0
EBIT, MEUR	-0.5	0.0	-0.5	0.0	0.0
Interest-bearing net liabilities	2.6	0.0	2.6	0.0	2.3
Panostaja's holding	63.0%

Carrot

Carrot Palvelut Oy provides staffing, recruitment and outsourcing services

as well as high Panostaja acquired a majority shareholding in the company at the end of April. After the trade, Panostaja -added value RF IC design services. owns 63% of the entity formed through the restructuring. Carrot's balance sheet has been consolidated into Panostaja Group as of April 30, 2018 and the profit/loss will be consolidated as of May 1, 2018.

Established in 1998, Carrot specializes in human resources services, provides nationwide high-quality staffing, recruitment and outsourcing services and serves as a strategic HR partner to its customers. Carrot employs more than a thousand experts annually in various fields, meets a variety of recruitment needs and serves as a partner to its customers in wider outsourcing projects. The company's customers include companies in the fields of construction, industry and logistics, for example.

MEUR	3 months	3 months	6 months	6 months	12 months
	2/18-4/18	2/17-4/17	11/17-4/18	11/16-4/17	11/16-10/17
Interest-bearing net liabilities	4.6	0.0	4.6	0.0	0.0
Panostaja's holding	63.0%

FINANCIAL DEVELOPMENT November 1, 2017–April 30, 2018

	2/18-	2/17-	11/17-	11/16-	11/16-
	4/18	4/17	4/18	4/17	10/17
Net sales, MEUR	45.9	36.2	90.8	69.9	150.7
EBIT, MEUR	1.9	1.5	3.7	0.5	2.9
Profit before taxes, MEUR	1.6	1.1	2.7	-0.2	1.2
Profit/loss for the financial period, MEUR	1.1	0.2	28.2	-0.3	6.9
Earnings per share, undiluted (EUR)	0.00	-0.03	0.51	-0.05	0.03
Equity per share (EUR)	1.06	0.67	1.06	0.67	0.59
Operating cash flow (MEUR)	1.2	1.3	0.3	5.9	15.6

FEBRUARY 2018–APRIL 2018

Net sales for the review period increased by 27% and were MEUR 45.9 (MEUR 36.2). The impact of corporate acquisitions on the MEUR 9.7 growth in net sales stood at MEUR 9.7. Exports amounted to MEUR 1.1, or 2.4% (MEUR 0.9, or 2.0%), of net sales. Net sales increased in three of the seven segments. The profit/loss of Carrot Palvelut Oy, which was acquired at the end of April, will be consolidated into the Group's profit/loss as of May 1, 2018.

EBIT improved to MEUR 1.9 (MEUR 1.5). EBIT improved in four of the seven investment targets. The development of net sales and EBIT for each of our investments has been commented on separately.

The profit for the review period was MEUR 1.1 (MEUR 0.2).

NOVEMBER 2017–APRIL 2018

Net sales for the review period increased by 30% and were MEUR 90.8 (MEUR 69.9). The impact of the corporate acquisitions on the MEUR 21 growth in net sales stood at MEUR 21.7. Exports amounted to MEUR 2.9, or 3.2% (MEUR 2.0, or 2.8%), of net sales. Net sales increased in three of the seven segments.

EBIT improved from MEUR 0.5 to MEUR 3.7. EBIT improved in four of the seven investment targets. The development of net sales and EBIT for each of our investments has been commented on separately.

The profit for the review period was MEUR 28.2 (MEUR -0.3). KotiSun's profit/loss for November– December, MEUR 32.9 in sales profit before taxes from KotiSun's divestment, and the tax expenses related to the sale, MEUR 7.2, were recorded in the income from sold operations.

A VAT receivable of MEUR 1.3 related to the refunding of value-added taxes was recorded in other operating income. Based on the Tax Administration's decision, Panostaja Oyj refrained from deducting value-added tax included in acquisitions during the financial periods between November 1, 2014 and October 31, 2017. The Administrative Court overturned the Tax Administration's decision, deeming that Panostaja Oyj is entitled to full deductions for general and other costs that are considered to be directly linked to the company's business operations that give rise to a right of deduction.

The income statement for operations sold during the reference period has been separated from the income statement for continuing operations and the profit/loss for them is presented on the row Earnings from discontinued operations in accordance with the IFRS standards. The profit/loss for sold and discontinued operations presents the profit/loss for the KotiSun segment and Takoma Segment, standing at a total of MEUR -0.2. Prior to separating discontinued and sold operations from continuing operations in the income statement, the consolidated net sales for the reference period were MEUR 92.4 and the EBIT was MEUR 2.9.

Division of the net sales by segment					12
MEUR	Q2	Q2	6 months	6 months	months
	2/18-	2/17-	11/17-	11/16-	11/16-
Net sales	4/18	4/17	4/18	4/17	10/17
Grano	34.8	25.4	68.8	48.7	105.3
KL-Varaosat	3.5	3.2	6.9	6.4	13.5
Selog	2.4	2.4	4.3	5.0	10.8
Helakeskus	2.2	2.4	4.1	4.5	8.9
Megaklinikka	1.3	1.6	2.7	3.0	6.0
Heatmasters	1.1	1.3	2.2	2.2	5.3
CoreHW	0.5	0.0	1.8	0.0	1.0
Others	0.0	0.0	0.0	0.0	0.0
Eliminations	0.0	0.0	0.0	0.0	-0.1
Group in total	45.9	36.2	90.8	69.9	150.7

Division of the net sales by segment

MEUR	Q2	Q2	6 months	6 months	12 months
	2/18-	2/17-	11/17-	11/16-	11/16-
EBIT	4/18	4/17	4/18	4/17	10/17
Grano	2.9	2.4	4.0	3.0	6.3
KL-Varaosat	0.3	0.2	0.5	0.4	1.0
Selog	0.2	0.1	0.2	0.2	0.8
Helakeskus	0.1	0.2	0.1	0.2	0.5
Megaklinikka	0.0	-0.6	-0.2	-1.4	-1.6
Heatmasters	-0.1	0.0	-0.2	-0.3	-0.2
CoreHW	-0.5	0.0	-0.5	0.0	0.0
Others	-0.9	-0.8	-0.3	-1.6	-4.0
Group in total	1.9	1.5	3.7	0.5	2.9

Division of EBIT by segment

Panostaja Group's business operations for the current review period are reported in nine segments: Grano, Selog, Helakeskus, KL-Varaosat, Heatmasters, Megaklinikka, CoreHW, Carrot and Others (parent company and associated companies). Only assets and liabilities for the review period are reported in the Carrot segment. Carrot's profit/loss will be consolidated into the Group's figures and reported under the relevant segment as of May 1, 2018.

In the review period, two associated companies, Ecosir Group Oy and Spectra Yhtiöt Oy, issued reports to the parent company. The result of the reported associated companies has developed well and its impact on profit/loss in the review period was MEUR 0.2 (MEUR 0.0), which is presented on a separate row in the consolidated income statement. During the period under review, Panostaja sold its shareholding in Juuri Partners Oy, which is a capital investment company making minority investments.

The process of dismantling PE-Kiinteistörahasto progressed during the review period, as a result of which Panostaja removed from its balance sheet a MEUR 3.0 pre-allocation share receivable and liability from PE-Kiinteistörahasto.

PERSONNEL

	2018	April 30, April 30, 2017
Average number of employees	1,582	1,446	9%
Employees at the end of the review period	1,353	1,458	-7%
Employees in each segment at the end of the review period	April 30, 2018	April 30, 2017	Change
Grano	1,096	828	32%
KotiSun	0	368	-100%
KL-Varaosat	51	48	6%
Selog	14	14	0%
Helakeskus	23	24	-4%
Megaklinikka	75	119	-37%
Heatmasters	41	47	-13%
CoreHW	44	0
Others	9	10	-10%
Group in total	1,353	1,458	-7%

At the end of the review period, Panostaja Group employed a total of 1,353 persons, while the average number of personnel during the period was 1,582. Carrot's number of personnel will be taken into account in the Group's number of personnel as of May 1, 2018. Carrot's number of employees converted into full-time employees stood at 545 on April 30, 2018. During the review period, Panostaja continued to develop its personnel in line with its strategy.

INVESTMENTS AND FINANCE

The parent company's assets, financial securities and liquid fund units were MEUR 40.2. Additionally, the parent company has a MEUR 7.7 limit for corporate acquisitions in its use. The parent company's interest-bearing loans were MEUR 22.3.

The Group's operating cash flow deteriorated and was MEUR 0.3 (MEUR 5.9). Liquidity remained good. The Group's liquid assets were MEUR 47.5 (October 31, 2017: MEUR 19.5) and interest-bearing net liabilities were MEUR 52.8 (October 31, 2017: MEUR 88.6). The net gearing ratio fell and was 63.2% (October 31, 2017: 137.5%). The decrease in net gearing ratio was primarily due to the divestment carried out in the first quarter. The Group's net financial expenses for the review period were MEUR -1.2 (MEUR -0.8), or 1.3% (1.1%) of net sales.

The Group's gross capital expenditure for the review period was MEUR 10.2 (MEUR 11.3), or 11.2% (16.1%) of net sales. Investments were mainly targeted at corporate acquisitions and equipment investments.

Financial position		April 30,	October 31,
MEUR	April 30, 2018	2017	2017
Interest-bearing liabilities	104.5	82.9	111.6
Interest-bearing receivables	4.2	3.8	3.5
Cash and cash equivalents	47.5	22.0	19.5
Interest-bearing net liabilities	52.8	57.1	88.6
Equity (belonging to the parent company's shareholders as well as minority shareholders)	83.5	65.3	64.5
Gearing ratio, % Equity ratio, %	63.2 36.6	87.3 35.6	137.5 28.8

GROUP STRUCTURE CHANGES

Carrot

Panostaja invested in the growth of the HR services sector by signing an agreement for the acquisition of the staffing, recruitment and outsourcing services provider Carrot Palvelut Oy on April 20, 2018. After the trade, Panostaja owns 63% of the entity formed through the restructuring. Carrot's balance sheet has been consolidated into Panostaja Group as of April 30, 2018 and the profit/loss will be consolidated as of May 1, 2018.

SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP

Panostaja Oyj's share closing rate fluctuated between EUR 0.95 (lowest quotation) and EUR 0.96 (highest quotation) during the financial period. During the review period, a total of 1,583,013 shares were exchanged, which amounts to 3.0% of the share capital. The share closing rate of April 2018 was EUR 0.96. The market value of the company's share capital at the end of April 2018 was MEUR 50.0 (MEUR 43.7). At the end of April 2018, the company had 4,364 shareholders (3,900).

Development of share exchange	2Q/2018	2Q/2017	1-2Q/2018	1-2Q/2017	2017
Shares exchanged, 1,000 pcs	1,583	1,438	5,337	4,554	5,959
% of share capital	3.0	2.8	10.2	8.7	11.5

Share	April 30, 2018 April 30, 2017		October 31,
Shares in total, 1,000 pcs	52,533	52,533	2017 52,533
Own shares, 1,000 pcs	410	499	471
Closing rate	0.96	0.84	0.91
Market value (MEUR)	50.0	43.7	47.5
Shareholders	4,364	3,900	4,095

ADMINISTRATION AND GENERAL MEETING

Panostaja Oyj's Annual General Meeting was held on February 1, 2018 in Tampere. The number of Board members was confirmed at five (5), and Jukka Ala-Mello, Eero Eriksson, Mikko Koskenkorva and Tarja Pääkkönen were re-elected to the Board for the term ending at the end of the next Annual General Meeting, and Kalle Reponen was accepted as a new member.

Auditing service network PricewaterhouseCoopers Oy and Authorized Public Accountant Markku Launis were elected as auditors for the period ending at the end of the next Annual General Meeting 2019. Auditing service network PricewaterhouseCoopers Oy has stated that Authorized Public Accountant Lauri Kallaskari will serve as the chief responsible public accountant.

The General Meeting confirmed the financial statements and consolidated financial statements presented for the financial year November 1, 2016–October 31, 2017 and resolved that the shareholders be paid EUR 0.04 per share as dividends.

The Meeting also resolved that the Board of Directors be authorized to decide at its discretion on the potential distribution of assets to shareholders should the company's financial status permit this, either as dividends or as repayment of capital from the invested unrestricted equity fund. The maximum distribution of assets performed on the basis of this authorization totals EUR 4,700,000. The authorization includes the right of the Board to decide on all other terms and conditions relating to said asset distribution. The authorization will remain valid until the beginning of the next Annual General Meeting. The General Meeting granted exemption from liability to the members of the Board and to the CEO.

The General Meeting resolved that the remuneration of the Board of Directors remain unchanged and that the Chairman of the Board be paid EUR 40,000 as compensation for the term ending at the end of the next Annual General Meeting, and that the other members of the Board each be paid compensation of EUR 20,000. It was further resolved at the General Meeting that approximately 40% of the compensation remitted to the members of the Board be paid on the basis of the share issue authorization given to the Board, by issuing company shares to each Board member if the Board member does not own more than one (1) percent of the company's shares on the date of the General Meeting. If the holding of a Board member on the date of the Meeting is over one percent (1%) of all company shares, the compensation will be paid in full in monetary form. It was further resolved that the travel expenses of the Board members will be paid on the maximum amount specified in the valid grounds of payment of travel expenses ordained by the Finnish Tax Administration.

In addition, the Board was authorized to decide on the acquisition of the company's own shares in one or more installments so that the number of the company's own shares to be acquired may not exceed 5,200,000 in total, which corresponds to about 9.9% of the company's total share capital. By virtue of the authorization, the company's own shares may be obtained using unrestricted equity only. The company's own shares may be acquired at the date-of-acquisition price in public trading arranged by NASDAQ Helsinki Oy or otherwise at the prevailing market price. The Board of Directors will decide how the company's own shares are to be acquired. The company's own shares may be acquired while not following the proportion of ownership of the shareholders (directed acquisition). The authorization issued at the Annual General Meeting of January 31, 2017 to decide on the acquisition of the company's own shares is cancelled by this authorization. The authorization will remain valid until August 1, 2019.

Immediately upon the conclusion of the General Meeting, the company's Board held an organizing meeting in which Jukka Ala-Mello was elected Chairman and Eero Eriksson Vice Chairman.

SHARE CAPITAL AND THE COMPANY'S OWN SHARES

At the close of the review period, Panostaja Oyj's share capital was EUR 5,568,681.60. The number of shares is 52,533,110 in total.

The total number of shares held by the company at the end of the review period was 410,280 (at the beginning of the financial period 470,512). The number of the company's own shares corresponded to 0.8% of the number of shares and votes at the end of the entire review period.

In accordance with the decisions by the General Meeting on January 31, 2017 and by the Board, Panostaja Oyj relinquished a total of 36,261 individual shares as share bonuses to the company management on December 15, 2017. On December 15, 2017, the company relinquished to the Board members a total of 13,333 shares as meeting compensation. In accordance with the Board decision of February 1, 2018, Panostaja relinquished a total of 10,638 shares as meeting compensation on March 2, 2018.

EVENTS AFTER THE REVIEW PERIOD

On May 8, 2018, Panostaja announced that it will invest in Oscar Software Group Oy, a company that provides ERP systems and financial management services to SMEs. The sale price of the company's entire share capital is MEUR 9.1. After the trade, Panostaja will own 55% of the entity formed through the restructuring, while the company's management and key persons continue as the company's significant minority shareholders. Oscar Software Group will form a new segment for Panostaja, and its profit/loss

will be consolidated into Panostaja Group's figures as of May 1, 2018. After the implementation of the restructuring, Oscar Software Group's net liabilities will stand at an estimated MEUR 5.6.

MARKET PROSPECTS

Finland's economic development has remained strong and the foundation for economic growth is broad. The positive development of the market situation has been most visible in those of our segments that serve construction, but the favorable developments are evident on a larger scale as well. The short-term development of demand in the various segments has been evaluated in more detail in conjunction with the prospects for the 2018 financial period. The corporate acquisitions market remained generally active in the period under review, and the availability of new opportunities has been relatively good. However, the long-term development of the economy and operating environment is somewhat uncertain as political tensions and economic cycles ripen as a result of stricter monetary policies.

MOST SIGNIFICANT NEAR-FUTURE BUSINESS RISKS AND RISK MANAGEMENT

Risk management is part of Panostaja Group's management and monitoring systems. Panostaja aims to identify and monitor changes in the business environment and general market situation of its investments, to react to them and to utilise the business opportunities that they present. Risks are classified as factors that may endanger or impede Panostaja or its investments from achieving strategic objectives, improvement in profit and the financial position or business continuity, or that may otherwise cause significant consequences for Panostaja, its owners, investments, personnel or other stakeholder groups. A more detailed report on Panostaja's risk management policy and the most significant risks was published in the 2017 annual report. Financial risks are discussed in greater detail in the Notes to the 2017 Financial Statements.

Market risks, general: General market risks are mainly tied to the continuing uncertainty resulting from Finland's economic situation and the global economic situation, political risks, changes in the price of raw materials, and the financial market risks, as well as their potential impact on achieving the goals set for investments. The change in the financial markets and the tightening on credit issue may hamper the realization of corporate acquisitions and the availability of finance for working capital.

Market risks, industries of the investments: Economic trend expectations in the fields of existing business areas are strongly tied to the prospects of customer enterprises. The prospects of Panostaja's various investments vary from good to weak. Panostaja regularly assesses the risks for each investment and, based on the updated risk assessment, takes the necessary remedial action.

Strategic risks: Panostaja represents the Finnish SME sector extensively. Net sales are divided into seven different investments whose cyclical nature varies. The Group's business structure partially evens out economic fluctuations. General and investment-specific market risks can, however, affect the Group's result and financial development. The expected market situation is taken into account by adapting operations and costs to market demand and by safeguarding the financial position. Regarding changes in the global economy, Panostaja also sees opportunities to improve its market position, for example through corporate acquisitions.

Financial risks: As a consequence of its operations, the Group is exposed to many financial risks. The aim of risk management is to limit the adverse effects of changes in financial markets on the result and financial development of the Group. The Group's revenue and operative cash flows are mainly independent of fluctuations in market interest rates. The Group's loan portfolio currently consists almost fully of variable-interest loans. Some of our investments use interest rate swaps and interest rate ceiling agreements. In the long term, Panostaja Group's number of interest rate hedges or diversification into variable- and fixed-interest loans must be sufficient with regard to the market situation and outlook. The Group mainly operates in the eurozone and so is only slightly exposed to foreign exchange risks resulting from changes in exchange rates. Credit loss risks continue to represent a significant uncertainty factor for some of our investments.

Corporate acquisitions: Panostaja actively seeks SMEs and aims to increase and create value through organic growth, corporate acquisitions and correctly-timed divestments. The market still provides sufficient opportunities for corporate acquisitions, and Panostaja Group aims to implement its growth strategy by means of controlled acquisitions in current investments, and new potential investments are also being actively studied. Preparation for divestments is being continued as part of the ownership strategies of investments. Risks related to corporate acquisitions are managed by investing carefully according to specific investment criteria, thorough analysis of the potential acquisition and the target market, and through efficient integration processes. Panostaja has specified harmonised guidelines and a corporate acquisitions process for the preparation and implementation of corporate acquisitions.

Non-life risks: Non-life risks are managed in Panostaja Group through insurance and Group guidelines, which set policy for the different areas.

Operative risks: Changes in the market situations of the investments can lead to situations where the net sales of the company temporarily decreases under the desired level. The risk is that the investments will not be able to adapt their operations to the changed situation quickly enough, which then leads to a significant decrease in profitability. Investments strive to prepare themselves for the changes in demand by maintaining an adjustment plan as part of their yearly planning. Panostaja has also specified an operating model for restoring the financial performance, which is applied if the deviation from performance is significant. The implementation of development projects that are part of the development of the operations of the investments also involves risks that can lead to not achieving the desired benefits on time. For these development projects, Panostaja has developed a process and tools that aim to ensure the realisation of the desired changes.

OUTLOOK FOR THE 2018 FINANCIAL PERIOD

The corporate acquisitions market remained generally active in the period under review, and the availability of new opportunities has been relatively good. The need to exploit ownership arrangements and growth opportunities in SMEs will continue, and as our own activity complements the supply of possible acquisitions from outside, there are plenty of possibilities for corporate acquisitions on the market. Panostaja aims to implement its growth strategy by means of controlled acquisitions in current investments, and new potential investments are also being actively studied. Divestment possibilities will also continue to be assessed actively as part of the ownership strategies of the investment targets.

The demand situation for different investments is thought to develop in the short term as follows:

– The demand for Selog, Helakeskus and CoreHW will remain good, and the demand for KL-Varaosat will improve to a good level (previously moderate). The demand situation for the new investment Carrot will remain good

• The demand for Grano and Heatmasters will remain satisfactory
• Demand for Megaklinikka will remain weak

Panostaja Oyj

Board of Directors

For further information, contact CEO Juha Sarsama: tel. +358 (0)40 774 2099.

Panostaja Oyj

Juha Sarsama

CEO

All forecasts and assessments presented in this six-month review bulletin are based on the current outlook of Panostaja and the views of the management of the various investments with regard to the state of the economy and its development. The results attained may be substantially different.

ACCOUNTING PRINCIPLES

This financial statement bulletin has been prepared in compliance with the IFRS accounting and valuation principle based on the IAS 34 standard.

The information in the six-month review has not been audited.

INCOME STATEMENT

EUR 1,000	3 months	3 months	6 months		6 months 12 months
	2/18-	2/17-	11/17-	11/16-	11/16-
	4/18	4/17	4/18	4/17	10/17
Net sales	45,879	36,191	90,828	69,864	150,718
Other operating income	483	97	2,145	259	985
Costs in total	44,434	34,828	89,312	69,635	148,794
Depreciations, amortizations and
impairment	2,313	1,504	4,528	2,895	7,255
EBIT	1,928	1,460	3,661	488	2,909
Financial income and expenses	-565	-386	-1,168	-794	-1,984
Share of associated company profits	190	30	226	58	278
Profit before taxes	1,552	1,104	2,720	-249	1,203
Income taxes	-486	87	-1,012	107	2,240
Profit/loss from continuing operations	1,067	1,191	1,708	-141	3,443
Profit/loss from sold operations	0	1,039	26,511	2,267	5,057
Profit/loss from discontinued operations	0	-2,060	0	-2,429	-1,646
Profit/loss for the financial period	1,067	170	28,219	-303	6,853
Attributable to
Shareholders of the parent company	215	-1,401	26,722	-2,221	2,137
Minority shareholders	852	1,571	1,497	1,918	4,717
Earnings per share from continuing
operations EUR, undiluted	0.004	-0.010	0.004	-0.045	-0.031
Earnings per share from continuing
operations
EUR, diluted	0.004	-0.010	0.004	-0.045	-0.031
Earnings per share from discontinued
operations EUR, undiluted	0.000	-0.020	0.509	-0.003	0.065
Earnings per share from sold
operations EUR, undiluted	0.000	-0.020	0.509	-0.003	0.065

Earnings per share from continuing and
discontinued operations EUR, undiluted	0.004	-0.030	0.513	-0.049	0.035
Earnings per share from continuing and
discontinued operations EUR, diluted	0.004	-0.030	0.513	-0.049	0.035
EXTENSIVE INCOME STATEMENT
Items of the extensive income statement	1,067	170	28,219	-303	6,853
Translation differences	-74	-35	-74	-35	-20
Extensive income statement for the period	993	135	28,145	-292	6,833
Attributable to
Shareholders of the parent company	141	-1,436	26,648	-2,210	2,117
Minority shareholders	852	1,571	1,497	1,918	4,717

April 30, 2018	April 30, 2017
		2017
90,618	77,584	94,714
12,929	9,937	13,485
17,492	14,267	23,234
1,016	3,867	4,037
6,572	7,488	11,328
8,393	7,564	6,772
137,020	120,706	153,571

Current assets
Stocks	9,663	9,601	12,698
Trade and other receivables	34,285	31,185	38,418
Financial assets recorded at fair value through profit and
loss	35,000	6,000	0
Cash and cash equivalents	12,504	16,044	19,466
Current assets total	91,451	62,830	70,582
ASSETS IN TOTAL	228,474	183,536	224,154
EQUITY AND LIABILITIES
Equity attributable to parent company shareholders
Share capital	5,569	5,569	5,569
Share premium account	4,646	4,646	4,646
Invested unrestricted equity fund	13,378	13,302	13,325
Equity convertible loan		7,391
Translation difference	-310	-152	-157
Retained earnings	31,940	4,307	7,546
Total	55,224	35,062	30,929
Minority interest	28,245	30,274	33,522
Equity total	83,468	65,336	64,451
Liabilities
Imputed tax liabilities	7,449	2,465	4,621
Non-current liabilities	91,647	74,081	94,034
Current liabilities	45,908	41,653	61,047
Liabilities total	145,005	118,200	159,702
EQUITY AND LIABILITIES IN TOTAL	228,474	183,536	224,154

CASH FLOW STATEMENT			October 31,
EUR 1,000		April 30, 2018 April 30, 2017
Operating net cash flow	276	5,929	15,626
Investment net cash flow	28,606	-12,933	-35,516
Loans drawn	5,818	7,070	39,987
Loans repaid	-4,506	-1,013	-23,759
Share issue	1,406	1,200	3,090
Disposal of own shares	55	42	61
Dividends paid and capital repayments	-3,608	-4,828	-6,595
Finance net cash flow	-840	2,470	12,785
Change in cash flows	28,043	-4,533	-7,105

PANOSTAJA Six-month Review Q2 24

EQUITY

EUR 1,000	Share capital	Premi um fund	Invested unrestricted equity fund	Translati on differenc es	Retaine d earning s	Other funds	Minority sharehol ders' interest	Total
Equity	5,569	4,646	13,260	-124	9,277	7,390	31,128	71,145
November 1, 2016
Profit for the financial period					-2,221		1,918	-303
Profit and costs recorded during the financial period, total					-2,221		1,918	-303
Dividends paid					-2,081			-2,081
Dividends paid for minority shareholders							-2,961	-2,961
Repayment of capital							-558	-558
Interest on equity convertible loan
Disposal of own shares				42				42
Reward scheme					4			4
Translation differences				-28	-7			-35
Other changes					179			179
Share of minority shareholders resulted from the acquisition of subsidiaries							-54	-54
Selling of shares of subsidiaries owned that have not resulted in loss of controlling interest					210		982	1,192
Acquisitions of minority shareholdings					-1,054		-783	-1,837
Other changes in equity, total				42 -28	-2,749		-2,772	- 5,507

PANOSTAJA Six-month Review Q2 25

April 30, 2017	5,569	4,646	13,302	-152	4,307	7,390	30,274	65,336
Equity
November 1, 2017	5,569	4,646	13,325	-157	7,546	0	33,523	64,451
Profit for the financial period					26,722		1,497	28,219
Profit and costs recorded during the financial period, total					26,722		1,497	28,219
Share issue
Dividends paid					-2,084			-2,084
Dividends paid for minority shareholders							-1,476	-1,476
Capital repayment
Interest on equity convertible loan
Disposal of own shares			53					53
Reward scheme					8			8
Translation differences				-153	79			-74
Other changes					11			11
Share of minority shareholders resulted from the acquisition of subsidiaries							1,399	1,399
Selling of shares of subsidiaries owned resulting in loss of controlling interest							-5,829	-5,829
Acquisitions of minority shareholdings					-341		-869	-1,210
Other changes in equity, total			53	-153	-2,327		-6,775	-9,202
Equity
April 30, 2018	5,569	4,646	13,378	-310	31,941	0	28,244	83,468

KEY FIGURES	April 30, October 31,
	April 30, 2018	2017	2017
EBIT, MEUR	1,928	1,460	2,909
Equity per share (EUR)	1.06	0.67	0.59
Earnings per share, undiluted (EUR)	0.51	-0.05	0.03
Earnings per share, diluted (EUR)	0.51	-0.05	0.03
Average number of outstanding shares during financial period, 1,000 pcs.	52,105	52,195	52,082
Number of shares at end of financial period, 1,000 pcs.	52,533	52,533	52,533
Number of shares, 1,000 pcs, on average, diluted	52,105	52,195	52,118
Return on equity, %	76.3%	-0.9%	10.1%
Return on investment, %	33.3%	3.9%	4.9%
Gross capital expenditure In permanent assets, MEUR	10.2	11.3	39.0
% of net sales	11.2%	16.1%	25.8%
Interest-bearing liabilities, MEUR	104.5	82.9	111.6
Interest-bearing net liabilities, MEUR	52.8	57.1	88.6
Equity ratio, %	36.6	35.6	28.8
Average number of employees	1,582	1,446	1,622

Key figures provide a brief overview of the business development and financial position of a company. Formulae for calculating key figures have been presented in the financial statement of the financial period 2017. The terms 'operating profit' and 'EBIT' are used to refer to the same thing. Reconciliation of interest-bearing liabilities and interest-bearing net liabilities is presented at the end of this bulletin.

ACQUIRED BUSINESSES

Acquisition cost calculation Carrot

On April 20, 2018, Panostaja Oyj announced that it had signed an agreement on the acquisition of the share capital of Carrot Palvelut Oy, a company providing staffing, recruitment and outsourcing services. After the trade, Panostaja owns 63% of the entity formed through the restructuring.

The value of the company's entire share capital (100%) is approx. MEUR 6.55. Based on an acquisition cost calculation, the fair value of the net assets acquired is MEUR -1.3, resulting in a goodwill of MEUR 7.9. The fair values of MEUR 1.3 recorded for the consolidation were related to customer relationships. Carrot's balance sheet has been consolidated into Panostaja Group as of April 30, 2018 and the profit/loss will be consolidated as of May 1, 2018.

Consideration given MEUR

Consideration paid	6.6
Conditional consideration	0.0
Consideration in total	6.6
Acquired assets and liabilities
Permanent assets	0.0
Customer relationships	1.3
Machinery and equipment	0.1
Stocks	0.0
Current receivables	3.4
Cash and cash at bank	0.6
Total assets	5.4
Non-current liabilities	0.9
Current liabilities	5.5
Deferred tax liabilities	0.3
Total liabilities	6.7
Net assets	-1.3
Goodwill	7.9

GROUP DEVELOPMENT BY QUARTER MEUR

MEUR	Q2/18	Q1/18		Q4/17 Q3/17 Q2/17		Q1/17	Q4/16	Q3/16
Net sales	45.9	44.9	46.4	34.5	36.2	33.7	43.8	39.3
Other operating income	0.5	1.7	0.5	0.2	0.1	0.2	0.2	0.1
Costs in total	44.4	44.9	46.1	33.1	34.8	34.8	41.1	36.7
Depreciations, amortisations and
impairment	2.3	2.2	2.5	1.9	1.5	1.4	1.8	1.7
EBIT	1.9	1.7	0.8	1.6	1.5	-1.0	2.9	2.7
Finance items	-0.6	-0.6	-0.8	-0.4	-0.4	-0.4	-0.4	-0.5
Share of associated company profits	0.2	0.0	0.1	0.1	0.0	0.0	0.0	0.1
Profit before taxes	1.6	1.2	0.2	1.3	1.1	-1.4	2.5	2.2
Taxes	-0.5	-0.5	2.3	-0.2	0.1	0.0	0.9	-0.8
Profit from continuing operations	1.1	0.6	2.5	1.1	1.2	-1.3	3.4	1.5
Profit/loss from sold operations	0.0	26.5	2.0	0.8	1.0	1.2	0.0	0.5
Profit/loss from discontinued operations	0.0	0.0	0.8	0.0	-2.1	-0.4	-0.4	-0.3
Profit for the financial period	1.1	27.2	5.3	1.8	0.2	-0.5	3.1	1.7
Minority interest	0.9	0.6	1.8	1.0	1.6	0.3	1.4	0.9
Parent company shareholder interest	0.2	26.5	3.5	0.8	-1.4	-0.8	1.7	0.8

GUARANTEES GIVEN
	April 30,		October 31,
	2018	April 30, 2017	2017
Guarantees given on behalf of Group companies
Enterprise mortgages	75,002	79,585	82,642
Pledges given	137,443	129,338	137,420
Other liabilities	6,613	15,844	18,234
Other rental agreements
In one year	10,522	6,852	10,246
In over one year but within five years maximum	22,594	12,112	22,215
In over five years	2,212	470	2,651
Total	35,328	19,435	35,112

SEGMENT INFORMATION

The segmentation of Panostaja Group is based on investments with majority holdings that produce products and services that differ from each other. The investments in which Panostaja has majority holdings compose the company's operation segments. In addition to that there is the segment Others, in which associated companies and non-allocated items are reported, including the parent company.

NET SALES	11/17-4/18	11/16-4/17	11/16-10/17
EUR 1,000
Grano	68,799	48,708	105,345
KL-Varaosat	6,884	6,425	13,540
Selog	4,342	5,029	10,764
Helakeskus	4,136	4,483	8,912
Megaklinikka	2,720	3,025	5,964
Heatmasters	2,157	2,241	5,300
CoreHW	1,828	0	994
Carrot	0	0	0
Others	0	0	0
Eliminations	-37	-47	-100
Group in total	90,828	69,864	150,718

EBIT

EUR 1,000	11/17-4/18	11/16-4/17	11/16-10/17
Grano	3,968	2,977	6,299
KL-Varaosat	499	372	1,045
Selog	206	210	805
Helakeskus	102	216	546
Megaklinikka	-215	-1,432	-1,644
Heatmasters	-152	-300	-202
CoreHW	-473	0	25
Carrot	0	0	0
Others	-273	-1,555	-3,964
Group in total	3,661	488	2,909

DEPRECIATIONS

EUR 1,000	11/17-4/18	11/16-4/17	11/16-10/17
Grano	-3,937	-2,174	-5,916
KL-Varaosat	-32	-51	-100
Selog	-20	-102	-200
Helakeskus	-10	-37	-73
Megaklinikka	-248	-391	-640
Heatmasters	-94	-105	-220
CoreHW	-130	0	-34
Carrot	0	0	0
Others	-56	-36	-72
Group in total	-4,528	-2,895	-7,255

INTEREST-BEARING NET LIABILITIES

EUR 1,000	April 30, 2018	April 30, 2017October 31, 2017
Grano	60,922	36,256	55,830
KL-Varaosat	164	1,000	572
Selog	1,148	215	-43
Helakeskus	5,483	5,327	5,534
Megaklinikka	5,970	6,065	5,854
Heatmasters	722	960	868
CoreHW	2,624	0	2,296
Carrot	4,638	0	0
Parent company	-28,970	-3,364	7,769
Others	80	10,593	9,944
Group in total	52,781	57,052	88,623

The interest-bearing net liabilities for operations sold and discontinued in the reference period are presented in the row Others.

SEGMENT INFORMATION BY

QUARTER NET SALES, MEUR	Q2/18	Q1/18	Q4/17	Q3/17	Q2/17	Q1/17	Q4/16	Q3/16
Grano MEUR	34.8	34.0	33.6	23.1	25.4	23.3	22.8	20.8
KL-Varaosat	3.5	3.4	3.6	3.5	3.2	3.2	3.4	3.2
Selog	2.4	1.9	2.8	2.9	2.4	2.6	2.7	2.8
Helakeskus	2.2	1.9	2.3	2.2	2.4	2.1	2.4	2.3
Megaklinikka	1.3	1.4	1.3	1.6	1.6	1.4	1.3	1.1
Heatmasters	1.1	1.0	1.8	1.3	1.3	0.9	1.3	1.2
CoreHW	0.5	1.3	1.0	0.0	0.0	0.0	0.0	0.0
Carrot	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Others	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

PANOSTAJA Six-month Review Q2 32

Eliminations	0.0	0.0	0.0	0.0	0.0	0.0	9.8	7.9
Group in total	45.9	44.9	46.4	34.5	36.2	33.7	43.8	39.3
SEGMENT INFORMATION BY QUARTER EBIT, MEUR	Q2/18	Q1/18	Q4/17	Q3/17	Q2/17	Q1/17	Q4/16	Q3/16
Grano	2.9	1.1	1.9	1.4	2.4	0.6	1.9	1.6
KL-Varaosat	0.3	0.2	0.3	0.3	0.2	0.2	0.4	0.2
Selog	0.2	0.0	0.3	0.3	0.1	0.1	0.2	0.2
Helakeskus	0.1	0.0	0.2	0.2	0.2	0.0	0.2	0.2
Megaklinikka	0.0	-0.2	-0.2	0.0	-0.6	-0.8	-0.6	-0.2
Heatmasters	-0.1	-0.1	0.0	0.0	0.0	-0.3	-0.3	-0.2
CoreHW	-0.5	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Carrot	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Others	-0.9	0.6	-1.7	-0.7	-0.8	-0.8	1.2	0.8
Group in total	1.9	1.7	0.8	1.6	1.5	-1.0	2.9	2.7

Reconciliation of key figures – interest	October 31,
bearing liabilities and interest-bearing net liabilities	April 30, 2018	April 30, 2017	2017
MEUR Liabilities total	145.0	118.2	159.7
Non-interest-bearing liabilities	40.5	35.3	48.1
Interest-bearing liabilities	104.5	82.9	111.6
Trade and other receivables	38.4	30	38.4
Non-interest-bearing receivables	34.9	25.7	34.9
Interest-bearing receivables	3.5	4.3	3.5
Interest-bearing liabilities	104.5	82.9	111.6
Interest-bearing receivables	4.2	3.8	3.5
Cash and cash equivalents	47.5	22.0	19.5
Interest-bearing net liabilities	52.8	57.1	88.6

Panostaja is an investment company developing Finnish start-ups in the role of an active majority shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja increases the Group's shareholder value and creates Finnish success stories.

Panostaja has a majority holding in eight investment targets. Grano Oy is the most versatile expert of content services in Finland. Heatmasters Group offers heat treatment services for metals in Finland and internationally, as well as produces, develops and markets heat treatment technology. KL-Varaosat is an importer, wholesale dealer and retailer of original spare parts and supplies for Mercedes Benz, BMW and Volvo cars. Megaklinikka Oy is a company providing health care services and the ERP system for healthcare providers. Suomen Helakeskus Oy is a major wholesaler of furniture fittings in Finland. Selog Oy is a specialty supplier and wholesaler of ceiling materials. CoreHW provides high-added value RF IC design services Carrot provides staffing, recruitment and outsourcing services.