2014-02-18 08:00:28 CET
2014-02-18 08:01:28 CET
REGULATED INFORMATION
Ponsse Oyj - Financial Statement Release
PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2013
Vieremä, Finland, 2014-02-18 08:00 CET (GLOBE NEWSWIRE) --
PONSSE PLC, STOCK EXCHANGE RELEASE, 18 FEBRUARY 2014, 9:00 a.m.
PONSSE'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2013
- Net sales amounted to EUR 312.8 (Q1-Q4/2012 314.8) million.
- Q4 net sales were EUR 101.5 (Q4/2012 97.1) million.
- Operating result totalled EUR 22.5 (Q1-Q4/2012 24.5) million, equalling 7.2
(7.8) per cent of net sales.
- Q4 operating result was EUR 9.8 (Q4/2012 8.7) million, equalling 9.6 (9.0)
per cent of net sales.
- Result before taxes was EUR 14.2 (Q1-Q4/2012 20.5) million.
- Cash flow from operating activities was EUR 38.5 (Q1-Q4/2012 13.3) million.
- Earnings per share were EUR 0.31 (0.44).
- Equity ratio was 36.5 (45.1) per cent.
- Order books stood at EUR 99.8 (41.8) million.
- The Board of Directors´proposal for the distribution of profit is EUR 0.30
(0.25) per share.
- The Group's euro-denominated operating profit in 2014 is expected to be
significantly higher than in 2013.
PRESIDENT AND CEO JUHO NUMMELA:
The year started with a weak order book. However, the demand for forest
machines began to pick up already during the second quarter. A significant
change for the better took place in order flows during the third quarter, and
the order book grew continuously during the latter half of the year, ending up
at EUR 99.8 (41.8) million. The order book grew by 138 percent compared with
the comparison period. In spite of the extremely twofold year, Ponsse's net
sales almost reached the same level as the previous year, even though the
number of machines was lower.
Our renewal of product and production technology and our investments in
services progressed as planned. The Scorpion launch exceeded expectations, and
the new harvester entered serial production in early 2014.
With regard to our market areas, the positive trend in Russia and North America
can be seen in profitability as well as cash flow from business operations.
Problems in Europe were still visible, and the Swedish and Central European
markets in particular remained relatively small. All of the deliveries to South
America could not be invoiced in full during 2013, with some of the deliveries
being postponed to the first quarter of 2014. As order flows developed, the
factory returned to two shifts as of the beginning of June, and capacity was
increased further in early December.
Our customers had plenty of work, with the demand for wood remaining favourable
throughout the year, and our service business experienced strong growth. At the
same time, our used machine sales grew significantly. Net sales for the last
quarter amounted to EUR 101.5 (97.1) million, representing a change of +4.5
percent compared with the corresponding period. Net sales for the period under
review stood at EUR 312.8 million, or 0.6 percent less than in the comparison
period.
The operating result amounted to EUR 9.8 (8.7) million in the last quarter,
equalling 9.6 (9.0) percent of net sales. The operating result for the period
under review amounted to EUR 22.5 (24.5) million, equalling 7.2 (7.8) percent
of net sales.
Cash flow from operating activities was very strong in the period under review,
EUR 38.5 (13.3) million. The stock of new products was at a normal level. The
stock of trade-in machines decreased as planned.
The equity ratio developed favourably, amounting to 36.5 percent. Ponsse repaid
the hybrid loan of EUR 19 million in the period under review, and equity ratio
is reaching the target levels as planned. At the same time, capital turnover
developed favourably.
NET SALES
Consolidated net sales for the period under review amounted to EUR 312.8
(314.8) million, which was 0.6 per cent less than in the comparison period.
International business operations accounted for 69.3 (67.4) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 43.4 (51.8)
per cent, Central and Southern Europe 16.2 (16.6) per cent, Russia and Asia
18.1 (17.2) per cent, North and South America 22.2 (14.3) per cent and other
countries 0.0 (0.0) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 22.5 (24.5) million. The operating result
of the comparison period includes a non-recurring cost item of EUR 1.9 million.
The operating result equalled 7.2 (7.8) per cent of net sales for the period
under review. Consolidated return on capital employed (ROCE) stood at 12.2
(17.7) per cent.
Staff costs for the period totalled EUR 49.0 (49.2) million. Other operating
expenses stood at EUR 31.5 (32.0) million. The net total of financial income
and expenses amounted to EUR -8.2 (-4.0) million. Exchange rate gains and
losses with a net effect of EUR -6.6 (-2.2) million were recognised under
financial items for the period. Result for the period under review totalled EUR
9.1 (13.9) million. Diluted and undiluted earnings per share (EPS) came to EUR
0.31 (0.44). The interest on the subordinated loan for the period, less tax,
has been taken into account in the calculation of EPS.
STATEMENT OF FINANCIAL POSITION AND FINANCING ACTIVITIES
At the end of the period under review, the total consolidated statements of
financial position amounted to EUR 186.0 (181.7) million. Inventories stood at
EUR 85.8 (81.6) million. Trade receivables totalled EUR 23.2 (26.0) million,
while liquid assets stood at EUR 12.0 (14.1) million. Group shareholders'
equity stood at EUR 67.6 (81.4) million and parent company shareholders' equity
(FAS) at EUR 85.8 (81.1) million. In the comparison period Group shareholders'
equity includes a hybrid loan of EUR 19 million issued on 31 March 2009 and
settled on 28 March 2013. A separate release was issued on 19 February 2013
regarding the settlement of the hybrid loan. The interest paid on the hybrid
loan totalling EUR 9.1 million, less tax, is recognised as a deduction from
Group equity. The amount of interest-bearing liabilities was EUR 60.3 (56.4)
million. The company has used 18 per cent of its credit facility limit. The
parent company's net receivables from other Group companies stood at EUR 71.9
(80.5) million. The parent company's receivables from subsidiaries mainly
consisted of trade receivables. Consolidated net liabilities totalled EUR 48.3
(42.1) million, and the debt-equity ratio (net gearing) was 71.6 (51.7) per
cent. The equity ratio stood at 36.5 (45.1) percent at the end of the period
under review.
Cash flow from operating activities amounted to EUR 38.5 (13.3) million. Cash
flow from investment activities came to EUR -11.2 (-18.0) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 371.0 (285.9) million, while
period-end order books were valued at EUR 99.8 (41.8) million. The minimum
order commitments for retailers are not included in the order book total.
DISTRIBUTION NETWORK
No changes took place in the Group structure during the period under review
except for Ponsse Uruguay S.A. being transferred to Ponsse Plc's direct
ownership from Ponsse Latin America Ltda.
The subsidiaries included in the Ponsse Group are: Epec Oy, Finland; OOO
Ponsse, Russia; Ponsse AB, Sweden; Ponsse AS, Norway; Ponsse Asia-Pacific Ltd,
Hong Kong; Ponsse China Ltd, China; Ponsse Latin America Ltda, Brazil; Ponsse
North America, Inc., the United States; Ponssé S.A.S., France; Ponsse UK Ltd,
the United Kingdom; and Ponsse Uruguay S.A., Uruguay. Sunit Oy, based in
Kajaani, Finland, is an affiliated company in which Ponsse Plc has a holding of
34 per cent.
CAPITAL EXPENDITURE AND R&D
During the period under review, the Group's R&D expenses totalled EUR 9.7 (9.5)
million, of which EUR 3.6 (3.3) million was capitalized.
Capital expenditure totalled EUR 11.2 (18.1) million. It consisted in addition
to capitalised R&D expenses of ordinary maintenance and replacement investments
for machinery and equipment.
ANNUAL GENERAL MEETING
Annual General Meeting was held in Vieremä, Finland 16 April 2013. The AGM
approved the parent company financial statements and the consolidated financial
statements, and members of the Board of Directors and the President and CEO
were discharged from liability for the 2012 financial period.
The AGM decided to pay a dividend of EUR 0.25 per share for 2012 (dividends
totaling EUR 6,946,775). No dividend will be paid to shares owned by the
company itself (212,900 shares). The dividend payment record date was 19 April
2013, and the dividends were paid on 26 April 2013.
The AGM authorised the Board of Directors to decide on the acquisition of the
treasury shares so that a maximum of 250,000 shares can be acquired in one or
more batches. The maximum amount corresponds to approximately 0.89 per cent of
the company's total shares and votes.
The shares will be acquired in public trading organised by NASDAQ OMX Helsinki
Ltd (“the Stock Exchange”). Furthermore, they will be acquired and paid
according to the rules of the Stock Exchange and Euroclear Finland Ltd.
The Board may, pursuant to the authorisation, only decide upon the acquisition
of the treasury shares using the Company's unrestricted shareholders' equity.
The authorisation is required for supporting the Company's growth strategy in
the Company's potential business arrangements or other arrangements. In
addition, the shares can be issued to the Company's current shareholders or
used for increasing the ownership value of the Company's shareholders by
invalidating shares after their acquisition, or used in personnel incentive
systems. The authorisation includes the right of the Board to decide upon all
other terms and conditions in the acquisition of own shares.
The authorisation is valid until the next AGM; however, no later than 30 June
2014. Previous authorisations are canceled.
The AGM authorised the Board of Directors to decide on the issue of new shares
and the assignment of treasury shares held by the company against payment or
free of charge so that a maximum of 250,000 shares will be issued on the basis
of the authorisation. The maximum amount corresponds to approximately 0.89 per
cent of the company's total shares and votes.
The authorisation includes the right of the Board to decide upon all other
terms and conditions of the share issue. Thus, the authorisation includes a
right to organise a directed issue in deviation of the shareholders'
subscription rights under the provisions prescribed by law.
The authorisation is proposed for use in supporting the Company's growth
strategy in the Company's potential corporate acquisitions or other
arrangements. In addition, the shares can be issued to the Company's current
shareholders, sold through public trading or used in personnel incentive
systems.
The authorisation is valid until the next AGM; however, no later than 30 June
2014. Previous authorisations are canceled.
BOARD OF DIRECTORS AND THE COMPANY'S AUDITORS
The Board of Directors comprised seven members during the period under review.
Heikki Hortling, Mammu Kaario, Ilkka Kylävainio, Ossi Saksman, Jukka Vidgrén
and Juha Vidgrén were re-elected and Janne Vidgrén was elected as a new member
to the Board. Juha Vidgrén acted as the Chairman of the Board and Heikki
Hortling as the Vice Chairman.
The Board of Directors did not establish any committees or commissions from
among its members.
The Board of Directors convened nine times during the period under review. The
attendance rate was 93.5 percent.
During the period under review, auditing firm PricewaterhouseCoopers Oy acted
as the company auditor with Sami Posti, Authorised Public Accountant, as the
principal auditor.
MANAGEMENT
The following persons were members of the Management Team: Juho Nummela,
President and CEO, acting as the chairman; Pasi Arajärvi, Purchasing and
Logistics Director (until 13 May 2013); Juha Haverinen, Factory Director; Petri
Härkönen, CFO; Juha Inberg, Technology and R&D Director; Tapio Mertanen,
Service Director; Paula Oksman, HR Director; Tommi Väänänen, Purchasing
Director (as of 1 October 2013) and Jarmo Vidgrén, Deputy CEO, Sales and
Marketing Director. The company management has regular management liability
insurance.
The area director organisation of sales is lead by Jarmo Vidgrén, Group's Sales
and Marketing Director and Tapio Mertanen, Service Director. The geographical
distribution and the responsible persons are presented below:
Northern Europe: Jarmo Vidgrén (Finland), Eero Lukkarinen (Sweden, Denmark) and
Sigurd Skotte (Norway),
Central and Southern Europe: Janne Vidgrén (Austria, Poland, Romania, Germany,
the Czech Republic and Hungary), Clément Puybaret (France), Jussi Hentunen
(Spain, Italy, Portugal and Norrbotten/Sweden) and Gary Glendinning (the United
Kingdom)
Russia and Asia: Jaakko Laurila (Russia, Belarus), Norbert Schalkx (Japan and
the Baltic countries) and Risto Kääriäinen (China),
North and South America: Pekka Ruuskanen (the United States), Marko Mattila
(North American dealers), Teemu Raitis (Brazil) and Martin Toledo (Uruguay).
Pasi Arajärvi, the Purchasing and Logistics Director and a member of the
Management Team at Ponsse Plc, left the company on 13 May 2013. B. Eng. Tommi
Väänänen took up his post as the Purchasing Director and a member of the Board
of Directors on 1 October 2013. CEO Juho Nummela took care of the
responsibilities of the Purchasing and Logistics Director from 13 May to 1
October 2013.
PERSONNEL
The Group had an average staff of 1 027 (994) during the period and employed 1
099 (986) people at period-end.
Share-based incentive scheme
The Group had a share-based incentive scheme aimed at the Group's key
personnel. The earning criteria for the first earning period will not be met,
and a decision was made to terminate the entire scheme. The amount recognised
as income as a result during the financial period is EUR 667 thousand, and it
is shown under employment benefit expenses.
SHARE PERFORMANCE
The company's registered share capital consists of 28,000,000 shares. At the
end of the period under review the company had 7,225 shareholders. The trading
volume of Ponsse Plc shares for 1 January - 31 December 2013 totalled
2,919,553, accounting for 10.4 per cent of the total number of shares. Share
turnover amounted to EUR 21.2 million, with the period's lowest and highest
share prices amounting to EUR 5.50 and EUR 10.02, respectively.
At the end of the period, shares closed at EUR 9.81, and market capitalisation
totalled EUR 274.7 million.
At the end of the period under review, the company held 212,900 treasury shares.
QUALITY AND ENVIRONMENT
Ponsse is committed to observing the ISO 9001:2000 quality standard, the ISO
14001 environmental system standard and the OHSAS 18001 occupational safety and
health standard, the first two of which are certified. Lloyd's Register Quality
Assurance conducted an audit of the ISO 9001:2008 quality system and the ISO
14001 environmental system during the period under review.
The company has included the procedures required by these quality,
environmental and occupational safety and health standards in Ponsse's
sustainable development principles. At Ponsse, sustainable development means
taking the economic, social and ecological points of view into account in all
the company's operations. Procedures according to sustainable development
related to profitability, cash flow from operating activities and growth ensure
the company's economic performance in the long term. Procedures related to the
social point of view ensure the availability of competent human resources for
the company and its customers and maintain the professional skills and
well-being of the company's employees. The environmental point of view ensures
the environmental friendliness of our products and production, improving our
customers' profitable operations by means of, for example, lower fuel
consumption and emissions.
Procedures and production processes are developed through both internal and
external audits. The company's audit system was a key tool in promoting
development during 2013. During the period under review, internal audits
assessing the procedures and working environment of services were expanded in
the company's service network. The aim of the quality audits of services is to
ensure efficient and safe procedures in the PONSSE service network.
Production processes are continuously developed in accordance with the
operating model of continuous improvement. The company's quality assurance
system emphasises the importance of prevention. During the period under review,
a procedure development model internal to the company, which is based on Lean
Six Sigma quality management principles, was used successfully.
GOVERNANCE
In its decision-making and administration, the company observes the Finnish
Limited Liability Companies Act, other regulations governing publicly listed
companies and the company's Articles of Association. The company's Board of
Directors has adopted the Code of Governance that complies with the Finnish
Corporate Governance Code approved by the Board of the Securities Market
Association in 2010. The purpose of the code is to ensure that the company is
professionally managed and that its business principles and practices are of a
high ethical and professional standard.
The Code of Governance is available on Ponsse's website in the Investors
section.
RISK MANAGEMENT
Risk management is based on the company's values, as well as strategic and
financial objectives. Risk management aims to support the achievement of the
objectives specified in the company's strategy, as well as to ensure the
financial development of the company and the continuity of its business.
Furthermore, risk management aims to identify, assess and monitor
business-related risks which may influence the achievement of the company's
strategic and financial goals or the continuity of its business. Decisions on
the necessary measures to anticipate risks and react to observed risks are made
on the basis of this information.
Risk management is a part of regular daily business, and it is also included in
the management system. Risk management is controlled by the risk management
policy approved by the Board.
A risk is any event that may prevent the company from reaching its objectives
or that threatens the continuity of business. On the other hand, a risk may
also be a positive event, in which case the risk is treated as an opportunity.
Each risk is assessed on the basis of its impact and probability. Methods of
risk management include avoiding, mitigating and transferring risks. Risks can
also be managed by controlling and minimising their impact.
SHORT-TERM RISK MANAGEMENT
The prolonged insecurity in the world economy and weak economic situation may
result in a decline in the demand for forest machines. The uncertainty may be
increased by the volatility of developing countries' foreign exchange markets.
The parent company monitors the changes in the Group's internal and external
trade receivables and the associated risk of impairment.
The key objective of the company's financial risk management policy is to
manage liquidity, interest and currency risks. The company ensures its
liquidity through credit limit facilities agreed with a number of financial
institutions. The effect of adverse changes in interest rates is minimised by
utilising credit linked to different reference rates and by concluding interest
rate swaps. The effects of currency rate fluctuations are mitigated through
derivative contracts.
Changes taking place in the fiscal and customs legislation in countries to
which Ponsse exports may hamper the company's export trade or its
profitability.
EVENTS AFTER THE PERIOD
In its decision on 21 January 2014, the Supreme Administrative Court approved
the company's appeal concerning the tax deductibility of the impairment losses
of intra-Group trade receivables in parent company´s taxation in 2008,
totalling EUR1.6 million. The decision has not affected the tax expense for
2013 because the previously debited tax has been posted as a receivable in the
company's financial statements 2013 on the basis of a favourable decision made
by the tax rectification committee of the Corporate Taxation Unit on 16
February 2010.
OUTLOOK FOR THE FUTURE
The Group's euro-denominated operating profit is expected to be significantly
higher than in 2013.
In general, the positive work situation of the customers and Ponsse's strongly
renewed and competitive product portfolio and maintenance service solutions are
having a positive effect on the company's business operations.
Thanks to the strong order books, the factory is able to produce forest
machines at almost full capacity. We estimate that the work situation of our
customers will also continue to be good.
ANNUAL GENERAL MEETING
Ponsse Plc's Annual General Meeting will be held on 15 April 2014, starting at
11:00 a.m. at the company's registered office at Ponssentie 22, FI-74200
Vieremä, Finland.
BOARD OF DIRECTORS' PROPOSAL FOR THE DISPOSAL OF PROFIT
The parent company Ponsse Plc had 78,007,032.76 euros of distributable funds on
31 December 2013.
The company's Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.30 per share shall be paid for the year 2013. The Board
proposes to the Annual General Meeting that a profit bonus will be paid to the
staff for the year 2013.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS
1-12/13 1-12/12
NET SALES 312,825 314,779
Increase (+)/decrease (-) in inventories of finished goods 5,832 -130
and work in progress
Other operating income 1,053 836
Raw materials and services -210,146 -203,943
Expenditure on employment-related benefits -49,022 -49,223
Depreciation and amortisation -6,568 -5,862
Other operating expenses -31,472 -31,986
OPERATING RESULT 22,501 24,471
Share of results of associated companies -45 11
Financial income and expenses -8,208 -3,968
RESULT BEFORE TAXES 14,248 20,513
Income taxes -5,150 -6,623
NET RESULT FOR THE PERIOD 9,098 13,890
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 2,955 437
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 12,053 14,327
Diluted and undiluted earnings per share* 0.31 0.44
IFRS IFRS
10-12/13 10-12/12
NET SALES 101,533 97,123
Increase (+)/decrease (-) in inventories of finished goods -2,266 -9,146
and work in progress
Other operating income 378 173
Raw materials and services -65,155 -56,114
Expenditure on employment-related benefits -13,878 -12,263
Depreciation and amortisation -1,648 -1,676
Other operating expenses -9,208 -9,355
OPERATING RESULT 9,756 8,741
Share of results of associated companies 93 16
Financial income and expenses -3,148 -2,127
RESULT BEFORE TAXES 6,701 6,631
Income taxes -2,150 -2,045
NET RESULT FOR THE PERIOD 4,551 4,586
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 1,540 734
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 6,091 5,320
Diluted and undiluted earnings per share* 0.16 0.15
* The interest on the subordinated loan for the period, less tax, was taken
into account in this figure.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)
IFRS IFRS
ASSETS 31 Dec 13 31 Dec 12
NON-CURRENT ASSETS
Intangible assets 14,278 11,898
Goodwill 3,440 3,440
Property, plant and equipment 37,766 35,525
Financial assets 104 111
Investments in associated companies 1,031 1,186
Non-current receivables 914 999
Deferred tax assets 1,374 1,628
TOTAL NON-CURRENT ASSETS 58,908 54,787
CURRENT ASSETS
Inventories 85,767 81,636
Trade receivables 23,108 25,954
Income tax receivables 207 1,959
Other current receivables 6,100 3,313
Cash and cash equivalents 11,958 14,083
TOTAL CURRENT ASSETS 127,140 126,944
TOTAL ASSETS 186,048 181,732
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 7,000 7,000
Other reserves 30 19,030
Translation differences 1,417 -1,538
Treasury shares -2,228 -2,228
Retained earnings 61,331 59,180
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 67,550 81,444
NON-CURRENT LIABILITIES
Interest-bearing liabilities 38,810 21,474
Deferred tax liabilities 657 968
Other non-current liabilities 0 13
TOTAL NON-CURRENT LIABILITIES 39,466 22,455
CURRENT LIABILITIES
Interest-bearing liabilities 21,492 34,912
Provisions 4,618 4,977
Tax liabilities for the period 920 385
Trade creditors and other current liabilities 52,002 37,558
TOTAL CURRENT LIABILITIES 79,032 77,833
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 186,048 181,732
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS
1-12/13 1-12/12
CASH FLOWS FROM OPERATING ACTIVITIES:
Net result for the period 9,098 13,890
Adjustments:
Financial income and expenses 8,208 3,968
Share of the result of associated companies 45 -11
Depreciation and amortisation 6,568 5,862
Income taxes 5,150 6,623
Other adjustments 2,637 -452
Cash flow before changes in working capital 31,706 29,880
Change in working capital:
Change in trade receivables and other receivables -81 4,256
Change in inventories -4,131 -1,161
Change in trade creditors and other liabilities 15,557 -8,600
Change in provisions for liabilities and charges -359 350
Interest received 227 195
Interest paid -1,143 -1,334
Other financial items -1,063 269
Income taxes paid -2,260 -10,509
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) 38,453 13,346
CASH FLOWS USED IN INVESTING ACTIVITIES
Investments in tangible and intangible assets -11,188 -18,062
Proceeds from sale of tangible and intangible assets 0 62
NET CASH FLOWS USED IN INVESTMENT ACTIVITIES (B) -11,188 -18,000
CASH FLOWS FROM FINANCING ACTIVITIES
Hybrid loan -19,000 0
Interest paid, hybrid loan -1,136 -2,280
Withdrawal/Repayment of current loans -14,500 14,478
Change in current interest-bearing liabilities -136 -100
Withdrawal of non-current loans 29,322 10,000
Repayment of non-current loans -10,668 -6,792
Payment of finance lease liabilities -239 -363
Change in non-current receivables 172 380
Dividends paid -6,947 -9,725
NET CASH FLOWS FROM FINANCING ACTIVITIES (C) -23,132 5,598
Change in cash and cash equivalents (A+B+C) 4,133 945
Cash and cash equivalents on 1 January 14,083 16,267
Impact of exchange rate changes -6,259 -3,129
Cash and cash equivalents on 31 December 11,958 14,083
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR 1,000)
A = Share capital
B = Share premium and other reserves
C = Translation differences
D = Treasury shares
E = Retained earnings
F = Total shareholders' equity
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS
A B C D E F
SHAREHOLDERS' EQUITY 1 JAN 2013 7,000 19,030 -1,538 -2,228 59,180 81,444
Translation differences 2,955 2,955
Result for the period 9,098 9,098
Total comprehensive income for 2,955 9,098 12,053
the period
Direct entries to retained
earnings*
Dividend distribution -6,947 -6,947
Other changes -19,000 -19,000
SHAREHOLDERS' EQUITY 31 DEC 7,000 30 1,417 -2,228 61,331 67,550
2013
SHAREHOLDERS' EQUITY 1 JAN 2012 7,000 19,030 -1,975 -2,228 56,736 78,563
Translation differences 437 437
Result for the period 13,890 13,890
Total comprehensive income for 437 13,890 14,327
the period
Direct entries to retained -1,721 -1,721
earnings*
Dividend distribution -9,725 -9,725
SHAREHOLDERS' EQUITY 31 DEC 7,000 19,030 -1,538 -2,228 59,180 81,444
2012
* Consists of the interest paid, less tax, for the hybrid loan classified as
equity.
31 Dec 13 31 Dec 12
1. LEASING COMMITMENTS (EUR 1,000) 1,691 2,898
2. CONTINGENT LIABILITIES (EUR 1,000) 31 Dec 13 31 Dec 12
Guarantees given on behalf of others 487 1,601
Repurchase commitments 233 1,541
Other commitments 4,224 3,616
TOTAL 4,945 6,759
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2013 4,977
Provisions added 804
Provisions cancelled -1,163
31 December 2013 4,618
KEY FIGURES AND RATIOS 31 Dec 13 31 Dec 12
R&D expenditure (EUR million) 9.7 9.5
Capital expenditure (EUR million) 11.2 18.1
as % of net sales 3.6 5.7
Average number of employees 1 027 994
Order books (EUR million) 99.8 41.8
Equity ratio, % 36.5 45.1
Diluted and undiluted earnings per share (EUR) 0.31 0.44
Equity per share (EUR) 2.41 2.91
FORMULAE FOR FINANCIAL INDICATORS
Return on capital employed, %:
Result before tax + financial expenses
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-------------------------------------
Shareholder´s equity + interest-bearing financial liabilities (average during
the year) * 100
Average number of employees:
Average of the number of personnel at the end of each month. The calculation
has been adjusted for part-time employees.
Net gearing, %:
Interest-bearing financial liabilities - cash and cash equivalents
--------------------------------------------------------------------------------
---
Shareholders' equity * 100
Equity ratio, %:
Shareholders' equity + Non-controlling interests
------------------------------------------------------------------------
Balance sheet total - advance payments received * 100
Earnings per share:
Net result for the period - Non-controlling interests - Interest on hybrid loan
for the period less tax
--------------------------------------------------------------------------------
--------------------------------------------
Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Shareholders' equity
--------------------------------------------------------------------------------
-------------
Number of shares on the balance sheet date, adjusted for share issues
ORDER INTAKE (EUR million) 1-12/13 1-12/12
Ponsse Group 371.0 285.9
The stock exchange release for annual financial statements has been prepared
observing the recognition and valuation principles of IFRS standards, but not
all of the requirements of IAS 34 have been complied with. The same accounting
principles were observed for the closing of the books as for the annual
financial statements dated 31 December 2012.
The above figures have been audited.
The above figures have been rounded and may therefore differ from those given
in the official financial statements.
This communication includes future-oriented statements that are based on the
assumptions currently made by the company's management and its current
decisions and plans. Although the management believes that the future
expectations are well founded, there is no certainty that these expectations
will prove to be correct. This is why the results may significantly deviate
from the assumptions included in the future-oriented statements as a result of,
among other things, changes in the economy, markets, competitive conditions,
legislation or currency exchange rates.
Vieremä, 18 February 2014
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 20 768 8914 or +358 400 495 690
Petri Härkönen, CFO, tel. +358 20 768 8608 or +358 50 409 8362
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.ponsse.com
Ponsse Plc is a company specialising in the sales, manufacture, servicing and
technology of cut-to-length method forest machines and is driven by genuine
interest in its customers and their business. Ponsse develops and manufactures
sustainable and innovative harvesting solutions based on customers' needs.
The company was established by forest machine entrepreneur Einari Vidgrén in
1970, and it has been a leader in timber harvesting solutions based on the
cut-to-length method ever since. Ponsse is headquartered in Vieremä, Finland.
The company's shares are quoted on the NASDAQ OMX Nordic List.
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