2008-02-15 13:59:53 CET
2008-02-15 14:00:48 CET
REGULATED INFORMATION
Ponsse Oyj - Annual Financial Report
CORRECTION: PONSSE'S FINANCIAL STATEMENTS FOR 1 JANUARY -31 DECEMBER 2007
PONSSE OYJ STOCK EXCHANGE RELEASE 15 JANUARY 2008 PONSSE'S FINANCIAL STATEMENTS FOR 1 JANUARY -31 DECEMBER 2007 CORRECTION: The Ponsse´s financial statements release in full Order intake rose by 49 per cent, being EUR 361.2 (242.9) million. Consolidated turnover rose by 30 per cent to EUR 310.1 (238.6) million. Consolidated operating profit rose by 25 per cent to EUR 37.1 (29.6) million. Operating profit accounted for 12.0 (12.4) per cent of turnover. Profit before tax was EUR 36.4 (28.5) million. Earnings per share were EUR 0.95 (0.75). Ponsse Oyj's Board of Directors proposes that a dividend of EUR 0.50 per share (0.40) be paid. ARTO TIITINEN, PRESIDENT AND CEO: ”We are especially pleased by the fact that the order intake rose by 49 per cent from the previous year. Our order books at the end of 2007 were valued the highest in our history. Our operating concept proved that it works.” ”We grew faster than the industry in general. Our turnover exceeded EUR 300 million, showing an increase of 30 per cent. Our international operations made up over 70 per cent of the turnover. Our cash flow improved with the development actions carried out during the year.” ”Our businesses developed as planned in 2007. We reached the targets set for our key market areas. In North America the market situation was challenging throughout the year; the market is estimated to recover during 2009. Last autumn we received the first major orders from South America. The development outlook in the area looks good.” ”The outlook for growth in timber products is good in Asia. Our company in Beihai, China, was opened in November after we had signed the first machine delivery agreements for the area.” “Our maintenance service business grew by 34 per cent from the previous year. Such favourable development is attributable to our increased machine stock, new maintenance service products, growing number of maintenance service agreements and the expansion of our maintenance network.” ”Ponsse's outlook for 2008 is positive. The demand for timber products is increasing, which is attributable to a rise in the standard of living and to urbanisation. The area of fast-growing planted forests will increase in the near future. The rise in timber customs duties in Russia will increase the demand for domestic roundwood and accelerate investments taking place in Russia. In addition, the share of the cut-to-length method of total harvesting volumes will increase”. TURNOVER Consolidated turnover amounted to EUR 310.1 (238.6) million, which is 29.9 per cent more than in the comparison period. International business operations made up 70.6 (62.8) per cent of turnover. Consolidated turnover for the fourth quarter totalled EUR 96.1 (82.7) million, which is 16.2 per cent more compared to the previous year. Turnover was regionally distributed as follows: Nordic countries 47.2 per cent (52.2 per cent), the rest of Europe 41.0 per cent (36.2 per cent), North and South America 10.2 per cent (10.8 per cent), and other countries 1.6 per cent (0.8 per cent). There was a keen demand for roundwood in the key Nordic market during the financial year. In Finland, the timber business was in part activated by the exports customs duties imposed by Russia on roundwood. Increased thinning enhanced the sales of forest machines in Finland and Sweden. There was a strong demand in Central Europe for cut-to-length type forest machines on account of a change in harvesting method, increasing felling volumes and keen demand for roundwood. Major forest industry investments and the adopted timber customs duties had a favourable impact on the demand for Ponsse's forestry tractors in Russia. In North America the market situation was challenging throughout the period under review. Work on opening the South American market and developing products meeting the special local conditions continued during the financial year. During the period under review we concluded the first significant deals in Brazil and Uruguay. Our sales and maintenance company in Beihai, China, was opened in November after we had signed agreements on the first machine deliveries to the area. PROFIT PERFORMANCE Consolidated operating profit increased by 25.3 per cent year on year to EUR 37.1 (29.6) million. Operating profit accounted for 12.0 (12.4) per cent of turnover in the period under review. Operating profit for the fourth quarter amounted to EUR 13.1 (10.2) million. Return on capital employed (ROCE) stood at 37.4 (35.5) per cent. Staff costs totalled EUR 42.5 (37.6) million, and other operating expenses were EUR 30.4 (24.5) million. Net financial expenses were EUR -1.7 (-1.5) million. Income and expenses resulting from currency risk hedging were included in the financial items. Profit for the period totalled EUR 26.5 (21.0) million. Earnings per share (EPS) were EUR 0.95 (0.75). BALANCE SHEET AND FINANCIAL POSITION At the end of the year, the consolidated balance sheet total amounted to EUR 153.9 (125.0) million. The balance sheet total was particularly increased by the higher amount of inventories and trade receivables compared to the previous year. The amount of inventories was EUR 65.6 (58.6) million. Trade receivables totalled EUR 29.3 (20.7) million and liquid assets stood at EUR 12.6 (8.6) million. The consolidated shareholders' equity strengthened year on year, amounting to EUR 76.5 (61.2) million. The amount of interest-bearing liabilities increased to EUR 33.9 million from the EUR 30.9 million in the previous year. The parent company's net receivables from other Group companies stood at EUR 42.8 (30.0) million. Consolidated net liabilities reduced during the period under review, amounting to EUR 19.5 (21.9) million. Equity ratio stood at 50.3 per cent (49.1 per cent) at the end of the period. Cash flow from business operations totalled EUR 19.0 (6.8) million. Cash flow from investing activities amounted to EUR -6.4 (-5.2) million. ORDER INTAKE AND ORDER BOOKS Order intake totalled EUR 361.2 (242.9) million, while period-end order books were valued at EUR 110.1 (59.2) million. The order books included dealers' minimum purchase commitments, based on previous practice. DISTRIBUTION CHANNELS During the year, new service centres were opened at Pitkäranta in Russia, Riga in Latvia, Stemmen in Germany and Hyvinkää in Finland. CHANGES IN GROUP STRUCTURE Three new subsidiaries were established in the Ponsse Group during the financial year: Ponsse Asia-Pacific Ltd (Hong Kong), Ponsse China Ltd (Beihai, China) and Povery S.A. (Montevideo, Uruguay). Lako Oy, a Turku-based subsidiary, was merged with its parent company Ponsse Oyj on 1 September 2007. The manufacture of harvester heads in Turku terminated at the end of the financial year. No other changes took place in the Group structure. The subsidiaries included in the Ponsse Group are Ponsse AB, Sweden; Ponsse AS, Norway; Ponssé S.A.S., France; Ponsse UK Ltd, Great Britain; Ponsse North America, Inc., United States of America; Ponsse Latin America Ltda, Brazil; OOO Ponsse, Russia and Epec Oy, Seinäjoki, Finland. Sunit Oy, operating in Kajaani, Finland, is an affiliated company in which Ponsse Oyj has a holding of 34 per cent. CAPITAL EXPENDITURE AND R&D Ponsse invested considerably in R&D and in extending its product offering. The Group's R&D expenses totalled EUR 5.7 (4.1) million. The amount of activated R&D expenses during the period was EUR 851 thousand (808 thousand). During the financial year Ponsse introduced a new forwarder solution for soils with poor load-bearing capacity. The concept is based on a ten-wheel, five-axle forest machine and a load-bearing crawler track solution. The new solution markedly reduces the surface pressure imposed on the ground as compared with traditional solutions and extends the harvesting period with a view to environmental considerations. In May-June, Ponsse presented several new products and product improvements at the Skogselmia Fair in Sweden. The usability and productivity of the best-selling PONSSE Ergo harvester was improved with a development programme covering over 30 points. Other products displayed at the fair were the new C4 harvester crane and H7 harvester head, the LoadOptimizer loader scale for weighing timber and energy wood, and an energy wood harvesting head feature which allows the handling of several trunks simultaneously. Ponsse continued the strong development of eucalyptus and acacia harvesting technology during the period. The new harvester head control system Opti2 enables PONSSE harvester heads to be used more effectively in crawler-tracked machines, too. The effectiveness of debarking harvester heads was increased with several product technical improvements. Much of the debarking technology is being developed in Brazil. Ponsse started cooperation with Moscow State University. The purpose of the cooperation is to arrange extensive training in the use of the cut-to-length method. Epec Oy, a subsidiary, continued investments in production and testing equipment during the financial year. The investment programme for the Vieremä factory continued during the period. Other major primary capital expenditure came from software and equipment. In addition, a number of operational development projects were implemented during the period. Capital expenditure totalled EUR 6.6 million (5.3 million). 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-mentioned of which is certified. DNV conducted an audit related to the ISO 9001 quality system during the period. The company continued to develop operating models and production processes with quality control circles, internal audits and investments in quality leadership. For the occupational health and safety system, the most important projects in 2007 were the compiling of a safety folder and the fire safety training and evacuation drills arranged at the Vieremä factory. The emphasis in occupational health care has been actively shifted towards a preventive approach, of which concrete examples include team-specific recreational exercises and special theme days for break-time exercise. In addition, first-aid training was arranged for a broad personnel group. A Group-level information security group was set up in order to develop information security. The group is responsible for the general development of information security, maintaining Group information security policy and coordinating the information security training arranged to the staff. The company monitors and complies with the environmental legislation in all its functions. Legislative amendments are continuously monitored and the necessary actions are taken accordingly. In accordance with Ponsse's environmental policy, the company aims at developing and manufacturing products, the use of which loads the environment to the minimum possible extent. Environmental aspects are taken into account in the design and manufacturing of the products at all levels of the organisation. PERSONNEL The Group had an average staff of 876 (795) during the period and employed 945 (795) people at the period-end. The number of personnel increased most clearly in the Latin American subsidiaries and Epec Oy. In the parent company, increases in the number of personnel took place in production, maintenance services and product development. GENERAL MEETING The Annual General Meeting was held in Vieremä on 12 April 2007. The meeting dealt with matters stipulated by Section 10 of Ponsse Oyj's Articles of Association. The Annual General Meeting decided to distribute a dividend of EUR 0.40 per share for the period having terminated on 31 December 2006. The Annual General Meeting authorised the Board of Directors to purchase a maximum of 250,000 of the company's own shares with the company's free shareholders' equity. The authorisation is valid until 30 June 2008. The Annual General Meeting also authorised the Board of Directors to decide on the assignment of a maximum of 250,000 of the company's own shares. This authorisation, too, is valid until 30 June 2008. The Annual General Meeting decided to pay a bonus to the company's staff for 2006. The amount of the bonus was confirmed at EUR 85 for each month of employment. MANAGEMENT AND AUDITORS Ponsse Oyj's Board of Directors comprised six members during the financial period: Maarit Aarni-Sirviö (as of 12 April 2007), Nils Hagman, Ilkka Kylävainio, Seppo Remes, Mirja Ryynänen (until 12 April 2007), Einari Vidgrén and Juha Vidgrén. Einari Vidgrén acted as Chairman of the Board and Juha Vidgrén as Vice Chairman. The Board of Directors did not establish any committees or commission from among its members. The Board of Directors convened eight times during the financial period. Board members assiduously attended the meetings, whose attendance rate was 95.8 per cent. President and CEO during the report year was Arto Tiitinen, MBA, with Mikko Paananen, LLM, CFO, acting as deputy. During the financial year the Group's Board of Directors comprised Pasi Arajärvi, Purchasing and Logistics Director, Tapio Ingervo, Vice President responsible for the Central and South Europe business area, and President of Ponssé S.A.S., Jari Mononen, Communications Director, Juhani Mäkynen, Maintenance Service Director (as of 2 April 2007), Juho Nummela, Factory Director, Paula Oksman, HR Director, Seppo Taatila, Technology and R&D Director, Arto Tiitinen, President and CEO, Mikko Paananen, CFO, Deputy to the President and CEO of Ponsse Oyj, and Jarmo Vidgrén, Vice President responsible for the North Europe business area. The Sales Management Group comprised Cláudio Costa (Latin America), Tapio Ingervo (Central and South Europe), Marko Mattila (North America), Mikko Laurila (Asia, Oceania and Africa), Arto Tiitinen, President and CEO, Ville Siekkinen (Russia) and Jarmo Vidgrén (North Europe). Ernst & Young Oy acted as the company auditors with Eero Huusko, Authorised Public Accountant, as the principal auditor. SHARE PERFORMANCE The trading volume of Ponsse Oyj shares for 1 January - 31 December 2007 totalled 3,812,860, accounting for 13.6 per cent of the total number of shares. Share turnover came to EUR 58.6 million, with the period's lowest and highest share price amounting to EUR 11.27 and EUR 19.40 respectively. At the end of the period the shares closed at EUR 14.20 and the market capitalisation totalled EUR 397.6 million. The company's Board of Directors is authorised to decide on the acquisition and assignment of at most 250,000 treasury shares. The authorisations are valid until 30 June 2008. Neither the company nor its subsidiaries own treasury shares. GOVERNANCE The company adheres to the insider regulations approved by the Helsinki Stock Exchange Board of Directors and the guidelines on listed companies' governance and control systems (Corporate Governance). The governance principles are available on Ponsse's web site, in the Investors section. BUSINESS RISKS AND THEIR MANAGEMENT The effect of general economic fluctuations is cushioned by the fact that the company's business operations are spread over several geographical areas. Risks related to raw materials, components and the subcontractor and supplier network are essential to Ponsse's operations. To control these risks and minimise the adverse effects of changes, the company is investing strongly in developing supplier network cooperation. The operation of the network is developed and secured through in-depth partner cooperation and by supporting the positioning of strategic suppliers in the business park for partner companies in the immediate vicinity of Ponsse's Vieremä factory. Component-related risks are also controlled by manufacturing a large number of key components in the company's own production facilities. Raw material and component suppliers' possible delivery problems may increase the prices of raw materials used in PONSSE products and lengthen their delivery times. Ponsse has strengthened the control of these risks by adjusting the conditions of its supplier agreements and by extending their periods of validity. Ponsse Group's financing risk management controls liquidity, interest and currency risks, and secures the availability of debt-based financing on competitive conditions. Use of the euro as the invoicing currency has increased in several market areas, which reduces the company's currency risk. OUTLOOK FOR THE FUTURE Demand in the forest machine market is keen at the outset of the year 2008. The value of the order books was higher compared with the beginning of last year, and the order stock extends further. The record-high value of the order books suggests that the company's business will grow this year. The demand in North America is expected to recover in 2009 at the earliest. Major investments of the forest industry in South America, Asia and Russia will increase in the next few years. The company's growth expectations are supported by its good position in all the main market areas and its deliberate efforts to strengthen its market position. Growth in new markets is based on forest industry investments and producing harvesting solutions for them. The market for cut-to-length forest machines is estimated to continue to grow faster than fellings. Implemented and ongoing production investments will increase manufacturing capacity and automation rate in 2008. This will enable the company to respond to growing demand. In 2008, the company will strengthen its market position and its turnover and business result will continue to grow. GENERAL MEETING The Annual General Meeting will be held at the company's registered office at Ponssentie 22, 74200 Vieremä, on 29 April 2008, commencing at 10:00 a.m. BOARD OF DIRECTORS'PROPOSAL FOR THE DISPOSAL OF PROFIT Ponsse Oyj's Board of Directors will recommend to the Annual General Meeting on 29 April 2008 that a dividend of EUR 0,50 per share be paid for 2007. PONSSE GROUP CONSOLIDATED PROFIT AND LOSS ACCOUNT (EUR 1,000) -------------------------------------------------------------------------------- | | | IFRS | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | | | 10-12/07 | 10-12/06 | 1-12/07 | 1-12/06 | -------------------------------------------------------------------------------- | TURNOVER | | 96,087 | 82,671 | 310,053 | 238,642 | -------------------------------------------------------------------------------- | Increase (+)/decrease (-) in | -3,661 | -4,360 | 2,159 | 5,774 | | stocks of finished goods and | | | | | | work in progress | | | | | -------------------------------------------------------------------------------- | Other operating income | | 580 | 1,029 | 1,326 | 2,132 | -------------------------------------------------------------------------------- | Raw materials and | | -57,948 | -50,051 | -199,253 | -150,621 | | services | | | | | | -------------------------------------------------------------------------------- | Expenditure on | -12,244 | -10,329 | -42,538 | -37,612 | | employment-related benefits | | | | | -------------------------------------------------------------------------------- | Depreciation and | | -1,106 | -1,043 | -4,270 | -4,256 | | amortisation | | | | | | -------------------------------------------------------------------------------- | Other operating | | -8,582 | -7,679 | -30,398 | -24,469 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | | 13,127 | 10,239 | 37,080 | 29,590 | -------------------------------------------------------------------------------- | Share of results of associated | 21 | 170 | 1,002 | 441 | | companies | | | | | -------------------------------------------------------------------------------- | Financial income and | | -838 | -258 | -1,698 | -1,525 | | expenses | | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 12,310 | 10,150 | 36,384 | 28,505 | -------------------------------------------------------------------------------- | Income taxes | | -3,102 | -1,771 | -9,907 | -7,463 | -------------------------------------------------------------------------------- | Minority interest | | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | | 9,208 | 8,378 | 26,477 | 21,042 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | 0.33 | 0.30 | 0.95 | 0.75 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (EUR 1,000) -------------------------------------------------------------------------------- | | IFRS | IFRS | -------------------------------------------------------------------------------- | ASSETS | 31 DEC 07 | 31 DEC 06 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | -------------------------------------------------------------------------------- | Intangible assets | 4,262 | 3,605 | -------------------------------------------------------------------------------- | Goodwill | 3,737 | 3,791 | -------------------------------------------------------------------------------- | Property, plant and equipment | 25,946 | 24,308 | -------------------------------------------------------------------------------- | Financial assets | 128 | 39 | -------------------------------------------------------------------------------- | Holdings in associated companies | 2,156 | 1,328 | -------------------------------------------------------------------------------- | Non-current receivables | 403 | 165 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,686 | 972 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 38,318 | 34,206 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | -------------------------------------------------------------------------------- | Inventories | 65,635 | 58,615 | -------------------------------------------------------------------------------- | Trade receivables | 29,276 | 20,715 | -------------------------------------------------------------------------------- | Income tax receivable | 861 | 349 | -------------------------------------------------------------------------------- | Other current receivables | 7,191 | 2,568 | -------------------------------------------------------------------------------- | Liquid assets | 12,633 | 8,564 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 115,595 | 90,811 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 153,914 | 125,017 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CAPITAL AND RESERVES, AND LIABILITIES | | -------------------------------------------------------------------------------- | CAPITAL AND RESERVES | | | -------------------------------------------------------------------------------- | Share capital | 7,000 | 7,000 | -------------------------------------------------------------------------------- | Other reserves | 19 | 20 | -------------------------------------------------------------------------------- | Translation differences | -943 | -750 | -------------------------------------------------------------------------------- | Retained earnings | 70,456 | 54,888 | -------------------------------------------------------------------------------- | CAPITAL AND RESERVES OWNED | | | -------------------------------------------------------------------------------- | BY PARENT COMPANY SHAREHOLDERS | 76,532 | 61,157 | -------------------------------------------------------------------------------- | Minority interest | 0 | 0 | -------------------------------------------------------------------------------- | TOTAL CAPITAL AND RESERVES | 76,532 | 61,157 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 16,717 | 22,408 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 768 | 869 | -------------------------------------------------------------------------------- | Other non-current liabilities | 30 | 74 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 17,515 | 23,351 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 17,225 | 8,487 | -------------------------------------------------------------------------------- | Provisions | 4,341 | 3,517 | -------------------------------------------------------------------------------- | Tax liabilities for the period | 1,752 | 230 | -------------------------------------------------------------------------------- | Trade creditors and other current | 36,548 | 28,275 | | liabilities | | | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 59,867 | 40,509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL CAPITAL AND RESERVES, AND | 153,914 | 125,017 | | LIABILITIES | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000) -------------------------------------------------------------------------------- | | | IFRS | IFRS | -------------------------------------------------------------------------------- | | | 1-12/07 | 1-12/06 | -------------------------------------------------------------------------------- | BUSINESS OPERATIONS: | | | | -------------------------------------------------------------------------------- | Profit for the period | | 26,477 | 21,042 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | Financial income and expenses | | 1,698 | 1,525 | -------------------------------------------------------------------------------- | Share of the result of associated companies | -1,002 | -441 | -------------------------------------------------------------------------------- | Depreciation and amortisation | | 4,270 | 4,256 | -------------------------------------------------------------------------------- | Income taxes | | 9,897 | 7,866 | -------------------------------------------------------------------------------- | Other adjustments | | -717 | -424 | -------------------------------------------------------------------------------- | Cash flow before change in working capital | 40,623 | 33,824 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in working capital: | | | | -------------------------------------------------------------------------------- | Change in current | | -------------------------------------------------------------------------------- | non-interest-bearing receivables | | -13,091 | -4,551 | -------------------------------------------------------------------------------- | Change in inventories | | -7,020 | -13,454 | -------------------------------------------------------------------------------- | Change in current | | -------------------------------------------------------------------------------- | non-interest-bearing creditors | | 8,220 | 4,542 | -------------------------------------------------------------------------------- | Change in provisions for | | 824 | -2,807 | | liabilities and charges | | | | -------------------------------------------------------------------------------- | Interest received | | 298 | 269 | -------------------------------------------------------------------------------- | Interest paid | | -1,463 | -1,273 | -------------------------------------------------------------------------------- | Other financial items | | -505 | -527 | -------------------------------------------------------------------------------- | Income taxes paid | | -8,886 | -9,201 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM BUSINESS | | 19,001 | 6,822 | | OPERATIONS (A) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | -------------------------------------------------------------------------------- | Investments in tangible and intangible assets | -6,565 | -5,318 | -------------------------------------------------------------------------------- | Investments in other assets | -14 | -2 | -------------------------------------------------------------------------------- | Repayment of loan receivables | 0 | 0 | -------------------------------------------------------------------------------- | Dividends received | | 178 | 126 | -------------------------------------------------------------------------------- | CASH OUTFLOW FROM INVESTING | | -6,401 | -5,194 | | ACTIVITIES (B) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCING | | | | -------------------------------------------------------------------------------- | Withdrawal/Repayment of | | | | -------------------------------------------------------------------------------- | non-current loans | | 8,855 | 2,729 | -------------------------------------------------------------------------------- | Change in current | | | | -------------------------------------------------------------------------------- | interest-bearing liabilities | | -93 | -356 | -------------------------------------------------------------------------------- | Withdrawal/Repayment of | | | | -------------------------------------------------------------------------------- | non-current loans | | -5,735 | 3,170 | -------------------------------------------------------------------------------- | Payment of finance lease liabilities | -116 | 313 | -------------------------------------------------------------------------------- | Change in non-current receivables | -239 | -61 | -------------------------------------------------------------------------------- | Dividends paid | | -11,200 | -11,200 | -------------------------------------------------------------------------------- | NET CASH OUTFLOW FROM FINANCING (C) | | -8,529 | -5,405 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets (A+B+C) | | 4,071 | -3,777 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets on 1 January | | 8,562 | 12,339 | -------------------------------------------------------------------------------- | Liquid assets on 31 December | | 12,633 | 8,562 | -------------------------------------------------------------------------------- RECONCILIATION OF CAPITAL AND RESERVES (EUR 1,000) -------------------------------------------------------------------------------- | A = Share Capital | | | | | | | -------------------------------------------------------------------------------- | B = Share premium and other reserves | | | | | -------------------------------------------------------------------------------- | C = Translation differences | | | | | | -------------------------------------------------------------------------------- | D = Retained earnings | | | | | | -------------------------------------------------------------------------------- | E = Minority | | | | | | | | interest | | | | | | | -------------------------------------------------------------------------------- | F = Total capital and | | | | | | | reserves | | | | | | -------------------------------------------------------------------------------- | | CAPITAL AND RESERVES OWNED BY PARENT | | | | | COMPANY SHAREHOLDERS | | | -------------------------------------------------------------------------------- | | A | B | C | D | E | F | -------------------------------------------------------------------------------- | CAPITAL AND | 7,000 | 20 | -750 | 54,887 | 0 | 61,157 | | RESERVES 1 JAN | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | 0 | 0 | -193 | 291 | 0 | 98 | | differences | | | | | | | -------------------------------------------------------------------------------- | NET INCOME | | | | | | | | RECOGNISED | | | | | | | -------------------------------------------------------------------------------- | DIRECTLY IN EQUITY | 0 | 0 | -193 | 291 | 0 | 98 | -------------------------------------------------------------------------------- | Net profit for the | 0 | 0 | 0 | 26,477 | 0 | 26,477 | | period | | | | | | | -------------------------------------------------------------------------------- | TOTAL RECOGNISED | 0 | 0 | -193 | 26,768 | 0 | 26,575 | | INCOME AND | | | | | | | | EXPENSES | | | | | | | -------------------------------------------------------------------------------- | Dividend | 0 | 0 | 0 | -11,200 | 0 | -11,200 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Change in minority | 0 | 0 | 0 | 0 | 0 | 0 | | interest | | | | | | | -------------------------------------------------------------------------------- | CAPITAL AND | 7,000 | 20 | -943 | 70,455 | 0 | 76,532 | | RESERVES 31 DEC | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CAPITAL AND | 7,000 | 20 | -442 | 44,811 | 0 | 51,389 | | RESERVES 1 JAN | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | 0 | 0 | -308 | 234 | 0 | -74 | | differences | | | | | | | -------------------------------------------------------------------------------- | NET INCOME | | | | | | | | RECOGNISED | | | | | | | -------------------------------------------------------------------------------- | DIRECTLY IN EQUITY | 0 | 0 | -308 | 234 | 0 | -74 | -------------------------------------------------------------------------------- | Net profit for the | 0 | 0 | 0 | 21,042 | 0 | 21, 042 | | period | | | | | | | -------------------------------------------------------------------------------- | TOTAL RECOGNISED | 0 | 0 | -308 | 21,276 | 0 | 20,968 | | INCOME AND | | | | | | | | EXPENSES | | | | | | | -------------------------------------------------------------------------------- | Dividend | 0 | 0 | 0 | -11,200 | 0 | -11,200 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Change in minority | 0 | 0 | 0 | 0 | 0 | 0 | | interest | | | | | | | -------------------------------------------------------------------------------- | CAPITAL AND | 7,000 | 20 | -750 | 54,887 | 0 | 61,157 | | RESERVES 31 DEC | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | 31 DEC | 31 DEC | | | | | | 07 | 06 | | -------------------------------------------------------------------------------- | 1. LEASING COMMITMENTS | | | 2,519 | 2,442 | | | (EUR 1,000) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2. CONTINGENT LIABILITIES (EUR | | 31 DEC | 31 DEC | | | 1,000) | | 07 | 06 | | -------------------------------------------------------------------------------- | Guarantees given on | | | 1,285 | 1,634 | | | behalf of others | | | | | | -------------------------------------------------------------------------------- | Repurchase commitments | | | 1,802 | 2,164 | | -------------------------------------------------------------------------------- | Other commitments | | | 1,059 | 0 | | -------------------------------------------------------------------------------- | TOTAL | | | 4,146 | 3,798 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3. PROVISIONS (EUR | | | Guarantee provision | | | 1,000) | | | | | -------------------------------------------------------------------------------- | 1.1.2007 | | | 3,517 | | | -------------------------------------------------------------------------------- | Increase | | | 1,336 | | | -------------------------------------------------------------------------------- | Used provisions | | | -512 | | | -------------------------------------------------------------------------------- | 31.12.2007 | | | 4,341 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES AND RATIOS | | | 31 DEC | 31 DEC | | | | | | 07 | 06 | | -------------------------------------------------------------------------------- | R&D expenditure, MEUR | | 5.7 | 4.1 | | -------------------------------------------------------------------------------- | Capital expenditure, MEUR | 6,6 | 5.3 | | -------------------------------------------------------------------------------- | as % of turnover | | | 2.1 | 2.2 | | -------------------------------------------------------------------------------- | Average number of | | | 876 | 795 | | | employees | | | | | | -------------------------------------------------------------------------------- | Order books, MEUR | | | 110.1 | 59.2 | | -------------------------------------------------------------------------------- | Equity ratio, % | | | 50.3 | 49.1 | | -------------------------------------------------------------------------------- | Earnings per share, | | | 0.95 | 0.75 | | | EUR | | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | | | 2.73 | 2.18 | | -------------------------------------------------------------------------------- FORMULAE FOR FINANCIAL INDICATORS 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. Equity ratio, %: Capital and reserves + minority interest ---------------------------------------- Balance sheet total - advance payments received * 100 Earnings per share: Profit before taxes - taxes (incl. change in deferred taxes) -/+ minority interest ------------------------------------------------------------------------------ Average number of shares during the accounting period, adjusted for share issues Equity per share: Capital and reserves ---------------------------------------------- Number of shares on the balance sheet date, adjusted for share issues -------------------------------------------------------------------------------- | ORDER INTAKE, MEUR | | | 1-12/07 | 1-12/06 | | -------------------------------------------------------------------------------- | Ponsse Group | | | 361.2 | 242.9 | | -------------------------------------------------------------------------------- The interim report has been prepared observing the recognition and valuation principles of IFRS standards, but not all of the requirements of IAS 34, Interim Financial Reporting, have been complied with. The accounting policies for the financial statements are compatible with those for the financial statements prepared on 31 December 2006, except for the following new changes in IFRS standards and IFRIC interpretations adopted on 1 January 2007, which have no effect on the consolidated financial statements: - IFRS 7 - IAS 1 - IFRIC 8 - IFRIC 9 - IFRIC 10 The above figures have been audited. The above figures have been rounded and may therefore differ from those given in the official financial statements. Vieremä 15 February 2008 Arto Tiitinen President and CEO FURTHER INFORMATION Arto Tiitinen, President and CEO, tel. +358 20 768 8621 or +358 400 566 875 Mikko Paananen, CFO, tel. +358 20 768 8648 or +358 400 817 036 DISTRIBUTION OMX Nordic Exchange Helsinki Principal media www.ponsse.com
© 2024 Nasdaq, Inc. All Rights Reserved |