2014-08-05 08:00:00 CEST
2014-08-05 08:00:05 CEST
REGULATED INFORMATION
Ponsse Oyj - Interim report (Q1 and Q3)
PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2014
Vieremä, Finland, 2014-08-05 08:00 CEST (GLOBE NEWSWIRE) --
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2014
- Net sales amounted to EUR 183.6 (H1/2013 145.3) million.
- Q2 net sales amounted to EUR 96.8 (Q2/2013 83.6) million.
- Operating result totalled EUR 18.0 (H1/2013 8.5) million, equalling 9.8 (5.9)
per cent of net sales.
- Q2 operating result totalled EUR 10.6 (Q2/2013 8.4) million, equalling 10.9
(10.1) per cent of net sales.
- Profit before taxes was EUR 18.0 (H1/2013 5.2) million.
- Cash flow from business operations was EUR 2.8 (7.5) million.
- Earnings per share were EUR 0.53 (0.10).
- Equity ratio was 36.1 (32.6) per cent.
- Order books stood at EUR 124.6 (57.7) million.
PRESIDENT AND CEO JUHO NUMMELA:
The demand for forest machines was at an extremely good level during the past
quarter. The order volume of new machines increased further and as a result our
order books increased to EUR 124.6 (57.7) million, which is the highest in the
company's history . The order books grew by 116 per cent compared with the
comparable period. Consolidated net sales for the period under review amounted
to EUR 183.6 (145.3) million, which is 26.4 per cent more than in the
comparison period. The operating result amounted to EUR 18.0 (8.5) million,
which has an increase of 112 per cent. The operating result equalled 9.8 (5.9)
per cent of net sales for the period under review. The equity ratio continued
to develop favourably after dividend payments, amounting to 36.1 per cent.
With regard to our market areas, Russia continued at a good level. The
international political situation is alarming, but so far the unstable
conditions have not had a substantial effect on the forest machine market. The
positive trend in North America continued, and the market is expected to
develop favourably. With regard to European markets, Central Europe has shown
signs of growth, overall market development in Sweden remains at a low level.
During the second quarter we expanded to Chile and Australia, where we
concluded contracts with new dealers.
The serial production of the PONSSE Scorpion product line has proceeded
according to plan and products continue to be brought to market. During the
past quarter, the Scorpion harvester models were introduced in Estonia,
Germany, Austria, the UK and France. During the period under review, the
updated PONSSE Bear harvester and PONSSE H77 harvester head for harvesting
eucalyptus were launched for Ponsse's 2015 Product Line. The demand for other
product models has been good as well, resulting in strong growth in the order
books and a pre-planned capacity increase for the autumn. However, product
quality and reliability remain our first priority.
The maintenance services grew significantly, and simultaneously our used
machine sales continued to grow. The sales of new machines increased well from
the comparison period and the net sales in the past quarter were EUR 96.8
(83.6) million. The net sales increased by 16 per cent from the corresponding
period.
The operating result amounted to EUR 10.6 (8.4) million during the second
quarter, equalling 10.9 (10.1) per cent of net sales.
Cash flow from business operations amounted to EUR 2.8 (7.5) million in the
period under review. The stock of new products was at a level slightly higher
than normal as some of the machines were still on their way to customers at the
end of the period under review. At the same time the capital tied up in raw
materials and consumables increased slightly, but the stock of used machines
was correspondingly at a good level.
Investments in developing maintenance service and factory facilities began
during the past quarter.
NET SALES
Consolidated net sales for the period under review amounted to EUR 183.6
(145.3) million, which is 26.4 per cent more than in the comparison period.
International business operations accounted for 73.5 (68.6) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 39.8 (45.8)
per cent, Central and Southern Europe 21.4 (14.4) per cent, Russia and Asia
15.2 (15.9) per cent, North and South America 23.6 (23.9) per cent and other
countries 0.0 (0.0) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 18.0 (8.5) million. The operating result
equalled 9.8 (5.9) per cent of net sales for the period under review.
Consolidated return on capital employed (ROCE) stood at 28.3 (9.1) per cent.
Staff costs for the period totalled EUR 29.0 (24.9) million. Other operating
expenses stood at EUR 17.4 (15.3) million. The net total of financial income
and expenses amounted to EUR 0.1 (-3.2) million. Exchange rate gains and losses
with a net effect of EUR 1.0 (-2.4) million were recognised under financial
items for the period. Profit for the period under review totalled EUR 14.7
(3.2) million. Diluted and undiluted earnings per share (EPS) came to EUR 0.53
(0.10). The interest on the subordinated loan for the comparison 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 204.0 (183.3) million. Inventories stood at
EUR 93.8 (81.8) million. Trade receivables totalled EUR 32.4 (30.0) million,
while liquid assets stood at EUR 8.3 (6.7) million. Group shareholders' equity
stood at EUR 72.9 (59.4) million and parent company shareholders' equity at EUR
90.4 (77.9) million. The amount of interest-bearing liabilities was EUR 68.6
(77.6) million. The company has used 28 per cent of its credit facility limit.
The parent company's net receivables from other Group companies stood at EUR
81.7 (78.9) million. The parent company's receivables from subsidiaries mainly
consisted of trade receivables. Consolidated net liabilities totalled EUR 60.3
(70.9) million, and the debt-equity ratio (net gearing) was 82.8 (119.4) per
cent. The equity ratio stood at 36.1 (32.6) percent at the end of the period
under review.
Cash flow from business operations amounted to EUR 2.8 (7.5) million. Cash flow
from investment activities came to EUR -7.7 (-6.3) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 209.5 (161.3) million, while
period-end order books were valued at EUR 124.6 (57.7) million.
DISTRIBUTION NETWORK
No changes took place in the Group structure during the period under review
except for the acquisition of business-related property company Ocean Safety
Center in Russia, the facilities of which OOO Ponsse was leasing earlier.
The subsidiaries included in the Ponsse Group are: Epec Oy, Finland; OOO
Ponsse, Russia; Ocean Safety Center, 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 5.7 (5.0)
million, of which EUR 1.2 (1.6) million was capitalized.
Capital expenditure totalled EUR 7.7 (6.3) million. It consisted in addition to
capitalised R&D expenses of investments in buildings and ordinary maintenance
and replacement investments for machinery and equipment.
MANAGEMENT
The following persons were members of the Management Team: Juho Nummela,
President and CEO, acting as the chairman; 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 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 (the Baltic
countries, Japan and Australia) and Risto Kääriäinen (China),
North and South America: Pekka Ruuskanen (the United States), Marko Mattila
(North American dealers and Chile), Teemu Raitis (Brazil) and Martin Toledo
(Uruguay).
PERSONNEL
The Group had an average staff of 1,168 (995) during the period and employed
1,228 (1,040) people at period-end.
SHARE PERFORMANCE
The company's registered share capital consists of 28,000,000 shares. The
trading volume of Ponsse Plc shares for 1 January - 31 June 2014 totalled
2,098,857, accounting for 7.5 per cent of the total number of shares. Share
turnover amounted to EUR 22.4 million, with the period's lowest and highest
share prices amounting to EUR 9.02 and EUR 11.48, respectively.
At the end of the period, shares closed at EUR 11.18, and market capitalisation
totalled EUR 313.0 million.
At the end of the period under review, the company held 212,900 treasury shares.
ANNUAL GENERAL MEETING
A separate release was issued on 15 April 2014 regarding the authorizations
given to the Board of Directors and other resolutions at the AGM.
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 geopolitical situation, in particular, will increase the uncertainty
through financial market operations and sanctions.
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.
OUTLOOK FOR THE FUTURE
The Group's euro-denominated operating profit is expected to be significantly
higher than in 2013.
Ponsse's updated and competitive product range and service solutions are having
a positive impact on the company's business operations. The launch of PONSSE
Scorpion will continue in North America during the upcoming quarter.
Furthermore, the new PONSSE Bear harvester will be introduced to the North
American markets. As a continuation of the PONSSE Scorpion and Bear harvesters,
the new PONSSE 2015 product range will be introduced at the FinnMETKO fair
organised in Finland at the end of August.
Thanks to the strong order books, capacity increase has been planned at the
factory.
We will continue to invest in the facilities of the Vieremä factory, R&D and
maintenance services, as well as in the development of production technology
and R&D. During 2014, the facility investments cover approximately 7,000 m2.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS IFRS
1-6/14 1-6/13 1-12/13
NET SALES 183,619 145,285 312,825
Increase (+)/decrease (-) in inventories of 5,453 1,716 5,832
finished goods and work in progress
Other operating income 642 529 1,053
Raw materials and services -121,509 -95,479 -210,146
Expenditure on employment-related benefits -28,956 -24,938 -49,022
Depreciation and amortisation -3,850 -3,285 -6,568
Other operating expenses -17,399 -15,324 -31,472
OPERATING RESULT 17,999 8,505 22,501
Share of results of associated companies -68 -105 -45
Financial income and expenses 81 -3,207 -8,208
RESULT BEFORE TAXES 18,013 5,193 14,248
Income taxes -3,341 -1,958 -5,150
NET RESULT FOR THE PERIOD 14,672 3,235 9,098
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units -1,022 658 2,955
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 13,650 3,893 12,053
Diluted and undiluted earnings per share 0.53 0.10* 0.31*
IFRS IFRS
4-6/14 4-6/13
NET SALES 96,759 83,640
Increase (+)/decrease (-) in inventories of 570 -10,299
finished goods and work in progress
Other operating income 398 389
Raw materials and services -60,718 -43,327
Expenditure on employment-related benefits -15,473 -12,344
Depreciation and amortisation -2,000 -1,637
Other operating expenses -8,959 -8,008
OPERATING RESULT 10,577 8,412
Share of results of associated companies -30 -21
Financial income and expenses 614 -3,911
RESULT BEFORE TAXES 11,161 4,480
Income taxes -1,838 -1,757
NET RESULT FOR THE PERIOD 9,323 2,723
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units -263 1,501
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 9,060 4,224
Diluted and undiluted earnings per share 0.34 0.10*
* 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 IFRS
ASSETS 30 Jun 14 30 Jun 13 31 Dec 13
NON-CURRENT ASSETS
Intangible assets 14,780 12,808 14,278
Goodwill 3,440 3,440 3,440
Property, plant and equipment 41,095 37,583 37,766
Financial assets 104 111 104
Investments in associated companies 878 971 1,031
Non-current receivables 903 933 914
Deferred tax assets 1,949 1,546 1,374
TOTAL NON-CURRENT ASSETS 63,149 57,393 58,908
CURRENT ASSETS
Inventories 93,771 81,831 85,767
Trade receivables 32,403 30,018 23,108
Income tax receivables 219 394 207
Other current receivables 6,146 6,948 6,100
Cash and cash equivalents 8,275 6,717 11,958
TOTAL CURRENT ASSETS 140,813 125,908 127,140
TOTAL ASSETS 203,962 183,301 186,048
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 7,000 7,000 7,000
Other reserves 30 30 30
Translation differences 395 -880 1,417
Treasury shares -2,228 -2,228 -2,228
Retained earnings 67,667 55,468 61,331
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 72,864 59,390 67,550
NON-CURRENT LIABILITIES
Interest-bearing liabilities 43,397 49,469 38,810
Deferred tax liabilities 601 1,136 657
Other non-current liabilities 284 0 0
TOTAL NON-CURRENT LIABILITIES 44,281 50,605 39,466
CURRENT LIABILITIES
Interest-bearing liabilities 25,198 28,138 21,492
Provisions 4,156 4,697 4,618
Tax liabilities for the period 1,733 118 920
Trade creditors and other current liabilities 55,731 40,353 52,002
TOTAL CURRENT LIABILITIES 86,817 73,306 79,032
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 203,962 183,301 186,048
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS IFRS
1-6/14 1-6/13 1-12/13
CASH FLOW FROM BUSINESS OPERATIONS:
Net result for the period 14,672 3,235 9,098
Adjustments:
Financial income and expenses -81 3,207 8,208
Share of the result of associated companies 68 105 45
Depreciation and amortisation 3,850 3,285 6,568
Income taxes 3,341 1,958 5,150
Other adjustments -543 1,456 2,637
Cash flow before changes in working capital 21,306 13,246 31,706
Change in working capital:
Change in trade receivables and other receivables -9,830 -8,064 -81
Change in inventories -8,004 -195 -4,131
Change in trade creditors and other liabilities 3,677 3,861 15,557
Change in provisions for liabilities and charges -462 -280 -359
Interest received 73 124 227
Interest paid -522 -521 -1,143
Other financial items -774 -245 -1,063
Income taxes paid -2,680 -397 -2,260
NET CASH FLOW FROM BUSINESS OPERATIONS (A) 2,785 7,530 38,453
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -7,682 -6,253 -11,188
CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B) -7,682 -6,253 -11,188
FINANCING
Hybrid loan 0 -19,000 -19,000
Interest paid, hybrid loan 0 -1,136 -1,136
Withdrawal/Repayment of current loans 6,869 -4,469 -14,500
Change in current interest-bearing liabilities 0 213 -136
Withdrawal of non-current loans 5,000 29,201 29,322
Repayment of non-current loans -3,256 -2,305 -10,668
Payment of finance lease liabilities -320 -1,724 -239
Change in non-current receivables 66 66 172
Dividends paid -8,336 -6,947 -6,947
NET CASH OUTFLOW FROM FINANCING (C) -110 -6,101 -23,132
Change in cash and cash equivalents (A+B+C) -5,006 -4,823 4,133
Cash and cash equivalents on 1 Jan 11,958 14,083 14,083
Impact of exchange rate changes 1,324 -2,543 -6,259
Cash and cash equivalents on 30 Jun/31 Dec 8,275 6,717 11,958
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 2014 7,000 30 1,417 -2,228 61,331 67,550
Translation differences -1,022 -937
Result for the period 14,672 14,672
Total comprehensive income for -1,022 14,672 13,650
the period
Dividend distribution -8,336 -8,336
Other changes 0
SHAREHOLDERS' EQUITY 30 JUN 7,000 30 395 -2,228 67,667 72,864
2014
SHAREHOLDERS' EQUITY 1 JAN 2013 7,000 19,030 -1,538 -2,228 59,180 81,444
Translation differences 658 658
Result for the period 3,235 3,235
Total comprehensive income for 658 3,235 3,893
the period
Dividend distribution -6,947 -6,947
Other changes -19,000 -19,000
SHAREHOLDERS' EQUITY 30 JUN 7,000 30 -880 -2,228 55,468 59,390
2013
SEGMENT INFORMATION (EUR 1,000)
OPERATING SEGMENTS
1-6/2014 Norther Centra Russi North and South Eliminati Total
n l and a and America on
Europe Southe Asia
rn
Europe
Net sales of the 126,615 39,694 27,85 43,835 238,001
segment 6
Sales between -53,525 -312 -30 -545 -54,413
segments
Unallocated sales 31
NET SALES FROM 73,090 39,382 27,82 43,290 183,619
EXTERNAL CUSTOMERS 6
Operating result of 3,181 6,895 4,480 3,073 17,630
the segment
Unallocated items 369
OPERATING RESULT 3,181 6,895 4,480 3,073 17,999
OPERATING SEGMENTS
1-6/2013 Norther Centra Russi North and South Eliminati Total
n l and a and America on
Europe Southe Asia
rn
Europe
Net sales of the 109,340 21,223 23,41 35,185 189,166
segment 8
Sales between -42,814 -371 -268 -452 -43,905
segments
Unallocated sales 24
NET SALES FROM 66,527 20,852 23,14 34,733 145,285
EXTERNAL CUSTOMERS 9
Operating result of 1,496 2,498 3,991 3,511 11,496
the segment
Unallocated items -2,991
OPERATING RESULT 1,496 2,498 3,991 3,511 8,505
30 Jun 14 30 Jun 31 Dec
13 13
1. LEASING COMMITMENTS (EUR 1,000) 1,241 1,965 1,691
2. CONTINGENT LIABILITIES (EUR 1,000) 30 Jun 14 30 Jun 13 31 Dec 13
Guarantees given on behalf of others 439 510 487
Repurchase commitments 2,682 1,122 1,138
Other commitments 4,738 5,509 4,224
TOTAL 7,859 7,142 5,850
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2014 4,618
Provisions added 270
Provisions cancelled -732
30 June 2014 4,156
4. DIVIDENDS PAID (EUR 1,000) 30 Jun 14 30 Jun 13
Dividends per share EUR 0.30 (EUR 0.25) 8,336 6,947
5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) 1-6/14 1-6/13
Increase 6,040 4,654
Decrease -6 -509
TOTAL 6,033 4,145
6. RELATED PARTY TRANSACTIONS 1-6/14 1-6/13
Management's employment-related benefits (EUR 1,000)
Salaries and other short-term employment-related benefits 1,602 1,360
Benefits paid upon termination of employment 0 122
Pension liabilities, statutory pension security 228 195
Compensation of the members of the Board of Directors 121 113
KEY FIGURES AND RATIOS 30 Jun 14 30 Jun 13 31 Dec 13
R&D expenditure, MEUR 5.7 5.0 9.7
Capital expenditure, MEUR 7.7 6.3 11.2
as % of net sales 4.2 4.3 3.6
Average number of employees 1,168 995 1,027
Order books, MEUR 124.6 57.7 99.8
Equity ratio, % 36.1 32.6 36.5
Diluted and undiluted earnings per share (EUR) 0.53 0.10 0.31
Equity per share (EUR) 2.60 2.12 2.41
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 income 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, MEUR 1-6/14 1-6/13 1-12/13
Ponsse Group 209.5 161.3 371.0
The interim report has been prepared observing the recognition and valuation
principles of IFRS standards and it complies with all of the requirements of
IAS 34. The same accounting principles were observed for the interim report as
for the annual financial statements dated 31 December 2013.
The above figures have not 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, 5 August 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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