2017-02-14 08:00:03 CET
2017-02-14 08:00:03 CET
REGLERAD INFORMATION
Ponsse Oyj - Financial Statement Release
PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2016
Vieremä, Finland, 2017-02-14 08:00 CET (GLOBE NEWSWIRE) --
PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2016
– Net sales amounted to EUR 517.4 (Q1-Q4/2015 461.9) million.
– Q4 net sales amounted to EUR 167.5 (Q4/2015 151.7) million.
– Operating result totalled EUR 55.2 (Q1-Q4/2015 56.0) million, equalling 10.7
(12.1) per cent of net sales.
– Q4 operating result totalled EUR 18.2 (Q4/2015 21.8) million, equalling 10.8
(14.4) per cent of net sales.
– Profit before taxes was EUR 58.3 (Q1-Q4/2015 50.4) million.
– Cash flow from business operations was EUR 53.7 (44.0) million.
– Earnings per share were EUR 1.63 (1.48).
– Equity ratio was 50.3 (44.8) per cent.
– Order books stood at EUR 123.9 (158.1) million.
– The Board of Directors´ proposal for the distribution of profit is EUR 0.60
(0.55) per share.
– Group´s euro-denominated operating profit is expected to be on a par with
2016 in 2017.
PRESIDENT AND CEO JUHO NUMMELA:
The year 2016 was a year of strong growth for Ponsse. During the first half of
the year, our business operations developed favourably, but during the second
half we did not reach the previous year’s excellent level of profitability. We
were able to keep our profitability still at a moderately good level of 10.7%,
grow about 12%, and reach a positive cash flow from business operations of EUR
53.7 million. Exports made up 76.6% of our operations.
Our order flow remained strong throughout the year, and at the end of 2016, our
order books settled at EUR 123.9 million. A record number of forest machines
were produced at the Vieremä factory during the period under review.
The outlook is still good for the forest industry, and investments are broadly
made in the industry. Of our market areas Russia, Central Europe and Sweden
grew strongly. Even the United States and Uruguay performed well. Russia's
situation was good from Ponsse's point of view throughout the year and machine
deliveries showed good growth. At the same time the economic situation in the
United States remained good, which also had a positive impact on demand for
forest machines. The organisational changes made in Ponsse's subsidiary in
Sweden have had a significant impact on our situation, and we were able to grow
our market share in and improve our services in Sweden. The situation in
Central Europe has been good, and most of our markets there have grown.
The growth of sales of new machines was very strong, and also our service
business continued to grow at a steady rate. There was positive development
also in our used machine sales towards the end of the year. The cumulative net
sales rose to a historical level of EUR 517.4 (461.9) million and operating
profit amounted to EUR 55.2 (56.0). From the beginning of the year, the growth
of the company's net sales was 12.0 per cent and change in the operating profit
was -1.5 per cent year-on-year. Operating profit accounted for 10.7 (12.1) per
cent of the turnover during the period under review.
Cash flow from business operations amounted to EUR 53.7 (44.0) million in the
period under review. The new machine stock was at an almost optimal level at
year end, but the size of the used machine stock had a significant impact on
the amount of tied-up capital.
The company's balance sheet continued to grow stronger and the positive
development of our solidity continued. The company's equity ratio was 50.3
(44.8) per cent.
We develop Ponsse with a long-term focus in order to strengthen the business of
our customers. Continuous renewal of our operations and our products is
important. We have invested increasingly in both fixed assets and R&D. Since
2010, we have invested roughly EUR 67 million in R&D and approximately EUR 115
million in fixed assets.
We have continued to invest as planned in both our service business network and
the operations of the Vieremä factory. During the period under review new
facilities were completed in our service network in both the United States and
in Russia. In addition, the expansion of the Iisalmi logistics centre servicing
our international network was completed. Currently, new PONSSE service centres
are being built in Uruguay, France and the UK, which will be completed during
the current year. Development is heavily focused on the development of
productivity and the quality production ability throughout the manufacturing
network. The expansion of the Vieremä factory is progressing as planned and the
construction will be completed at the end of 2017. With the investments we
enhance our ability to manufacture PONSSE forest machines in Finland and to
meet the needs of the market.
NET SALES
Consolidated net sales for the period under review amounted to EUR 517.4
(461.9) million, which is 12.0 per cent more than in the comparison period.
International business operations accounted for 76.6 (76.9) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 39.3 (37.3)
per cent, Central and Southern Europe 20.3 (18.6) per cent, Russia and Asia
14.7 (12.3) per cent, North and South America 24.6 (31.5) per cent and other
countries 1.1 (0.4) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 55.2 (56.0) million. The operating result
equalled 10.7 (12.1) per cent of net sales for the period under review.
Consolidated return on capital employed (ROCE) stood at 30.7 (32.8) per cent.
Staff costs for the period totalled EUR 73.9 (67.6) million. Other operating
expenses stood at EUR 44.7 (40.3) million. The net total of financial income
and expenses amounted to EUR 3.1 (-5.6) million. Exchange rate gains and losses
with a net effect of EUR 3.9 (-4.0) million were recognised under financial
items for the period. Result for the period under review totalled EUR 45.7
(41.3) million. Diluted and undiluted earnings per share (EPS) came to EUR 1.63
(1.48).
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 301.6 (267.7) million. Inventories stood at
EUR 118.3 (104.6) million. Trade receivables totalled EUR 35.9 (40.2) million,
while liquid assets stood at EUR 37.3 (26.5) million. Group shareholders’
equity stood at EUR 149.8 (117.9) million and parent company shareholders’
equity (FAS) at EUR 138.4 (113.6) million. The amount of interest-bearing
liabilities was EUR 60.1 (62.4) million. The company has used 15 per cent of
its credit facility limit. The parent company's net receivables from other
Group companies stood at EUR 80.4 (60.9) million. The parent company’s
receivables from subsidiaries mainly consisted of trade receivables.
Consolidated net liabilities totalled EUR 22.6 (35.9) million, and the
debt-equity ratio (net gearing) was 15.1 (30.5) per cent. The equity ratio
stood at 50.3 (44.8) percent at the end of the period under review.
Cash flow from operating activities amounted to EUR 53.7 (44.0) million. Cash
flow from investment activities came to EUR -28.1 (-24.2) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 493.8 (469.4) million, while
period-end order books were valued at EUR 123.9 (158.1) million.
DISTRIBUTION NETWORK
No changes took place in the Group structure during the period under review.
The subsidiaries included in the Ponsse Group are Ponsse AB, Sweden; Ponsse AS,
Norway; Ponssé S.A.S., France; Ponsse UK Ltd, the United Kingdom; Ponsse North
America, Inc., the United States; Ponsse Latin America Ltda, Brazil; Ponsse
Uruguay S.A., Uruguay; OOO Ponsse, Russia; Ponsse Asia-Pacific Ltd, Hong Kong;
Ponsse China Ltd, China and Epec Oy, Finland. The Group includes also the
property company OOO Ocean Safety Center, Russia. Sunit Oy, Finland, is an
associate in which Ponsse Plc has a holding of 34 per cent.
R&D AND CAPITAL EXPENDITURE
Group’s R&D expenses during the period under review totalled EUR 12.4 (12.1)
million, of which EUR 4.0 (3.9) million was capitalised.
Capital expenditure totalled EUR 28.3 (24.4) million. It consisted in addition
to capitalised R&D expenses of investments in buildings and ordinary
maintenance and replacement investments for machinery and equipment.
ANNUAL GENERAL MEETING
Annual General Meeting was held in Vieremä, Finland 12 April 2016. 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 2015 financial period.
The AGM decided to pay a dividend of EUR 0.55 per share for 2015 (dividends
totaling EUR 15,381,799). No dividend will be paid to shares owned by the
company itself (33,092 shares). The dividend payment record date was 14 April
2016, and the dividends were paid on 21 April 2016.
Annual General Meeting authorised the Board of Directors to decide on the
acquisition of treasury shares so that shares can be acquired in one or several
instalments to a maximum of 250,000 shares. 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 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, used for increasing shareholders’ ownership value 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 of the share issue.
The authorisation is valid until the next Annual General Meeting; however, no
later than 30 June 2017. The previous authorisations are cancelled.
The AGM authorised the Board of Directors to decide on 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 Annual General Meeting; however, no
later than 30 June 2017. The previous authorisations are canceled.
BOARD OF DIRECTORS AND THE COMPANY’S AUDITORS
Juha Vidgrén acts as Chairman of the Board and Mammu Kaario as Vice Chairman of
the Board. Members of the Board are Matti Kylävainio (from 12 April 2016), Ossi
Saksman, Janne Vidgrén and Jukka Vidgrén. In addition, Heikki Hortling acted as
Chairman of the Board until 10 April 2016 and Ilkka Kylävainio acted as member
of the Board until the Annual General Meeting held on 12 April 2016.
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 92.7 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; Petri Härkönen, CFO; Juha Inberg,
Technology and R&D Director; Tapio Mertanen, Service Director; Paula Oksman, HR
Director; Tommi Väänänen, Director of Delivery Chain Process and Jarmo Vidgrén,
Deputy CEO, Sales and Marketing Director. The company management has regular
management liability insurance.
The area director organisation of sales is led by Jarmo Vidgrén, the Group's
sales and marketing director, and Tapio Mertanen, service director. Area
directors and managing directors of subsidiaries report to Jarmo Vidgrén,
Ponsse Plc's sales and marketing director.
The geographical distribution and the responsible persons are presented below:
Northern Europe:
Jani Liukkonen (Finland),
Carl-Henrik Hammar (Sweden and Denmark),
Jussi Hentunen (the Baltic countries) and
Sigurd Skotte (Norway),
Central and Southern Europe:
Janne Vidgrén (Austria, Poland, Romania, Germany, Slovakia, the Czech Republic
and Hungary),
Clément Puybaret (France),
Norbert Schalkx (Spain and Portugal) and
Gary Glendinning (the United Kingdom and Ireland)
Russia and Asia:
Jaakko Laurila (Russia and Belarus),
Norbert Schalkx (Japan, Australia and South Africa) and
Risto Kääriäinen (China),
North and South America:
Pekka Ruuskanen (the United States),
Eero Lukkarinen (Canada),
Jussi Hentunen (Chile),
Marko Mattila (Brazil) and
Martin Toledo (Uruguay).
PERSONNEL
The Group had an average staff of 1,435 (1,329) during the period and employed
1,453 (1,373) people at period-end.
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 11,037 shareholders. The trading
volume of Ponsse Plc shares for 1 January – 31 December 2016 totalled
2,764,765, accounting for 9.9 per cent of the total number of shares. Share
turnover amounted to EUR 61.5 million, with the period’s lowest and highest
share prices amounting to EUR 15.57 and EUR 28.40, respectively.
At the end of the period, shares closed at EUR 23.98, and market capitalisation
totalled EUR 671.4 million.
At the end of the period under review, the company held 33,092 treasury shares.
QUALITY AND ENVIRONMENT
Ponsse is committed to observing the ISO 9001 quality standard, the ISO 14001
environmental system standard and the OHSAS 18001 occupational safety and
health standard, the first two of which are certified. The aim of the
management systems based on international standards is to standardise
operations at the Group level and to ensure a continuous development. Lloyd’s
Register Quality Assurance conducted an audit of the ISO 9001:2015 quality
system and the ISO 14001:2015 environmental system during the period under
review.
Implementation of the principles of sustainable development and responsible
leadership are guided by the management systems based on the company's quality,
environmental and occupational safety and health standards. At Ponsse,
sustainable development means taking the economic, social and ecological points
of view and the principles related to them equally into account in the
company's operations. According to the point of view of ecological
sustainability we want to avoid and minimise the negative impacts of our
products, services, operations and decisions on biodiversity, the ecosystem and
sufficiency of natural resources. Our investments in minimising the fuel
consumption and emissions of our products and surface damage of trees and in
our maintenance services processes also influence the sustainability of the
operations of our customers. According to the point of view of social
sustainability we ensure occupational well-being and safety and equal treatment
and support employment and the development of professional human resources. The
point of view of economical sustainability is related to profitability, cash
flow from business operations and growth and ensures the company’s economic
performance in the long term. This brings stability and continuity to the local
community and the society in the whole of our global field of operations.
At Ponsse, operating methods and production processes are developed with both
internal and external audits. The company’s audit system has been a key tool in
promoting the development during 2016. During the period under review, internal
audits assessing the procedures and working environment of services were
extended in the company's service business network. The aim of the quality
audits of services is to ensure efficient and safe procedures in the entire
PONSSE service network. During the period under review, the assessment model of
the leading principles of the subsidiaries, that guides the leading policies of
the subsidiaries' strategy, was developed.
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,
great focus was put on a procedure development model internal to the company,
which is based on Lean Six Sigma quality management principles.
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 2015. 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.
EVENTS AFTER THE PERIOD
Company established a subsidiary Ponsse Machines Ireland Ltd in Ireland on 13
January 2017.
OUTLOOK FOR THE FUTURE
The Group's euro-denominated operating profit is expected to be at the same
level in 2017 as it was in 2016.
Ponsse's updated and competitive product range and service solutions have had a
significant impact on the company's growth. Our investments are directed at
development of the service level and capacity of the delivery chain and spare
parts logistics and development of service business network both in Finland and
abroad.
The expansion of the Vieremä factory is progressing as planned and the
construction will be completed at the end of 2017. The investment in the
factory is related to the development of safety, productivity, product quality
and capacity of the Vieremä factory. The total investment to the factory is
approximately EUR 32 million. The new PONSSE service centres in Uruguay, France
and the UK will be completed during the current year.
ANNUAL GENERAL MEETING
Ponsse Plc’s Annual General Meeting will be held on 11 April 2017, 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 113,887,695.83 euros of distributable funds
on 31 December 2016.
The company’s Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.60 per share shall be paid for the year 2016. The Board
proposes to the Annual General Meeting that a profit bonus will be paid to the
staff for the year 2016.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS
1-12/16 1-12/15
NET SALES 517,400 461,928
Increase (+)/decrease (-) in inventories of finished goods 2,346 -1,021
and work in progress
Other operating income 1,915 2,152
Raw materials and services -336,008 -289,294
Expenditure on employment-related benefits -73,879 -67,554
Depreciation and amortisation -11,905 -9,890
Other operating expenses -44,711 -40,335
OPERATING RESULT 55,158 55,987
Share of results of associated companies 23 -50
Financial income and expenses 3,074 -5,552
RESULT BEFORE TAXES 58,255 50,385
Income taxes -12,543 -9,105
NET RESULT FOR THE PERIOD 45,712 41,280
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 1,554 880
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 47,266 42,160
Diluted and undiluted earnings per share 1.63 1.48
IFRS IFRS
10-12/16 10-12/15
NET SALES 167,545 151,729
Increase (+)/decrease (-) in inventories of finished goods -11,734 -10,492
and work in progress
Other operating income 567 843
Raw materials and services -101,462 -86,297
Expenditure on employment-related benefits -21,189 -20,289
Depreciation and amortisation -3,081 -2,704
Other operating expenses -12,488 -11,003
OPERATING RESULT 18,157 21,788
Share of results of associated companies -63 -40
Financial income and expenses 1,680 182
RESULT BEFORE TAXES 19,774 21,929
Income taxes -4,386 -4,391
NET RESULT FOR THE PERIOD 15,388 17,538
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 993 -704
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 16,381 16,834
Diluted and undiluted earnings per share 0.55 0.63
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)
IFRS IFRS
ASSETS 31 Dec 16 31 Dec 15
NON-CURRENT ASSETS
Intangible assets 19,928 18,009
Goodwill 3,827 3,842
Property, plant and equipment 73,765 59,294
Financial assets 103 105
Investments in associated companies 781 817
Non-current receivables 2,340 2,134
Deferred tax assets 2,525 2,786
TOTAL NON-CURRENT ASSETS 103,269 86,988
CURRENT ASSETS
Inventories 118,283 104,584
Trade receivables 35,933 40,199
Income tax receivables 859 104
Other current receivables 5,915 9,288
Cash and cash equivalents 37,342 26,495
TOTAL CURRENT ASSETS 198,332 180,670
TOTAL ASSETS 301,600 267,658
SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDERS’ EQUITY
Share capital 7,000 7,000
Other reserves 2,452 2,452
Translation differences 758 -796
Treasury shares -346 -346
Retained earnings 139,932 109,602
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 149,796 117,912
NON-CURRENT LIABILITIES
Interest-bearing liabilities 46,653 39,346
Deferred tax liabilities 799 905
Other non-current liabilities 0 7
TOTAL NON-CURRENT LIABILITIES 47,452 40,259
CURRENT LIABILITIES
Interest-bearing liabilities 13,462 23,056
Provisions 7,336 6,120
Tax liabilities for the period 2,043 1,906
Trade creditors and other current liabilities 81,511 78,405
TOTAL CURRENT LIABILITIES 104,353 109,487
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 301,600 267,658
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS
1-12/16 1-12/15
CASH FLOWS FROM OPERATING ACTIVITIES:
Net result for the period 45,712 41,280
Adjustments:
Financial income and expenses -3,074 5,552
Share of the result of associated companies -23 50
Depreciation and amortisation 11,905 9,890
Income taxes 12,543 9,105
Other adjustments 3,051 -26
Cash flow before changes in working capital 70,114 65,850
Change in working capital:
Change in trade receivables and other receivables 7,437 -19,666
Change in inventories -13,699 -11,850
Change in trade creditors and other liabilities 2,777 17,238
Change in provisions for liabilities and charges 1,216 1,373
Interest received 222 224
Interest paid -953 -1,069
Other financial items -468 723
Income taxes paid -12,905 -8,840
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) 53,740 43,982
CASH FLOWS USED IN INVESTING ACTIVITIES
Investments in tangible and intangible assets -28,280 -24,360
Proceeds from sale of tangible and intangible assets 198 193
NET CASH FLOWS USED IN INVESTMENT ACTIVITIES (B) -28,082 -24,167
CASH FLOWS FROM FINANCING ACTIVITIES
Sales of treasury shares 0 1,118
Withdrawal/Repayment of current loans 2,220 3,000
Withdrawal of non-current loans 1,004 17,520
Repayment of non-current loans -5,702 -9,659
Payment of finance lease liabilities 191 -167
Change in non-current receivables -1,396 216
Dividends paid -15,382 -12,586
NET CASH FLOWS FROM FINANCING ACTIVITIES (C) -19,065 -558
Change in cash and cash equivalents (A+B+C) 6,593 19,257
Cash and cash equivalents on 1 Jan 26,495 12,719
Impact of exchange rate changes 4,254 -5,481
Cash and cash equivalents on 31 Dec 37,342 26,495
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 7,000 2,452 -796 -346 109,602 117,912
2016
Translation differences 1,554 1,554
Result for the period 45,712 45,712
Total comprehensive income for 1,554 45,712 47,266
the period
Dividend distribution -15,382 -15,382
SHAREHOLDERS' EQUITY 31 DEC 7,000 2,452 758 -346 139,932 149,796
2016
SHAREHOLDERS’ EQUITY 1 JAN 7,000 130 -1,676 -2,228 82,790 86,016
2015
Translation differences 880 880
Result for the period 41,280 41,280
Total comprehensive income for 880 41,280 42,160
the period
Dividend distribution -12,586 -12,586
Matching Share Plan 2,422 1,882 -1,882 2,422
Other changes -100 -100
SHAREHOLDERS' EQUITY 31 DEC 7,000 2,452 -796 -346 109,602 117,912
2015
31 Dec 31 Dec 15
16
1. LEASING COMMITMENTS (EUR 1,000) 1,020 914
2. CONTINGENT LIABILITIES (EUR 1,000) 31 Dec 16 31 Dec 15
Guarantees given on behalf of others 549 462
Repurchase commitments 3,021 4,290
Other commitments 1,177 276
TOTAL 4,747 5,028
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2016 6,120
Provisions added 3,268
Provisions cancelled -2,052
31 December 2016 7,336
KEY FIGURES AND RATIOS 31 Dec 16 31 Dec 15
R&D expenditure, MEUR 12.4 12.1
Capital expenditure, MEUR 28.3 24.4
as % of net sales 5.5 5.3
Average number of employees 1,435 1,329
Order books, MEUR 123.9 158.1
Equity ratio, % 50.3 44.8
Diluted and undiluted earnings per share (EUR) 1.63 1.48
Equity per share (EUR) 5.35 4.21
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
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Shareholders’ equity * 100
Equity ratio, %:
Shareholders’ equity + Non-controlling interests
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Balance sheet total - advance payments received * 100
Earnings per share:
Net result for the period - Non-controlling interests
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---------------------------
Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Shareholders’ equity
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Number of shares on the balance sheet date, adjusted for share issues
ORDER INTAKE (EUR million) 1-12/16 1-12/15
Ponsse Group 493.8 469.4
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 2015.
In addition to the consolidated financial statements according to IFRS, the
stock exchange release for annual financial statements presents the
above-mentioned indicators that aim to illustrate the operational performance
and profitability of the company. The Group has applied ESMA's (the European
Securities and Markets Authority) new Guidelines on Alternative Performance
Measures, which entered into effect on 3 July 2016, and defined these
indicators in accordance with the presented calculation formulas. The
alternative performance measures can be calculated directly from the figures
presented in the consolidated financial statements.
The above figures are unaudited.
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, 14 February 2017
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 400 495 690
Petri Härkönen, CFO, tel. +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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