2015-08-04 08:00:00 CEST
2015-08-04 08:00:05 CEST
REGULATED INFORMATION
Ponsse Oyj - Interim report (Q1 and Q3)
PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2015
Vieremä, Finland, 2015-08-04 08:00 CEST (GLOBE NEWSWIRE) --
PONSSE PLC, STOCK EXCHANGE RELEASE, 4 AUGUST 2015, 9:00 a.m.
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2015
- Net sales amounted to EUR 206.6 (H1/2014 183.6) million.
- Q2 net sales amounted to EUR 115.4 (Q2/2014 96.8) million.
- Operating result totalled EUR 22.0 (H1/2014 18.0) million, equalling 10.7
(9.8) per cent of net sales.
- Q2 operating result totalled EUR 14.8 (Q2/2014 10.6) million, equalling 12.8
(10.9) per cent of net sales.
- Profit before taxes was EUR 21.2 (H1/2014 18.0) million.
- Cash flow from business operations was EUR -1.7 (2.8) million.
- Earnings per share were EUR 0.61 (0.53).
- Equity ratio was 36.9 (36.1) per cent.
- Order books stood at EUR 170.5 (124.6) million.
PRESIDENT AND CEO JUHO NUMMELA:
The forest machine market situation was good worldwide during the past quarter.
Demand for PONSSE forest machines continued to be good, and the order books
were still strong. The order books totalled EUR 170.5 (124.6) million at the
end of the period under review. The order books grew by 37 per cent compared
with the comparison period. International business operations accounted for
74.4 (73.5) per cent of net sales.
The past quarter was a very strong one for Ponsse. During the past quarter, the
company's net sales amounted to EUR 115.4 (96.8) million and operating profit
to EUR 14.8 (10.6) million. The operating profit equalled 12.8 (10.6) per cent
of net sales for the quarter.
This also had a positive effect on the results for the first half of the year.
Net sales amounted to EUR 206.6 (183.6) million and operating profit to EUR
22.0 (18.0) million. The growth in net sales was 12.5 per cent. The operating
profit equalled 10.7 (9.8) per cent of net sales for the first half of the
year.
North and South America's share of net sales increased significantly. The
market situation in North America is good, and the effect of service agreements
is clearly visible in Latin America. Russia's proportional amount of net sales
decreased. The stabilisation of the ruble's exchange rate made the situation
easier and machine sales picked up to the normal level. North and Central
Europe were at the normal level, and the general market situation is positive.
Service operations continued their strong growth. The accelerated growth in
services is related both to the growing machine base and on the other hand to
new business concepts in services. At the same time, deliveries of the new
machines postponed from the first quarter had a strong effect on the growth in
net sales.
The extremely rapid launching of new products and start of range´s serial
production temporarily decreased delivery volumes during the first quarter of
the year, but the situation levelled off during the second quarter. Cash flow
for the second quarter was at a good level and strongly positive, but the
cumulative cash flow from operations remained negative, amounting to EUR -1.7
(2.8) million. The situation is expected ease further with regard to cash flow
from operations during the next quarter.
NET SALES
Consolidated net sales for the period under review amounted to EUR 206.6
(183.6) million, which is 12.5 per cent more than in the comparison period.
International business operations accounted for 74.4 (73.5) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 40.6 (39.8)
per cent, Central and Southern Europe 18.9 (21.4) per cent, Russia and Asia 8.7
(15.2) per cent, North and South America 31.5 (23.6) per cent and other
countries 0.3 (0.0) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 22.0 (18.0) million. The operating result
equalled 10.7 (9.8) per cent of net sales for the period under review.
Consolidated return on capital employed (ROCE) stood at 27.9 (28.3) per cent.
Staff costs for the period totalled EUR 33.4 (29.0) million. Other operating
expenses stood at EUR 19.9 (17.4) million. The net total of financial income
and expenses amounted to EUR -0.8 (0.1) million. Exchange rate gains and losses
with a net effect of EUR -0.1 (1.0) million were recognised under financial
items for the period. Profit for the period under review totalled EUR 17.0
(14.7) million. Diluted and undiluted earnings per share (EPS) came to EUR 0.61
(0.53).
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 259.3 (204.0) million. Inventories stood at
EUR 114.5 (93.8) million. Trade receivables totalled EUR 39.3 (32.4) million,
while liquid assets stood at EUR 12.4 (8.3) million. Group shareholders' equity
stood at EUR 94.6 (72.9) million and parent company shareholders' equity (FAS)
at EUR 110.2 (90.4) million. The amount of interest-bearing liabilities was EUR
82.5 (68.6) million. The company has used 40 per cent of its credit facility
limit. The parent company's net receivables from other Group companies stood at
EUR 91.5 (81.7) million. The parent company's receivables from subsidiaries
mainly consisted of trade receivables. Consolidated net liabilities totalled
EUR 70.0 (60.3) million, and the debt-equity ratio (net gearing) was 74.0
(82.8) per cent. The equity ratio stood at 36.9 (36.1) percent at the end of
the period under review.
Cash flow from business operations amounted to EUR -1.7 (2.8) million. Cash
flow from investment activities came to EUR -16.7 (-7.7) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 224.7 (209.5) million, while
period-end order books were valued at EUR 170.5 (124.6) million.
DISTRIBUTION NETWORK
No changes took place in the Group structure except for the merger of the joint
real estate company Kiinteistö Oy Kaupinkuja 3 into the parent company on 30
June 2015. In addition, the business operations of Ponsse's retailer AN
Maskinteknik Ab in the Norrbotten region in Northern Sweden will be transferred
to Ponsse's subsidiary Ponsse AB on 31 August 2015. A separate release was
issued on the matter on 10 June 2015.
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.
CAPITAL EXPENDITURE AND R&D
During the period under review, the Group's R&D expenses totalled EUR 5.9 (5.3)
million, of which EUR 1.5 (1.2) million was capitalised.
Capital expenditure totalled EUR 16.7 (7.7) 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 (Japan and
the Baltic countries) and Risto Kääriäinen (China),
North and South America: Pekka Ruuskanen (the United States), Marko Mattila
(North American dealers), Teemu Raitis (Brazil) and Martin Toledo (Uruguay).
Carl-Henrik Hammar has been appointed Managing Director of Ponsse Plc´s Swedish
subsidiary, Ponsse AB, as of 1 July 2015. Hammar transferred to Ponsse on 16
March 2015. Eero Lukkarinen, current Managing Director of Ponsse AB, will
transfer to exports and sales within Ponsse Group in Finland.
PERSONNEL
The Group had an average staff of 1,301 (1,168) during the period and employed
1,349 (1,228) 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 - 30 June 2015 totalled
2,543,447, accounting for 9.1 per cent of the total number of shares. Share
turnover amounted to EUR 37.1 million, with the period's lowest and highest
share prices amounting to EUR 11.66 and EUR 15.95, respectively.
At the end of the period, shares closed at EUR 13.47, and market capitalisation
totalled EUR 377.2 million.
At the end of the period under review, the company held 33,092 treasury shares.
ANNUAL GENERAL MEETING
A separate release was issued on 14 April 2015 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
After the very strong performance in 2014, the Group's euro-denominated
operating profit is expected to be slightly higher in 2015 than in 2014.
Ponsse's strongly reformed and competitive product range and new service
solutions have significantly increased the company's net sales. The PONSSE 2015
product range will enter serial production in phases during 2015.
Due to the strong order books, the capacity of the factory will be increased.
Our investments will concern new service centers in France, the United States
and Uruguay, and the development of production technology and R&D.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS IFRS
1-6/15 1-6/14 1-12/14
NET SALES 206,638 183,619 390,831
Increase (+)/decrease (-) in inventories of 12,719 5,453 3,173
finished goods and work in progress
Other operating income 771 642 1,185
Raw materials and services -140,163 -121,509 -251,067
Expenditure on employment-related benefits -33,425 -28,956 -58,583
Depreciation and amortisation -4,604 -3,850 -7,962
Other operating expenses -19,887 -17,399 -35,875
OPERATING RESULT 22,049 17,999 41,704
Share of results of associated companies -46 -68 1
Financial income and expenses -814 81 -3,745
RESULT BEFORE TAXES 21,190 18,013 37,959
Income taxes -4,205 -3,341 -8,164
NET RESULT FOR THE PERIOD 16,985 14,672 29,795
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE
RESULT:
Translation differences related to foreign units 1,794 -1,022 -3,093
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 18,779 13,650 26,702
Diluted and undiluted earnings per share 0.61 0.53 1.07
IFRS IFRS
4-6/15 4-6/14
NET SALES 115,431 96,759
Increase (+)/decrease (-) in inventories of 3,710 570
finished goods and work in progress
Other operating income 379 398
Raw materials and services -74,018 -60,718
Expenditure on employment-related benefits -17,733 -15,473
Depreciation and amortisation -2,476 -2,000
Other operating expenses -10,537 -8,959
OPERATING RESULT 14,758 10,577
Share of results of associated companies 13 -30
Financial income and expenses -976 614
RESULT BEFORE TAXES 13,795 11,161
Income taxes -2,326 -1,838
NET RESULT FOR THE PERIOD 11,469 9,323
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE
RESULT:
Translation differences related to foreign units -12 -263
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 11,457 9,060
Diluted and undiluted earnings per share 0.41 0.34
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)
IFRS IFRS IFRS
ASSETS 30 Jun 15 30 Jun 14 31 Dec 14
NON-CURRENT ASSETS
Intangible assets 16,579 14,780 15,954
Goodwill 3,440 3,440 3,440
Property, plant and equipment 58,765 41,095 47,282
Financial assets 105 104 104
Investments in associated companies 821 878 946
Non-current receivables 3,302 903 832
Deferred tax assets 1,856 1,949 1,267
TOTAL NON-CURRENT ASSETS 84,867 63,149 69,285
CURRENT ASSETS
Inventories 114,549 93,771 92,734
Trade receivables 39,268 32,403 25,226
Income tax receivables 382 219 591
Other current receivables 7,824 6,146 4,701
Cash and cash equivalents 12,405 8,275 12,719
TOTAL CURRENT ASSETS 174,429 140,813 135,971
TOTAL ASSETS 259,296 203,962 205,796
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 7,000 7,000 7,000
Other reserves 2,552 30 130
Translation differences 118 395 -1,676
Treasury shares -346 -2,228 -2,228
Retained earnings 85,307 67,667 82,790
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 94,631 72,864 86,016
NON-CURRENT LIABILITIES
Interest-bearing liabilities 50,510 43,397 33,712
Deferred tax liabilities 664 601 867
Other non-current liabilities 0 284 0
TOTAL NON-CURRENT LIABILITIES 51,173 44,281 34,580
CURRENT LIABILITIES
Interest-bearing liabilities 31,947 25,198 17,997
Provisions 5,326 4,156 4,747
Tax liabilities for the period 2,957 1,733 812
Trade creditors and other current liabilities 73,263 55,731 61,644
TOTAL CURRENT LIABILITIES 113,492 86,817 85,200
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 259,296 203,962 205,796
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS IFRS
1-6/15 1-6/14 1-12/14
CASH FLOWS FROM OPERATING ACTIVITIES:
Net result for the period 16,985 14,672 29,795
Adjustments:
Financial income and expenses 814 -81 3,745
Share of the result of associated companies 46 68 1
Depreciation and amortisation 4,604 3,850 7,962
Income taxes 4,205 3,341 8,164
Other adjustments -102 -543 -2,049
Cash flow before changes in working capital 26,550 21,306 47,616
Change in working capital:
Change in trade receivables and other receivables -16,955 -9,830 -920
Change in inventories -21,815 -8,004 -6,967
Change in trade creditors and other liabilities 12,199 3,677 9,251
Change in provisions for liabilities and charges 579 -462 129
Interest received 80 73 187
Interest paid -448 -522 -1,071
Other financial items 615 -774 -2,080
Income taxes paid -2,527 -2,680 -8,675
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) -1,722 2,785 37,472
CASH FLOWS USED IN INVESTING ACTIVITIES
Investments in tangible and intangible assets -16,712 -7,682 -19,154
Proceeds from sale of tangible and intangible assets 0 0 147
NET CASH FLOWS USED IN INVESTMENT ACTIVITIES (B) -16,712 -7,682 -19,007
CASH FLOWS FROM FINANCING ACTIVITIES
Sales of treasury shares 1,882 0 0
Withdrawal/Repayment of current loans 15,579 6,869 -3,540
Withdrawal of non-current loans 10,000 5,000 5,000
Repayment of non-current loans -2,923 -3,256 -9,773
Withdrawal/Repayment of finance lease liabilities 7,163 -320 -280
Change in non-current receivables 64 66 -4
Dividends paid -12,586 -8,336 -8,336
NET CASH FLOWS FROM FINANCING ACTIVITIES (C) 19,179 -110 -16,933
Change in cash and cash equivalents (A+B+C) 745 -5,006 1,532
Cash and cash equivalents on 1 Jan 12,719 11,958 11,958Impact of exchange rate changes -1,059 1,324 -770
Cash and cash equivalents on 30 Jun/31 Dec 12,405 8,275 12,719
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 2015 7,000 130 -1,676 -2,228 82,790 86,016
Translation differences 1,794 1,794
Result for the period 16,985 16,985
Total comprehensive income for 1,794 16,985 18,779
the period
Dividend distribution -12,586 -12,586
Matching Share Plan 2,422 1,882 -1,882 2,422
SHAREHOLDERS' EQUITY 30 JUN 2015 7,000 2,552 118 -346 85,307 94,631
SHAREHOLDERS' EQUITY 1 JAN 2014 7,000 30 1,417 -2,228 61,331 67,550
Translation differences -1,022 -1,022
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
SHAREHOLDERS' EQUITY 30 JUN 2014 7,000 30 395 -2,228 67,667 72,864
SEGMENT INFORMATION (EUR 1,000)
OPERATING SEGMENTS
1-6/2015 Norther Centra Russi North and South Eliminati Total
n l and a and America on
Europe Southe Asia
rn
Europe
Net sales of the 142,309 39,480 18,25 66,093 266,133
segment 2
Sales between -58,426 -367 -271 -968 -60,033
segments
Unallocated sales 538
NET SALES FROM 83,882 39,113 17,98 65,124 206,638
EXTERNAL CUSTOMERS 0
Operating result of 1,928 6,438 3,170 10,914 22,449
the segment
Unallocated items -400
OPERATING RESULT 1,928 6,438 3,170 10,914 22,049
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
30 Jun 15 30 Jun 31 Dec
14 14
1. LEASING COMMITMENTS (EUR 1,000) 739 1,241 1,326
2. CONTINGENT LIABILITIES (EUR 1,000) 30 Jun 15 30 Jun 14 31 Dec 14
Guarantees given on behalf of others 512 439 479
Repurchase commitments 2,214 2,682 1,966
Other commitments 35 129 137
TOTAL 2,762 3,250 2,579
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2015 4,747
Provisions added 775
Provisions cancelled -197
30 June 2015 5,326
4. DIVIDENDS PAID (EUR 1,000) 30 Jun 15 30 Jun 14
Dividends per share EUR 0.45 (EUR 0.30) 12,586 8,336
5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) 1-6/15 1-6/14
Increase 14,313 6,040
Decrease -508 -6
TOTAL 13,805 6,033
6. RELATED PARTY TRANSACTIONS 1-6/15 1-6/14
Management's employment-related benefits (EUR 1,000)
Salaries and other short-term employment-related benefits 2,068 1,602
Benefits paid upon termination of employment 0 0
Pension liabilities, statutory pension security 571 228
Compensation of the members of the Board of Directors 126 121
KEY FIGURES AND RATIOS 30 Jun 15 30 Jun 14 31 Dec 14
R&D expenditure, MEUR 5.9 5.3 10.3
Capital expenditure, MEUR 16.7 7.7 19.2
as % of net sales 8.1 4.2 4.9
Average number of employees 1,301 1,168 1,200
Order books, MEUR 170.5 124.6 158.4
Equity ratio, % 36.9 36.1 42.0
Diluted and undiluted earnings per share (EUR) 0.61 0.53 1.07
Equity per share (EUR) 3.38 2.60 3.07
FORMULAE FOR FINANCIAL INDICATORS
Return on capital employed, %:
Result before tax + financial expenses
--------------------------------------------------------------------------------
---------------------------------------
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
--------------------------------------------------------------------------------
-------------------------------
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 1-6/15 1-6/14 1-12/14
Ponsse Group 224.7 209.5 451.7
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 2014.
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, 4 August 2015
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
DISTRIBUTIO
NNASDAQ 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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