2009-07-23 07:30:00 CEST
2009-07-23 07:33:18 CEST
REGULATED INFORMATION
Pöyry - Interim report (Q1 and Q3)
PÖYRY'S INTERIM REPORT 1 JANUARY - 30 JUNE 2009
PÖYRY PLC Interim Report 23 July 2009 at 8:30 a.m.
PÖYRY'S INTERIM REPORT 1 JANUARY - 30 JUNE 2009
The Pöyry Group's net sales for the period under review were EUR
361.8 million (414.2 in the corresponding period 2008). Profit before
taxes was EUR 10.4 (53.1) million. Profit before taxes includes EUR
7.7 million non-recurring expenses related to adaptation measures.
The Group's consolidated balance sheet is healthy. The equity ratio
was 40.0 (44.9) per cent and the net debt/equity ratio (gearing) -6.8
(-31.2) per cent.
Earnings per share were EUR 0.10 (0.61) and the return on investment
9.2 (52.3) per cent.
The order stock decreased by EUR 5.0 million during the period under
review to EUR 534.1 million. The number of personnel declined to 6946
at the end of the review period (7924 at the end of 2008). The impact
of the adaptation measures in the current capacity meets the plan of
12 per cent capacity reduction.
Pöyry's net sales for 2009 are estimated to decrease and profit
before taxes is estimated to decrease significantly compared with
2008. This assessment does not take into account possible
acquisitions during 2009.
The interim report has been prepared in accordance with the IAS 34
following the same accounting principles as in the annual financial
statements for 2008. From the beginning of 2009, the Group adopted
the amended IAS 1 Presentation of the Financial Statements standard
and IFRS 8 Operating Segments standard. The amended standards have no
significant impact on the presentation of the interim report.
The data in this interim report are unaudited.
Business groups (Operating segments)
Energy
Net sales for the period under review were EUR 112.4 (120.2) million.
Operating profit was EUR 6.6 (13.9) million including EUR 1 million
non-recurring expenses.
Demand for energy-related services remained fairly stable in Europe.
In other geographical regions, demand weakened and project go-ahead
decisions were postponed. Project margins also declined slightly due
to increased competition. The capacity was adjusted during the period
under review and the capacity declined by about 150 persons in the
business group's office network.
In spite of the slow-down in decision-making on investment projects,
the order stock remained stable at EUR 190.9 million (196.4 at the
end of 2008). The most important new projects were the EPC contract
with the Styrian Utility Steweag/Steg for rehabilitation of the 110
kV substation Neudorf/Werndorf in Austria (EUR 6.5 million), the
service contract with Verbund APG for the rehabilitation of the 220
kV substation Ybbsfeld in Austria (EUR 2.7 million) and the owner's
engineering services contract by OMV Power International GmbH for an
800 MW combined cycle power plant project in Haiming, Germany (EUR 6
million).
Forest Industry
Net sales for the period under review were EUR 102.5 (152.7) million.
Operating profit was EUR -5.0 (28.6) million. The operating profit
for the period under review was affected by about EUR 6 million
non-recurring expenses relating to personnel reductions.
Demand for engineering services for new pulp and paper projects in
the Forest Industry business group remained weak during the period
under review. The downturn has impaired forest industry companies'
profitability and hampered the availability of investment financing
globally. For this reason, projects have been postponed, preparations
for new projects have been delayed and the number of consulting
assignments has declined. Capacity was adapted to reduced demand in
several countries, including Finland, Brazil, North America, Russia
and Sweden. The personnel reductions during the period under review
equal a capacity of 750 persons and were partly implemented with
temporary lay-offs.
The business group's order stock declined to EUR 63.4 million (86.3
at the end of 2008). The most important new projects were the
permitting services contract with Paroc Oy Ab, Finland, for a
greenfield mineral wool plant in Chudovo, Russia (EUR 1.5 million)
and engineering services for Investlesprom's Segezha pulp mill in
Russia (EUR 6 million). The business group signed a long-term service
agreement with Larox Corporation, Finland, for the supply of
engineering and project services.
The President and CEO of Pöyry PLC, Mr. Heikki Malinen assumed the
duties of the President of the Forest Industry business group as of
24 April 2009 beside his own position.
Transportation
Net sales for the period under review were EUR 59.8 (50.2) million.
Operating profit amounted to EUR 4.5 (3.5) million.
Demand for services related to transportation systems continued to be
good during the period under review. Demand related to road and
rail-bound transportation systems was particularly brisk with an
increased activity in large concession type projects being carried
out by contractors. The business group continued to strengthen its
position in local and international markets.
The order stock increased clearly, amounting to EUR 157.0 million
(130.9 at the end of 2008) at the end of the period under review. The
order stock in the second quarter continued to increase with
medium-sized new orders in Europe and Latin America. The most
important new projects were the engineering contract with the Swiss
federal railway SBB for a new operation control centre (EUR 3.5
million), design contracts with Strabag AG for road rehabilitation
programmes in Romania (EUR 3.2 million), two design contracts with
the Finnish Road Administration for road projects in Southern Finland
(EUR 2 million), the design contracts with the Finnish Rail
Administration for the Helsinki Metropolitan Area Ring Rail Line in
Finland (EUR 1 million), the services contract by the Swiss federal
road office (ASTRA) for traffic management systems (EUR 1.7 million)
and the contract with the Metro Company of Sao Paulo, Brazil for the
extension of the city's metro with a new Line 4 (EUR 3 million).
Water & Environment
Net sales for the period under review were EUR 43.0 (41.9) million.
Operating profit was EUR 2.3 (2.1) million.
Demand for services related to environmental infrastructure projects
remained stable during the period under review. The business group
continued to strengthen its position in its European core markets.
The order stock amounted to EUR 75.5 million at the end of the period
under review (76.8 at the end of 2008). The demand was good
especially in Germany. The most important new projects received
during the period under review were the water and sanitation and
training programme assignments in Tanzania and Niger (EUR 3.7
million) and technical assistance services for the main waste water
treatment plant in Paris (EUR 3 million).
Construction Services
Net sales for the period under review were EUR 42.9 (48.3) million.
Operating profit was EUR 3.3 (6.1) million. The operating profit was
depressed by non-recurring items of about EUR 0.5 million related to
personnel reductions.
Investment activity in the office and commercial building sectors was
still weak. In spite of this, the business group's net sales remained
at a good level owing to intensified sales and marketing efforts.
Despite tightening competition, the business group succeeded in
strengthening its position in the Finnish market and maintain
satisfactory profitability. Baltic operations were curtailed. The
operations of Shanghai Kang Dao Construction Company acquired in
China have been integrated with the business group and Pöyry's
operation in the country thus strengthening Pöyry's position on the
Chinese market. The amount of personnel in the business group was
adapted and the capacity decreased by about 140 persons. The
reduction was partly implemented with temporary lay-offs.
The order stock remained stable, amounting to EUR 46.1 (48.3 at the
end of 2008) million. The business group's order stock increased by
several small-scale assignments. The most important new projects were
the contract with Oy Primula Ab for the implementation of the
company's production and logistics project at Järvenpää, Finland, and
the contracts with Länsimetro Oy for the Western Metro extension in
Helsinki, Finland (EUR 1.3 million).
Acquisitions
Energy
Pöyry expanded its operations in May 2009 by acquiring the entire
share capital of Aquarius International Consultants Pty Ltd, an
Australian engineering and marine consulting firm. Aquarius
International Consultants employs ten experts in its headquarters in
Perth, Western Australia. The engineering services of Aquarius
International Consultants include offshore structural, naval
architecture and marine operations and it has a clientele of
international oil companies. The company's annual net sales are EUR
1.3 million and its business is profitable. The company has been
consolidated into Pöyry as of 1 May 2009.
Construction Services
Pöyry expanded its real estate consulting and engineering operations
in China in August 2008 by acquiring the entire share capital of
Shanghai Kang Dao Construction Company Ltd. The Chinese authorities
approved the acquisition in March 2009. Shanghai Kang Dao
Construction Company is primarily engaged in project management for
industrial and commercial real estate development and construction
projects. The company employs 27 experts. Pöyry has consolidated the
result and balance sheet of the company as of 1 March 2009.
Pöyry acquired the remaining 30 per cent of the Finnish architectural
design and real estate consulting firm Pöyry Evata Oy. The company
and its subsidiary Pöyry Architects Oy have been consolidated 100 per
cent into Pöyry as of 1 July 2007.
Order stock
The Group's order stock remains good. It decreased by EUR 5.0 million
during the period under review, totalling EUR 534.1 million at the
end of June. At the end of 2008 the order stock was EUR 539.1
million.
Personnel
The capacity in the Group decreased to the equivalent of 6946
full-time employees (7924 at the end of 2008). The capacity was
adapted in particular in the Forest Industry business group but also
in the Construction Services and Energy business groups. About half
of the capacity reduction was implemented with temporary
arrangements.
Statement of financial position
The Group's consolidated balance sheet is healthy. The equity ratio
at the end of the review period was 40.0 (41.7 at the end of 2008)
per cent. The Group's liquidity is good. The net debt/equity ratio
(gearing) was -6.8 (-38.5) per cent. At the end of the review period
the Group's cash and cash equivalents were EUR 123.6 (203.7) million,
interest bearing liabilities EUR 111.4 (122.5) million and net cash
EUR 12.2 (81.2) million. The Group had long-term unused overdraft
facilities at the end of the review period amounting to EUR 113.8
(93.1) million.
Capital expenditure
The Group's capital expenditure for the period under review totalled
EUR 7.1 (11.2) million, of which EUR 4.2 (5.3) million were
investments in company acquisitions.
Principal short term risks and uncertainties
The principal short term risks and uncertainties relate to the
prolongation of the global financial crisis and economic downturn.
These risks and uncertainties primarily relate to the energy, forest
industry and construction services operating segments of the Group.
If the weak demand and investment activity will continue, they may
cause the profitability to decrease further. In order to reduce the
risk, the measures to adapt the operations and to streamline the cost
base are continued throughout the Group.
Risks and uncertainties also relate to the accelerated adaptation
measures and changes in the organisation and operating model being
implemented in the Forest Industry business group.
A detailed report on the Group's most significant risks and risk
management is given in the Financial Statements of 2008.
Share capital and shares
The total number of shares at the end of 2008 was 58 878 602. In
April 2009 12 000 new shares were subscribed with stock options 2004A
and 2004B pursuant to the stock option programme 2004 of Pöyry PLC.
In July 2009 8 108 shares were subscribed with stock options 2004A.
Following the registration of the subscribed shares, the total number
of shares will increase to 58 898 710.
Option programme 2004
Pöyry PLC issued in 2004 stock options to the management of the Group
as well as to a wholly-owned subsidiary of Pöyry PLC. The number of
stock options is 550 000, entitling to subscription of four shares
each, i.e. a total of 2 200 000 shares in Pöyry PLC.
The share subscription periods are the following: for stock options
2004A (660 000 shares) between 1 March 2007 and 31 March 2010; for
2004B (660 000 shares) between 1 March 2008 and 31 March 2011; and
for 2004C (880 000 shares) between 1 March 2009 and 31 March 2012.
All stock options have been issued and their receipt confirmed.
At the end of 2008, 399 756 new shares had been subscribed with
69 532 stock options 2004A and 30 407 stock options 2004B. During the
period under review 12 000 new shares were subscribed with 1 500
stock options 2004A and 1 500 stock options 2004B. After the period
under review 8 108 new shares have been subscribed with 2 027 stock
options 2004A.
Performance share plan 2008-2010
In December 2007, the Board of Directors of Pöyry PLC approved a
share-based incentive plan for key personnel. The plan comprises
three earning periods, which are the calendar years 2008, 2009 and
2010. The rewards will be paid partly (50 per cent) in the company's
shares and partly (50 per cent) in cash in 2009, 2010 and 2011. The
criteria for the reward pay outs for the years 2008 and 2009 are the
Group's earnings per share (EPS) and net sales.
At the time of approval of the pay outs for the earning period 2008,
the incentive plan included 287 persons. For the earning period 2008,
the payout ratio was 180.89 per cent corresponding to a value of
433 454 shares. The payments were made to the participants in April
2009. The value of the plan for the earning period 2009 will
correspond to the value of 400 000 shares if the performance of the
Group is in line with the earnings criteria for target performance
set by the Board of Directors. If the Group's performance exceeds the
target and reaches maximum performance, as defined by the Board, the
value of the plan can reach up to the value of 800 000 shares for the
earning period 2009. The incentive plan for the earning period 2009
includes approximately 300 persons. As of April 2009, 92.8 per cent
of the grants have been allocated for the earning period 2009.
The fair value of the reward is expensed until the target group is
entitled to the reward and the shares are freely transferable. The
fair value of the share is the share price on the date at which the
target group has agreed to the conditions of the plan reduced by the
estimated dividends. The fair value of the cash proportion is
remeasured at each reporting date based on the share price at the
reporting date.
Authorisation to issue shares
The Annual General Meeting (AGM) on 10 March 2008 authorised the
Board of Directors to decide on issuing new shares and to convey the
company's own shares held by the company in one or more tranches. The
share issue can be carried out as a share issue against payment or
without consideration on terms to be determined by the Board of
Directors and in relation to a share issue against payment at a price
to be determined by the Board of Directors. A maximum of 11 600 000
new shares can be issued. A maximum of 5 800 000 own shares held by
the company can be conveyed. The authorisation is in force for three
years from the decision of the AGM.
The decision made by the AGM was published in its entirety in a
Company Announcement on 10 March 2008.
During the period under review, the Board has resolved on a directed
share issue by conveying without consideration a total of 216 727 of
the company's own shares to persons included in the company's
performance share plan for 2008 in accordance with the terms and
conditions of the plan. The Board of Directors of Pöyry PLC further
resolved on a directed share issue by conveying a total of 10 000 of
the company's own shares held by the company to persons included in
the company's incentive plan. The directed share issues do not affect
the company's share capital or the total number of shares of the
company. After these directed share issues, the maximum number of
shares that may be conveyed is 5 573 273 shares.
Authorisation to acquire the company's own shares
The AGM on 10 March 2008 authorised the Board of Directors to decide
on acquiring a maximum of 5 800 000 of the company's own shares. On
10 March 2008, the Board of Directors resolved to exercise the
authorisation for the implementation of the Performance share plan
2008-2010 described above. On the basis of this authorisation,
148 529 of the company's own shares were acquired in 2008. On 3
February 2009, the Board of Directors resolved to commence acquiring
the company's own shares based on the above-mentioned authorisation.
The shares may be acquired to develop the company's capital
structure, to be used as payment in corporate acquisitions or when
the company acquires assets related to its business and as part of
the company's incentive programmes in a manner and to the extent
decided by the Board of Directors, and to be transferred for other
purposes, or to be cancelled. Based on the resolution by the Board of
Directors, 139 000 of the company's own shares were acquired between
5 February and 4 March 2009.
The AGM on 10 March 2009 authorised the Board of Directors to decide
on acquiring the company's own shares with distributable funds on the
terms given below for the purposes mentioned in the previous
paragraph with the following terms. A maximum of 5 800 000 shares can
be acquired. The company's own shares can be acquired in accordance
with the decision of the Board of Directors either through public
trading or by public offer at their market price at the time of
purchase. The acquisition of shares reduces the company's
distributable shareholders' equity. The authorisation is in force for
18 months from the decisions of the AGM.
The decision made by the AGM was published in its entirety in a
Company Announcement on 10 March 2009.
On 10 March 2009, the Board of Directors decided to exercise the
authorisation and to commence the acquisition of the company's own
shares mentioned in the first paragraph under this headline. By the
end of June 2009, 64 818 of the company's own shares have been
acquired based on this authorisation. The average price of the shares
acquired in 2009 was EUR 8.88. Furthermore, Pöyry PLC has acquired
from its subsidiary 8 914 Pöyry PLC shares.
Of the above mentioned directed share issue of 216 727 own shares
related to the earnings period 2008 of the performance share plan
2008-2010, 215 641 shares had been transferred to the recipients and
thus the total amount of own shares held by the company on 30 June
2009 was 373 177, representing 0.6 per cent of all shares and 0.6 per
cent of all votes.
Invested free equity reserve
The AGM on 10 March 2009 resolved to lower the legal reserve and the
share premium reserve by transferring the entire capital of the
reserves in the aggregate amount of EUR 50 420 234.49 into the
reserve for invested unrestricted equity. The transfer is under
registration.
Dividend
The Annual General Meeting decided that a dividend of EUR 0.65 be
distributed per outstanding share for 2008 (EUR 0.65 for 2007),
totalling EUR 38.0 million. The dividend was paid on 20 March 2009.
Share trading and price
The company's shares are listed on NASDAQ OMX in Helsinki. The
average trading price during the period under review was EUR 9.03,
with a high of EUR 10.65 and a low of EUR 7.55. A total of 12.8
million of the company's shares were traded, equalling 21.9 per cent
of the total number of shares and corresponding to a turnover of
EUR 116.1 million.
Prospects
Energy
The Energy business group's market position is stable, although the
weakened demand and tightened competition make it challenging to
maintain the business group's profitability. However, the reduced
energy consumption coupled with the low level of crude oil prices and
natural gas margins as well as a lack of financing continue to
postpone investment decisions. Prospects for hydropower projects in
the medium term, specifically in emerging markets, remain strong.
Changes in the energy supply structure and environmental legislation
create demand for renewable energy and energy efficiency,
particularly in the EU, and are expected to drive demand also for
consulting services. The nuclear power renaissance is clearly picking
up speed, not only within the European markets but also in new
markets, such as the Middle East and Asia. Adaptation measures
designed to safeguard profitability continue in the Energy business
group. The Energy business group's operating profit is estimated to
decrease clearly in 2009 including non-recurring expenses, when the
positive effect on earnings of the non-recurring income from the sale
of Polartest Oy's shares is not taken into account in the operating
profit.
Forest Industry
The Forest Industry business group's market position is stable.
Go-ahead decisions of new pulp and paper projects and chemical
industry projects have been postponed. Investment activity is not
expected to recover during 2009. Preliminary study work for new
investment projects continues in certain areas, notably in Russia and
Brazil. In Latin America, the volume of investments is not expected
to recover in the short term, but longer term prospects are positive.
Demand for local services in the forest industry sector has
decreased, while it has remained stable in other industrial sectors.
Demand for management consulting services has declined and is
increasingly focused on improving forest industry companies'
profitability, including efficiency improvement and energy savings.
In response to the changed market situation, the business group
continues efficiency improvement measures. Apart from other
adaptation measures, the business group's organisation and operation
model has been changed to better serve the current demand. The Forest
Industry business group's operating profit is weakened by poor demand
for its services and by non-recurring expenses related to adaptation
measures. The Forest Industry business group's operating profit in
2009 is estimated to be negative, including non-recurring items.
Transportation
In an effort to counter the negative recession effects to economies,
many national governments continue to invest in large infrastructure
projects. These investments represent the core areas of the
Transportation business group. The impact of this on the
transportation business has been positive, and is expected to
continue in a similar pattern as the stimulus packages that have been
announced take effect. In particular, Western Europe and Latin
America remain buoyant. Investments in Eastern Europe may be
negatively impacted in the future in the event of a prolonged
recession as these governments may find the cost of the investments
more than they are able to sustain. The business group's order stock
has clearly increased during the period under review and the
operations are expected to remain stable. The Transportation business
group's operating profit is expected to improve in 2009.
Water & Environment
The global market conditions for the Water & Environment business
group remain stable. The flow of new assignments, mainly from public
sector clients, is expected to continue. Reduced demand by industrial
clients, mainly in the mining sector, will be compensated by an
increase in demand for the public sector. Stimulus packages in
different parts of the world are expected to lead to new orders.
Scarcity of clean water and environmental degradation in emerging
countries, combined with continued urbanisation will be key drivers
for the business group's service offerings, resulting in steady
demand growth. The Water & Environment business group's operations
are expected to remain stable and its operating profit is estimated
to improve in 2009.
Construction Services
Investment decisions have continued to be postponed until a later
date, particularly in business and office construction, and also in
the industry sector. Relatively stable demand is expected to continue
as far as infrastructure projects and consulting services are
concerned. The business group maintains a strong market position in
these areas, and the business group's order book has remained healthy
despite the difficult market situation. Capacity adaptation measures
and cost-saving programmes launched by the business group's units
will be pursued to ensure profitability. Because of the deteriorating
market situation and non-recurring expenses due to adaptation
measures the Construction Services business group's operating profit
is estimated to decline clearly in 2009.
Group
The economic downturn will have a clear impact on investment demand
worldwide during 2009. In the Pöyry Group, the impacts have most
clearly been felt in the Forest Industry business group's operations
and profitability, though the business group's market position
remains strong. The duration of the downturn and all of its impacts
are difficult to foresee. Pöyry continues its group-wide efficiency
improvement measures, which are launched to protect the Group's
profitability and to adapt the capacity to match market conditions.
The aim of these measures is to concentrate competences, improve the
efficiency of operations and to cut costs. The cost saving target for
fixed expenses on an annual basis is about EUR 30 million compared
with the 2008 cost base. The target excludes one-off restructuring
expenses.
Corporate acquisitions are a central part of Pöyry's growth strategy.
Pöyry's strong balance sheet and good liquidity create opportunities
for participating in corporate restructurings. Acquisitions will be
made in cases where the target company offers strategic advantages
and supports Pöyry's objectives.
Pöyry's net sales for 2009 are estimated to decrease and profit
before taxes is estimated to decrease significantly compared with
2008. This assessment does not take into account possible
acquisitions during 2009.
Vantaa, Finland, 22 July 2009
PÖYRY PLC
Board of Directors
PÖYRY PLC
Heikki Malinen
President and CEO
Teuvo Salminen
Deputy to President and CEO
Additional information:
Heikki Malinen, President and CEO, Pöyry PLC
tel. +358 10 33 21307
Esa Ikäheimonen, CFO, Pöyry PLC
tel. +358 10 33 21586
Satu Perälampi, VP, Corporate Communications and IR, Pöyry PLC
tel. +358 10 33 23002
www.poyry.com
DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
PÖYRY GROUP
Statement of comprehensive income 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
EUR million 2009 2008 2009 2008 2008
NET SALES 174.0 218.0 361.8 414.2 821.7
Other operating income 0.1 0.2 0.3 0.3 6.6
Share of associated companies'
results 0.2 1.2 0.4 1.3 2.2
Materials and supplies -1.9 -3.8 -2.8 -7.9 -15.3
External charges, subconsulting -20.0 -26.3 -43.4 -49.9 -101.0
Personnel expenses -107.3 -113.1 -219.9 -220.1 -433.8
Depreciation -2.1 -2.2 -4.2 -4.2 -9.0
Other operating expenses -38.4 -44.0 -82.4 -81.7 -170.8
OPERATING PROFIT 4.6 30.0 9.8 52.0 100.6
Proportion of net sales, % 2.6 13.8 2.7 12.5 12.2
Financial income 1.0 1.0 2.9 2.3 6.3
Financial expenses -1.5 -0.6 -2.9 -1.0 -3.5
Exchange rate differences 0.0 0.1 0.6 -0.2 -0.1
Value decrease on non-current
investment 0.0 0.0 0.0 0.0 -0.1
PROFIT BEFORE TAXES 4.1 30.5 10.4 53.1 103.2
Proportion of net sales, % 2.4 14.0 2.9 12.8 12.6
Income taxes -1.8 -9.4 -3.8 -16.5 -30.6
NET PROFIT FOR THE PERIOD 2.3 21.1 6.6 36.6 72.6
OTHER COMPREHENSIVE INCOME
Translation differences 1.4 0.4 2.0 -2.7 -8.5
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 3.7 21.5 8.6 33.9 64.1
Net profit attributable to:
Equity holders of the parent
company 2.1 20.5 5.9 35.6 70.8
Minority interest 0.2 0.6 0.7 1.0 1.8
Total comprehensive income
attributable
to:
Equity holders of the parent
company 3.5 20.9 7.9 32.9 62.3
Minority interest 0.2 0.6 0.7 1.0 1.8
Earnings per share, EUR 0.04 0.35 0.10 0.61 1.21
Corrected with dilution effect 0.04 0.35 0.10 0.60 1.19
PÖYRY GROUP
Statement of financial position 30 June 30 June 31 December
EUR million 2009 2008 2008
ASSETS
NON-CURRENT ASSETS
Goodwill 99.8 94.9 95.9
Intangible assets 5.7 6.6 6.2
Tangible assets 17.8 19.4 18.8
Shares in associated companies 5,6 5.8 5.8
Other shares 1.9 1.7 1.7
Loans receivable 1.1 0.7 0.1
Deferred tax receivables 7,5 6.1 6.2
Pension receivables 1.0 0.6 0.3
Other 6.7 5.3 5.0
147.1 141.1 140,0
CURRENT ASSETS
Work in progress 79.8 78.1 69.3
Accounts receivable 134.3 143.5 143.5
Loans receivable 0.2 0.2 0.8
Other receivables 11.3 16.0 10.3
Prepaid expenses and accrued income 14,6 11,9 12.7
Cash and cash equivalents 123,6 92.4 203.7
363.8 342.1 440.3
TOTAL 510.9 483.2 580.3
EQUITY AND LIABILITIES
EQUITY
Equity attributable to the equity holders
of the parent company
Share capital 14.6 14.6 14.6
Share premium reserve 32.4 32.4 32.4
Legal reserve 20.8 20.3 20.5
Invested free equity reserve 5,8 5.0 5.8
Translation difference -20.5 -16.6 -22.4
Retained earnings 119.2 117.4 152.5
172.3 173.1 203.4
Minority interest 8.4 7.5 7.7
180.7 180.6 211.1
LIABILITIES
Non-current liabilities
Interest bearing non-current liabilities 91.0 21.3 100.8
Pension obligations 7.8 6.8 6.7
Deferred tax liability 5.7 8.2 4.7
Other non-current liabilities 2.5 7.9 5.0
107.0 44.2 117.2
Current liabilities
Amortisations of interest bearing
non-current
liabilities 19.5 1.7 20.5
Interest bearing current liabilities 0.9 12.9 1.2
Provisions 9.7 3.6 5.8
Project advances 59.2 80.7 73.6
Accounts payable 20.8 24.6 21.8
Other current liabilities 33.2 41.5 43.0
Current tax payable 1.6 7.7 3.6
Accrued expenses and deferred income 78.3 85.7 82.5
223.2 258.4 252.0
TOTAL 510.9 483.2 580.3
PÖYRY GROUP
Statement of cash flows 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
EUR million 2009 2008 2009 2008 2008
FROM OPERATING ACTIVITIES
Net profit for the period 2.3 21.1 6.6 36.6 72.6
Depreciation and value decrease 2.1 2.2 4.2 4.2 9.1
Gain on sale of fixed assets 0.0 0.0 0.0 0.0 -6.3
Share of associated companies'
results -0.2 -1.2 -0.4 -1.3 -1.6
Financial income and expenses 0.5 -0.5 -0.6 -1.1 -2.5
Income taxes 1.8 9.4 3.8 16.5 30.6
Change in work in progress -4.4 4.4 -10.5 -13.6 -4.8
Change in accounts and other
receivables -5.1 -13.7 3.5 -4.0 1.9
Change in advances received -2.5 -16.6 -14.4 -16.6 -23.7
Change in payables and other
liabilities 0.0 15.5 -1.3 11.9 8.6
Received financial income 0.9 1.0 2.8 2.3 6.2
Paid financial expenses -1.1 -0.1 -2.7 -1.0 -3.0
Paid income taxes 0.6 -8.0 -11.1 -14.6 -30.5
Total from operating activities -5.1 13.5 -20.1 19.3 56.6
CAPITAL EXPENDITURE
Investments in shares in
subsidiaries deducted with cash
acquired -4.2 -2.4 -11.0 -4.9 -8.7
Investments in fixed assets -1.1 -3.3 -2.9 -5.9 -10.7
Sales of shares in associated
companies 0.0 0.0 0.0 0.0 6.9
Sales of other shares 0.0 0.7 0.0 0.7 0.4
Sales of fixed assets 0.2 0.6 0.4 0.6 1.2
Capital expenditure total, net -5.1 -4.4 -13.5 -9.5 -10.9
Net cash before financing -10.2 9.1 -33.6 9.8 45.7
FINANCING
New loans 0.0 0.0 0.0 20,5 118.2
Repayments of loans -10.1 -0.8 -10.6 -1.3 -2.6
Change in current financing -8.9 -3.7 -0.4 8.2 -3.7
Change in non-current investments 0,0 0.0 0.0 0.0 0.0
Dividends -1.2 -1.7 -38.0 -38.5 -39.1
Acquisition of own shares -0.6 -0.9 -1.8 -4.9 -5.9
Share subscription 0.1 0.4 0.1 0.4 1.2
Net cash from financing -20.7 -6.7 -50.7 -15.6 68.1
Change in cash and cash equivalents -30.9 2.4 -84.3 -5.8 113.8
Cash and cash equivalents at the
beginning of period 152.3 88.2 203.7 98.7 98.7
Impact of translation differences in
exchange rates 2.2 1.8 4.2 -0.5 -8.8
Cash and cash equivalents at the end
of period 123.6 92.4 123.6 92.4 203.7
PÖYRY GROUP
Statement of changes in equity
EUR million
Inves-
Share ted
pre- free Trans- Re- Minor-
Share mium Legal equity lation tained ity
cap- re- re- re- differ- earn- inter- Total
ital serve serve serve ences ings Total est equity
Equity
1 April 2008 14.6 32.4 19.5 4.6 -17.0 98.6 152.7 7.3 160.0
Shares sub-
scribed with
stock options 0.4 0.4 0,4
Payment of
dividend 0.0 0.0 -0.4 -0.4
Acquisition
of own shares -1.1 -1.1 -1,1
Transfer,
retained
earnings 0.8 -0.8 0.0 0,0
Expenses from
share-based
incentive
programmes 0.2 0.2 0,2
Comprehensive
income for
the period 0.4 20.5 20.9 0.6 21.5
Changes for the
period 0.0 0.0 0.8 0.4 0.4 18.8 20.4 0.2 20.6
Equity
30 June 2008 14.6 32.4 20.3 5.0 -16.6 117.4 173.1 7.5 180.6
Equity
1 Jan. 2008 14.6 32.4 19.5 4.6 -13.9 125.4 182.6 6.9 189.5
Shares sub-
scribed with
stock options 0.4 0.4 0,4
Payment of
dividend -38.0 -38.0 -0.4 -38.4
Acquisition
of own shares -5.1 -5.1 -5.1
Transfer,
retained
earnings 0.8 -0.8 0.0 0.0
Expenses from
share-based
incentive
programmes 0.3 0.3 0,3
Minority
change 0.0 0,0
Comprehensive
income for
the period -2.7 35.6 32.9 1.0 33,9
Other changes 0.0 0.0 0.8 0.4 -2.7 -8.0 -9.5 0.6 -8.9
Equity
30 June 2008 14.6 32.4 20.3 5.0 -16.6 117.4 173.1 7.5 180.6
Equity
1 Jan. 2008 14.6 32.4 19.5 4.6 -13.9 125.4 182.6 6.9 189.5
Shares sub-
scribed with
stock options 1.2 1.2 1.2
Payment of
dividend -38.0 -38.0 -1.0 -39.0
Acquisition
of own shares -5.9 -5.9 -5.9
Transfer,
retained
earnings 1.0 -1.0 0.0 0.0
Expenses from
share-based
incentive
programmes 1.2 1.2 1.2
Minority
change -0.1 -0.1 0.1 0.0
Comprehensive
income for
the period -8.5 70.8 62.3 1.7 64.0
Changes for the
period 0.0 0.0 1.0 1.2 -8.5 27.0 20.7 0.8 21.5
Equity
31 Dec. 2008 14.6 32.4 20.5 5.8 -22.4 152.5 203.4 7.7 211.1
Equity
1 April 2009 14.6 32.4 20.3 5.8 -21.6 117.5 169.0 8.1 177.1
Shares sub-
scribed with
stock options 0.1 0.1 0.1
Payment of
dividend 0.0 0.0 0.0
Acquisition
of own shares -0.6 -0.6 -0.6
Transfer,
retained
earnings 0.2 -0.2 0.0 0.0
Expenses from
share-based
incentive
programmes 0.3 0.3 0.3
Comprehensive
income for
the period 0.3 1.1 2.1 3.5 0.2 3.7
Changes for the
period 0.0 0.0 0.5 0.0 1.1 1.7 3.3 0.2 3.5
Equity
30 June 2009 14.6 32.4 20.8 5.8 -20.5 119.2 172.3 8.4 180.7
Equity
1 Jan. 2009 14.6 32.4 20.5 5.8 -22.4 152.5 203.4 7.7 211.1
Shares sub-
scribed with
stock options 0.1 0.1 0.1
Payment of
dividend -37.9 -37.9 -37.9
Acquisition
of own shares -1.8 -1.8 -1.8
Transfer,
retained
earnings 0.2 -0.2 0.0 0.0
Expenses from
share-based
incentive
programmes 0.6 0.6 0.6
Comprehensive
income for
the period 0.1 1.9 5.9 7.9 0.7 8.6
Changes for
the period 0.0 0.0 0.3 0.0 1.9 -33.3 -31.1 0.7 -30.4
Equity
30 June 2009 14.6 32.4 20.8 5.8 -20.5 119.2 172.3 8.4 180.7
PÖYRY GROUP
Contingent liabilities 30 June 30 June 31 December
EUR million 2009 2008 2008
For own debt 0.0 0.0 0.0
Other obligations
Pledged assets 1.4 0.1 0.1
Other obligations 53.0 42.5 45.2
For others
Pledged assets 0.1 0.0 0.1
Other obligations 0.1 0.1 0.1
Rent and lease obligations 119.3 117.2 118.2
Derivative instruments
Foreign exchange forward
contracts,
nominal values 35.7 30.1 29.5
Foreign exchange forward
contracts, 0.5 0.2 1.1
fair values -0.9 -0.3 -1.2
Currency options, nominal values
Purchased 1.8 5.6
Written 1.3 4.5
Currency options, fair values
Purchased 0.0 0.2
Written -0.1 -0.2
Interest rate swaps, nominal
values 10.9 11.7
Interest rate swaps, fair values -0.7 -0.7
Related party transactions
The transactions with the associated companies are determined on an
arm's length basis.
Sales to associated companies 0.1 0.2 0.3
Loans receivable from associated
companies 0.1 0.1 0.1
Accounts receivable from
associated
companies 0.0 0.0 0.0
Shareholding and option rights of related
parties
The members of the Board of Directors, the President and CEO,
the Deputy to the President and CEO and the members of the Group
Executive Committee owned on 30 June 2009 a total of 168 176
shares and 113 025 stock options (on 31 December 2008 a total of
167 437 shares, and 150 679 stock options 2004).
With the stock options the shareholding can be increased by 452
100 shares equalling 0.8 per cent of the total number of shares
and votes. The stock option programme is described in the
Financial Statements 2008.
Performance share plan 2008-2010
The Performance share plan includes three earning periods, which
are the calendar years 2008, 2009 and 2010. The rewards will be
paid partly in the company's shares and partly in cash in 2009,
2010 and 2011. Shares must be held for a period of two years
from the transfer date.
During the period under review 90 000 grants have been awarded
to the President and CEO, to the Deputy to the President and CEO
and to the members of the Group Executive Committee,
corresponding to the value of not more than 90 000 shares.
The Performance share plan is described in the verbal part of
the Interim report.
PÖYRY GROUP
Key figures 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2009 2008 2009 2008 2008
Earnings / share, EUR 0.04 0.35 0.10 0.61 1.21
Corrected with dilution
effect 0.04 0.35 0.10 0.60 1.19
Equity attributable to equity
holders of the parent company/share,
EUR 2.93 2.97 3.45
Return on investment, % p.a. 9.2 52.3 45.4
Return on equity, % p.a. 6.9 39.5 38.7
Equity ratio, % 40.0 44.9 41.7
Equity / Assets ratio, % 35.4 37.4 36.4
Net debt / Equity ratio (gearing), % -6.8 -31.2 -38.5
Net debt, EUR million -12.2 -56.5 -81.2
Consulting and engineering, EUR
million 530.7 551.5 538.6
EPC, EUR million 3.4 4.2 0,5
Order stock total, EUR million 534.1 555.7 539.1
Capital expenditure, operating,
EUR million 1.1 1.8 2.9 5.9 10.7
Capital expenditure in shares,
EUR million 2.8 11.9 4.2 5.3 8.9
Personnel in Group companies on
average 7446 7529 7702
Personnel in Group companies at the
end of the period 6946 7943 7924
Personnel in associated companies at the
end of the period 143 305 142
Change in intangible assets
EUR million
Book value at beginning of period 6.1 5.4 6.2 6.6 6.6
Acquired companies 0.0 0.0 0.0 0.0 0,7
Capital expenditure 0.2 1.2 0.7 1.4 1.4
Decreases 0.0 0.0 0.0 0.0 0,0
Depreciation and expenses -0.6 -0.6 -1.2 -1.2 -2.5
Translation difference 0.0 0.6 0.0 -0.2 0.0
Book value at end of period 5.7 6.6 5.7 6.6 6.2
Change in tangible assets
Book value at beginning of period 18.4 18.3 18.8 17.8 17.8
Acquired companies 0.0 0.7 0.0 0.7 0.7
Capital expenditure 0.9 2.1 2.2 4.5 9.3
Decreases -0.2 -0.5 -0.4 -0.6 -2.2
Depreciation -1.5 -1.6 -3.0 -3.0 -6.6
Translation difference 0.2 0.4 0.2 0.0 -0.2
Book value at end of period 17.8 19.4 17.8 19.4 18.8
PÖYRY GROUP
Segment information 1-6/2009 1-6/2008 1-12/2008
EUR million
NET SALES
Energy 112.4 120.2 241.3
Forest Industry 102.5 152.7 294.5
Transportation 59.8 50.2 105.5
Water & Environment 43.0 41.9 87.6
Construction Services 42.9 48.3 92.8
Unallocated 1.2 0.9 0.0
Total 361.8 414.2 821.7
OPERATING PROFIT AND NET PROFIT FOR THE PERIOD
Energy 6.6 13.9 32.0
Forest Industry -5.0 28.6 50.8
Transportation 4.5 3.5 9.2
Water & Environment 2.3 2.1 4.2
Construction Services 3.3 6.1 9.9
Unallocated -1.9 -2.2 -5.5
Operating profit total 9.8 52.0 100.6
Financial income and expenses 0.6 1.1 2.6
Profit before taxes 10.4 53.1 103.2
Income taxes -3.8 -16.5 -30.6
Net profit for the period 6.6 36.6 72.6
Profit attributable to:
Equity holders of the parent company 5.9 35.6 70.8
Minority interest 0.7 1.0 1.8
OPERATING PROFIT %
Energy 5.9 11.6 13.2
Forest Industry -5.0 18.7 17.2
Transportation 7.6 7.0 8.7
Water & Environment 5.2 5.0 4.8
Construction Services 7.7 12.6 10.7
Total 2.7 12.6 12.2
ORDER STOCK
Energy 190.9 195.8 196.4
Forest Industry 63.4 123.3 86.3
Transportation 157.0 114.5 130.9
Water & Environment 75.5 75.0 76.8
Construction Services 46.1 46.7 48.3
Unallocated 1.2 0.4 0.4
Total 534.1 555.7 539.1
Consulting and engineering 530.7 551.5 538.6
EPC 3.4 4.2 0.5
Total 534.1 555.7 539.1
PÖYRY GROUP
Segment information 1-6/2009 1-6/2008 1-12/2008
EUR million
PERSONNEL, END OF THE PERIOD
Energy 1714 1909 1870
Forest Industry 2176 2866 2917
Transportation 1173 1087 1073
Water & Environment 927 973 976
Construction Services 837 995 971
Unallocated 119 113 117
Total 6946 7943 7924
ASSETS, END OF THE PERIOD
Energy 200.9 197.4 209.1
Forest Industry 207.3 196.8 241.9
Transportation 100.2 87.5 100.1
Water & Environment 72.9 53.2 84.8
Construction Services 67.9 57.0 75.3
Unallocated -138.3 -108.7 -130.9
Total 510.9 483.2 580.3
NET SALES BY AREA
The Nordic countries 104.3 123.2 234.3
Europe 171.1 181.7 363.1
Asia 29.9 33.9 72.6
North America 11.2 16.2 27.7
South America 29.7 44.8 89.5
Other 15.6 14.4 34.5
Total 361.8 414.2 821.7
PÖYRY GROUP
Segment information 7-9/07 10-12/07 1-3/08 4-6/08
EUR million
NET SALES
Energy 51.6 62.7 58.1 62.1
Forest Industry 61.2 74.1 70.8 81.9
Transportation 22.9 24.6 23.7 26.5
Water & Environment 19.2 21.6 20.3 21.6
Construction Services 17.6 22.0 22.9 25.4
Unallocated 0.2 0.5 0.4 0.5
Total 172.7 205.5 196.2 218.0
OPERATING PROFIT AND NET PROFIT FOR THE
PERIOD
Energy 5.7 5.4 5.6 8.3
Forest Industry 9.1 11.7 11.7 16.9
Transportation 1.9 2.0 2.1 1.4
Water & Environment 0.4 1.6 0.7 1.4
Construction Services 2.9 2.6 2.7 3.4
Unallocated -0.7 -1.1 -0.8 -1.4
Operating profit total 19.3 22.2 22.0 30.0
Financial income and expenses 0.6 1.1 0.6 0.5
Profit before taxes 19.9 23.3 22.6 30.5
Income taxes -6.3 -6.7 -7.1 -9.4
Net profit for the period 13.6 16.6 15.5 21.1
Profit attributable to:
Equity holders of the parent company 13.5 15.9 15.1 20.5
Minority interest 0.1 0.7 0.4 0.6
OPERATING PROFIT %
Energy 11.0 8.6 9.6 13.4
Forest Industry 14.9 15.9 16.5 20.6
Transportation 8.4 8.1 8.9 5.3
Water & Environment 1.7 7.2 3.4 6.5
Construction Services 16.5 11.9 11.8 13.4
Total 11.2 10.8 11.2 13.8
ORDER STOCK
Energy 223.7 212.7 205.8 195.8
Forest Industry 134.7 119.6 133.0 123.3
Transportation 96.8 107.0 113.1 114.5
Water & Environment 72.0 72.4 74.7 75.0
Construction Services 56.5 51.1 47.3 46.7
Unallocated 0.0 0.0 0.4 0.4
Total 583.7 562.8 574.3 555.7
Consulting and engineering 566.2 551.4 568.5 551.5
EPC 17.5 11.4 5.8 4.2
Total 583.7 562.8 574.3 555.7
PÖYRY GROUP
Segment information 7-9/08 10-12/08 1-3/09 4-6/09
EUR million
NET SALES
Energy 56.8 64.3 59.5 52.9
Forest Industry 69.3 72.5 53.8 48.7
Transportation 26.3 29.0 30.8 29.0
Water & Environment 20.3 25.4 21.0 22.0
Construction Services 20.6 23.9 22.2 20.7
Unallocated 0.6 -1.5 0.5 0.7
Total 193.9 213.6 187.8 174.0
OPERATING PROFIT AND NET PROFIT FOR THE
PERIOD
Energy 6.3 11.8 4.1 2.5
Forest Industry 12.7 9.5 -2.8 -2.2
Transportation 2.4 3.3 2.5 2.0
Water & Environment 0.3 1.8 0.8 1.5
Construction Services 1.9 1.9 1.7 1.6
Unallocated -1.7 -1.6 -1.1 -0.8
Operating profit total 21.9 26.7 5.2 4.6
Financial income and expenses 1.3 0.2 1.1 -0.5
Profit before taxes 23.2 26.9 6.3 4.1
Income taxes -7.5 -6.6 -2.0 -1.8
Net profit for the period 15.7 20.3 4.3 2.3
Profit attributable to:
Equity holders of the parent company 15.4 19.8 3.8 2.1
Minority interest 0.3 0.5 0.5 0.2
OPERATING PROFIT %
Energy 11.1 18.4 6.9 4.7
Forest Industry 18.3 13.1 -5.2 -4.5
Transportation 9.1 11.3 8.0 6.9
Water & Environment 1.5 7.3 3.8 6.8
Construction Services 9.2 8.1 7.5 7.7
Total 11.3 12.5 2.8 2.6
ORDER STOCK
Energy 216.1 196.4 195.2 190.9
Forest Industry 116.3 86.3 71.7 63.4
Transportation 130.3 130.9 151.8 157.0
Water & Environment 78.3 76.8 78.8 75.5
Construction Services 53.1 48.3 48.3 46.1
Unallocated 0.4 0.4 0.6 1.2
Total 594.5 539.1 546.4 534.1
Consulting and engineering 592.5 538.6 539.8 530.7
EPC 2.0 0.5 6.6 3.4
Total 594.5 539.1 546.4 534.1
PÖYRY GROUP
Calculation of key figures
Return on investment, ROI %
100 x profit before taxes + interest and other financial expenses
balance sheet total - non-interest bearing liabilities
(quarterly average)
Return on equity, ROE %
100 x net profit
equity (quarterly average)
Equity ratio %
100 x equity
balance sheet total - advance payments received
Equity/assets ratio %
100 x equity
balance sheet total
Net debt/equity ratio, gearing %
100 x interest-bearing liabilities - cash and cash equivalents
equity
Earnings/share, EPS
net profit attributable to the equity holders of the parent company
issue-adjusted average number of shares for the fiscal year
Equity attributable to the equity holders of the parent company/share
equity attributable to the equity holders of the parent company
issue-adjusted number of shares at the end of the fiscal year
PÖYRY GROUP
Acquisitions during 2009
Name and business Acquired
Acquisition interest
date %
Aquarius International Consultants Pty Ltd 14 May 2009 100
The company is one of Australia's leading
independent offshore engineering and marine
consulting firm and is highly respected in the
offshore oil and gas industry. The company is
based in Perth, Australia, employing ten
persons. The company's annual net sales are
about EUR 1.3 million. The company has been
consolidated into Pöyry as of 1 May 2009.
Acquisitions during 2008
Name and business Acquired
Acquisition interest
date %
Arket Oy 7 May 2008 100
The company specialises in architectural design
services for healthcare, office, retail and
industrial buildings. The company is based in
Espoo, Finland employing nine persons. The
company has been merged with Pöyry Architects
Oy.
Geopale Oy 12 May 2008 100
The company specialises in bedrock core
drillings. The company is based in Jyväskylä,
Finland employing 14 persons. The company has
been merged with Pöyry Environment Oy.
Consilier Construct S.R.L. 27 May 2008 100
The company focuses on the transportation
market in particular on the road and rail
sector. The company is based in Bucharest in
Romania and has a staff of 220.
ETT Proyectos S.L. 1 October
2008 100
The company provides engineering and
consultancy services in the rail sector,
including both conventional rail systems as
well as high-speed rail systems. The company is
based in Madrid, Spain and has a staff of 45.
Kündig & Partner AG 3 December
2008 100
The company is specialised in HVAC building
services, and brings in a focus on complex and
sophisticated sanitary designs of hospitals and
laboratory facilities. The company is based in
Bern, Switzerland and has a staff of 10.
Shanghai Kang Dao Construction Company Ltd 2008 100
1 March 2009
The company is primarily engaged in project
management for industrial and commercial real
estate development and construction projects.
The company is based in Shanghai, China and has
a staff of 27. The company has not been
consolidated into Pöyry Group in 2008. The
acquisition was completed in March 2009 and
included in Pöyry Group from the beginning of
March 2009.
PÖYRY GROUP
Aggregate figures for the above acquisitions 2009 2008
EUR million
Purchase price
Fixed price, paid 4.2 8.8
Fixed price, unpaid 0.0
Earnout estimate 0.2
Order intake estimate
Fees 0.0 0.1
Total 4.2 9.1
Price allocation
Equity 0.2 4.7
Fair value adjustments:
Client relationship 0.0 0.0
Order stock 0.0 0.0
Other 0.0 0.0
Total 0.2 4.7
Goodwill (remaining) 4.0 4.4
Market leadership, experienced management and staff, and earnings
expectations are factors contributing to the amount booked as
goodwill.
Impact on the Pöyry Group's income statement
Operating profit from acquisition date to end of June
2009 / December 2008 0.1 1.8
Sales volume on a 12-month calendar year basis 3.0 17.4
Operating profit on 12-month calendar year basis 0.7 2.4
Impact on the Pöyry Group's number of personnel 37 328
Impact on the Pöyry Group's assets and liabilities
EUR million
2009 2008
Book Book
values values
at Fair Adjus- at Fair Adjus-
acqui- value ted acqui- value ted
sition adjust- IFRS sition adjust- IFRS
date ments values date ments values
Intangible assets 0.0 0.0 0.1 0.1
Tangible assets 0.0 0.0 0.8 0.1 0.9
Work in progress 0.0 0.0 0.9 0.6 1.5
Accounts receivable 0.2 0.2 4.6 4.6
Other receivables 0.0 0.0 1.6 -0.2 1.4
Cash and cash
equivalents 0.2 0.2 2.5 2.5
Assets total 0.4 0.0 0.4 10.5 0.5 11.0
Interest bearing
liabilities 0.0 0.0 0.5 0.5
Project advances 0.0 0.0 0.0 0.0
Accounts payable 0.0 0.0 1.7 1.7
Other current
liabilities 0.2 0.2 3.4 0.7 4.1
Liabilities total 0.2 0.0 0.2 5.6 0.7 6.3
Net identifiable
assets
and liabilities 0.2 0.0 0.2 4.9 -0.2 4.7
Total cost of
business
combinations 4.2 9.1
Goodwill 4.0 4.4
Consideration paid,
satisfied in cash 4.2 8.8
Cash acquired 0.2 2.5
Net cash outflow 4.0 6.3
Based on the purchase agreements the companies acquired during the
period under review are consolidated 100% into the Pöyry Group as of
the end of the month when acquired.
The figures are
preliminary.
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