2009-08-11 08:03:00 CEST
2009-08-11 08:03:03 CEST
REGULATED INFORMATION
Ponsse Oyj - Interim report (Q1 and Q3)
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2009
PONSSE PLC STOCK EXCHANGE RELEASE 11 AUGUST 2009 AT 9:00 A.M.
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2009
- Net sales amounted to EUR 70.0 (H1/2008, 161.4) million.
- Q2 net sales were EUR 32.5 (Q2/2008, 85.7) million.
- Operating result was EUR -12.7 (H1/2008, 17.7) million, equalling -18.1 (11.0)
per cent of net sales.
- Q2 operating result was EUR -4.0 (Q2/2008, 8.6) million.
- Profit before taxes was EUR -12.7 (H1/2008, 16.8) million.
- Cash flow from business operations was positive, EUR 0.4 (H1/2008, -15.5)
million.
- Earnings per share were EUR -0.52 (H1/2008, 0.44).
- Equity ratio was 47.2 (40.2) per cent.
- Order books stood at EUR 25.2 (64.4) million.
PRESIDENT AND CEO JUHO NUMMELA:
The demand for new forest machines continued to be weak during the second
quarter. With regard to the Nordic countries, the Finnish market has been soft
while the Swedish market has been problematic due to exchange rates. The lack of
work for contractors and the challenges related to financing have hindered the
sales of new machines globally.
The company's net sales decreased by 62% during the second quarter from the
comparison period and by 57% during the first half of the year. The net sales
generated by maintenance services picking up during the second quarter was a
positive development.
The company made an operating loss during the second quarter, but the result was
better compared to the first quarter. The measures taken during the first months
of the year have begun to take effect. Operating costs have decreased according
to plans. The development of profitability exceeding expectations has influenced
the decrease in operating loss in spite of the soft invoicing and manufacturing
volumes. Cash flow exceeded that of the comparison period, remaining positive
despite the difficult conditions. The company's equity ratio and financial
position are solid.
Temporary lay-offs have continued during the most recent quarter, with low
utilisation of the plant's capacity. The third round of employer-employee
negotiations was completed during the review period. As a result, temporary
lay-offs may continue during the second half of the year.
The new products launched at the Elmia Fair in Sweden have been greeted
favourably by the market. The eight-wheel harvester models for demanding
terrains support our product portfolio and match market needs well.
NET SALES
Consolidated net sales amounted to EUR 70.0 (161.4) million, which is 57 per
cent less than in the comparable period. International business operations
accounted for 68.4 (68.3) per cent of total net sales.
Net sales were accumulated per region as follows: Nordic countries 51.2 (48.6)
per cent, the rest of Europe 26.7 (37.0) per cent, North and South America 19.3
(11.9) per cent, and other countries 2.8 (2.5) per cent.
PROFIT PERFORMANCE
Operating result was EUR -12.7 (17.7) million. Operating result for the second
quarter of the period under review was EUR -4.0 million and for the first
quarter it was EUR -8.7 million. Operating result equalled -18.1 (11.0) per cent
of net sales in the period under review. Return on capital employed (ROCE) stood
at -16.7 (29.4) per cent.
Staff costs for the period under review totalled EUR 17.7 (25.6) million, and
other operating expenses EUR 10.9 (15.7) million. The staff costs include EUR
1.5 million of non-recurring dismissal expenses. Nearly all the expenses
connected with personnel cuts have been recognised during the period under
review. The net total of financial income and expenses was EUR 0.1 (-0.9)
million. The exchange rate gains and losses due to currency rate fluctuations
were recognised under financial items. Ponsse North America Inc's deferred tax
assets were written down by EUR 1.4 million during the period. This was
recognised under income taxes. The result for the period under review amounted
to EUR -14.4 (12.4) million. Diluted and undiluted earnings per share (EPS) were
EUR -0.52 (0.44). The company does not have any items that could have a dilutive
effect on the earnings per share.
BALANCE SHEET AND FINANCIAL POSITION
At the end of the period under review, the consolidated balance sheet total
amounted to EUR 152.0 (186.5) million. Inventories stood at EUR 79.6 (89.9)
million. Trade receivables totalled EUR 17.2 (41.6) million and liquid assets
stood at EUR 8.8 (5.1) million. Group equity stood at EUR 71.6 (74.9) million
and parent company equity at EUR 73.7 (67.7) million. The equity includes a
hybrid loan of EUR 19 million issued on 31 March 2009. The amount of
interest-bearing liabilities was EUR 55.2 (59.7) million. Of the company's
credit limits, 23% are being used. The parent company's net receivables from
other Group companies stood at EUR 57.7 (56.4) million. The parent company's
receivables from subsidiaries mainly consist of trade receivables that were
measured at their respective book values. Consolidated net liabilities totalled
EUR 45.9 (54.2) million, and the debt-equity ratio (gearing) was 77.1 (79.7) per
cent. The equity ratio stood at 47.2 (40.2) per cent at the end of the period
under review.
Cash flow from business operations amounted to EUR 0.4 (-15.5) million. Cash
flow from investment activities amounted to EUR -0.8 (-3.9) million. The release
of working capital and enhancement of cash flow are among the key elements of
the business enhancement programme in progress at Ponsse Group.
ORDER INTAKE AND ORDER BOOKS
The order intake for the period totalled EUR 54.4 (115.7) million, while
period-end order books were valued at EUR 25.2 (64.4) million. The order books
included the dealers' minimum purchase commitments, based on previous practice.
DISTRIBUTION NETWORK
No changes took place in the Group structure during the period under review.
The subsidiaries included in the Ponsse Group are Epec Oy, Finland; OOO Ponsse,
Russia; Ponsse AB, Sweden; Ponsse AS, Norway; Ponsse Asia-Pacific Ltd, Hong
Kong; Ponsse China Ltd, China; Ponsse Latin America Ltda, Brazil; Ponsse North
America, Inc., United States of America; Ponssé S.A.S., France; Ponsse UK Ltd,
Great Britain; and Ponsse Uruguay S.A., Uruguay. Sunit Oy in Kajaani, Finland,
is an affiliated company in which Ponsse Plc has a holding of 34 per cent.
R&D AND CAPITAL EXPENDITURE
The Group's R&D expenses totalled EUR 2.6 million (EUR 3.6 million) during the
period under review. The amount of R&D expenses capitalised during the period
was EUR 642 thousand (EUR 624 thousand). R&D activity has been reorganised,
operations have been streamlined and new products have been launched on the
market.
Capital expenditure totalled EUR 0.8 million (EUR 3.9 million). It mainly
consisted of normal maintenance and replacement investments in plant and
machinery.
MANAGEMENT
The company's CFO, Mikko Paananen, left the company during the period under
review.
PERSONNEL
The Group had an average staff of 911 (1,031) during the period and employed 863
(1,100) people at period-end.
The third round of Ponsse Plc's employer-employee negotiations ended on 26 June
2009. As a result of the negotiations, it was decided to prepare for adjusting
the operations during the second half of the year. The adjustment will be
carried out by way of temporary lay-offs of fixed duration across different
functions as necessary.
SHARE PERFORMANCE
The trading volume of Ponsse Plc shares for 1 January - 30 June 2009 totalled
3,250,441, accounting for 11.6 per cent of the total number of shares. Share
turnover came to EUR 12.0 million, and the period's lowest and highest share
prices were EUR 2.99 and EUR 5.24, respectively.
At the end of the period, the share price stood at EUR 3.80 and market
capitalisation totalled EUR 106.4 million.
At the end of the reporting period, the company had 47,900 treasury shares in
its possession.
ANNUAL GENERAL MEETING
Ponsse Plc's Annual General Meeting took place on 28 April 2009. The parent
company statements and the consolidated financial statements were approved and
members of the Board of Directors and the President and CEO were discharged from
liability for the 2008 financial period.
The Annual General Meeting authorised the Board to decide, at its discretion, on
the distribution of dividends for 2008 so that the maximum amount of dividends
to be distributed is EUR 0.10 per share (the maximum total dividends are EUR
2,800,000) and that the authorisation is valid until 31 December 2009. The Board
of Directors will decide on the record date for the distribution of dividends
and the dividend payment date, which may be the fifth banking day following the
record date at the earliest. It was resolved that the profit for 2008 will be
recognised as retained earnings.
The number of Board members was confirmed as six. Maarit Aarni-Sirviö, Ilkka
Kylävainio, Seppo Remes, Ossi Saksman, Juha Vidgrén and Einari Vidgrén were
elected Board members until the end of the next Annual General Meeting. At the
first Board meeting held after the Annual General Meeting, Einari Vidgrén was
elected Chairman of the Board and Juha Vidgrén was elected Vice Chairman.
The Annual General Meeting confirmed the annual remuneration payable to the
Chairman of the Board as EUR 43,000, and the remuneration payable to other
members as EUR 32,000.
Ernst & Young Oy, Authorised Public Accountants, were appointed as the company's
auditors, with Eero Huusko, Authorised Public Accountant, as the principal
auditor.
The Annual General Meeting approved the amendment of Article 2 ("Field of
business") and Article 9 ("Annual General Meeting") and the deletion of Article
11 ("Redemption obligation") of the company's Articles of Association, as
proposed by the Board of Directors.
The Annual General Meeting authorised the Board of Directors to decide on the
acquisition of the company's own shares so that a maximum of 250,000 shares can
be acquired in one or more batches. 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 for 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 company's
own shares using the company's unrestricted shareholders' equity. The
authorisation is required for supporting the company's growth strategy in the
company's potential business arrangements or other arrangements. In addition,
the shares can be issued to the company's current shareholders or used for
increasing the company's 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 in the acquisition of own shares. The authorisation is proposed to be
valid until the next Annual General Meeting; however, no later than 30 June
2010.
The Annual General Meeting authorised the Board of Directors to decide on the
issue of new shares and the assignment of treasury shares held by the company
for payment or without payment so that 300,000 shares will be issued on the
basis of the authorisation. The maximum amount corresponds to approximately 1.1
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 proposed to be valid until the next Annual General
Meeting; however, no later than 30 March 2010.
GOVERNANCE
The company's Board of Directors has confirmed that the company will observe a
new code of governance that entered into force on 1 January 2009. The code is
based on the recommendation approved by the Securities Market Association in
October 2008, entitled ”Suomen listayhtiöiden hallinnointikoodi (Corporate
Governance)”.
The new code of governance can be viewed on Ponsse's website in the Investors
section.
BUSINESS RISKS AND THEIR MANAGEMENT
The global economic and financial uncertainty continued during the period under
review. This uncertainty is strongly reflected in the company's business. The
predictability of business is fundamentally lower than in normal circumstances.
Estimates regarding improvements in the economic situation are uncertain.
The possible dragging on of the recession will increase the risks associated
with the functionality of the subcontractor and supplier network. Ponsse aims to
manage these risks through partnership cooperation. The financial standing of
suppliers is monitored more intensely than normal. The company has also started
the process of screening alternative suppliers. As part of its risk management
efforts related to the availability of certain key components, the company has
chosen to manufacture these components in-house.
The decreasing production and invoicing volumes increase the risk regarding
business profitability in the Group's different business units. A Group-level
adjustment programme has been initiated in order to stabilise the situation. It
involves adjusting operating expenses for the weaker demand. Should the markets
further deteriorate from the current exceptionally poor state, further
intensification and extension of the adjustment and efficiency measures will
have to be considered. The parent company will monitor the changes in asset
values of Group receivables and the associated risk of impairment.
The developments in maintenance services and spare part sales have a causal link
with the utilisation rates of machines. The general economic situation may lead
to lower harvesting volumes and utilisation rates.
The sales of IT and control systems are closely linked to economic developments
and to the global demand for heavy forest machinery. The markets are being
intensively monitored with a view to adjusting operating expenses to demand when
required.
The economic turbulence has increased currency rate fluctuations and borrowing
costs. The key objectives of the company's financing risk management include
controlling liquidity, interest and currency risks. Ponsse has ensured its
liquidity by means of credit limit agreements with a number of financial
institutions. The company has issued covenants as security for its financial
liabilities. In order to minimise the impact of any adverse changes in interest
rates the company uses interest rate swaps and credits tied to different
reference rates. Derivative contracts are used to decrease the negative effect
of changes in exchange rates. The financial unrest increases the uncertainties
related to trade receivables. The terms and conditions of sales against invoice
and receivables monitoring have been reviewed.
Any changes in the tax and customs legislation in countries where Ponsse exports
may pose further challenges to its export trade.
OUTLOOK FOR THE FUTURE
The predictability of the second half of the year is weak due to the uncertainty
of the general economic situation. The recovery of forest machine markets and
customers' willingness to invest will depend on the recovery of wood demand as
well as the stabilisation of financial markets. With decreasing wood stocks,
contractors' capacity utilisation rates are likely to increase during the second
half of the year.
Developing net sales from maintenance service, focusing on sales efforts and
rapid advance of product development will be key issues during the second half
of the year. Adapting the plant's capacity to the order flow will take place
through temporary lay-offs. It is likely that the capacity will be
underutilised.
The company's product portfolio is extensive and the products are in good shape.
The serial production of new products will be launched during the second half of
the year. The cost-cutting measures implemented by the company will take effect
mainly during the latter half of 2009. The company's qualifications for
strengthening its cash flow from operations, profitability and market position
are favourable.
Net sales for 2009 will be less than the year before, resulting in an operating
loss.
PONSSE GROUP
CONSOLIDATED PROFIT AND LOSS ACCOUNT (EUR 1,000)
--------------------------------------------------------------------------------
| | | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| | | 4-6/09 | 4-6/08 | 1-6/09 | 1-6/08 |
--------------------------------------------------------------------------------
| NET SALES | | 32,479 | 85,668 | 70,018 | 161,447 |
--------------------------------------------------------------------------------
| Increase (+)/decrease (-) in | -1,792 | 3,096 | -3,644 | 9,543 |
| inventories of finished goods | | | | |
| and work in progress | | | | |
--------------------------------------------------------------------------------
| Other operating income | | 603 | 528 | 906 | 956 |
--------------------------------------------------------------------------------
| Raw materials and | | -19,978 | -57,215 | -48,696 | -110,539 |
| services | | | | | |
--------------------------------------------------------------------------------
| Expenditure on | -8,772 | -14,088 | -17,716 | -25,602 |
| employment-related benefits | | | | |
--------------------------------------------------------------------------------
| Depreciation and | | -1,309 | -1,225 | -2,632 | -2,410 |
| amortisation | | | | | |
--------------------------------------------------------------------------------
| Other operating | | -5,221 | -8,172 | -10,898 | -15,713 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING RESULT | | -3,989 | 8,591 | -12,662 | 17,682 |
--------------------------------------------------------------------------------
| Share of results of associated | -36 | 19 | -84 | 95 |
| companies | | | | |
--------------------------------------------------------------------------------
| Financial income and | | 351 | 110 | 93 | -948 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| RESULT BEFORE TAXES | -3,674 | 8,719 | -12,653 | 16,828 |
--------------------------------------------------------------------------------
| Income taxes | | -1,385 | -2,149 | -1,795 | -4,452 |
--------------------------------------------------------------------------------
| NET RESULT FOR THE | | -5,059 | 6,570 | -14,448 | 12,377 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OTHER ITEMS INCLUDED | | | | | |
| IN TOTAL COMPREHENSIVE | | | | | |
| INCOME: | | | | | |
--------------------------------------------------------------------------------
| Translation differences | -756 | 60 | -654 | 600 |
| associated with a foreign unit | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR | -5,815 | 6,630 | -15,102 | 12,977 |
| THE PERIOD | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Diluted and undiluted | | -0.18 | 0.23 | -0.52 | 0.44 |
| earnings per share | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET (EUR 1,000)
--------------------------------------------------------------------------------
| | IFRS | IFRS |
--------------------------------------------------------------------------------
| ASSETS | 30.6.09 | 31.12.08 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | |
--------------------------------------------------------------------------------
| Intangible assets | 6,391 | 6,123 |
--------------------------------------------------------------------------------
| Goodwill | 3,441 | 3,683 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 25,718 | 27,558 |
--------------------------------------------------------------------------------
| Financial assets | 110 | 109 |
--------------------------------------------------------------------------------
| Holdings in associated companies | 1,635 | 1,889 |
--------------------------------------------------------------------------------
| Non-current receivables | 2,027 | 1,820 |
--------------------------------------------------------------------------------
| Deferred tax assets | 1,181 | 3,121 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 40,503 | 44,303 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | |
--------------------------------------------------------------------------------
| Inventories | 79,569 | 88,308 |
--------------------------------------------------------------------------------
| Trade receivables | 17,226 | 22,155 |
--------------------------------------------------------------------------------
| Income tax receivables | 780 | 5,023 |
--------------------------------------------------------------------------------
| Other current receivables | 5,128 | 6,916 |
--------------------------------------------------------------------------------
| Liquid assets | 8,827 | 8,095 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 111,530 | 130,497 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 152,032 | 174,800 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital | 7,000 | 7,000 |
--------------------------------------------------------------------------------
| Other reserves | 18,934 | -646 |
--------------------------------------------------------------------------------
| Translation differences | -1,007 | -1,725 |
--------------------------------------------------------------------------------
| Retained earnings | 46,684 | 62,484 |
--------------------------------------------------------------------------------
| EQUITY OWNED | | |
--------------------------------------------------------------------------------
| BY PARENT COMPANY SHAREHOLDERS | 71,611 | 67,113 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 0 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 71,611 | 67,113 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 32,373 | 26,140 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 478 | 556 |
--------------------------------------------------------------------------------
| Other non-current liabilities | 864 | 861 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | 33,716 | 27,556 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 22,824 | 46,769 |
--------------------------------------------------------------------------------
| Provisions | 5,662 | 6,058 |
--------------------------------------------------------------------------------
| Tax liabilities for the period | 0 | 76 |
--------------------------------------------------------------------------------
| Trade creditors and other current liabilities | 18,220 | 27,228 |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 46,706 | 80,131 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 152,032 | 174,800 |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000)
--------------------------------------------------------------------------------
| | | IFRS | IFRS |
--------------------------------------------------------------------------------
| | | 1-6/09 | 1-6/08 |
--------------------------------------------------------------------------------
| BUSINESS OPERATIONS: | | | |
--------------------------------------------------------------------------------
| Net result for the period | | -14,448 | 12,377 |
--------------------------------------------------------------------------------
| Adjustments: | | | |
--------------------------------------------------------------------------------
| Financial income and expenses | | -93 | 948 |
--------------------------------------------------------------------------------
| Share of the results of associated companies | 84 | -95 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | | 2,632 | 2,410 |
--------------------------------------------------------------------------------
| Income taxes | | 124 | 5,136 |
--------------------------------------------------------------------------------
| Other adjustments | | 2,032 | -1,141 |
--------------------------------------------------------------------------------
| Cash flow before change in working capital | -9,669 | 19,636 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in working capital: | | | |
--------------------------------------------------------------------------------
| Change in current non-interest-bearing | 6,664 | -14,249 |
| receivables | | |
--------------------------------------------------------------------------------
| Change in inventories | | 8,739 | -24,230 |
--------------------------------------------------------------------------------
| Change in current | | -8,712 | 7,808 |
| non-interest-bearing liabilities | | | |
--------------------------------------------------------------------------------
| Change in provisions for | | -396 | 952 |
| liabilities and charges | | | |
--------------------------------------------------------------------------------
| Interest received | | 63 | 85 |
--------------------------------------------------------------------------------
| Interest paid | | -1,369 | -851 |
--------------------------------------------------------------------------------
| Other financial items | | 1,171 | -37 |
--------------------------------------------------------------------------------
| Income taxes paid | | 3,948 | -4,575 |
--------------------------------------------------------------------------------
| NET CASH FLOW FROM BUSINESS | | 438 | -15,461 |
| OPERATIONS (A) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INVESTMENTS | | | |
--------------------------------------------------------------------------------
| Investments in tangible and intangible assets | -845 | -3,926 |
--------------------------------------------------------------------------------
| Investments in other assets | 0 | 27 |
--------------------------------------------------------------------------------
| Repayment of loan receivables | | 0 | 0 |
--------------------------------------------------------------------------------
| Dividends received | | 0 | 0 |
--------------------------------------------------------------------------------
| CASH OUTFLOW FROM INVESTMENT | | -845 | -3,899 |
| ACTIVITIES (B) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| FINANCING | | | |
--------------------------------------------------------------------------------
| Hybrid loan | | 19,000 | 0 |
--------------------------------------------------------------------------------
| Withdrawal/repayment of current | | -23,651 | 8,050 |
| loans | | | |
--------------------------------------------------------------------------------
| Change in current interest-bearing | | 54 | 30 |
| receivables | | | |
--------------------------------------------------------------------------------
| Withdrawal/repayment of non-current | | 6,237 | 17,958 |
| loans | | | |
--------------------------------------------------------------------------------
| Payment of finance lease liabilities | -294 | -273 |
--------------------------------------------------------------------------------
| Change in non-current receivables | -206 | 25 |
--------------------------------------------------------------------------------
| Dividends paid | | 0 | -14,000 |
--------------------------------------------------------------------------------
| NET CASH OUTFLOW FROM FINANCING (C) | | 1,139 | 11,791 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in liquid assets (A+B+C) | | 732 | -7,569 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid assets on 1 Jan | | 8,095 | 12,633 |
--------------------------------------------------------------------------------
| Liquid assets on 30 June | | 8,827 | 5,064 |
--------------------------------------------------------------------------------
RECONCILIATION OF CHANGES IN EQUITY (EUR 1,000)
--------------------------------------------------------------------------------
| A = Share Capital | | | | | |
--------------------------------------------------------------------------------
| B = Share premium and other | | | | | |
| reserves | | | | | |
--------------------------------------------------------------------------------
| C = Translation differences | | | | | |
--------------------------------------------------------------------------------
| D = Own shares | | | | | |
--------------------------------------------------------------------------------
| E = Retained earnings | | | | | |
--------------------------------------------------------------------------------
| F = Total capital and | | | | | |
| reserves | | | | | |
--------------------------------------------------------------------------------
| | EQUITY OWNED BY PARENT COMPANY | | |
| | SHAREHOLDERS | | |
--------------------------------------------------------------------------------
| | A | B | C | D | E | F |
--------------------------------------------------------------------------------
| EQUITY 1 JAN 2009 | 7,000 | 20 | -72 | -665 | 60,830 | 67,113 |
--------------------------------------------------------------------------------
| Dividend | | | | | | |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Purchase of the | | | | | | |
| company's own | | | | | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | 19,600 | | | | 19,600 |
--------------------------------------------------------------------------------
| Total | | | -654 | |-14,448 | -15,102 |
| comprehensive | | | | | | |
| income for the | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| EQUITY 30 JUN 2009 | 7,000 | 19,620 | -726 | -665 | 46,382 | 71,611 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY 1 JAN 2008 | 7,000 | 20 | -943 | 0 | 70,455 | 76,532 |
--------------------------------------------------------------------------------
| Dividend | | | | |-13,976 | -13,976 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Purchase of the | | | | -665 | | -665 |
| company's own | | | | | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | | | | | |
--------------------------------------------------------------------------------
| Total | | | 600 | | 12,377 | 12,977 |
| comprehensive | | | | | | |
| income for the | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| EQUITY 30 JUN 2008 | 7,000 | 20 | -343 | -665 | 68,856 | 74,868 |
--------------------------------------------------------------------------------
SEGMENT INFORMATION (EUR 1,000)
--------------------------------------------------------------------------------
| GEOGRAPHIC SEGMENTS | | | | | |
--------------------------------------------------------------------------------
| 1-6/09 | Nordic | Rest of | North | Elimin | TOTAL |
| | countri | Europe | and | -ation | |
| | es | | South | | |
| | | | America | | |
--------------------------------------------------------------------------------
| External sales | 35,852 | 18,715 | 13,521 | | 68,088 |
--------------------------------------------------------------------------------
| Unallocated sales | | | | | 1,930 |
--------------------------------------------------------------------------------
| NET SALES | 35,852 | 18,715 | 13,521 | | 70,018 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating result of the | -4,323 | 2,393 | 878 | | -1,053 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Unallocated items | | | | | -11,609 |
--------------------------------------------------------------------------------
| OPERATING RESULT | -4,323 | 2,393 | 878 | | -12,662 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of the result of | -84 | | | | -84 |
| associated companies | | | | | |
--------------------------------------------------------------------------------
| Unallocated items | | | | | -1,702 |
--------------------------------------------------------------------------------
| NET RESULT FOR THE PERIOD | | | | | -14,448 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GEOGRAPHIC SEGMENTS | | | | | |
--------------------------------------------------------------------------------
| 1-6/08 | Nordic | Rest of | North | Elimin | TOTAL |
| | countri | Europe | and | -ation | |
| | es | | South | | |
| | | | America | | |
--------------------------------------------------------------------------------
| External sales | 78,350 | 59,264 | 19,849 | | 157,463 |
--------------------------------------------------------------------------------
| Unallocated sales | | | | | 3,984 |
--------------------------------------------------------------------------------
| NET SALES | 78,350 | 59,264 | 19,849 | | 161,447 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating result of the | 7,425 | 12,343 | -19 | | 19,749 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Unallocated items | | | | | -2,067 |
--------------------------------------------------------------------------------
| OPERATING RESULT | 7,425 | 12,343 | -19 | | 17,682 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of the result of | 95 | | | | 95 |
| associated companies | | | | | |
--------------------------------------------------------------------------------
| Unallocated items | | | | | -5,400 |
--------------------------------------------------------------------------------
| NET RESULT FOR THE PERIOD | | | | | 12,377 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | 30.6.09 | 30.6.08 | 31.12.08 |
--------------------------------------------------------------------------------
| 1. LEASING COMMITMENTS | | | 4,680 | 2,378 | 5,903 |
| (EUR 1,000) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2. CONTINGENT LIABILITIES (EUR | | 30.6.09 | 30.6.08 | 31.12.08 |
| 1,000) | | | | |
--------------------------------------------------------------------------------
| Guarantees given on | | | 985 | 1,357 | 1,090 |
| behalf of others | | | | | |
--------------------------------------------------------------------------------
| Repurchase commitments | | | 4,429 | 3,545 | 4,049 |
--------------------------------------------------------------------------------
| Other commitments | | | 1,990 | 1,510 | 1,443 |
--------------------------------------------------------------------------------
| TOTAL | | | 7,404 | 6,412 | 6,582 |
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--------------------------------------------------------------------------------
| 3. PROVISIONS (EUR | | | Guarantee provision | |
| 1,000) | | | | |
--------------------------------------------------------------------------------
| 1.1.2009 | | | 6,058 | | |
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| Increase | | | 502 | | |
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| Used provisions | | | -898 | | |
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| 30.6.2009 | | | 5,662 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4. DIVIDENDS PAID (EUR 1,000) | | 30.6.09 | 30.6.08 | |
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| Dividend per share EUR 0 (EUR 0.50) | 0 | 14,000 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) |
--------------------------------------------------------------------------------
| | | | 1-6/09 | 1-6/08 | |
--------------------------------------------------------------------------------
| Increase | | | 1,080 | 3,033 | |
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| Decrease | | | -280 | -135 | |
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| TOTAL | | | 800 | 2,898 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 6. RELATED PARTY TRANSACTIONS | | 1-6/09 | 1-6/08 | |
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| Management's employment related | | | | |
| benefits (EUR 1,000) | | | | |
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| Salaries and other short-term | 695 | 1,410 | |
| employment-related benefits | | | |
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| Board of Directors' remuneration | 116 | 135 | |
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--------------------------------------------------------------------------------
| KEY FIGURES AND | | | 30.6.09 | 30.6.08 | 31.12.08 |
| RATIOS | | | | | |
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| R&D expenditure, MEUR | | 2.6 | 3.6 | 7.6 |
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| Capital expenditure, MEUR | | 0.8 | 3.9 | 8.5 |
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| as % of turnover | | | 1.2 | 2.4 | 2.9 |
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| Average number of | | | 911 | 1,031 | 1,044 |
| employees | | | | | |
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| Order books, MEUR | | | 25.2 | 64.4 | 41.5 |
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| Equity ratio, % | | | 47.2 | 40.2 | 38.4 |
--------------------------------------------------------------------------------
| Diluted and undiluted earnings per share, | -0.52 | 0.44 | 0.16 |
| EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, EUR | | | 2.56 | 2.67 | 2.40 |
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FORMULAE FOR FINANCIAL INDICATORS
Average number of employees:
Average of the number of personnel at the end of each month. The calculation has
been adjusted for part-time employees.
Equity ratio, %:
Equity + minority interest
----------------------------------------
Balance sheet total - advance payments received * 100
Earnings per share:
Earnings before taxes - taxes (incl. change in deferred taxes) -/+ minority
interest
------------------------------------------------------------------------------
Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Capital and reserves
----------------------------------------------
Number of shares on the balance sheet date, adjusted for share issues
--------------------------------------------------------------------------------
| ORDER INTAKE, MEUR | | | 1-6/09 | 1-6/08 | 1-12/08 |
--------------------------------------------------------------------------------
| Ponsse Group | | | 54.4 | 115.7 | 224.4 |
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The interim report has been prepared in accordance with the requirements of IAS
34, Interim Financial Reporting. From 1.1.2009, the Group has applied the
following new and revised standards: IFRS 8, Operating Segments, and IAS 1,
Presentation of Financial Statements. The amendment of IFRS 8 will not
materially change the information shown in these segments because the Group's
earlier segment-based reporting was based on the Group's internal reporting
structures. The amendment of IAS 1 will have an impact on the presentation
method of the profit and loss account and the changes in equity.
The accounting policies for the interim report are compatible with those for the
financial statements prepared on 31 December 2008.
The above figures have not been audited.
The above figures have been rounded off 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 known by the company and its current decisions and plans.
Although the company believes that the future expectations are well founded,
there is no certainty that said 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 11 August 2009
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 20 768 8914 or +358 400 495 690
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.ponsse.com
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