2013-08-06 08:00:03 CEST
2013-08-06 08:00:06 CEST
REGULATED INFORMATION
Ponsse Oyj - Interim report (Q1 and Q3)
PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2013
Vieremä, Finland, 2013-08-06 08:00 CEST (GLOBE NEWSWIRE) --
PONSSE PLC, STOCK EXCHANGE RELEASE, 6 AUGUST 2013, 9:00 a.m.
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2013
- Net sales amounted to EUR 145.3 (H1/2012 151.1) million.
- Q2 net sales amounted to EUR 83.6 (Q2/2012 74.3) million.
- Operating result totalled EUR 8.5 (H1/2012 10.7) million, equalling 5.9 (7.1)
per cent of net sales.
- Q2 operating result totalled EUR 8.4 (Q2/2012 6.2) million, equalling 10.1
(8.3) per cent of net sales.
- Profit before taxes was EUR 5.2 (H1/2012 9.3) million.
- Cash flow from business operations was EUR 7.2 (0.1) million.
- Earnings per share were EUR 0.10 (0.20).
- Equity ratio was 32.6 (41.5) per cent.
- Order books stood at EUR 57.7 (56.0) million.
PRESIDENT AND CEO JUHO NUMMELA:
During the second quarter, our order intake improved and order books developed
favourably. The invoicing of the new machines that was delayed during the first
quarter was invoiced by the end of the second quarter. Since the beginning of
June, the Vieremä factory has been operating in two shifts, and the current
order books will enable operations to continue in two shifts for the time
being. The company's order books amounted to EUR 57.7 (56.0) million at the end
of the period, which is 3 per cent less than in the comparison period and 17.5
per cent more than in the first quarter.
Picking up of the construction in North America further increased the demand
for forest machines. The active demand in the Russian and Finnish markets had a
significant effect on performance in the second quarter. Of our other main
markets, Central Europe and Sweden in particular continued to be quiet during
the period under review. The total Swedish forest machine market will decrease
significantly compared to the previous year. Ponsse has been able to
significantly extend its foothold in Latin America.
Net sales of maintenance services continued to grow during the period under
review, while the growth in net sales of used machines stabilised. These,
together with good level of new machine invoicing, resulted in strong net sales
of EUR 83.6 (74.3) million for the second quarter.
This represents growth of 36 per cent compared to the first quarter. Net sales
for the period under review amounted to EUR 145.3 (151.1) million, representing
a decrease 3.8 per cent compared with the corresponding period.
The operating result for the past quarter was EUR 8.4 (6.2) million, and EUR
8.5 (10.7) million for the period under review. The operating result for the
second quarter was 10.1 (8.3) per cent of net sales, i.e. close to the normal
level.
Cash flow from business operations amounted to EUR 7.2 (0.1) million in the
period under review. Capital tied up in new products returned to its normal
level as a result of good invoicing.
Our investments in R&D continued normally. Maintenance services, sales and the
subsidiary network also operated normally throughout the period under review.
During the past quarter, Ponsse introduced a new harvester model. PONSSE
Scorpion is a next-generation harvester with several innovative technological
solutions. The new machine was extremely well received and, all in all, PONSSE
Scorpion has received a lot of positive attention and feedback. The machine
will complement the existing product portfolio. Serial production of the new
harvester will start at the beginning of 2014, and sales are actively ongoing.
The machine has been in great demand globally.
NET SALES
Consolidated net sales for the period under review amounted to EUR 145.3
(151.1) million, which is 3.8 per cent less than in the comparison period.
International business operations accounted for 68.6 (64.7) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 45.8 (56.5)
per cent, Central and Southern Europe 14.4 (18.7) per cent, Russia and Asia
15.9 (10.9) per cent, North and South America 23.9 (13.9) per cent and other
countries 0.0 (0.0) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 8.5 (10.7) million. The operating result
equalled 5.9 (7.1) per cent of net sales for the period under review.
Consolidated return on capital employed (ROCE) stood at 9.1 (17.1) per cent.
Staff costs for the period totalled EUR 24.9 (26.7) million. Other operating
expenses stood at EUR 15.3 (15.3) million. The net total of financial income
and expenses amounted to EUR -3.2 (-1.4) million. Exchange rate gains and
losses with a net effect of EUR -2.4 (-0.6) million were recognised under
financial items for the period. Profit for the period under review totalled EUR
3.2 (6.4) million. Diluted and undiluted earnings per share (EPS) came to EUR
0.01 (0.20). The interest on the subordinated loan for the period, less tax,
has been taken into account in the calculation of EPS.
STATEMENT OF FINANCIAL POSITION AND FINANCING ACTIVITIES
At the end of the period under review, the total consolidated statements of
financial position amounted to EUR 183.3 (177.8) million. Inventories stood at
EUR 81.8 (92.7) million. Trade receivables totalled EUR 30.0 (24.4) million,
while liquid assets stood at EUR 6.7 (7.7) million. Group shareholders' equity
stood at EUR 59.4 (73.2) million and parent company shareholders' equity at EUR
77.9 (73.6) million. In the comparison period Group shareholders' equity
includes a hybrid loan of EUR 19 million issued on 31 March 2009 and settled on
28 March 2013. A separate release was issued on 19 February 2013 regarding the
settlement of the hybrid loan. The interest paid on the hybrid loan totalling
EUR 9.1 million, less tax, is recognised as a deduction from Group equity. The
amount of interest-bearing liabilities was EUR 77.6 (48.0) million. The company
has used 36 per cent of its credit facility limit. The parent company's net
receivables from other Group companies stood at EUR 78.9 (78.2) million. The
parent company's receivables from subsidiaries mainly consisted of trade
receivables. Consolidated net liabilities totalled EUR 70.9 (40.3) million, and
the debt-equity ratio (gearing) was 119.4 (55.1) per cent. The equity ratio
stood at 32.6 (41.5) percent at the end of the period under review.
Cash flow from business operations amounted to EUR 7.2 (0.1) million. Cash flow
from investment activities came to EUR -6.3 (-6.0) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 161.3 (136.4) million, while
period-end order books were valued at EUR 57.7 (56.0) million.
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., the United States; Ponssé S.A.S., France; Ponsse UK Ltd,
the United Kingdom; and Ponsse Uruguay S.A., Uruguay. Sunit Oy, based in
Kajaani, Finland, is an affiliated company in which Ponsse Plc has a holding of
34 per cent.
CAPITAL EXPENDITURE AND R&D
During the period under review, the Group's R&D expenses totalled EUR 5.0 (4.7)
million, of which EUR 1.6 (1.3) million was capitalised.
Capital expenditure totalled EUR 6.3 (6.0) million. It consisted in addition to
capitalised R&D expenses of investments in buildings and ordinary maintenance
and replacement investments for machinery and equipment.
MANAGEMENT
The following persons were members of the Management Team: Juho Nummela,
President and CEO, acting as the chairman; Juha Haverinen, Factory Director;
Petri Härkönen, CFO; Juha Inberg, Technology and R&D Director; Tapio Mertanen,
Service Director; Paula Oksman, HR Director and Jarmo Vidgrén, Deputy CEO,
Sales and Marketing Director. The company management has regular management
liability insurance.
A member of the Management Team and the Purchasing and Logistics Director Pasi
Arajärvi was leaving the company on 13 May 2013. The release was issued on 7
May 2013.
The area director organisation of sales is lead by Jarmo Vidgrén, Group's Sales
and Marketing Director and Tapio Mertanen, Service Director. The geographical
distribution and the responsible persons are presented below:
Northern Europe: Jarmo Vidgrén (Finland), Eero Lukkarinen (Sweden, Denmark) and
Sigurd Skotte (Norway),
Central and Southern Europe: Janne Vidgrén (Austria, Poland, Romania, Germany,
the Czech Republic and Hungary), Clément Puybaret (France), Jussi Hentunen
(Spain, Italy, Portugal and Norrbotten/Sweden) and Gary Glendinning (the United
Kingdom),
Russia and Asia: Jaakko Laurila (Russia, Belarus), Norbert Schalkx (Japan and
the Baltic countries) and Risto Kääriäinen (China),
North and South America: Pekka Ruuskanen (the United States), Marko Mattila
(North American dealers), Teemu Raitis (Brazil) and Martin Toledo (Uruguay).
PERSONNEL
The Group had an average staff of 999 (995) during the period and employed
1,043 (1,024) people at period-end.
SHARE PERFORMANCE
The company's registered share capital consists of 28,000,000 shares. The
trading volume of Ponsse Plc shares for 1 January - 31 June 2013 totalled
1,083,997, accounting for 3.9 per cent of the total number of shares. Share
turnover amounted to EUR 6.8 million, with the period's lowest and highest
share prices amounting to EUR 5.50 and EUR 6.89, respectively.
At the end of the period, shares closed at EUR 5.74, and market capitalisation
totalled EUR 160.7 million.
At the end of the period under review, the company held 212,900 treasury shares.
ANNUAL GENERAL MEETING
A separate release was issued on 16 April 2013 regarding the authorizations
given to the Board of Directors and other resolutions at the AGM.
GOVERNANCE
In its decision-making and administration, the company observes the Finnish
Limited Liability Companies Act, other regulations governing publicly listed
companies and the company's Articles of Association. The company's Board of
Directors has adopted the Code of Governance that complies with the Finnish
Corporate Governance Code approved by the Board of the Securities Market
Association in 2010. The purpose of the code is to ensure that the company is
professionally managed and that its business principles and practices are of a
high ethical and professional standard.
The Code of Governance is available on Ponsse's website in the Investors
section.
RISK MANAGEMENT
Risk management is based on the company's values, as well as strategic and
financial objectives. Risk management aims to support the achievement of the
objectives specified in the company's strategy, as well as to ensure the
financial development of the company and the continuity of its business.
Furthermore, risk management aims to identify, assess and monitor
business-related risks which may influence the achievement of the company's
strategic and financial goals or the continuity of its business. Decisions on
the necessary measures to anticipate risks and react to observed risks are made
on the basis of this information.
Risk management is a part of regular daily business, and it is also included in
the management system. Risk management is controlled by the risk management
policy approved by the Board.
A risk is any event that may prevent the company from reaching its objectives
or that threatens the continuity of business. On the other hand, a risk may
also be a positive event, in which case the risk is treated as an opportunity.
Each risk is assessed on the basis of its impact and probability. Methods of
risk management include avoiding, mitigating and transferring risks. Risks can
also be managed by controlling and minimising their impact.
SHORT-TERM RISK MANAGEMENT
The prolonged insecurity in the world economy and weak economic situation may
result in a decline in the demand for forest machines.
The rapid escalation of the problems in the economies of Europe and the United
States in the financial market may have an impact on the availability of
customer financing.
The parent company monitors the changes in the Group's internal and external
trade receivables and the associated risk of impairment.
The key objective of the company's financial risk management policy is to
manage liquidity, interest and currency risks. The company ensures its
liquidity through credit limit facilities agreed with a number of financial
institutions. The effect of adverse changes in interest rates is minimised by
utilising credit linked to different reference rates and by concluding interest
rate swaps. The effects of currency rate fluctuations are mitigated through
derivative contracts.
Changes taking place in the fiscal and customs legislation in countries to
which Ponsse exports may hamper the company's export trade or its
profitability.
OUTLOOK FOR THE FUTURE
The Group's euro-denominated operating profit is expected to remain lower than
in 2012.
In general, the positive work situation of the customers and Ponsse's strongly
renewed product portfolio and maintenance service solutions are having a
positive effect on the company's business operations.
In Europe the markets are still uneasy due to the economic situation.
Due to the improved order books, the factory in Vieremä is operating in two
shifts for the time being. Sales and maintenance functions are operating
normally. We estimate that the work situation of our customers will also
continue to be good in the future.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS
1-6/13 1-6/12
NET SALES 145,285 151,090
Increase (+)/decrease (-) in inventories of finished goods 1,716 8,527
and work in progress
Other operating income 529 319
Raw materials and services -95,479 -104,443
Expenditure on employment-related benefits -24,938 -26,688
Depreciation and amortisation -3,285 -15,337
Other operating expenses -15,324 10,708
OPERATING RESULT 8,505 10,708
Share of results of associated companies -105 -53
Financial income and expenses -3,207 -1,386
RESULT BEFORE TAXES 5,193 9,269
Income taxes -1,958 -2,898
NET RESULT FOR THE PERIOD 3,235 6,371
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 658 -314
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 3,893 6,057
Diluted and undiluted earnings per share* 0.10 0.20
IFRS IFRS
4-6/13 4-6/12
NET SALES 83,640 74,334
Increase (+)/decrease (-) in inventories of finished goods and -10,299 5,100
work in progress
Other operating income 389 178
Raw materials and services -43,327 -51,314
Expenditure on employment-related benefits -12,344 -13,596
Depreciation and amortisation -1,637 -1,391
Other operating expenses -8,008 -7,134
OPERATING RESULT 8,412 6,177
Share of results of associated companies -21 -9
Financial income and expenses -3,911 -931
RESULT BEFORE TAXES 4,480 5,236
Income taxes -1,757 -1,685
NET RESULT FOR THE PERIOD 2,723 3,551
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 1,501 -617
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 4,224 2,934
Diluted and undiluted earnings per share* 0.10 0.11
* The interest on the subordinated loan for the period, less tax, was taken
into account in this figure.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)
IFRS IFRS
ASSETS 30 Jun 13 31 Dec 12
NON-CURRENT ASSETS
Intangible assets 12,808 11,898
Goodwill 3,440 3,440
Property, plant and equipment 37,583 35,525
Financial assets 111 111
Investments in associated companies 971 1,186
Non-current receivables 933 999
Deferred tax assets 1,546 1,628
TOTAL NON-CURRENT ASSETS 57,393 54,787
CURRENT ASSETS
Inventories 81,831 81,636
Trade receivables 30,018 25,954
Income tax receivables 394 1,959
Other current receivables 6,948 3,313
Cash and cash equivalents 6,717 14,083
TOTAL CURRENT ASSETS 125,908 126,944
TOTAL ASSETS 183,301 181,732
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 7,000 7,000
Other reserves 30 19,030
Translation differences -880 -1,538
Treasury shares -2,228 -2,228
Retained earnings 55,468 59,180
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 59,390 81,444
NON-CURRENT LIABILITIES
Interest-bearing liabilities 49,469 21,474
Deferred tax liabilities 1,136 968
Other non-current liabilities 0 13
TOTAL NON-CURRENT LIABILITIES 50,605 22,455
CURRENT LIABILITIES
Interest-bearing liabilities 28,138 34,912
Provisions 4,697 4,977
Tax liabilities for the period 118 385
Trade creditors and other current liabilities 40,353 37,558
TOTAL CURRENT LIABILITIES 73,306 77,833
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 183,301 181,732
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS
1-6/13 1-6/12
CASH FLOW FROM BUSINESS OPERATIONS:
Net result for the period 3,235 6,371
Adjustments:
Financial income and expenses 3,207 1,386
Share of the result of associated companies 105 53
Depreciation and amortisation 3,285 2,760
Income taxes 1,958 3,175
Other adjustments 1,456 -538
Cash flow before changes in working capital 13,246 13,207
Change in working capital:
Change in trade receivables and other receivables -8,064 3,674
Change in inventories -195 -12,195
Change in trade creditors and other liabilities 3,861 3,120
Change in provisions for liabilities and charges -280 174
Interest received 124 67
Interest paid -521 -565
Other financial items -605 -359
Income taxes paid -397 -7,012
NET CASH FLOW FROM BUSINESS OPERATIONS (A) 7,170 111
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -6,253 -6,027
Proceeds from sale of tangible and intangible assets 0 0
CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B) -6,253 -6,027
FINANCING
Hybrid loan -19,000 0
Interest paid, hybrid loan -1,136 -1,136
Withdrawal/Repayment of current loans -4,469 8,502
Change in current interest-bearing liabilities 213 54
Withdrawal of non-current loans 29,201 4,799
Repayment of non-current loans -2,305 -4,806
Payment of finance lease liabilities -1,724 111
Change in non-current receivables 66 69
Dividends paid -6,947 -9,725
NET CASH OUTFLOW FROM FINANCING (C) -6,101 -2,133
Change in cash and cash equivalents (A+B+C) -5,184 -8,050
Cash and cash equivalents on 1 January 14,083 16,267
Impact of exchange rate changes -2,183 -524
Cash and cash equivalents on 30 June 6,717 7,694
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR 1,000)
A = Share capital
B = Share premium and other reserves
C = Translation differences
D = Treasury shares
E = Retained earnings
F = Total shareholders' equity EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS
A B C D E F
SHAREHOLDERS' EQUITY 1 JAN 2013 7,000 19,030 -1,538 -2,228 59,180 81,444
Translation differences 658 658
Result for the period 3,235 3,235
Total comprehensive income for 658 3,235 3,893
the period
Direct entries to retained
earnings*
Dividend distribution -6,947 -6,947
Other changes -19,000 -19,000
SHAREHOLDERS' EQUITY 30 JUN 7,000 30 -880 -2,228 55,468 59,390
2013
SHAREHOLDERS' EQUITY 1 JAN 2012 7,000 19,030 -1,975 -2,228 56,736 78,563
Translation differences -314 -314
Result for the period 6,371 6,371
Total comprehensive income for -314 6,371 6,057
the period
Direct entries to retained -1,721 -1,721
earnings*
Dividend distribution -9,725 -9,725
Other changes 0
SHAREHOLDERS' EQUITY 30 JUN 7,000 19,030 -2,289 -2,228 51,661 73,174
2012
* Consists of the interest paid, less tax, for the hybrid loan classified as
equity.
SEGMENT INFORMATION (EUR 1,000)
OPERATING SEGMENTS
1-6/2013 Northern Central and Russia North and Elimin Total
Europe Southern and Asia South ation
Europe America
Net sales of 109,340 21,223 23,418 35,185 189,166
the segment
Sales between -42,814 -371 -268 -452 -43,905
segments
Unallocated 24
sales
NET SALES FROM 66,527 20,852 23,149 34,733 145,285
EXTERNAL
CUSTOMERS
Operating 1,496 2,498 3,991 3,511 11,496
result of the
segment
Unallocated -2,991
items
OPERATING 1,496 2,498 3,991 3,511 8,505
RESULT
OPERATING SEGMENTS
1-6/2012 Northern Central and Russia North and Elimin Total
Europe Southern and Asia South ation
Europe America
Net sales of 117,569 28,334 16,645 21,158 183,707
the segment
Sales between -32,262 -93 -136 -151 -32,643
segments
Unallocated 26
sales
NET SALES FROM 85,307 28,241 16,508 21,007 151,090
EXTERNAL
CUSTOMERS
Operating 5,124 4,660 2,335 232 12,350
result of the
segment
Unallocated -1,642
items
OPERATING 5,124 4,660 2,335 232 10,708
RESULT
30 Jun 13 30 Jun 12 31 Dec 12
1. LEASING COMMITMENTS (EUR 1,000) 1,965 3,149 2,898
2. CONTINGENT LIABILITIES (EUR 1,000) 30 Jun 13 30 Jun 12 31 Dec 12
Guarantees given on behalf of others 510 701 1,601
Repurchase commitments 1,122 1,540 1,541
Other commitments 5,509 4,129 3,616
TOTAL 7,142 6,369 6,758
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2013 4,977
Provisions added 380
Provisions cancelled -660
30 June 2013 4,697
4. DIVIDENDS PAID (EUR 1,000) 30 Jun 13 30 Jun 12
Dividends per share EUR 0.25 (EUR 0.35) 6,947 9,725
5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) 1-6/13 1-6/12
Increase 4,654 4,228
Decrease -509 -105
TOTAL 4,145 4,124
6. RELATED PARTY TRANSACTIONS 1-6/13 1-6/12
Management's employment-related benefits (EUR 1,000)
Salaries and other short-term employment-related benefits 1,404 1,552
Board of Directors' emoluments 182 123
KEY FIGURES AND RATIOS 30 Jun 13 30 Jun 12 31 Dec 12
R&D expenditure, MEUR 5.0 4.7 9.5
Capital expenditure, MEUR 6.3 6.0 18.1
as % of net sales 4.3 4.0 5.7
Average number of employees 999 995 994
Order books, MEUR 57.7 56.0 41.8
Equity ratio, % 32.6 41.5 45.1
Diluted and undiluted earnings per share (EUR) 0.10 0.20 0.44
Equity per share (EUR) 2.12 2.61 2.91
FORMULAE FOR FINANCIAL INDICATORS
Return on capital employed, %:
Result before tax + financial expenses
--------------------------------------------
Shareholder´s equity + interest-bearing financial liabilities (average during
the year) * 100
Average number of employees:
Average of the number of personnel at the end of each month. The calculation
has been adjusted for part-time employees.
Net gearing, %:
Interest-bearing financial liabilities - cash and cash equivalents
--------------------------------------------------------------------------------
-----
Shareholders' equity * 100
Equity ratio, %:
Shareholders' equity + Non-controlling interests
---------------------------------------------
Balance sheet total - advance payments received * 100
Earnings per share:
Net income for the period - Non-controlling interests - Interest on hybrid loan
for the period less tax
----------------------------------------------
Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Shareholders' equity
----------------------------------------------
Number of shares on the balance sheet date, adjusted for share issues
ORDER INTAKE, MEUR 1-6/13 1-6/12 1-12/12
Ponsse Group 161.3 136.4 285.9
The interim report has been prepared observing the recognition and valuation
principles of IFRS standards and it complies with all of the requirements of
IAS 34. The same accounting principles were observed for the interim report as
for the annual financial statements dated 31 December 2012.
The above figures have not been audited.
The above figures have been rounded and may therefore differ from those given
in the official financial statements.
This communication includes future-oriented statements that are based on the
assumptions currently made by the company's management and its current
decisions and plans. Although the management believes that the future
expectations are well founded, there is no certainty that these expectations
will prove to be correct. This is why the results may significantly deviate
from the assumptions included in the future-oriented statements as a result of,
among other things, changes in the economy, markets, competitive conditions,
legislation or currency exchange rates.
Vieremä, 6 August 2013
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 20 768 8914 or +358 400 495 690
Petri Härkönen, CFO, tel. +358 20 768 8608 or +358 50 409 8362
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.ponsse.com
Ponsse Plc is a company specialising in the sales, manufacture, servicing and
technology of cut-to-length method forest machines and is driven by genuine
interest in its customers and their business. Ponsse develops and manufactures
sustainable and innovative harvesting solutions based on customers' needs.
The company was established by forest machine entrepreneur Einari Vidgrén in
1970, and it has been a leader in timber harvesting solutions based on the
cut-to-length method ever since. Ponsse is headquartered in Vieremä, Finland.
The company's shares are quoted on the NASDAQ OMX Nordic List.
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