2015-02-17 08:00:00 CET
2015-02-17 08:00:05 CET
REGULATED INFORMATION
Ponsse Oyj - Financial Statement Release
PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2014
Vieremä, Finland, 2015-02-17 08:00 CET (GLOBE NEWSWIRE) --
PONSSE PLC, STOCK EXCHANGE RELEASE, 17 FEBRUARY 2015, 9:00 a.m.
PONSSE'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2014
- Net sales amounted to EUR 390.8 (Q1-Q4/2013 312.8) million.
- Q4 net sales were EUR 120.8 (Q4/2013 101.5) million.
- Operating result totalled EUR 41.7 (Q1-Q4/2013 22.5) million, equalling 10.7
(7.2) per cent of net sales.
- Q4 operating result was EUR 14.2 (Q4/2013 9.8) million, equalling 11.8 (9.6)
per cent of net sales.
- Result before taxes was EUR 38.0 (Q1-Q4/2013 14.2) million.
- Cash flow from operating activities was EUR 37.5 (Q1-Q4/2013 38.5) million.
- Earnings per share were EUR 1.07 (0.31).
- Equity ratio was 42.0 (36.5) per cent.
- Order books stood at EUR 158.4 (99.8) million.
- The Board of Directors´proposal for the distribution of profit is EUR 0.45
(0.30) per share.
- After the very strong performance in 2014, the Group´s euro-denominated
operating profit is expected to be slightly higher in 2015 than in 2014.
PRESIDENT AND CEO JUHO NUMMELA:
2014 was a very strong year for Ponsse. We succeeded excellently in our goal of
finding balance in business operations between growth, profitability and cash
flows. We achieved growth of approximately 25 per cent in net sales, operating
profit of over 10 per cent and a reasonable cash flow from business operations,
EUR 37.5 million. At the same time, our balance sheet indicators improved as
expected.
The order books were strong already at the beginning of the year, and the
demand for PONSSE forest machines continued to be very strong throughout the
year, resulting in strong growth in order books. Our order books rose to record
figures on several occasions amounting to EUR 158.4 million at year-end. The
growth in the order books was 59 per cent year-on-year. At the same time, our
factory was able to manufacture forest machines at full capacity with the
volumes growing controlled continuously.
Of our market areas, Russia and North America were particularly strong. In
spite of the very uncertain situation in Russia, machine deliveries scheduled
for the last months of the year were successfully made. The situation in North
America continued to be excellent, and economic recovery in the United States
is clearly reflected in activity of the customers. The European situation
improved in several markets, with the markets in Finland, Germany, France and
the Great Britain developing favourably, among others.
The growth in 2014 was strong. Of our business areas, new machine sales, used
machine sales and maintenance services grew well. The share of exports amounted
to 75 per cent (69) of net sales for the first time in the company´s history.
The growth in maintenance services is related to the expanded machine fleet and
to new business concepts in maintenance services. The company's cumulative net
sales amounted to EUR 390.8 (312.8) million and operating profit was EUR 41.7
(22.5) million. Net sales increased by 25 per cent, while operating profit
increased by 85 per cent compared with the comparable period. The operating
profit equalled 10.7 (7.2) per cent of net sales for the period under review.
We are developing our company in a long-term manner. It is important to
continuously reform our operations and products. We have increasingly invested
in both fixed assets and R&D. Since 2010, we have invested approximately EUR 43
million in R&D, while our capital expenditure amounted to approximately EUR 63
million.
Ponsse´s product ranges are changing strongly. The PONSSE 2015 range was
launched at the FinnMETKO fair in the fall 2014. The first harvester models in
the new product range, PONSSE Scorpion and PONSSE Bear, entered serial
production in 2014. The rest of the products in the new product range will
enter serial production in phases during 2015. The ergonomics, serviceability
and productivity of the machines have been developed and the design has been
updated. At the same time, forest machines delivered in Europe will have new
engines compliant with the EU Stage IV emission level meeting the new
environment requirements
During the last three years, capital expenditure has focused on serving our
customers better by developing the service network and factory functions. New
service centres have been built in Finland to Jyväskylä, Rovaniemi and
Seinäjoki. The investments in the factory have been related to the development
of productivity. The expansion of the factory, which will be finished in early
2015, is related to expanding the facilities for frame and component
manufacture and modernisation of production methods in boom manufacture. At the
same time, we invested strongly in renewing the machinery at the factory. The
aim of the investments is to support our ability to manufacture PONSSE forest
machines in Finland.
Cash flow from business operations amounted to EUR 37.5 (38.5) million in the
period under review. The capital temporarily tied up in inventories resulted
from the strong growth impaired the cash flows. For example, new machines were
still on their way to customers at the turn of the year. The inventory of used
machines was at a normal level.
Our solvency continued its positive development. The company's equity ratio was
42.0 (36.5) per cent.
NET SALES
Consolidated net sales for the period under review amounted to EUR 390.8
(312.8) million, which was 24.9 per cent more than in the comparison period.
International business operations accounted for 74.5 (69.3) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 41.2 (43.4)
per cent, Central and Southern Europe 20.2 (16.2) per cent, Russia and Asia
16.4 (18.1) per cent, North and South America 22.1 (22.2) per cent and other
countries 0.1 (0.0) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 41.7 (22.5) million. The operating result
equalled 10.7 (7.2) per cent of net sales for the period under review.
Consolidated return on capital employed (ROCE) stood at 30.1 (12.2) per cent.
Staff costs for the period totalled EUR 58.6 (49.0) million. Other operating
expenses stood at EUR 35.9 (31.5) million. The net total of financial income
and expenses amounted to EUR -3.7 (-8.2) million. Exchange rate gains and
losses with a net effect of EUR -1.9 (-6.6) million were recognised under
financial items for the period. Result for the period under review totalled EUR
29.8 (9.1) million. Diluted and undiluted earnings per share (EPS) came to EUR
1.07 (0.31). In the comparison period 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 205.8 (186.0) million. Inventories stood at
EUR 92.7 (85.8) million. Trade receivables totalled EUR 25.2 (23.2) million,
while liquid assets stood at EUR 12.7 (12.0) million. Group shareholders'
equity stood at EUR 86.0 (67.6) million and parent company shareholders' equity
(FAS) at EUR 104.2 (85.8) million. The amount of interest-bearing liabilities
was EUR 51.7 (60.3) million. The company has used 9 per cent of its credit
facility limit. The parent company's net receivables from other Group companies
stood at EUR 73.2 (71.9) million. The parent company's receivables from
subsidiaries mainly consisted of trade receivables. Consolidated net
liabilities totalled EUR 39.0 (48.3) million, and the debt-equity ratio (net
gearing) was 45.3 (71.6) per cent. The equity ratio stood at 42.0 (36.5)
percent at the end of the period under review.
Cash flow from operating activities amounted to EUR 37.5 (38.5) million. Cash
flow from investment activities came to EUR -19.0 (-11.2) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 451.7 (371.0) million, while
period-end order books were valued at EUR 158.4 (99.8) million.
DISTRIBUTION NETWORK
The subsidiaries included in the Ponsse Group are Ponsse AB, Sweden; Ponsse AS,
Norway; Ponssé S.A.S., France; Ponsse UK Ltd, the United Kingdom; Ponsse North
America, Inc., the United States; Ponsse Latin America Ltda, Brazil; Ponsse
Uruguay S.A., Uruguay; OOO Ponsse, Russia; Ponsse Asia-Pacific Ltd, Hong Kong;
Ponsse China Ltd, China and Epec Oy, Finland. In addition, as of the 2014
financial period, the Group includes the property companies OOO Ocean Safety
Center, Russia and Kiinteistö Oy Kouvolan Kaupinkuja 3, Finland. Sunit Oy,
Finland, is an associate in which Ponsse Plc has a holding of 34 per cent.
CAPITAL EXPENDITURE AND R&D
During the period under review, the Group's R&D expenses totalled EUR 10.3
(8.9) million, of which EUR 3.1 (3.6) million was capitalised.
Capital expenditure totalled EUR 19.2 (11.2) million. It consisted in addition
to capitalised R&D expenses of investments in buildings and ordinary
maintenance and replacement investments for machinery and equipment.
ANNUAL GENERAL MEETING
Annual General Meeting was held in Vieremä, Finland 15 April 2014. The AGM
approved the parent company financial statements and the consolidated financial
statements, and members of the Board of Directors and the President and CEO
were discharged from liability for the 2013 financial period.
The AGM decided to pay a dividend of EUR 0.30 per share for 2013 (dividends
totaling EUR 8,336,130). No dividend will be paid to shares owned by the
company itself (212,900 shares). The dividend payment record date was 22 April
2014, and the dividends were paid on 29 April 2014.
The AGM authorised the Board of Directors to decide on the assignment of
treasury shares held by the company against payment or free of charge so that a
maximum of 212,900 shares will be issued on the basis of the authorisation. The
maximum amount corresponds to approximately 0.76 per cent of the company's
total shares and votes.
The authorisation includes the right of the Board to decide upon all other
terms and conditions of the share issue. Thus, the authorisation includes a
right to organise a directed issue in deviation of the shareholders'
subscription rights under the provisions prescribed by law.
The authorisation is proposed for use in supporting the Company's growth
strategy in the Company's potential corporate acquisitions or other
arrangements. In addition, the shares can be issued to the Company's current
shareholders, sold through public trading or used in personnel incentive
systems.
The authorisation is valid until the next AGM; however, no later than 30 June
2015. Previous authorisations are canceled.
BOARD OF DIRECTORS AND THE COMPANY'S AUDITORS
The Board of Directors comprised seven members during the period under review.
Heikki Hortling, Mammu Kaario, Ilkka Kylävainio, Ossi Saksman, Janne Vidgrén,
Juha Vidgrén and Jukka Vidgrén were re-elected to the Board. Juha Vidgrén acted
as the Chairman of the Board and Heikki Hortling as the Vice Chairman.
The Board of Directors did not establish any committees or commissions from
among its members.
The Board of Directors convened eight times during the period under review. The
attendance rate was 92.9 percent.
During the period under review, auditing firm PricewaterhouseCoopers Oy acted
as the company auditor with Sami Posti, Authorised Public Accountant, as the
principal auditor.
MANAGEMENT
The following persons were members of the Management Team: Juho Nummela,
President and CEO, acting as the chairman; Juha Haverinen, Factory Director;
Petri Härkönen, CFO; Juha Inberg, Technology and R&D Director; Tapio Mertanen,
Service Director; Paula Oksman, HR Director; Tommi Väänänen, Purchasing
Director and Jarmo Vidgrén, Deputy CEO, Sales and Marketing Director. The
company management has regular management liability insurance.
The area director organisation of sales is led 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,
Australia and South Africe) and Risto Kääriäinen (China),
North and South America: Pekka Ruuskanen (the United States), Marko Mattila
(North American dealers, Chile and the Baltic countries), Teemu Raitis (Brazil)
and Martin Toledo (Uruguay).
PERSONNEL
The Group had an average staff of 1,200 (1,027) during the period and employed
1,246 (1,099) people at period-end.
SHARE PERFORMANCE
The company's registered share capital consists of 28,000,000 shares. At the
end of the period under review the company had 8,314 shareholders. The trading
volume of Ponsse Plc shares for 1 January - 31 December 2014 totalled
4,144,642, accounting for 14.8 per cent of the total number of shares. Share
turnover amounted to EUR 47.0 million, with the period's lowest and highest
share prices amounting to EUR 9.02 and EUR 13.35, respectively.
At the end of the period, shares closed at EUR 12.02, and market capitalisation
totalled EUR 336.6 million.
At the end of the period under review, the company held 212,900 treasury shares.
QUALITY AND ENVIRONMENT
Ponsse is committed to observing the ISO 9001:2000 quality standard, the ISO
14001 environmental system standard and the OHSAS 18001 occupational safety and
health standard, the first two of which are certified. Lloyd's Register Quality
Assurance conducted an audit of the ISO 9001:2008 quality system and the ISO
14001 environmental system during the period under review.
The company has included the procedures required by these quality,
environmental and occupational safety and health standards in Ponsse's
sustainable development principles. At Ponsse, sustainable development means
taking the economic, social and ecological points of view into account in all
the company's operations. Procedures according to sustainable development
related to profitability, cash flow from operating activities and growth ensure
the company's economic performance in the long term. Procedures related to the
social point of view ensure the availability of competent human resources for
the company and its customers and maintain the professional skills and
well-being of the company's employees. The environmental point of view ensures
the environmental friendliness of our products and production, improving our
customers' profitable operations by means of, for example, lower fuel
consumption and emissions.
Procedures and production processes are developed through both internal and
external audits. The company's audit system was a key tool in promoting
development during 2014, and its use has been expanded further. During the
period under review, internal audits assessing the procedures and working
environment of services were expanded in the company's service network. The aim
of the quality audits of services is to ensure efficient and safe procedures in
the PONSSE service network. Moreover, the subsidiaries have adopted a model for
assessing good management policies. The company develops the management
policies of its subsidiaries with the subsidiaries' assessment model.
Production processes are continuously developed in accordance with the
operating model of continuous improvement. The company's quality assurance
system emphasises the importance of prevention. During the period under review,
a procedure development model internal to the company, which is based on Lean
Six Sigma quality management principles, was used successfully.
GOVERNANCE
In its decision-making and administration, the company observes the Finnish
Limited Liability Companies Act, other regulations governing publicly listed
companies and the company's Articles of Association. The company's Board of
Directors has adopted the Code of Governance that complies with the Finnish
Corporate Governance Code approved by the Board of the Securities Market
Association in 2010. The purpose of the code is to ensure that the company is
professionally managed and that its business principles and practices are of a
high ethical and professional standard.
The Code of Governance is available on Ponsse's website in the Investors
section.
RISK MANAGEMENT
Risk management is based on the company's values, as well as strategic and
financial objectives. Risk management aims to support the achievement of the
objectives specified in the company's strategy, as well as to ensure the
financial development of the company and the continuity of its business.
Furthermore, risk management aims to identify, assess and monitor
business-related risks which may influence the achievement of the company's
strategic and financial goals or the continuity of its business. Decisions on
the necessary measures to anticipate risks and react to observed risks are made
on the basis of this information.
Risk management is a part of regular daily business, and it is also included in
the management system. Risk management is controlled by the risk management
policy approved by the Board.
A risk is any event that may prevent the company from reaching its objectives
or that threatens the continuity of business. On the other hand, a risk may
also be a positive event, in which case the risk is treated as an opportunity.
Each risk is assessed on the basis of its impact and probability. Methods of
risk management include avoiding, mitigating and transferring risks. Risks can
also be managed by controlling and minimising their impact.
SHORT-TERM RISK MANAGEMENT
The prolonged insecurity in the world economy and weak economic situation may
result in a decline in the demand for forest machines. The uncertainty may be
increased by the volatility of developing countries' foreign exchange markets.
The geopolitical situation, in particular, will increase the uncertainty
through financial market operations and sanctions.
The parent company monitors the changes in the Group's internal and external
trade receivables and the associated risk of impairment.
The key objective of the company's financial risk management policy is to
manage liquidity, interest and currency risks. The company ensures its
liquidity through credit limit facilities agreed with a number of financial
institutions. The effect of adverse changes in interest rates is minimised by
utilising credit linked to different reference rates and by concluding interest
rate swaps. The effects of currency rate fluctuations are mitigated through
derivative contracts.
Changes taking place in the fiscal and customs legislation in countries to
which Ponsse exports may hamper the company's export trade or its
profitability.
EVENTS AFTER THE PERIOD
APPOINTMENT OF MANAGING DIRECTOR OF PONSSE´S SWEDISH SUBSIDIARY
Forest engineer Carl-Henrik Hammar has been appointed Managing Director of
Ponsse Plc´s Swedish subsidiary, Ponsse AB, as of 1 July 2015. He will transfer
to Ponsse on 16 March 2015. Carl-Henrik Hammar reports to Jarmo Vidgrén, Sales
and Marketing Director ofPonsse Plc, and will be based in Surahammar, Sweden.
Eero Lukkarinen, current Managing Director of Ponsse AB, will transfer to
exports and sales within Ponsse Group in Finland. A separate release was issued
on 14 January 2015.
KEY EMPLOYEE INCENTIVE PLAN AND RELATED SHARE ISSUES
The Board of Directors of Ponsse Plc has decided to launch a new share-based
incentive plan for the Group key employees on 16 February 2015. The aim of the
long-term plan, which commits the key employees to shareholding in the Company,
is to combine the objectives of the shareholders and the key employees in order
to increase the value of the Company in the long-term, and to offer them a
competitive reward plan based on acquisition and ownership of the Company´s
shares.
The Matching Share Plan 2015 is directed to approximately 80 people. The
rewards to be paid on the basis of the plan amount to an approximate maximum
total of 212,900 Ponsse Plc shares and a cash proportion corresponding to taxes
and tax-related costs arising from the shares to the key employees.
The prerequisite for participating in the plan is that a key employee owns the
Company´s shares up to the number determined by the Board of Directors, or
acquires them from the market or in the Company's directed share issue.
Furthermore, receiving of reward is tied to the validity of the key employee's
employment or service upon reward payment.
The reward from the plan will be paid partly in the Company's shares and partly
in cash in spring 2015. The cash proportion will cover taxes and tax-related
costs arising from the reward to the key employee. Shares given as reward may
not be transferred during the restriction period ending on 31 March 2018. If a
key employee´s employment or service ends during the restriction period, the
key employee will be obliged to return the shares given as reward, fully or
partly, to the Company, without compensation.
In order to implement the Matching Share Plan 2015, the Board of Directors
decided on two share issues directed to the key employees belonging to the
target group of the plan.
A maximum total of 106,450 shares held by the Company will, in deviation from
the shareholders' pre-emptive right, be offered in the directed share issue
against payment, for subscription to the key employees belonging to the target
group of the Matching Share Plan 2015. The share subscription period of the
shares will be 2 March—18 March 2015. The share subscription price for the
shares will be EUR 12.12 per share, which is the same as the trade volume
weighted average quotation of the share on NASDAQ OMX Helsinki Ltd during 1
January—31 January 2015. The shares must be paid upon subscription. The Board
of Directors may approve the subscription as such or to a reduced amount, or it
may reject the subscription in full. The share subscription price will be
credited to the Company's reserve for invested unrestricted equity.
A maximum total of 106,450 shares held by the Company will, in deviation from
the shareholders' pre-emptive right, be offered in the directed share issue
without payment, for subscription to the key employees who have subscribed for
shares in the directed share issue against payment on 2 March—18 March 2015.
The final number of shares to be given will be determined on the basis of the
number of shares subscribed by the key employees in the directed share issue
against payment and the number of approved subscriptions. Shares will be
transferred to the key employees without payment by 31 March 2015, at the
latest.
The dividend rights and other shareholder rights to the shares will be assigned
to the key employees on the book-entry registration date of the share transfer.
The Company has a weighty financial reason, in respect of the Company's
interests and those of all its shareholders, for the deviation from the
shareholders' pre-emptive right, since the purpose of the share issues are to
encourage the key employees to acquire and own the Company´s shares as a part
of the Matching Share Plan 2015 directed to them. The decisions on the share
issues are based on the authorization by the Annual General Meeting of
Shareholders held on 15 April 2014.
OUTLOOK FOR THE FUTURE
After the very strong performance in 2014, the Group's euro-denominated
operating profit is expected to be slightly higher in 2015 than in 2014.
Ponsse's strongly reformed and competitive product range and new service
solutions have significantly increased the company's net sales. The PONSSE 2015
product range will enter serial production in phases during 2015.
Due to the strong order books, the capacity of the factory will be increased.
Our investments will concern new service centers in France, the United States
and Uruguay, and the development of production technology and R&D.
ANNUAL GENERAL MEETING
Ponsse Plc's Annual General Meeting will be held on 14 April 2015, starting at
11:00 a.m. at the company's registered office at Ponssentie 22, FI-74200
Vieremä, Finland.
BOARD OF DIRECTORS' PROPOSAL FOR THE DISPOSAL OF PROFIT
The parent company Ponsse Plc had 96,400,731.80 euros of distributable funds on
31 December 2014.
The company's Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.45 per share shall be paid for the year 2014. The Board
proposes to the Annual General Meeting that a profit bonus will be paid to the
staff for the year 2014.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS
1-12/14 1-12/13
NET SALES 390,831 312,825
Increase (+)/decrease (-) in inventories of finished goods 3,173 5,832
and work in progress
Other operating income 1,185 1,053
Raw materials and services -251,067 -210,146
Expenditure on employment-related benefits -58,583 -49,022
Depreciation and amortisation -7,962 -6,568
Other operating expenses -35,875 -31,472
OPERATING RESULT 41,704 22,5051
Share of results of associated companies 1 -45
Financial income and expenses -3,745 -8,208
RESULT BEFORE TAXES 37,959 14,248
Income taxes -8,164 -5,150
NET RESULT FOR THE PERIOD 29,795 9,098
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units -3,093 2,955
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 26,702 12,053
Diluted and undiluted earnings per share 1.07 0.31*
IFRS IFRS
10-12/14 10-12/13
NET SALES 120,829 101,533
Increase (+)/decrease (-) in inventories of finished goods -2,676 -2,266
and work in progress
Other operating income 213 378
Raw materials and services -74,866 -65,155
Expenditure on employment-related benefits -17,420 -13,878
Depreciation and amortisation -2,077 -1,648
Other operating expenses -9,785 -9,208
OPERATING RESULT 14,217 9,756
Share of results of associated companies 58 93
Financial income and expenses -3,742 -3,148
RESULT BEFORE TAXES 10,533 6,701
Income taxes -2,991 -2,150
NET RESULT FOR THE PERIOD 7,542 4,551
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units -1,040 1,540
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 6,502 6,091
Diluted and undiluted earnings per share 0.27 0.16*
* 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 31 Dec 14 31 Dec 13
NON-CURRENT ASSETS
Intangible assets 15,954 14,278
Goodwill 3,440 3,440
Property, plant and equipment 47,282 37,766
Financial assets 104 104
Investments in associated companies 946 1,031
Non-current receivables 832 914
Deferred tax assets 1,267 1,374
TOTAL NON-CURRENT ASSETS 69,825 58,908
CURRENT ASSETS
Inventories 92,734 85,767
Trade receivables 25,226 23,108
Income tax receivables 591 207
Other current receivables 4,701 6,100
Cash and cash equivalents 12,719 11,958
TOTAL CURRENT ASSETS 135,971 127,140
TOTAL ASSETS 205,796 186,048
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 7,000 7,000
Other reserves 130 30
Translation differences -1,676 1,417
Treasury shares -2,228 -2,228
Retained earnings 82,790 61,331
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 86,016 67,550
NON-CURRENT LIABILITIES
Interest-bearing liabilities 33,712 38,810
Deferred tax liabilities 867 657
Other non-current liabilities 0 0
TOTAL NON-CURRENT LIABILITIES 34,580 39,466
CURRENT LIABILITIES
Interest-bearing liabilities 17,997 21,492
Provisions 4,747 4,618
Tax liabilities for the period 812 920
Trade creditors and other current liabilities 61,644 52,002
TOTAL CURRENT LIABILITIES 85,200 79,032
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 205,796 186,048
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS
1-12/14 1-12/13
CASH FLOWS FROM OPERATING ACTIVITIES:
Net result for the period 29,795 9,098
Adjustments:
Financial income and expenses 3,745 8,208
Share of the result of associated companies -1 45
Depreciation and amortisation 7,962 6,568
Income taxes 8,164 5,150
Other adjustments -2,049 2,637
Cash flow before changes in working capital 47,616 31,706
Change in working capital:
Change in trade receivables and other receivables -920 -81
Change in inventories -6,967 -4,131
Change in trade creditors and other liabilities 9,251 15,557
Change in provisions for liabilities and charges 129 -359
Interest received 187 227
Interest paid -1,071 -1,143
Other financial items -2,080 -1,063
Income taxes paid -8,675 -2,260
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) 37,472 38,453
CASH FLOWS USED IN INVESTING ACTIVITIES
Investments in tangible and intangible assets -19,154 -11,188
Proceeds from sale of tangible and intangible assets 147 0
NET CASH FLOWS USED IN INVESTMENT ACTIVITIES (B) -19,007 -11,118
CASH FLOWS FROM FINANCING ACTIVITIES
Hybrid loan 0 -19,000
Interest paid, hybrid loan 0 -1,136
Withdrawal/Repayment of current loans -3,540 -14,500
Change in current interest-bearing liabilities 0 -136
Withdrawal of non-current loans 5,000 29,322
Repayment of non-current loans -9,773 -10,668
Payment of finance lease liabilities -280 -239
Change in non-current receivables -4 172
Dividends paid -8,336 -6,947
NET CASH FLOWS FROM FINANCING ACTIVITIES (C) -16,933 -23,132
Change in cash and cash equivalents (A+B+C) 1,532 4,133
Cash and cash equivalents on 1 January 11,958 14,083
Impact of exchange rate changes -770 -6,259
Cash and cash equivalents on 31 December 12,719 11,958
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 2014 7,000 30 1,417 -2,228 61,331 67,550
Translation differences -3,093 -3,093
Result for the period 29,795 29,795
Total comprehensive income for -3,093 29,795 26,702
the period
Dividend distribution -8,336 -8,336
Other changes 100 100
SHAREHOLDERS' EQUITY 31 DEC 7,000 130 -1,676 -2,228 82,790 86,016
2014
SHAREHOLDERS' EQUITY 1 JAN 2013 7,000 19,030 -1,538 -2,228 59,180 81,444
Translation differences 2,955 2,955
Result for the period 9,098 9,098
Total comprehensive income for 2,955 9,098 12,053
the period
Dividend distribution -6,947 -6,947
Other changes -19,000 -19,000
SHAREHOLDERS' EQUITY 31 DEC 7,000 30 1,417 -2,228 61,331 67,550
2013
31 Dec 14 31 Dec 13
1. LEASING COMMITMENTS (EUR 1,000) 1,326 1,691
2. CONTINGENT LIABILITIES (EUR 1,000) 31 Dec 14 31 Dec 13
Guarantees given on behalf of others 476 487
Repurchase commitments 1,966 1,138
Other commitments 137 1,511
TOTAL 2,579 3,137
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2014 4,618
Provisions added 1,492
Provisions cancelled -1,363
31 December 2014 4,474
KEY FIGURES AND RATIOS 31 Dec 14 31 Dec 13
R&D expenditure (EUR million) 10.3 8.9
Capital expenditure (EUR million) 19.2 11.2
as % of net sales 4.9 3.6
Average number of employees 1,200 1,027
Order books (EUR million) 158.4 99.8
Equity ratio, % 42.0 36.5
Diluted and undiluted earnings per share (EUR) 1.07 0.31
Equity per share (EUR) 3.07 2.41
FORMULAE FOR FINANCIAL INDICATORS
Return on capital employed, %:
Result before tax + financial expenses
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-------------------------------------
Shareholder´s equity + interest-bearing financial liabilities (average during
the year) * 100
Average number of employees:
Average of the number of personnel at the end of each month. The calculation
has been adjusted for part-time employees.
Net gearing, %:
Interest-bearing financial liabilities - cash and cash equivalents
--------------------------------------------------------------------------------
---
Shareholders' equity * 100
Equity ratio, %:
Shareholders' equity + Non-controlling interests
------------------------------------------------------------------------
Balance sheet total - advance payments received * 100
Earnings per share:
Net result 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 (EUR million) 1-12/14 1-12/13
Ponsse Group 451.7 371.0
The stock exchange release for annual financial statements has been prepared
observing the recognition and valuation principles of IFRS standards, but not
all of the requirements of IAS 34 have been complied with. The same accounting
principles were observed for the closing of the books as for the annual
financial statements dated 31 December 2013.
The above figures have 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, 17 February 2015
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 20 768 8914 or +358 400 495 690
Petri Härkönen, CFO, tel. +358 20 768 8608 or +358 50 409 8362
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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