2009-04-24 07:30:00 CEST
2009-04-24 07:32:32 CEST
REGULATED INFORMATION
Pöyry - Interim report (Q1 and Q3)
PÖYRY'S INTERIM REPORT 1 JANUARY - 31 MARCH 2009
PÖYRY PLC Interim Report 24 April 2009 at 8.30 a.m.
PÖYRY'S INTERIM REPORT 1 JANUARY - 31 MARCH 2009
The Pöyry Group's net sales for the period under review were EUR
187.8 million (196.2 in the corresponding period 2008). Profit before
taxes was EUR 6.3 (22.6) million.
The Group's consolidated balance sheet is healthy. The equity ratio
was 37.4 (43.2) per cent and the net debt/equity ratio (gearing)
-12.5 (-29.6) per cent.
Earnings per share were EUR 0.07 (0.26) and the return on investment
11.1 (49.4) per cent.
The order stock increased by EUR 7.3 million during the period under
review to EUR 546.4 million. The number of personnel declined to 7647
at the end of the review period (7924 at the end of 2008).
Pöyry's net sales for 2009 are estimated to decrease and profit
before taxes is estimated to decrease significantly compared with
2008. This assessment does not take into account possible
acquisitions during 2009.
The interim report has been prepared in accordance with the IAS 34
following the same accounting principles as in the annual financial
statements for 2008. From the beginning of 2009, the Group adopted
the amended IAS 1 Presentation of the Financial Statements standard
and IFRS 8 Operating Segments standard. The amended standards have no
significant impact on the presentation of the interim report.
The data in this interim report is unaudited.
Business groups (Operating segments)
Energy
Net sales for the period under review were EUR 59.5 (58.1) million.
Operating profit was EUR 4.1 (5.6) million.
Demand for energy-related services remained stable in Europe. In
other geographical regions, demand weakened and project go-ahead
decisions were postponed. Net sales continued to grow, but the
operating profit was affected by intensified sales efforts. Project
margins also declined slightly.
In spite of the slow-down of decision-making in investment projects,
the order stock remained stable at EUR 195.2 million (196.4 at the
end of 2008). The most important new projects were the EPC contract
with the Styrian Utility Steweag/Steg for rehabilitation of the 110
kV substation Neudorf/Werndorf in Austria (EUR 6.5 million), the
service contract with Verbund APG for the rehabilitation of the 220
kV substation Ybbsfeld in Austria (EUR 2.7 million) and the owner's
engineering services contract by OMV Power International GmbH for an
800 MW combined cycle power plant project in Haiming, Germany (EUR 6
million).
Forest Industry
Net sales for the period under review were EUR 53.8 (70.8) million.
Operating profit was EUR -2.8 (11.7) million. The negative operating
profit for the period under review was partly due to non-recurring
expenses amounting to about EUR 2.7 million related to personnel
reductions.
Demand for engineering services for new pulp and paper projects in
the Forest Industry business group remained weak in the first
quarter. The downturn has impaired forest industry companies'
profitability and hampered the availability of investment financing
globally. For this reason, projects have been postponed, preparations
for new projects have been delayed and the number of consulting
assignments has declined. Capacity was adapted to reduced demand in
several countries, including Brazil, North America, Sweden and
Finland.
The business group's order stock declined to EUR 71.7 million (86.3
at the end of 2008). The business group signed a long-term service
agreement with Larox Corporation, Finland, for the supply of
engineering and project services.
Transportation
Net sales for the period under review were EUR 30.8 (23.7) million.
Operating profit amounted to EUR 2.5 (2.1) million.
Demand for transportation systems-related services remained good
during the period under review. Demand related to road and rail-bound
transportation systems was particularly brisk. The business group
continued to strengthen its position in local and international
markets.
The order stock increased clearly, amounting to EUR 151.8 (130.9 at
the end of 2008). The order stock in the first quarter was boosted by
several medium-sized new orders in Latin America and Europe. The most
important new projects were the engineering contract with the Swiss
federal railway SBB for a new operation control centre in Switzerland
(EUR 3.5 million) and design contracts with Strabag AG for road
rehabilitation programmes in Romania (EUR 3.2 million).
Water & Environment
Net sales for the period under review were EUR 21.0 (20.3) million.
Operating profit was EUR 0.8 (0.7) million.
Demand for services related to environmental infrastructure projects
remained stable during the period under review. The business group
continued to strengthen its position.
The order stock increased slightly, amounting to EUR 78.8 million
(76.8 at the end of 2008). The order stock increased especially in
Germany. The most important new projects received during the period
under review were the water and sanitation and training programme
assignments in Tanzania and Niger (EUR 3.7 million).
Construction Services
Net sales for the period under review were EUR 22.2 (22.9) million.
Operating profit was EUR 1.7 (2.7) million. The operating profit was
depressed by non-recurring costs of about EUR 0.4 million related to
personnel reductions.
Investment activity in the office and commercial building sectors was
still weak. In spite of this, the business group's net sales remained
at a good level owing to intensified sales and marketing efforts. The
business group strengthened its position in the Finnish market. The
Chinese Competition Authorities' approval of the acquisition of
Shanghai Kang Dao Construction Company Ltd will strengthen the
business group's position in the growing Chinese market.
The order stock is stable, amounting to EUR 48.3 million (48.3 at the
end of 2008). The business group's order stock increased by several
comparatively small assignments. The most important new projects were
the contract with Oy Primula Ab for the implementation of the
company's production and logistics project at Järvenpää, Finland, and
the contracts with Länsimetro Oy for the Western Metro extension in
Helsinki, Finland (EUR 1.3 million).
Acquisitions
Pöyry expanded its real estate consulting and engineering operations
in China by acquiring in August 2008 the entire share capital of
Shanghai Kang Dao Construction Company Ltd. The Chinese authorities
approved the acquisition in March 2009. Shanghai Kang Dao
Construction Company is primarily engaged in project management for
industrial and commercial real estate development and construction
projects. The company employs 27 experts. Pöyry has consolidated the
result and balance sheet of the company as of 1 March 2009.
Order stock
The Group's order stock is good. It increased by EUR 7.3 million
during the period under review, totalling EUR 546.4 million at the
end of March. At the end of 2008 the order stock was EUR 539.1
million.
Personnel
The number of personnel in the Group declined to 7647 (7924 at the
end of 2008). The capacity was adjusted in the Forest Industry and
Construction Services business groups' business units. Permanent and
temporary lay-offs were implemented in Finland based on statutory
employee negotiations.
Statement of financial position
The Group's consolidated balance sheet is healthy. The equity ratio
at the end of the review period was 37.4 (41.7 at the end of 2008)
per cent. The Group's liquidity is good. The net debt/equity ratio
(gearing) was -12.5 (-38.5) per cent. At the end of the review period
the Group's cash and cash equivalents were EUR 152.3 (203.7) million,
interest bearing liabilities EUR 130.1 (122.5) million and net cash
EUR 22.2 (81.2) million. The Group had long-term unused overdraft
facilities at the end of the review period amounting to EUR 68.5
(93.1) million.
Capital expenditure
The Group's capital expenditure for the period under review totalled
EUR 3.2 (2.8) million, of which EUR 1.4 (0.2) million were share
investments.
Risks and uncertainties
No significant new risks or uncertainties were identified during the
review period, which, if realised, would have a material impact on
the Group. In accordance with what has been announced earlier, the
most significant risks for the Pöyry Group are related to the global
financial crisis and the economic recession. The expected impacts of
the financial crisis and economic recession on Pöyry's operations and
the actions designed to alleviate these impacts have been described
separately in this announcement and in announcements published
previously during the review period.
A detailed report on the Group's risk management and significant
risks related to its business is given in the Financial Statements of
2008.
Share capital and shares
The total number of shares at the end of 2008 was 58 878 602. During
the period under review there were no changes in the number of
shares.
Option programme 2004
Pöyry PLC issued in 2004 stock options to the management of the Group
as well as to a wholly-owned subsidiary of Pöyry PLC. The number of
stock options is 550 000, entitling to subscription of four shares
each, i.e. a total of 2 200 000 shares in Pöyry PLC.
The share subscription periods are the following: for stock options
2004A (660 000 shares) between 1 March 2007 and 31 March 2010, for
2004B (660 000 shares) between 1 March 2008 and 31 March 2011, and
for 2004C (880 000 shares) between 1 March 2009 and 31 March 2012.
All stock options have been issued and their receipt confirmed.
At the end of 2008 399 756 new shares had been subscribed with 69 532
stock options 2004A and with 30 407 stock options 2004B pursuant to
the stock option programme 2004 of Pöyry PLC. During the period under
review no subscriptions were made. After the period under review a
total amount of 12 000 new shares were subscribed with 1 500 stock
options 2004A and 1 500 stock options 2004B. Following the
registration of the subscribed shares the number of shares totals
58 890 602.
Performance share plan 2008-2010
In December 2007 the Board of Directors of Pöyry PLC approved a
share-based incentive plan for key personnel. The plan comprises
three earning periods, which are the calendar years 2008, 2009 and
2010. The rewards will be paid partly (50 per cent) in the company's
shares and partly (50 per cent) in cash in 2009, 2010 and 2011. The
criteria for the reward pay outs are for the years 2008 and 2009 the
Group's earnings per share (EPS) and net sales.
At the time of approval of the pay outs for the earning period 2008,
the incentive plan included 287 persons. For the earning period 2008
the payout-ratio was 180.89 per cent corresponding to a value of 433
454 shares. The payments are made to the participants in April 2009.
The value of the plan for the earning period 2009 will correspond to
the value of 400 000 shares if the performance of the Group is in
line with the earnings criteria for target performance set by the
Board of Directors. If the Group's performance exceeds the target and
reaches maximum performance, as defined by the Board, the value of
the plan can reach up to the value of 800 000 shares for the earning
period 2009. The incentive plan for the earning period 2009 includes
approximately 300 persons. In April 93.4 per cent of the grants have
been allocated for the earning period 2009.
The fair value of the reward is expensed until the target group is
entitled to the reward and the shares are freely transferable. The
fair value of the share is the share price on the date at which the
target group has agreed to the conditions of the plan reduced by the
estimated dividends. The fair value of the cash proportion is
remeasured at each reporting date based on the share price at the
reporting date.
Authorisation to issue shares
The Annual General Meeting (AGM) on 10 March 2008 authorised the
Board of Directors to decide to issue new shares and to convey the
company's own shares held by the company in one or more tranches. The
share issue can be carried out as a share issue against payment or
without consideration on terms to be determined by the Board of
Directors and in relation to a share issue against payment at a price
to be determined by the Board of Directors. A maximum of 11 600 000
new shares can be issued. A maximum of 5 800 000 own shares held by
the company can be conveyed. The authorisation is in force for three
years from the decision of the AGM.
The decision made by the AGM was published in its entirety in a
Company Announcement on 10 March 2008.
During the period under review the Board has resolved on a directed
share issue by conveying without consideration a total of 216 727 of
the company's own shares to persons included in the company's
performance share plan for 2008. The Board of Directors of Pöyry PLC
resolved on a directed share issue by conveying a total of 10 000 of
the company's own shares held by the company to persons included in
the company's incentive plan. The directed share issues do not affect
the company's share capital or the total number of shares of the
company. After the directed share issues the maximum number of shares
that may be conveyed is 5 573 273 shares.
Authorisation to acquire the company's own shares
The AGM on 10 March 2008 authorised the Board of Directors to decide
to acquire a maximum of 5 800 000 of the company's own shares. On 10
March 2008 the Board of Directors resolved to exercise the
authorisation for the implementation of the Performance share plan
2008-2010 described above. On the basis of this authorisation,
148 529 of the company's own shares were acquired in 2008. On 3
February 2009 the Board of Directors resolved to commence acquiring
the company's own shares based on the above-mentioned authorisation.
The shares may be acquired to develop the company's capital
structure, to be used as payment in corporate acquisitions or when
the company acquires assets related to its business and as part of
the company's incentive programmes in a manner and to the extent
decided by the Board of Directors, and to be transferred for other
purposes, or to be cancelled. Based on the Board of Directors'
resolution, 139 000 of the company's own shares were acquired during
5 February to 4 March 2009.
The AGM on 10 March 2009 authorised the Board of Directors to decide
to acquire the company's own shares with distributable funds on the
terms given below. The acquisition of shares reduces the company's
distributable shareholders' equity. A maximum of 5 800 000 shares can
be acquired. The company's own shares can be acquired in accordance
with the decision of the Board of Directors either through public
trading or by public offer at their market price at the time of
purchase. The authorisation is in force for 18 months from the
decisions of the AGM.
The decision made by the AGM was published in its entirety in a
Company Announcement on 10 March 2009.
On 10 March 2009 the Board of Directors decided to exercise the
authorisation and to commence the acquisition of the company's own
shares for the purpose mentioned last in the previous paragraph. By
the end of March 2009, 818 of the company's own shares have been
acquired based on this authorisation. The average price of the shares
acquired in 2009 was EUR 8.08.
Furthermore, Pöyry PLC has acquired from its subsidiary 8 914 Pöyry
PLC shares and thus the total amount of own shares held by the
company on 31 March 2009 was 524 818, representing 0.9 per cent of
all shares and 0.9 per cent of all votes.
After the implementation of the above mentioned directed share issue
of 216 727 own shares related to the earnings period 2008 of the
incentive plan the total number of own shares held by the company is
308 091, representing 0.5 per cent of all shares and all votes.
Invested free equity reserve
The AGM on 10 March 2009 resolved to lower the legal reserve and the
share premium reserve by transferring the entire capital of the
reserves in the aggregate amount of EUR 50 420 234.49 into the
reserve for invested unrestricted equity. The transfer is under
registration.
Dividend
The Annual General Meeting decided that a dividend of EUR 0.65 be
distributed per outstanding share for 2008 (EUR 0.65 for 2007),
totalling EUR 38.0 million. The dividend was paid on 20 March 2009.
Share trading and price
The company's shares are listed on NASDAQ OMX in Helsinki. The
average trading price during the period under review was EUR 8.73,
with a high of EUR 10.26 and a low of EUR 7.55. A total of 7.0
million of the company's shares were traded, equalling 12.0 per cent
of the total number of shares and corresponding to a turnover of
EUR 61.8 million.
Prospects
Energy
The Energy business group's market position is stable. However, the
world economic recession and the low level of crude oil prices and
natural gas margins have postponed investment decisions, especially
in the oil and gas sector. Volatility in the price of crude oil is
expected to continue in the short term but with a softening price
trend. In addition, the restricted availability of project finance
has postponed project go-ahead decisions. Prospects for hydropower
projects in the medium term, specifically in emerging markets, remain
strong. Investment activity in the power and heat sector has
stabilised in all markets, which is why go-ahead decisions in some
investment projects have been postponed. Changes in the energy supply
structure coupled with energy legislation work, particularly in the
EU, are expected to drive demand for strategic management consulting
services. Environmental legislation focused on combating climate
change will continue to drive demand for renewable energy and energy
efficiency related services. The nuclear power renaissance is clearly
picking up speed, not only within the European markets but also in
new markets, such as the Middle East and Asia. Adaptation measures
designed to safeguard profitability in the long term have been
launched in the Energy business group. The Energy business group's
operating profit is estimated to decrease in 2009, if the positive
effect on earnings of the non-recurring income from the sale of
Polartest Oy's shares is not taken into account in the operating
profit.
Forest Industry
The Forest Industry business group's market position is stable.
Go-ahead decisions of new pulp and paper projects and chemical
industry projects have been postponed, and the time schedules of
decided projects are uncertain. Investment activity is not expected
to recover during 2009. Preliminary study work for new investment
projects continues in certain areas, notably in Russia. In Latin
America, the volume of investments will go down significantly in
2009. Demand for local services in the forest industry sector has
decreased, while it has remained stable in other industrial sectors.
Demand for management consulting services has declined and is
increasingly focused on improving forest product companies'
profitability, including business development and energy savings. In
response to the changed market situation, the Forest Industry
business group will continue its efficiency improvement measures by
cutting costs and reducing its capacity. Apart from other adaptation
measures, the business group's organisation and operation model will
be changed. There will also be further lay-offs in response to the
changed market situation. The Forest Industry business group's
operating profit is weakened by poor demand for its services and by
non-recurring expenses related to adaptation measures. The Forest
Industry business group's operating profit in 2009 is estimated to be
slightly negative, including non-recurring items.
Transportation
Despite difficult economic conditions in almost all regions of the
world, investments in the transportation sector have continued, with
a similar pattern as in previous years. A number of governments
around the world have announced major programmes to help fight the
impact of the global downturn. In particular, Europe and Latin
America remain buoyant. Investments in Western Europe remain stable
except in Germany. Many of these new investments are for building new
roads, rail and metro systems, including tunnels. All of these
investments represent core areas of the Transportation business
group. The business group's order stock has clearly increased during
the period under review and the operations are expected to remain
stable. The Transportation business group's operating profit is
expected to improve in 2009.
Water & Environment
The global economic downturn has so far very limited effects on the
Water & Environment business group, as only a small part of the
services are provided for private-sector clients. Demand for services
in water supply and sanitation, solid waste, and environmental
studies remains high. Many governments around the world have
announced major programmes to help fight the impact of the global
downturn. All these programmes have a sizable component of
investments into public infrastructure, which includes water supply
and waste water. International financial institutions, such as the
World Bank, have also allocated support for investments in social
infrastructure. The number of extreme weather events leading to loss
of lives and major damage to infrastructure continues to increase as
a result of climate change. Therefore, the public sector will
increase its spending for rehabilitation and protection of built-up
environments. All of these drivers will create new opportunities for
the business group around the world. The Water & Environment business
group's operations are expected to remain stable and its operating
profit is estimated to improve in 2009.
Construction Services
The impacts of the economic crisis are visible especially in the
commercial and office building sectors of the Construction Services
business group's market. In addition, in the industrial building
sector, several new investments have been cancelled or postponed. It
is difficult to foresee when demand will recover, so the adaptation
measured launched in the various business units will be continued in
an effort to safeguard the business group's profitability. The
relatively stable demand for services related to infrastructure
projects and for consulting services is expected to continue. In
these areas, the business group has a strong position. In spite of
the difficult market situation, the business group's order stock has
remained strong. Because of the deteriorating market situation and
non-recurring expenses due to adaptation measures the Construction
Services business group's operating profit is estimated to decline
clearly in 2009.
Group
The economic downturn will have a clear impact on investment demand
worldwide during 2009. In the Pöyry Group, the impacts have most
clearly been felt in the Forest Industry business group's operations
and profitability, though the business group's market position
remains strong. The duration of the downturn and all of its impacts
are difficult to foresee. Pöyry will continue its actions to
intensify sales, promote internal networking and sharing of
resources. The action programme launched in the autumn of 2008 will
be continued and efficiency improvement measures accelerated.
Operations will be refocused by adapting the capacity and improve the
Group's cost-efficiency. There will also be changes in operational
structures. The aim is to keep the Group's profitability at as good a
level as possible.
Corporate acquisitions will remain a central part of Pöyry's growth
strategy. Pöyry's strong balance sheet and good liquidity create
opportunities for participating in corporate restructurings.
Acquisitions will be made in cases where the target company offers
strategic advantages and supports Pöyry's objectives.
Pöyry's net sales for 2009 are estimated to decrease and profit
before taxes is estimated to decrease significantly compared with
2008. This assessment does not take into account possible
acquisitions during 2009.
Vantaa, Finland, 23 April 2009
PÖYRY PLC
Board of Directors
PÖYRY PLC
Heikki Malinen
President and CEO
Teuvo Salminen
Deputy to President and CEO
Additional information by:
Heikki Malinen, President and CEO, Pöyry PLC
tel. +358 10 33 21307
Esa Ikäheimonen, CFO, Pöyry PLC
tel. +358 10 33 21586
Satu Perälampi, VP, Corporate Communications and IR, Pöyry PLC
tel. +358 10 33 23002
www.poyry.com
DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
PÖYRY GROUP
STATEMENT OF COMPREHENSIVE INCOME 1-3/2009 1-3/2008 1-12/2008
EUR million
NET SALES 187.8 196.2 821.7
Other operating income 0.2 0.1 6.6
Share of associated companies' results 0.2 0.1 2.2
Materials and supplies -0.9 -4.1 -15.3
External charges, subconsulting -23.4 -23.6 -101.0
Personnel expenses -112.6 -107.0 -433.8
Depreciation -2.1 -2.0 -9.0
Other operating expenses -44.0 -37.7 -170.8
OPERATING PROFIT 5.2 22.0 100.6
Proportion of net sales, % 2.8 11.2 12.2
Financial income 1.9 1.3 6.3
Financial expenses -1.4 -0.4 -3.5
Exchange rate differences 0.6 -0.3 -0.1
Value decrease on non-current investment 0.0 0.0 -0.1
PROFIT BEFORE TAXES 6.3 22.6 103.2
Proportion of net sales, % 3.4 11.5 12.6
Income taxes -2.0 -7.1 -30.6
NET PROFIT FOR THE PERIOD 4.3 15.5 72.6
OTHER COMPREHENSIVE INCOME
Translation differences -0.4 -3.1 -6.1
Exchange losses from equity hedging 1.0 0.0 -2.4
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD 4.9 12.4 64.1
Net profit attributable to:
Equity holders of the parent company 3.8 15.1 70.8
Minority interest 0.5 0.4 1.8
Total comprehensive income attributable
to:
Equity holders of the parent company 4.4 12.0 62.4
Minority interest 0.5 0.4 1.7
Earnings per share, EUR 0.07 0.26 1.21
Corrected with dilution effect 0.07 0.25 1.19
STATEMENT OF FINANCIAL POSITION 31 March 31 March 31 December
EUR million 2009 2008 2008
ASSETS
NON-CURRENT ASSETS
Goodwill 98.0 95.0 95.9
Intangible assets 6.1 5.4 6.2
Tangible assets 18.4 18.3 18.8
Shares in associated companies 6,1 5.1 5.8
Other shares 1.9 2.4 1.7
Loans receivable 0.1 0.1 0.1
Deferred tax receivables 7.3 5.9 6.2
Pension receivables 0.9 0.7 0.3
Other 7.1 4.4 5.0
145.9 137.3 140.0
CURRENT ASSETS
Work in progress 75.4 82.5 69.3
Accounts receivable 131.9 136.3 143.5
Loans receivable 0.7 0.7 0.8
Other receivables 12.0 12.3 10.3
Prepaid expenses and accrued income 17.5 10.5 12.7
Cash and cash equivalents 152.3 88.2 203.7
389.8 330.5 440.3
TOTAL 535.7 467.8 580.3
EQUITY AND LIABILITIES
EQUITY
Equity attributable to the equity
holders
of the parent company
Share capital 14.6 14.6 14.6
Share premium reserve 32.4 32.4 32.4
Legal reserve 20.3 19.5 20.5
Invested free equity reserve 5.8 4.6 5.8
Translation difference -21.6 -17.0 -22.4
Retained earnings 117.5 98.6 152.5
169.0 152.7 203.4
Minority interest 8.1 7.3 7.7
177.1 160.0 211.1
LIABILITIES
Non-current liabilities
Interest bearing non-current
liabilities 100.3 21.7 100.8
Pension obligations 7.7 6.7 6.7
Deferred tax liability 6.3 5.8 4.7
Other non-current liabilities 4.9 8.0 5.0
119.2 42.2 117.2
Current liabilities
Amortisations of interest bearing
non-current liabilities 20.6 2.6 20.5
Interest bearing current liabilities 9.2 16.5 1.2
Provisions 8.3 3.8 5.8
Project advances 61.7 97.3 73.6
Accounts payable 20.4 21.1 21.8
Other current liabilities 34.3 39.0 43.0
Current tax payable 1.9 1.9 3.6
Accrued expenses and deferred income 83.0 83.4 82.5
239.4 265.6 252.0
TOTAL 535.7 467.8 580.3
STATEMENT OF CASH FLOWS 1-3/2009 1-3/2008 1-12/2008
EUR million
FROM OPERATING ACTIVITIES
Net profit for the period 4.3 15.5 72.6
Depreciation and value decrease 2.1 2.0 9.1
Gain on sale of fixed assets 0.0 0.0 -6.3
Share of associated companies' results -0.2 -0.1 -1.6
Financial income and expenses -1.1 -0.6 -2.5
Income taxes 2.0 7.1 30.6
Change in work in progress -6.1 -18.0 -4.8
Change in accounts and other
receivables 8.6 9.7 1.9
Change in advances received -11.9 0.0 -23.7
Change in payables and other
liabilities -1.3 -3.6 8.6
Received financial income 1.9 1.3 6.2
Paid financial expenses -1.6 -0.9 -3.0
Paid income taxes -11.7 -6.6 -30.5
Total from operating activities -15.0 5.8 56.6
CAPITAL EXPENDITURE
Investments in shares in subsidiaries
deducted with cash acquired -6.8 -2.5 -8.7
Investments in fixed assets -1.8 -2.6 -10.7
Sales of shares in associated
companies 0.0 0.0 6.9
Sales of other shares 0.0 0.0 0,4
Sales of fixed assets 0.2 0.0 1.2
Capital expenditure total, net -8.4 -5.1 -10.9
Net cash before financing -23.4 0.7 45.7
FINANCING
New loans 0.0 20.5 118.2
Repayments of loans -0.5 -0.5 -2.6
Change in current financing 8.5 11.9 -3.7
Change in non-current investments 0.0 0.0 0.0
Dividends -36.8 -36.8 -39.1
Acquisitions of own shares -1.2 -4.0 -5.9
Share subscription 0.0 0.0 1.2
Net cash from financing -30.0 -8.9 68,1
Change in cash and cash equivalents -53.4 -8.2 113.8
Cash and cash equivalents at the
beginning of period 203.7 98.7 98.7
Impact of translation differences in
exchange rates 2.0 -2.3 -8.8
Cash and cash equivalents at the end of
period 152.3 88.2 203.7
STATEMENT OF CHANGES IN EQUITY
EUR million
Inves-
Share ted
pre- free Trans- Re- Minor-
Share mium Legal equity lation tained ity
cap- re- re- re- differ- earn- inter- Total
ital serve serve serve ences ings Total est equity
Equity
1 Jan. 2008 14.6 32.4 19.5 4.6 -13.9 125.4 182.6 6.9 189.5
Acquisition
of own shares -4.0 -4.0 -4.0
Shares sub-
scribed
with stock
options 0.0 0.0 0.0
Payment of
dividend -38.0 -38.0 -38.0
Expenses from
share-based
incentive
programmes 0.1 0.1 0.1
Comprehensive
income for
the period -3.1 15.1 12.0 0.4 12.4
Changes for the
period -3.1 -26.8 -29.9 0.4 -29.5
Equity
31 March 2008 14.6 32.4 19.5 4.6 -17.0 98.6 152.7 7.3 160.0
Equity
1 Jan. 2008 14.6 32.4 19.5 4.6 -13.9 125.4 182.6 6.9 189.5
Shares sub-
scribed
with stock
options 1.2 1.2 1.2
Payment of
dividend -38.0 -38.0 -1.0 -39.0
Acquisition
of own shares -5.9 -5.9 -5.9Transfer,
retained
earnings 1.0 -1.0 0.0 0.0
Expenses from
share-based
incentive
programmes 1.2 1.2 1.2
Minority
change -0.1 -0.1 0.1 0.0
Comprehensive
income for
the period -8.5 70.8 62.3 1.7 64.0
Changes for the
period 1.0 1.2 -8.5 27.0 20.7 0.8 21.5
Equity
31 Dec. 2008 14.6 32.4 20.5 5.8 -22.4 152.5 203.4 7.7 211.1
Equity
1 Jan. 2009 14.6 32.4 20.5 5.8 -22.4 152.5 203.4 7.7 211.1
Acquisition
of own shares -1.2 -1.2 -1.2
Payment of
dividend -37.9 -37.9 -37.9
Expenses from
share-based
incentive
programmes 0.4 0.4 0.4
Comprehensive
income for
the period -0.2 0.8 3.8 4.4 0.5 4.9
Changes for the
period 0.0 0.0 -0.2 0.0 0.8 -34.9 -34.3 0.5 -33.8
Equity
31 March 2009 14.6 32.4 20.3 5.8 -21.6 117.5 169.0 8.1 177.1
CONTINGENT LIABILITIES 31 March 31 March 31 December
EUR million 2009 2008 2008
For own debt 0.0 0.0 0.0
Other obligations
Pledged assets 1.5 0.4 0.1
Other obligations 48.9 40.2 45.2
For others
Pledged assets 0.2 0.1 0.1
Other obligations 0.1 0.1 0.1
Rent and lease obligations 120.1 112.0 118.2
Derivative instruments
Foreign exchange forward contracts,
notional values 27.2 14.4 29.5
Foreign exchange forward contracts, 0.4 0.3 1.1
fair values -0.7 -0.1 -1.2
Currency options, nominal values
Purchased 3.8 0.0 5.6
Written 2.8 0.0 4.5
Currency options, fair values
Purchased 0.1 0.0 0.2
Written -0.1 0.0 -0.2
Interest rate swaps, nominal values 11.0 0.0 11.7
Interest rate swaps, fair values -0.7 0.0 -0.7
Related party transactions
The transactions with the associated companies are determined on an
arm's length basis.
Sales to associated
companies 0.0 0.1 0.3
Loans receivable from associated
companies 0.1 0.1 0.1
Accounts receivable from associated
companies 0.0 0.1 0.0
Shareholding and option rights of related
parties
The members of the Board of Directors, the President and CEO, the
Deputy to the President and CEO and the members of the Group
Executive Committee owned on 31 March 2009 a total of 134 950
shares and 127 704 stock options (on 31 December 2008 a total of
167 437 shares, and 150 679 stock options 2004).
With the stock options the shareholding can be increased by
510 816 shares equalling 0.9 per cent of the total number of
shares and votes. The stock option programme is described in the
Financial Statements 2008.
Performance share plan 2008-2010
The Performance share plan includes three earning periods, which
are the calendar years 2008, 2009 and 2010. The rewards will be
paid partly in the company's shares and partly in cash in 2009,
2010 and 2011. Shares must be held for a period of two years from
the transfer date.
The Performance share plan is described in the verbal part of the
Interim report.
KEY FIGURES 1-3/2009 1-3/2008 1-12/2008
Earnings / share, EUR 0.07 0.26 1.21
Corrected with dilution
effect 0.07 0.25 1.19
Equity attributable to equity holders
of the parent company/share, EUR 2.87 2.62 3.45
Return on investment, % p.a. 11.1 49.4 45.4
Return on equity, % p.a. 9.4 37.6 38.7
Equity ratio, % 37.4 43.2 41.7
Equity / Assets ratio, % 33.1 34.2 36.4
Net debt / Equity ratio (gearing), % -12.5 -29.6 -38.5
Net debt, EUR million -22.2 -47.4 -81.2
Consulting and engineering, EUR million 539.8 568.5 538.6
EPC, EUR million 6.6 5.8 0.5
Order stock total, EUR million 546.4 574.3 539.1
Capital expenditure, operating, EUR
million 1.8 2.6 10.7
Capital expenditure in shares, EUR
million 1.4 0.2 8.9
Personnel in Group companies on average 7711 7368 7702
Personnel in Group companies at the end
of the period 7647 7417 7924
Personnel in associated companies
at the end of the period 140 295 142
Change in intangible assets
EUR million
Book value at beginning of period 6.2 6.6 6.6
Acquired companies 0.0 0.0 0.7
Capital expenditure 0.5 0.2 1.4
Decreases 0.0 -0.6 0.0
Depreciation -0.6 -0.6 -2.5
Translation difference 0.0 -0.2 0.0
Book value at end of period 6.1 5.4 6.2
Change in tangible assets
Book value at beginning of period 18.8 17.8 17.8
Acquired companies 0.0 0.0 0.7
Capital expenditure 1.3 2.4 9.3
Decreases -0.2 -0.1 -2.2
Depreciation -1.5 -1.4 -6.6
Translation difference 0.0 -0.4 -0.2
Book value at end of period 18.4 18.3 18.8
SEGMENT INFORMATION 1-3/2009 1-3/2008 1-12/2008
EUR million
NET SALES
Energy 59.5 58.1 241.3
Forest Industry 53.8 70.8 294.5
Tranportation 30.8 23.7 105.5
Water & Environment 21.0 20.3 87.6
Construction Services 22.2 22.9 92.8
Unallocated 0.5 0.4 0.0
Total 187.8 196.2 821.7
OPERATING PROFIT AND NET PROFIT FOR THE
PERIOD
Energy 4.1 5.6 32.0
Forest Industry -2.8 11.7 50.8
Tranportation 2.5 2.1 9.2
Water & Environment 0.8 0.7 4.2
Construction Services 1.7 2.7 9.9
Unallocated -1.1 -0.8 -5.5
Operating profit total 5.2 22.0 100.6
Financial income and expenses 1.1 0.6 2.6
Profit before taxes 6.3 22.6 103.2
Income taxes -2.0 -7.1 -30.6
Net profit for the period 4.3 15.5 72.6
Profit attributable to:
Equity holders of the parent company 3.8 15.1 70.8
Minority interest 0.5 0.4 1.8
OPERATING PROFIT %
Energy 6.9 9.6 13.2
Forest Industry -5.2 16.5 17.2
Tranportation 8.0 8.9 8.7
Water & Environment 3.8 3.4 4.8
Construction Services 7.5 11.8 10.7
Total 2.8 11.2 12.2
ORDER STOCK
Energy 195.2 205.8 196.4
Forest Industry 71.7 133.0 86.3
Tranportation 151.8 113.1 130.9
Water & Environment 78.8 74.7 76.8
Construction Services 48.3 47.3 48.3
Unallocated 0.6 0.4 0.4
Total 546.4 574.3 539.1
Consulting and engineering 539.8 568.5 538.6
EPC 6.6 5.8 0.5
Total 546.4 574.3 539.1
SEGMENT INFORMATION 1-3/2009 1-3/2008 1-12/2008
EUR million
PERSONNEL, END OF THE PERIOD
Energy 1864 1841 1870
Forest Industry 2629 2769 2917
Tranportation 1150 850 1073
Water & Environment 951 940 976
Construction Services 933 920 971
Other 120 97 117
Total 7647 7417 7924
ASSETS, END OF THE PERIOD
Energy 204.3 202.6 209.1
Forest Industry 215.0 179.2 241.9
Tranportation 98.1 84.4 100.1
Water & Environment 71.9 52.3 84.8
Construction Services 68.2 50.1 75.3
Other -121.8 -100.8 -130.9
Total 535.7 467.8 580.3
NET SALES BY AREA
The Nordic countries 54.1 56.9 234.3
Europe 88.0 85.5 363.1
Asia 16.2 18.6 72.6
North America 6.1 8.5 27.7
South America 15.8 19.9 89.5
Other 7.6 6.8 34.5
Total 187.8 196.2 821.7
SEGMENT INFORMATION 1-3/07 4-6/07 7-9/07 10-12/07
EUR million
NET SALES
Energy 51.4 51.8 51.6 62.7
Forest Industry 61.3 64.1 61.2 74.1
Tranportation 22.3 21.9 22.9 24.6
Water & Environment 18.2 19.5 19.2 21.6
Construction Services 13.6 15.3 17.6 22.0
Unallocated 0.2 0.4 0.2 0.5
Total 167.0 173.0 172.7 205.5
OPERATING PROFIT AND NET PROFIT FOR THE
PERIOD
Energy 5.3 4.6 5.7 5.4
Forest Industry 7.2 8.2 9.1 11.7
Tranportation 2.3 1.0 1.9 2.0
Water & Environment 0.5 1.1 0.4 1.6
Construction Services 1.5 1.8 2.9 2.6
Unallocated -0.8 -0.4 -0.7 -1.1
Operating profit total 16.0 16.3 19.3 22.2
Financial income and expenses 0.5 0.5 0.6 1.1
Profit before taxes 16.5 16.8 19.9 23.3
Income taxes -5.3 -5.4 -6.3 -6.7
Net profit for the period 11.2 11.4 13.6 16.6
Profit attributable to:
Equity holders of the parent company 10.9 11.0 13.5 15.9
Minority interest 0.3 0.4 0.1 0.7
OPERATING PROFIT %
Energy 10.3 8.9 11.0 8.6
Forest Industry 11.7 12.9 14.9 15.9
Tranportation 10.1 4.6 8.4 8.1
Water & Environment 2.9 5.6 1.7 7.2
Construction Services 11.2 11.9 16.5 11.9
Total 9.6 9.4 11.2 10.8
ORDER STOCK
Energy 214.8 233.8 223.7 212.7
Forest Industry 149.0 135.4 134.7 119.6
Tranportation 90.8 88.4 96.8 107.0
Water & Environment 72.2 71.6 72.0 72.4
Construction Services 40.5 49.4 56.5 51.1
Unallocated 0.3 0.3 0.0 0.0
Total 567.6 578.9 583.7 562.8
Consulting and engineering 553.1 558.1 566.2 551.4
EPC 14.5 20.8 17.5 11.4
Total 567.6 578.9 583.7 562.8
SEGMENT INFORMATION 1-3/08 4-6/08 7-9/08 10-12/08
EUR million
NET SALES
Energy 58.1 62.1 56.8 64.3
Forest Industry 70.8 81.9 69.3 72.5
Tranportation 23.7 26.5 26.3 29.0
Water & Environment 20.3 21.6 20.3 25.4
Construction Services 22.9 25.4 20.6 23.9
Unallocated 0.4 0.5 0.6 -1.5
Total 196.2 218.0 193.9 213.6
OPERATING PROFIT AND NET PROFIT FOR THE
PERIOD
Energy 5.6 8.3 6.3 11.8
Forest Industry 11.7 16.9 12.7 9.5
Tranportation 2.1 1.4 2.4 3.3
Water & Environment 0.7 1.4 0.3 1.8
Construction Services 2.7 3.4 1.9 1.9
Unallocated -0.8 -1.4 -1.7 -1.6
22.0 30.0 21.9 26.7
Financial income and expenses 0.6 0.5 1.3 0.2
Profit before taxes 22.6 30.5 23.2 26.9
Income taxes -7.1 -9.4 -7.5 -6.6
Net profit for the period 15.5 21.1 15.7 20.3
Profit attributable to:
Equity holders of the parent company 15.1 20.5 15.4 19.8
Minority interest 0.4 0.6 0.3 0.5
OPERATING PROFIT %
Energy 9.6 13.4 11.1 18.4
Forest Industry 16.5 20.6 18.3 13.1
Tranportation 8.9 5.3 9.1 11.3
Water & Environment 3.4 6.5 1.5 7.3
Construction Services 11.8 13.4 9.2 8.1
Total 11.2 13.8 11.3 12.5
ORDER STOCK
Energy 205.8 195.8 216.1 196.4
Forest Industry 133.0 123.3 116.3 86.3
Tranportation 113.1 114.5 130.3 130.9
Water & Environment 74.7 75.0 78.3 76.8
Construction Services 47.3 46.7 53.1 48.3
Unallocated 0.4 0.4 0.4 0.4
Total 574.3 555.7 594.5 539.1
Consulting and engineering 568.5 551.5 592.5 538.6
EPC 5.8 4.2 2.0 0.5
Total 574.3 555.7 594.5 539.1
CALCULATION OF KEY FIGURES
Return on investment, ROI %
100 x profit before taxes + interest and other financial expenses balance sheet total - non-interest bearing liabilities
(quarterly average)
Return on equity, ROE %
100 x net profit
equity (quarterly average)
Equity ratio %
100 x equity
balance sheet total - advance payments received
Equity/assets ratio %
100 x equity
balance sheet total
Net debt/equity ratio, gearing %
100 x interest-bearing liabilities - cash and cash equivalents
equity
Earnings/share, EPS
net profit attributable to the equity holders of the parent company
issue-adjusted average number of shares for the fiscal year
Equity attributable to the equity holders of the parent company/share
equity attributable to the equity holders of the parent company
issue-adjusted number of shares at the end of the fiscal year
ACQUISITIONS DURING 2008
Acquisition Acquired
Name and business date interest %
Arket Oy 7 May 2008 100
The company specialises in architectural
design services for healthcare, office,
retail and industrial buildings. The company
is based in Espoo, Finland employing nine
persons. The company has been merged with
Pöyry Architects Oy.
Geopale Oy 12 May 2008 100
The company specialises in bedrock core
drillings. The company is based in Jyväskylä,
Finland employing 14 persons. The company has
been merged with Pöyry Environment Oy.
Consilier Construct S.R.L. 27 May 2008 100
The company focuses on the transportation
market in particular on the road and rail
sector. The company is based in Bucharest in
Romania and has a staff of 220.
1 October
ETT Proyectos S.L. 2008 100
The company provides engineering and
consultancy services in the rail sector,
including both conventional rail systems as
well as high-speed rail systems. The company
is based in Madrid, Spain and has a staff of
45.
3 December
Kündig & Partner AG 2008 100
The company is specialised in HVAC building
services, and brings in a focus on complex
and sophisticated sanitary designs of
hospitals and laboratory facilities. The
company is based in Bern, Switzerland and has
a staff of 10.
Shanghai Kang Dao Construction Company Ltd 2008 100
1 March 2009
The company is primarily engaged in project
management for industrial and commercial real
estate development and construction projects.
The company is based in Shanghai, China and
has a staff of 27. The company has not been
consolidated into Pöyry Group in 2008. The
acquisition was completed in March 2009 and
included in Pöyry Group from the beginning of
March 2009.
Aggregate figures for the above acquisitions 2009 2008
EUR million
Fixed price, paid 1.3 8.8
Fixed price, unpaid 0.0
Earnout estimate 0.2
Order intake estimate 0.0
Fees 0.1
Total 1.3 9.1
Price allocation
Equity 0.2 4.7
Fair value adjustments:
Client relationship 0.0
Order stock 0.0
Other 0.0
Total 0.2 4.7
Goodwill (remaining) 1.1 4.4
Market leadership, experienced management and staff, and
earnings expectations are factors contributing to the
amount booked as goodwill.
Impact on the Pöyry Group's income statement
Operating profit from acquisition date to end of March 2009
/ December 2008 0.0 1.8
Sales volume on a 12-month calendar year basis 1.7 17.4
Operating profit on 12-month calendar year basis 0.3 2.4
Impact on the Pöyry Group's number of personnel 27 328
Impact on the Pöyry Group's assets and liabilities
EUR million
2009 2008
Book Book
values values
at Fair Adjus- at Fair Adjus-
acqui- value ted acqui- value ted
sition adjust- IFRS sition adjust- IFRS
date ments values date ments values
Intangible assets 0.0 0.0 0.1 0.1
Tangible assets 0.0 0.0 0.8 0.1 0.9
Shares 0.0 0.0 0.0 0.0
Work in progress 0.0 0.0 0.9 0.6 1.5
Accounts receivable 0.1 0.1 4.6 4.6
Other receivables 0.0 0.0 1.6 -0.2 1.4
Cash and cash
equivalents 0.1 0.1 2.5 2.5
Assets total 0.2 0.0 0.2 10.5 0.5 11.0
Interest bearing
liabilities 0.0 0.0 0.5 0.5
Project advances 0.0 0.0 0.0 0.0
Accounts payable 0.0 0.0 1.7 1.7
Other current
liabilities 0.0 0.0 3.4 0.7 4.1
Liabilities total 0.0 0.0 0.0 5.6 0.7 6.3
Net identifiable
assets and
liabilities 0.2 0.0 0.2 4.9 -0.2 4.7
Total cost of
business
combinations 1.3 9.1
Goodwill 1.1 4.4
Consideration paid,
satisfied in cash 1.3 8.8
Cash acquired 0.1 2.5
Net cash outflow 1.2 6.3
Based on the purchase agreements the companies acquired during the
period under review are consolidated 100% into the Pöyry Group as of
the end of the month when acquired.
The figures are preliminary. Acquisitions after the period under
review have not been included.
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