2016-02-16 08:00:04 CET
2016-02-16 08:00:04 CET
REGULATED INFORMATION
Ponsse Oyj - Financial Statement Release
PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2015
Vieremä, Finland, 2016-02-16 08:00 CET (GLOBE NEWSWIRE) --
PONSSE PLC, STOCK EXCHANGE RELEASE, 16 FEBRUARY 2016, 9:00 a.m.
PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2015
– Net sales amounted to EUR 461.9 (Q1–Q4/2014 390.8) million.
– Q4 net sales were EUR 151.7 (Q4/2014 120.8) million.
– Operating result totalled EUR 56.0 (Q1-Q4/2014 41.7) million, equalling 12.1
(10.7) per cent of net sales.
– Q4 operating result was EUR 21.8 (Q4/2014 14.2) million, equalling 14.4
(11.8) per cent of net sales.
– Result before taxes was EUR 50.4 (Q1-Q4/2014 38.0) million.
– Cash flow from operating activities was EUR 44.0 (Q1-Q4/2014 37.5) million.
– Earnings per share were EUR 1.48 (1.07).
– Equity ratio was 44.8 (42.0) per cent.
– Order books stood at EUR 158.1 (158.4) million.
– The Board of Directors´proposal for the distribution of profit is EUR 0.55
(0.45) per share.
– After the very strong performance in 2015, the Group´s euro-denominated
operating profit is expected to be on a par with 2015 in 2016.
PRESIDENT AND CEO JUHO NUMMELA:
2015 was a very strong year for Ponsse. We managed to improve our position even
further after the excellent results of 2014. We succeeded in our goal of
finding a balance in business operations between growth, profitability and cash
flows. We achieved an 18 per cent growth in net sales, an operating profit
margin of over 12 per cent and a EUR 44.0 million cash flow from business
operations. The share of exports continued to develop, reaching a record-high
figure of 77 (75) per cent of net sales.
The forest machine market was active and order intake was at an excellent level
throughout the year. Our order books grew strongly during the year and balanced
out towards the end of the year due to high delivery volumes in December. Our
order books were still at a very good level at the end of the year, amounting
to EUR 158.1 million. The Vieremä factory manufactured a record-high number of
forest machines during the review period.
With regard to our market areas, North America was particularly strong. The
general economic situation in the United States continued to be good, and the
activity of the local forest industry enabled a good work situation for our
customers. At the same time, the exchange rate of the US dollar made the
operations of our subsidiary easier in the local market. The Canadian market
also experienced good growth, influenced by the United States. In Russia,
demand for forest machines was actually picking up towards the end of the year.
In spite of the very uncertain situation of the country, machine deliveries
took place as planned. In Europe, the market was mostly at a good level. The
Swedish forest machine market continued to be depressed, and the Finnish forest
machine market was larger than the Swedish market for the first time in
history.
Our growth in 2015 was strong. All of our business areas developed well, and
growth in new machines and maintenance services was excellent in particular.
The growth in maintenance services is linked both to the continuously expanding
machine base and new business concepts in maintenance services. The company's
cumulative net sales amounted to a record-high figure of EUR 461.9 (390.8)
million and operating profit was EUR 56.0 (41.7) million. Net sales grew by
18.2 per cent and operating profit by 34.2 per cent compared with the
comparable period. The operating profit equalled 12.1 (10.7) per cent of net
sales for the period under review.
Cash flow from business operations amounted to EUR 44.0 (37.5) million in the
period under review. As a result of this strong growth, the capital temporarily
tied up in inventories impaired cash flows. The stock of new machines was
almost at the optimum level at the end of the year, but due to the start of
serial production of a new machine model series, capital was tied up in
materials and supplies and investments in spare part inventories in different
market areas impaired the cash flows. The stock of used machines was increasing
slightly towards the end of the year due to the high delivery volumes of new
machines.
The company's balance sheet strengthened further and our solvency continued its
positive development. The company's equity ratio was 44.8 (42.0) per cent.
Ponsse's product range changed strongly during 2015. The serial production of
PONSSE Scorpion and PONSSE Bear, the first harvesters of the new model series,
started in 2014. The rest of the products in the new model range entered serial
production in stages during 2015. The ergonomics, serviceability and
productivity of the machines have been developed and the design has been
updated. At the same time, new engines compliant with the EU Stage IV emission
level pertaining to the new environmental requirements were installed in all
forest machines delivered in Europe. The launch of new products and commencing
their serial production succeeded well. At the same time, our Vieremä factory
was able to manufacture forest machines at full capacity with the volumes
growing continuously in a controlled way.
We are developing Ponsse with a long-term perspective. 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 56
million in R&D, while our capital expenditure for the same period amounted to
approximately EUR 87 million.
Our investments in the service network and factory functions have continued. In
addition to Finland, we have invested strongly in the service centres of our
subsidiaries. Currently, investment projects are in progress in the United
States, Russia, Uruguay, France and the United Kingdom. In addition, we are
increasing the capacity of the Iisalmi logistics centre by investing in the
expansion of its premises. The development of the factory is strongly focused
on developing productivity and quality making ability throughout the production
network. Organisational reforms made in the supply chain in autumn 2015
succeeded well and the development of the different parts of the supply chain
is progressing nicely. The factory will be expanded significantly in the years
to come, which will be made possible by the investments on which we have
already decided. The investments will support our ability to manufacture PONSSE
forest machines in Finland and respond to market needs.
NET SALES
Consolidated net sales for the period under review amounted to EUR 461.9
(390.8) million, which was 18.2 per cent more than in the comparison period.
International business operations accounted for 76.9 (74.5) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 37.3 (41.2)
per cent, Central and Southern Europe 18.6 (20.2) per cent, Russia and Asia
12.3 (16.4) per cent, North and South America 31.5 (22.1) per cent and other
countries 0.4 (0.1) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 56.0 (41.7) million. The operating result
equalled 12.1 (10.7) per cent of net sales for the period under review.
Consolidated return on capital employed (ROCE) stood at 32.8 (30.1) per cent.
Staff costs for the period totalled EUR 67.6 (58.6) million. Other operating
expenses stood at EUR 40.3 (35.9) million. The net total of financial income
and expenses amounted to EUR -5.6 (-3.7) million. Exchange rate gains and
losses with a net effect of EUR -4.0 (-1.9) million were recognised under
financial items for the period. Result for the period under review totalled EUR
41.3 (29.8) million. Diluted and undiluted earnings per share (EPS) came to EUR
1.48 (1.07).
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 267.7 (205.8) million. Inventories stood at
EUR 104.6 (92.7) million. Trade receivables totalled EUR 40.2 (25.2) million,
while liquid assets stood at EUR 26.5 (12.7) million. Group shareholders’
equity stood at EUR 117.9 (86.0) million and parent company shareholders’
equity (FAS) at EUR 113.6 (104.2) million. The amount of interest-bearing
liabilities was EUR 62.4 (51.7) million. The company has used 17 per cent of
its credit facility limit. The parent company's net receivables from other
Group companies stood at EUR 60.9 (73.2) million. The parent company’s
receivables from subsidiaries mainly consisted of trade receivables.
Consolidated net liabilities totalled EUR 35.9 (39.0) million, and the
debt-equity ratio (net gearing) was 30.5 (45.3) per cent. The equity ratio
stood at 44.8 (42.0) percent at the end of the period under review.
Cash flow from operating activities amounted to EUR 44.0 (37.5) million. Cash
flow from investment activities came to EUR -24.2 (-19.0) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 469.4 (451.7) million, while
period-end order books were valued at EUR 158.1 (158.4) 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. The Group includes also the
property company OOO Ocean Safety Center, Russia. Sunit Oy, Finland, is an
associate in which Ponsse Plc has a holding of 34 per cent.
No changes took place in the Group structure except for the merger of the joint
real estate company Kiinteistö Oy Kaupinkuja 3 into the parent company on 30
June 2015. In addition, the business operations of Ponsse's retailer AN
Maskinteknik Ab in the Norrbotten region in Northern Sweden were transferred to
Ponsse's subsidiary Ponsse AB on 31 August 2015.
CAPITAL EXPENDITURE AND R&D
During the period under review, the Group’s R&D expenses totalled EUR 12.2
(10.3) million, of which EUR 3.9 (3.1) million was capitalised.
Capital expenditure totalled EUR 24.4 (19.2) 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 14 April 2015. 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 2014 financial period.
The AGM decided to pay a dividend of EUR 0.45 per share for 2014 (dividends
totaling EUR 12,585,109). No dividend will be paid to shares owned by the
company itself (33,092 shares). The dividend payment record date was 16 April
2015, and the dividends were paid on 23 April 2015.
Annual General Meeting authorised the Board of Directors to decide on the
acquisition of treasury shares so that shares can be acquired in one or several
instalments to a maximum of 250,000 shares. The maximum amount corresponds to
approximately 0.89 per cent of the company’s total shares and votes.
The shares will be acquired in public trading organised by NASDAQ OMX Helsinki
Ltd (“the Stock Exchange”). Furthermore, they will be acquired and paid
according to the rules of the Stock Exchange and Euroclear Finland Ltd.
The Board may, pursuant to the authorisation, only decide upon the acquisition
of the treasury shares using the company’s unrestricted shareholders’ equity.
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, used for increasing shareholders’ ownership value by invalidating
shares after their acquisition or used in personnel incentive systems. The
authorisation includes the right of the Board to decide upon all other terms
and conditions of the share issue.
The authorisation is proposed to be valid until the next Annual General
Meeting; however, no later than 30 June 2016. The previous authorisations are
cancelled.
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 250,000 shares will be issued on the basis of the authorisation. The
maximum amount corresponds to approximately 0.89 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
2016. 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 ten times during the period under review. The
attendance rate was 95.7 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
(until 17 August 2015); Petri Härkönen, CFO; Juha Inberg, Technology and R&D
Director; Tapio Mertanen, Service Director; Paula Oksman, HR Director; Tommi
Väänänen, Purchasing Director (until 1 November 2015) and Director of Delivery
Chain Process (starting from 1 November 2015) 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), Carl-Henrik Hammar (Sweden, Denmark),
Marko Mattila (the Baltic countries) 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 and Portugal) 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 and Chile), Teemu Raitis (Brazil) and Martin Toledo
(Uruguay).
Carl-Henrik Hammar has been appointed Managing Director of Ponsse Plc´s Swedish
subsidiary, Ponsse AB, as of 1 July 2015. A separate release was issued on the
matter on 14 January 2015.
PERSONNEL
The Group had an average staff of 1,329 (1,200) during the period and employed
1,373 (1,246) people at period-end.
SHARE ISSUE RELATED TO THE INCENTIVE PLAN FOR KEY EMPLOYEES
In order to implement the key employee Matching Share Plan 2015, the Board of
Directors of Ponsse Plc decided on two share issues directed to the key
employees belonging to target group of the plan. The Company has announced a
release on the Matching Share Plan and the related share issues on 17 February
2015.
A maximum total of 106,450 shares held by the Company were offered in the share
issue against payment, for subscription to the key employees belonging to the
target group of the Matching Share Plan 2015. The share subscription price for
the shares was EUR 12.12 per share, and the shares had to be paid upon
subscription. The share subscription period of the shares ended on 18 March
2015. The Board of Directors of the Company approved the subscriptions of a
total of 92,310 shares in the share issue, corresponding to a total of
1,118,797.20 euros.
A total of 87,498 shares held by the Company were given to the Group key
employees belonging to the target group of the Matching Share Plan 2015 in the
share issue without payment. According to the terms and conditions of the
Matching Share Plan, the key employees may not transfer the shares received as
reward before 31 March 2018.
The Company transferred a total of 179,808 shares held by the Company on the
basis of the share issues on 31 March 2015. The Company holds 33,092 shares
after the share transfer.
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 9,206 shareholders. The trading
volume of Ponsse Plc shares for 1 January – 31 December 2015 totalled
4,190,494, accounting for 15.0 per cent of the total number of shares. Share
turnover amounted to EUR 64.0 million, with the period’s lowest and highest
share prices amounting to EUR 11.66 and EUR 19.77, respectively.
At the end of the period, shares closed at EUR 18.36, and market capitalisation
totalled EUR 514.1 million.
At the end of the period under review, the company held 33,092 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 2015, and its use has been expanded
significantly. 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
The company has no important events after the conclusion of the period under
review.
OUTLOOK FOR THE FUTURE
After the very strong performance in 2015, the Group’s euro-denominated
operating profit is expected to be on a par with 2015 in 2016. Ponsse's
strongly reformed and competitive product range and new service solutions have
significantly grown the company. Our investments are focused on developing the
level of service and capacity of the supply chain and spare part logistics and
developing the service network in Finland and abroad.
ANNUAL GENERAL MEETING
Ponsse Plc’s Annual General Meeting will be held on 12 April 2016, 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 103,374,345.27 euros of distributable funds
on 31 December 2015.
The company’s Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.55 per share shall be paid for the year 2015. The Board
proposes to the Annual General Meeting that a profit bonus will be paid to the
staff for the year 2015.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS
1-12/15 1-12/14
NET SALES 461,928 390,831
Increase (+)/decrease (-) in inventories of finished goods -1,021 3,173
and work in progress
Other operating income 2,152 1,185
Raw materials and services -289,294 -251,067
Expenditure on employment-related benefits -67,554 -58,583
Depreciation and amortisation -9,890 -7,962
Other operating expenses -40,335 -35,875
OPERATING RESULT 55,987 41,704
Share of results of associated companies -50 1
Financial income and expenses -5,552 -3,745
RESULT BEFORE TAXES 50,385 37,959
Income taxes -9,105 -8,164
NET RESULT FOR THE PERIOD 41,280 29,795
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 880 -3,093
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 42,160 26,702
Diluted and undiluted earnings per share 1.48 1.07
IFRS IFRS
10-12/15 10-12/14
NET SALES 151,729 120,829
Increase (+)/decrease (-) in inventories of finished goods -10,492 -2,676
and work in progress
Other operating income 843 213
Raw materials and services -86,297 -74,866
Expenditure on employment-related benefits -20,289 -17,420
Depreciation and amortisation -2,704 -2,077
Other operating expenses -11,003 -9,785
OPERATING RESULT 21,788 14,217
Share of results of associated companies -40 58
Financial income and expenses 182 -3,742
RESULT BEFORE TAXES 21,929 10,533
Income taxes -4,391 -2,991
NET RESULT FOR THE PERIOD 17,538 7,542
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units -704 -1,040
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 16,834 6,502
Diluted and undiluted earnings per share 0.63 0.27
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)
IFRS IFRS
ASSETS 31 Dec 15 31 Dec 14
NON-CURRENT ASSETS
Intangible assets 18,009 15,954
Goodwill 3,842 3,440
Property, plant and equipment 59,294 47,282
Financial assets 105 104
Investments in associated companies 817 946
Non-current receivables 2,134 832
Deferred tax assets 2,786 1,267
TOTAL NON-CURRENT ASSETS 86,988 69,825
CURRENT ASSETS
Inventories 104,584 92,734
Trade receivables 40,199 25,226
Income tax receivables 104 591
Other current receivables 9,288 4,701
Cash and cash equivalents 26,495 12,719
TOTAL CURRENT ASSETS 180,670 135,971
TOTAL ASSETS 267,658 205,796
SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDERS’ EQUITY
Share capital 7,000 7,000
Other reserves 2,452 130
Translation differences -796 -1,676
Treasury shares -346 -2,228
Retained earnings 109,602 82,790
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 117,912 86,016
NON-CURRENT LIABILITIES
Interest-bearing liabilities 39,346 33,712
Deferred tax liabilities 905 867
Other non-current liabilities 7 0
TOTAL NON-CURRENT LIABILITIES 40,259 34,580
CURRENT LIABILITIES
Interest-bearing liabilities 23,056 17,997
Provisions 6,120 4,747
Tax liabilities for the period 1,906 812
Trade creditors and other current liabilities 78,405 61,644
TOTAL CURRENT LIABILITIES 109,487 85,200
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 267,658 205,796
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS
1-12/15 1-12/14
CASH FLOWS FROM OPERATING ACTIVITIES:
Net result for the period 41,280 29,795
Adjustments:
Financial income and expenses 5,552 3,745
Share of the result of associated companies 50 -1
Depreciation and amortisation 9,890 7,962
Income taxes 9,105 8,164
Other adjustments -26 -2,049
Cash flow before changes in working capital 65,850 47,616
Change in working capital:
Change in trade receivables and other receivables -19,666 -920
Change in inventories -11,850 -6,967
Change in trade creditors and other liabilities 17,238 9,251
Change in provisions for liabilities and charges 1,373 129
Interest received 224 187
Interest paid -1,069 -1,071
Other financial items 723 -2,080
Income taxes paid -8,840 -8,675
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) 43,982 37,472
CASH FLOWS USED IN INVESTING ACTIVITIES
Investments in tangible and intangible assets -24,360 -19,154
Proceeds from sale of tangible and intangible assets 193 147
NET CASH FLOWS USED IN INVESTMENT ACTIVITIES (B) -24,167 -19,007
CASH FLOWS FROM FINANCING ACTIVITIES
Sales of treasury shares 1,118 0
Withdrawal/Repayment of current loans 3,000 -3,540
Withdrawal of non-current loans 17,520 5,000
Repayment of non-current loans -9,659 -9,773
Payment of finance lease liabilities -167 -280
Change in non-current receivables 216 -4
Dividends paid -12,586 -8,336
NET CASH FLOWS FROM FINANCING ACTIVITIES (C) -558 -16,933
Change in cash and cash equivalents (A+B+C) 19,257 1,532
Cash and cash equivalents on 1 January 12,719 11,958
Impact of exchange rate changes -5,481 -770
Cash and cash equivalents on 31 December 26,495 12,719
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 2015 7,000 130 -1,676 -2,228 82,790 86,016
Translation differences 880 880
Result for the period 41,280 41,280
Total comprehensive income for 880 41,280 42,160
the period
Matching Share Plan 2,422 1,882 -1,882 2,422
Dividend distribution -12,586 -12,586
Other changes -100 -100
SHAREHOLDERS' EQUITY 31 DEC 7,000 2,452 -796 -346 109,602 117,912
2015
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
31 Dec 15 31 Dec 14
1. LEASING COMMITMENTS (EUR 1,000) 914 1,326
2. CONTINGENT LIABILITIES (EUR 1,000) 31 Dec 15 31 Dec 14
Guarantees given on behalf of others 462 476
Repurchase commitments 4,290 1,966
Other commitments 276 137
TOTAL 5,028 2,579
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2015 4,747
Provisions added 2,633
Provisions cancelled -1,260
31 December 2015 6,120
KEY FIGURES AND RATIOS 31 Dec 15 31 Dec 14
R&D expenditure (EUR million) 12.2 10.3
Capital expenditure (EUR million) 24.4 19.2
as % of net sales 5.3 4.9
Average number of employees 1,329 1,200
Order books (EUR million) 158.1 158.4
Equity ratio, % 44.8 42.0
Diluted and undiluted earnings per share (EUR) 1.48 1.07
Equity per share (EUR) 4.21 3.07
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
--------------------------------------------------------------------------------
-----------------------------
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) 1-12/15 1-12/14
Ponsse Group 469.4 451.7
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 2014.
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, 16 February 2016
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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