2013-02-19 08:03:28 CET
2013-02-19 08:04:28 CET
REGULATED INFORMATION
Ponsse Oyj - Financial Statement Release
PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2012
Vieremä, Finland, 2013-02-19 08:03 CET (GLOBE NEWSWIRE) --
PONSSE PLC, STOCK EXCHANGE RELEASE, 19 FEBRUARY 2013, 9:00 a.m.
PONSSE'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2012
- Net sales amounted to EUR 314.8 (Q1-Q4/2011 328.2) million.
- Q4 net sales were EUR 97.1 (Q4/2011 102.7) million.
- Operating result totalled EUR 24.5 (Q1-Q4/2011 28.8) million, equalling 7.8
(8.8) per cent of net sales.
- Q4 operating result was EUR 8.7 (Q4/2011 10.2) million, equalling 9.0 (10.0)
per cent of net sales.
- Profit before taxes was EUR 20.5 (Q1-Q4/2011 26.0) million.
- Cash flow from business operations was EUR 11.5 (Q1-Q4/2011 24.9) million.
- Earnings per share were EUR 0.44 (0.47).
- Equity ratio was 45.1 (45.2) per cent.
- Order books stood at EUR 41.8 (71.9) million.
- The Board of Directors´ dividend proposal is EUR 0.25 (0.35) per share.
- The Group's euro-denominated operating profit is expected to remain lower
than in 2012.
PRESIDENT AND CEO JUHO NUMMELA:
2012 began with strong order books, which evened out fluctuations in demand and
enabled factory operations at normal capacity throughout almost the entire
year. Ponsse's decline in net sales remained small due to our competitive
product and service offering, even though, at the same time, the total market
decreased significantly. The demand for forest machines weakened in Europe, and
it was necessary to adapt capacity in December to build the order books.
Ponsse's success in invoicing new machines at the end of the year can be seen
in profitability and cash flows from business operations. The strong sales in
Russia and North America were significant achievement in the last quarter. Our
customers' work situation improved at the end of the period under review, which
could be seen in services and used machine sales picking up. At period end, the
company's order books amounted to EUR 41.8 (71.9) million, which is 41.9 per
cent less than in the comparison period. The factory returned to two shifts in
the middle of February 2013.
Net sales for the last quarter amounted to EUR 97.1 (102.7) million,
representing a change of -5.4 per cent compared with the corresponding period.
Service operations declined slightly, but showed signs of picking up right at
the end of the last quarter. Net sales for the period under review stood at EUR
314.8 million, or 4.1 per cent less than in the comparison period.
The operating result amounted to EUR 8.7 (10.2) million in the last quarter, or
9.0 (10.0) per cent of net sales. Operating result for the period under review
was EUR 24.5 (28.8) million. In the period under review, operating result was
burdened by impairments of EUR 1.9 million related to South American external
trade receivables and the spare parts stock.
Cash flow from business operations amounted to EUR 11.5 (24.9) million in the
period under review. The stock of new products decreased to a level slightly
lower than normal. The stock of used machines continued to be at a level higher
than planned.
Our investments progressed according to plan, and our inputs in improving our
competitiveness during the past year are among the highest in our history. Our
renewal of product and production technology and our investments in services
progressed as planned.
NET SALES
Consolidated net sales for the period under review amounted to EUR 314.8
(328.2) million, which was 4.1 per cent less than in the comparison period.
International business operations accounted for 67.4 (69.3) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 51.8 (51.6)
per cent, Central and Southern Europe 16.6 (18.6) per cent, Russia and Asia
17.2 (16.1) per cent, North and South America 14.3 (13.8) per cent and other
countries 0.0 (0.0) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 24.5 (28.8) million. The operating result
of the accounting period includes a non-recurring cost item of EUR 1.9 (3.6)
million. The operating result equalled 7.8 (8.8) per cent of net sales for the
period under review. Consolidated return on capital employed (ROCE) stood at
17.7 (24.3) per cent.
Staff costs for the period totalled EUR 49.2 (49.2) million. Other operating
expenses stood at EUR 32.0 (34.8) million. The net total of financial income
and expenses amounted to EUR -4.0 (-2.6) million. Exchange rate gains and
losses with a net effect of EUR -2.2 (-1.2) million were recognised under
financial items for the period. Result for the period under review totalled EUR
13.9 (14.8) million. Diluted and undiluted earnings per share (EPS) came to EUR
0.44 (0.47). 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 181.7 (173.9) million. Inventories stood at
EUR 81.6 (80.5) million. Trade receivables totalled EUR 26.0 (28.4) million,
while liquid assets stood at EUR 14.1 (16.3) million. Group shareholders'
equity stood at EUR 81.4 (78.6) million and parent company shareholders' equity
at EUR 81.1 (75.4) million. Group shareholders' equity includes a hybrid loan
of EUR 19 million issued on 31 March 2009. The interest paid on the hybrid loan
(EUR 8.0 million) and the allocated interest for the following year according
to the dividend distribution decision (EUR 1.1 million), totalling EUR 9.1
million, less tax, are recognised as a deduction from Group equity. The amount
of interest-bearing liabilities was EUR 56.4 (39.1) million. The company has
used 52 per cent of its credit facility limit. The parent company's net
receivables from other Group companies stood at EUR 80.5 (74.8) million. The
parent company's receivables from subsidiaries mainly consisted of trade
receivables. Consolidated net liabilities totalled EUR 42.1 (22.5) million, and
the debt-equity ratio (gearing) was 69.2 (49.7) per cent. The equity ratio
stood at 45.1 (45.2) percent at the end of the period under review.
Cash flow from business operations amounted to EUR 11.5 (24.9) million. Cash
flow from investment activities came to EUR -18.0 (-9.3) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 285.9 (332.6) million, while
period-end order books were valued at EUR 41.8 (71.9) million. The minimum
order commitments for retailers are not included in the order book total.
DISTRIBUTION NETWORK
No changes took place in the Group structure during the period under review.
The subsidiaries included in the Ponsse Group are: Epec Oy, Finland; OOO
Ponsse, Russia; Ponsse AB, Sweden; Ponsse AS, Norway; Ponsse Asia-Pacific Ltd,
Hong Kong; Ponsse China Ltd, China; Ponsse Latin America Ltda, Brazil; Ponsse
North America, Inc., the United States; Ponssé S.A.S., France; Ponsse UK Ltd,
the United Kingdom; and Ponsse Uruguay S.A., Uruguay. Sunit Oy, based in
Kajaani, Finland, is an affiliated company in which Ponsse Plc has a holding of
34 per cent.
CAPITAL EXPENDITURE AND R&D
During the period under review, the Group's R&D expenses totalled EUR 9.5 (8.8)
million, of which EUR 3.3 (2.7) million was capitalised.
Capital expenditure totalled EUR 18.1 (9.4) 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 17 April 2012. 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 2011 financial period.
The AGM decided to pay a dividend of EUR 0.35 per share for 2011 (dividends
totaling EUR 9,725,485). No dividend will be paid to shares owned by the
company itself (212,900 shares). The dividend payment record date was 20 April
2012, and the dividends were paid on 27 April 2012.
The AGM authorised the Board of Directors to decide on the acquisition of the
treasury shares so that a maximum of 250,000 shares can be acquired in one or
more batches. The maximum amount corresponds to approximately 0.89 per cent of
the company's total shares and votes.
The shares will be acquired in public trading organised by NASDAQ OMX Helsinki
Ltd (“the Stock Exchange”). Furthermore, they will be acquired and paid
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 required for supporting the Company's growth strategy in
the Company's potential business arrangements or other arrangements. In
addition, the shares can be issued to the Company's current shareholders or
used for increasing the ownership value of the Company's shareholders by
invalidating shares after their acquisition, or used in personnel incentive
systems. The authorisation includes the right of the Board to decide upon all
other terms and conditions in the acquisition of own shares.
The authorisation is valid until the next AGM; however, no later than 30 June
2013. Previous authorisations are canceled.
The AGM authorised the Board of Directors to decide on the issue of new shares
and 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
2013. Previous authorisations are canceled.
BOARD OF DIRECTORS AND THE COMPANY'S AUDITORS
The Board of Directors comprised six members during the period under review.
Heikki Hortling, Mammu Kaario, Ilkka Kylävainio, Ossi Saksman, Jukka Vidgrén
and Juha 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 96.7 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; Pasi Arajärvi, Purchasing and
Logistics Director; Juha Haverinen, Factory Director; Petri Härkönen, CFO; Juha
Inberg, Technology and R&D Director; Executive Director, Corporate Development
and Strategy, Timo Karppinen (until 30 November 2012); Tapio Mertanen, Service
Director; Paula Oksman, HR Director and Jarmo Vidgrén, Deputy CEO, Sales and
Marketing Director. The company management has regular management liability
insurance.
The area director organisation of sales is lead by Jarmo Vidgrén, Group's Sales
and Marketing Director and Tapio Mertanen, Service Director. The geographical
distribution and the responsible persons are presented below:
Northern Europe: Jarmo Vidgrén (Finland), Jerry Wannberg (Sweden, Denmark until
7 February 2012), Eero Lukkarinen (Sweden, Denmark as of 12 March 2012) and
Sigurd Skotte (Norway),
Central and Southern Europe: Janne Vidgrén (Austria, Poland, Romania, Germany,
the Czech Republic and Hungary), Clément Puybaret (France), Jussi Hentunen
(Spain, Italy, Portugal and Norrbotten/Sweden) and Gary Glendinning (the United
Kingdom)
Russia and Asia: Jaakko Laurila (Russia, Belarus), Norbert Schalkx (Japan and
the Baltic countries) and Risto Kääriäinen (China),
North and South America: Pekka Ruuskanen (the United States) Marko Mattila
(North American dealers), Cláudio Costa (Brazil until 7 March 2012), Teemu
Raitis (Brazil as of 10 May 2012) and Martin Toledo (Uruguay).
M.Sc. (Forestry Econ.) Eero Lukkarinen took up his post as the President and
CEO of Ponsse AB on 12 March 2012. The Financial Manager of Ponsse AB Glenn
Nyman acted as the Managing Director in addition to his own duties from 7
February 2012 to 11 March 2012.
M.Sc. (Eng.) and M.Sc. (Econ.)Teemu Raitis took up his post as the President
and CEO of Ponsse Latin America Ltda on 10 May 2012. The Financial Director of
Ponsse Latin America Ltda Fabio Nogueira acted as the Managing Director in
addition to his own duties from 7 February 2012 to 9 May 2012.
PERSONNEL
The Group had an average staff of 994 (948) during the period and employed 986
(978) 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 7,153 shareholders. The trading
volume of Ponsse Plc shares for 1 January - 31 December 2012 totalled
1,508,478, accounting for 5.4 per cent of the total number of shares. Share
turnover amounted to EUR 10.5 million, with the period's lowest and highest
share prices amounting to EUR 5.57 and EUR 8.55, respectively.
At the end of the period, shares closed at EUR 5.94, and market capitalisation
totalled EUR 166.3 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 business operations 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 one key area for development in
2012. During the period under review, internal audits assessing the procedures
and working environment of services were introduced 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.
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,
we adopted a procedure development model internal to the company, which is
based on Lean Six Sigma quality management principles.
GOVERNANCE
In its decision-making and administration, the company observes the Finnish
Limited Liability Companies Act, other regulations governing publicly listed
companies and the company's Articles of Association. The company's Board of
Directors has adopted the Code of Governance that complies with the Finnish
Corporate Governance Code approved by the Board of the Securities Market
Association in 2010. The purpose of the code is to ensure that the company is
professionally managed and that its business principles and practices are of a
high ethical and professional standard.
The Code of Governance is available on Ponsse's website in the Investors
section.
RISK MANAGEMENT
Risk management is based on the company's values, as well as strategic and
financial objectives. Risk management aims to support the achievement of the
objectives specified in the company's strategy, as well as to ensure the
financial development of the company and the continuity of its business.
Furthermore, risk management aims to identify, assess and monitor
business-related risks which may influence the achievement of the company's
strategic and financial goals or the continuity of its business. Decisions on
the necessary measures to anticipate risks and react to observed risks are made
on the basis of this information.
Risk management is a part of regular daily business, and it is also included in
the management system. Risk management is controlled by the risk management
policy approved by the Board.
A risk is any event that may prevent the company from reaching its objectives
or that threatens the continuity of business. On the other hand, a risk may
also be a positive event, in which case the risk is treated as an opportunity.
Each risk is assessed on the basis of its impact and probability. Methods of
risk management include avoiding, mitigating and transferring risks. Risks can
also be managed by controlling and minimising their impact.
SHORT-TERM RISK MANAGEMENT
The prolonged insecurity in the world economy and weak economic situation may
result in a decline in the demand for forest machines.
The rapid escalation of the problems in the economies of Europe and the United
States in the financial market may have an impact on the availability of
customer financing.
The parent company monitors the changes in the Group's internal and external
trade receivables and the associated risk of impairment.
The key objective of the company's financial risk management policy is to
manage liquidity, interest and currency risks. The company ensures its
liquidity through credit limit facilities agreed with a number of financial
institutions. The effect of adverse changes in interest rates is minimised by
utilising credit linked to different reference rates and by concluding interest
rate swaps. The effects of currency rate fluctuations are mitigated through
derivative contracts.
Changes taking place in the fiscal and customs legislation in countries to
which Ponsse exports may hamper the company's export trade or its
profitability.
EVENTS AFTER THE PERIOD
The company has no important events after the conclusion of the period under
review.
OUTLOOK FOR THE FUTURE
The Group's euro-denominated operating profit is expected to remain lower than
in 2012.
The improved intake of orders at the beginning of the year enables production
in two shifts during February-March. Due to the low level of the order books,
the adaptation of the factory's capacity will be continued in the first half of
the year, if necessary. Sales, service and research and development will
function normally.
ANNUAL GENERAL MEETING
Ponsse Plc's Annual General Meeting will be held on 16 April 2013, 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 company's Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.25 per share shall be paid for the year 2012. The Board
proposes to the Annual General Meeting that a profit bonus will be paid to the
staff for the year 2012.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS
1-12/12 1-12/11
NET SALES 314,779 328,191
Increase (+)/decrease (-) in inventories of finished goods -130 2,672
and work in progress
Other operating income 836 1,297
Raw materials and services -203,943 -214,137
Expenditure on employment-related benefits -49,223 -49,176
Depreciation and amortisation -5,862 -5,221
Other operating expenses -31,986 -34,781
OPERATING RESULT 24,471 28,844
Share of results of associated companies 11 -181
Financial income and expenses -3,968 -2,617
RESULT BEFORE TAXES 20,513 26,046
Income taxes -6,623 -11,233
NET RESULT FOR THE PERIOD 13,890 14,812
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 437 -943
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 14,327 13,869
Diluted and undiluted earnings per share* 0.44 0.47
IFRS IFRS
10-12/12 10-12/11
NET SALES 97,123 102,707
Increase (+)/decrease (-) in inventories of finished goods -9,146 -7,246
and work in progress
Other operating income 173 485
Raw materials and services -56,114 -61,399
Expenditure on employment-related benefits -12,263 -13,307
Depreciation and amortisation -1,676 -1,422
Other operating expenses -9,355 -9,575
OPERATING RESULT 8,741 10,244
Share of results of associated companies 16 4
Financial income and expenses -2,127 1,656
RESULT BEFORE TAXES 6,631 11,903
Income taxes -2,045 -4,373
NET RESULT FOR THE PERIOD 4,586 7,530
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units 734 -786
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 5,320 6,744
Diluted and undiluted earnings per share* 0.15 0.26
* 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 12 31 Dec 11
NON-CURRENT ASSETS
Intangible assets 11,898 9,057
Goodwill 3,440 3,440
Property, plant and equipment 35,525 26,165
Financial assets 111 111
Investments in associated companies 1,186 1,294
Non-current receivables 999 1,535
Deferred tax assets 1,628 2,826
TOTAL NON-CURRENT ASSETS 54,787 44,428
CURRENT ASSETS
Inventories 81,636 80,475
Trade receivables 25,954 28,258
Income tax receivables 1,959 4
Other current receivables 3,313 4,499
Cash and cash equivalents 14,083 16,267
TOTAL CURRENT ASSETS 126,944 129,504
TOTAL ASSETS 181,732 173,932
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 7,000 7,000
Other reserves 19,030 19,030
Translation differences -1,538 -1,975
Treasury shares -2,228 -2,228
Retained earnings 59,180 56,736
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 81,444 78,563
NON-CURRENT LIABILITIES
Interest-bearing liabilities 21,474 18,630
Deferred tax liabilities 968 1,110
Other non-current liabilities 13 20
TOTAL NON-CURRENT LIABILITIES 22,455 19,760
CURRENT LIABILITIES
Interest-bearing liabilities 34,912 20,434
Provisions 4,977 4,627
Tax liabilities for the period 385 3,527
Trade creditors and other current liabilities 37,558 47,022
TOTAL CURRENT LIABILITIES 77,833 75,609
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 181,732 173,932
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS
1-12/12 1-12/11
CASH FLOW FROM BUSINESS OPERATIONS:
Net result for the period 13,890 14,812
Adjustments:
Financial income and expenses 3,968 2,617
Share of the result of associated companies -11 181
Depreciation and amortisation 5,862 5,221
Income taxes 6,623 11,233
Other adjustments -452 783
Cash flow before changes in working capital 29,880 34,848
Change in working capital:
Change in trade receivables and other receivables 4,256 5,034
Change in inventories -1,161 -8,084
Change in trade creditors and other liabilities -8,600 1,953
Change in provisions for liabilities and charges 350 -79
Interest received 195 216
Interest paid -1,334 -1,346
Other financial items -1,561 -715
Income taxes paid -10,509 -6,947
NET CASH FLOW FROM BUSINESS OPERATIONS (A) 11,516 24,878
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -18,062 -9,430
Proceeds from sale of tangible and intangible assets 62 146
CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B) -18,000 -9,284
FINANCING
Interest paid, hybrid loan -2,280 -2,280
Withdrawal/Repayment of current loans 14,478 -150
Change in current interest-bearing liabilities -100 25
Withdrawal of non-current loans 10,000 9,689
Repayment of non-current loans -8,184 -6,803
Payment of finance lease liabilities 1,029 -519
Change in non-current receivables 380 208
Dividends paid -9,725 -9,725
NET CASH OUTFLOW FROM FINANCING (C) 5,598 -9,556
Change in cash and cash equivalents (A+B+C) -885 6,039
Cash and cash equivalents on 1 January 16,267 11,036
Impact of exchange rate changes -1,299 -808
Cash and cash equivalents on 31 December 14,083 16,267
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 2012 7,000 19,030 -1,975 -2,228 56,736 78,563
Translation differences 437 437
Result for the period 13,890 13,890
Total comprehensive income for 437 13,890 14,327
the period
Direct entries to retained -1,721 -1,721
earnings*
Dividend distribution -9,725 -9,725
SHAREHOLDERS' EQUITY 31 DEC 2012 7,000 19,030 -1,538 -2,228 59,180 81,444
SHAREHOLDERS' EQUITY 1 JAN 2011 7,000 19,030 -1,032 -2,228 53,356 76,126
Translation differences -943 -943
Result for the period 14,812 14,812
Total comprehensive income for -943 14,812 13,869
the period
Direct entries to retained -1,707 -1,707
earnings*
Dividend distribution -9,725 -9,725
SHAREHOLDERS' EQUITY 31 DEC 2011 7,000 19,030 -1,975 -2,228 56,736 78,563
* Consists of the interest paid, less tax, for the hybrid loan classified as
equity.
31 Dec 12 31 Dec 11
1. LEASING COMMITMENTS (EUR 1,000) 2,898 4,085
2. CONTINGENT LIABILITIES (EUR 1,000) 31 Dec 12 31 Dec 11
Guarantees given on behalf of others 1,601 1,582
Repurchase commitments 1,541 1,042
Other commitments 1,159 3,391
TOTAL 4,302 6,014
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2012 4,627
Provisions added 1,623
Provisions cancelled -1,272
31 December 2012 4,977
KEY FIGURES AND RATIOS 31 Dec 12 31 Dec 11
R&D expenditure (EUR million) 9.5 8.8
Capital expenditure (EUR million) 18.1 9.4
as % of net sales 5.7 2.9
Average number of employees 994 948
Order books (EUR million) 41.8 71.9
Equity ratio, % 45.1 45.2
Diluted and undiluted earnings per share (EUR) 0.44 0.47
Equity per share (EUR) 2.91 2.81
FORMULAE FOR FINANCIAL INDICATORS
Return on capital employed, %:
Result before tax + financial expenses
--------------------------------------------------------------------------------
-------------------------------------
Shareholder´s equity + interest-bearing financial liabilities (average during
the year) * 100
Average number of employees:
Average of the number of personnel at the end of each month. The calculation
has been adjusted for part-time employees.
Gearing, %:
Interest-bearing financial liabilities
--------------------------------------------
Shareholders' equity * 100
Equity ratio, %:
Shareholders' equity + Non-controlling interests
------------------------------------------------------------------------
Balance sheet total - advance payments received * 100
Earnings per share:
Net income for the period - Non-controlling interests - Interest on hybrid loan
for the period less tax
--------------------------------------------------------------------------------
--------------------------------------------
Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Shareholders' equity
--------------------------------------------------------------------------------
-------------
Number of shares on the balance sheet date, adjusted for share issues
ORDER INTAKE (EUR million) 1-12/12 1-12/11
Ponsse Group 285.9 332.6
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 2011.
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, 19 February 2013
PONSSE PLC
Juho Nummela President and CEO
FURTHER INFORMATION Juho Nummela, President and CEO, tel. +358 20 768 8914 or
+358 400 495 690 Petri Härkönen, CFO, tel. +358 20 768 8608 or +358 50 409 8362
DISTRIBUTION NASDAQ OMX Helsinki Ltd Principal media www.ponsse.com
Ponsse Plc is a company specialising in the sales, manufacture, servicing and
technology of cut-to-length method forest machines and is driven by genuine
interest in its customers and their business. Ponsse develops and manufactures
sustainable and innovative harvesting solutions based on customers' needs. The
company was established by forest machine entrepreneur Einari Vidgrén in 1970,
and it has been a leader in timber harvesting solutions based on the
cut-to-length method ever since. Ponsse is headquartered in Vieremä, Finland.
The company's shares are quoted on the NASDAQ OMX Nordic List.
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