2011-08-09 08:00:00 CEST
2011-08-09 08:00:12 CEST
REGULATED INFORMATION
Ponsse Oyj - Interim report (Q1 and Q3)
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2011
Vieremä, Finland, 2011-08-09 08:00 CEST (GLOBE NEWSWIRE) --
PONSSE PLC STOCK EXCHANGE RELEASE 9 AUGUST 2011 AT 9:00 A.M.
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2011
- Net sales amounted to EUR 153.2 (H1/2010 117.1) million.
- Q2 net sales were EUR 81.3 (Q2/2010 65.9) million.
- Operating result totalled EUR 10.4 (H1/2010 9.8) million, equalling 6.8 (8.4)
per cent of net sales. The result includes a write-down of EUR 2.6 million on
external trade receivables in South America.
- Q2 operating result was EUR 5.0 (Q2/2010 7.0) million, equalling 6.1 (10.7)
per cent of net sales. The result includes a write-down of EUR 2.0 million on
external trade receivables in South America.
- Profit before taxes was EUR 7.0 (H1/2010 14.9) million.
- Cash flow from business operations was positive at EUR 3.4 (9.8) million.
- Earnings per share were EUR 0.06 (0.56).
- Equity ratio was 40.8 (43.7) per cent.
- Order books stood at EUR 112.1 (50.0) million.
PRESIDENT AND CEO JUHO NUMMELA:
During the first half of the year, the strong demand for forest machines
continued. In our main market areas, our customers' positive work situation
continued, which further increased the demand for services and new machinery.
In the second quarter of 2011, the availability situation of forest machine
materials and components improved, and machines were available for deliveries
as planned. At the end of the period under review, the Vieremä factory was on
schedule. Compared with the corresponding period the previous year, the order
books more than doubled (+124%), amounting to EUR 112.1 (50.0) million at the
end of the review period.
During the second quarter, the Group's net sales grew by 23 per cent compared
with the corresponding period and stood at EUR 81.2 (65.9) million. Compared
with the corresponding period, the service business continued to show strong
growth.
The operating result amounted to EUR 5.0 (7.0) million during the second
quarter. During the past quarter, the result was burdened by impairment of EUR
2.0 million related to external trade receivables in South America, which are
included in other operating expenses. According to the current view, there is
no need for the new recognition of impairment losses in South America.
Operating costs (staff costs, depreciation and amortisation and other operating
costs), excluding the impairment losses related to trade receivables, showed a
planned increase of 30.3 per cent during the period under review.
Cash flow from business operations during the period under review was positive
at EUR 3.4 (9.8) million. As business operations have grown, more capital has
been tied up in inventories, mainly the stock of new machinery and trade-in
machines. In addition, exchange rate differences in the period under review
have impacted the profit for the period, diminishing the cash flow.
NET SALES
Consolidated net sales for the period under review amounted to EUR 153.2
(117.1) million, i.e. 31 per cent more than in the comparison period.
International business operations accounted for 67.7 (69.4) per cent of total
net sales.
Net sales were regionally distributed as follows: Northern Europe 51.9 (50.2)
per cent, Central and Southern Europe 19.6 (17.6) per cent, Russia and Asia
13.7 (12.5) per cent, North and South America 14.8 (19.7) per cent and other
countries 0.0 (0.0) per cent.
PROFIT PERFORMANCE
The operating result was EUR 10.4 (9.8) million, equalling 6.8 (8.4) per cent
of net sales in the period under review. An impairment loss worth about EUR 2.6
million related to external trade receivables in South America was recognised
as an expense during the period under review. Consolidated return on capital
employed (ROCE) stood at 14.1 (28.0) per cent.
Staff costs for the period under review totalled EUR 25.4 (18.3) million,
including EUR 1.9 million cost, which consisted of, among others, profit bonus
paid to the personnel of the Group. Other operating expenses were EUR 18.4
(12.3) million. The net total of financial income and expenses was EUR -3.3
(5.2) million. Exchange rate gains and losses due to currency rate fluctuations
were recognised under financial items, and their net impact during the period
under review totalled EUR -2.6 (5.7) million. The impact of the decisions of
the Adjustment Board concerning the taxation of the parent company on taxes for
the period under review amounts to EUR -1.5 (1.5) million. Profit for the
period totalled EUR 2.6 (16.5) million. Diluted and undiluted earnings per
share (EPS) were EUR 0.06 (0.56). 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 of consolidated statements of
financial position amounted to EUR 164.6 (159.4) million. Inventories stood at
EUR 81.2 (73.6) million. Trade receivables totalled EUR 29.1 (30.1) million,
while liquid assets stood at EUR 6.7 (7.5) million. Group shareholders' equity
stood at EUR 66.7 (69.3) million and parent company shareholders' equity at EUR
58.6 (54.1) 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
4.5 million) and the allocated interest for the following year according to the
dividend distribution decision (EUR 2.3 million), totalling EUR 6.8 million,
less tax, are recognised as a deduction from Group equity. The amount of
interest-bearing liabilities was EUR 43.6 (45.8) million. The company has used
30 per cent of its credit facility limit. The parent company's net receivables
from other Group companies stood at EUR 66.1 (68.5) million. The parent
company's receivables from subsidiaries mainly consisted of trade receivables.
Consolidated net liabilities totalled EUR 35.8 (37.3) million, and the
debt-equity ratio (gearing) was 65.3 (66.1) per cent. The equity ratio stood at
40.8 (43.7) per cent at the end of the period under review.
Cash flow from business operations amounted to EUR 3.4 (9.8) million. Cash flow
from investment activities amounted to EUR -3.7 (-1.1) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period under review totalled EUR 198.6 (147.4) million,
while the period-end order books stood at EUR 112.1 (50.0) million. The minimum
order commitments of 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., United States; Ponssé S.A.S., France; Ponsse UK Ltd,
United Kingdom; and Ponsse Uruguay S.A., Uruguay. Sunit Oy, based in Kajaani,
Finland, is an affiliated company in which Ponsse Oyj 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 3.7 (2.6)
million, of which EUR 762,000 (757,000) was capitalised.
Capital expenditure totalled EUR 3.7 (1.1) million. It mainly consisted of
ordinary maintenance and replacement investments of machinery and equipment.
MANAGEMENT
The Group Sales Management Team operates as a regional director organisation,
which is led by Jarmo Vidgrén, the 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) and
Lyder Ellevold (Norway),
Central and Southern Europe: Janne Vidgrén (Austria, Poland, Romania, Germany,
the Czech Republic and Hungary), Tapio Ingervo (Spain, Italy, Portugal and
France) and Gary Glendinning (United Kingdom),
Russia and Asia: Jaakko Laurila (Russia, Belarus), Norbert Schalkx (Japan,
South Africa and the Baltic States) and Risto Kääriäinen (China),
North and South America: Pekka Ruuskanen (USA), Marko Mattila (North American
retailers), Cláudio Costa (Brazil) and Martin Toledo (Uruguay).
Pekka Ruuskanen (42), forestry engineer, was appointed as the President and CEO
of Ponsse North America, Inc. as of 1 June 2011. The release was issued on 30
March 2011.
Marko Mattila (37), forestry engineer, was appointed as regional director in
charge of North American retailers as of 1 June 2011. The release was issued on
30 March 2011.
Sigurd Skotte (48), Master of Forestry, was appointed as the President and CEO
of Ponsse AS as of 1 September 2011. The release was issued on 31 May 2011.
Clément Puybaret (30), forest engineer, was appointed as the President and CEO
of Ponssé S.A.S. as of 15 August 2011. The release was issued on 14 June 2011.
PERSONNEL
The Group had an average staff of 918 (796) during the period under review and
employed 969 (832) people at the end of the period under review.
SHARE PERFORMANCE
The company's registered share capital consists of 28,000,000 shares. The
trading volume of Ponsse Plc shares for 1 January - 30 June 2011 totalled
1,354,121 shares, accounting for 4.8 per cent of the total number of shares.
Share net sales came to EUR 14.8 million, with the period's lowest and highest
share prices amounting to EUR 9.14 and EUR 11.85, respectively.
At the end of the period under review, the share price stood at EUR 9.95 and
market capitalisation was EUR 278.6 million.
At the end of the period under review, the company held 212,900 treasury shares.
ANNUAL GENERAL MEETING
A separate release was issued on 12 April 2011 regarding the authorisations
given to the Board of Directors and other resolutions by the AGM.
GOVERNANCE
In its decision-making and administration, the company observes the Finnish
Limited Liability Companies Act, other regulations governing publicly listed
companies and the company's Articles of Association. The company's Board of
Directors has adopted the Code of Governance that complies with the Finnish
Corporate Governance Code approved by the Board of the Securities Market
Association in 2010. The purpose of the code is to ensure that the company is
professionally managed and that its business principles and practices are of a
high ethical and professional standard.
The Code of Governance is available on Ponsse's website in the Investors
section.
RISK MANAGEMENT
Risk management is based on the company's values, as well as strategic and
financial objectives. Risk management aims to support the achievement of the
objectives specified in the company's strategy, as well as to ensure the
financial development of the company and the continuity of its business.
Furthermore, risk management aims to identify, assess and monitor
business-related risks which may influence the achievement of the company's
strategic and financial goals or the continuity of its business. Decisions on
the necessary measures to anticipate risks and react to observed risks are made
on the basis of this information.
Risk management is a part of regular daily business, and it is also included in
the management system. Risk management is controlled by the risk management
policy approved by the Board.
A risk is any event that may prevent the company from reaching its objectives
or that threatens the continuity of business. On the other hand, a risk may
also be a positive event, in which case the risk is treated as an opportunity.
Each risk is assessed on the basis of its impact and probability. Methods of
risk management include avoiding, mitigating and transferring risks. Risks can
also be managed by controlling and minimising their impact.
SHORT-TERM RISKS AND THEIR MANAGEMENT
The rapid escalation of the problems in the economies of Europe and the United
States to the financial market may have an impact on the availability of
customer financing.
As the utilisation rate of capacity increases, the risk related to the
availability of parts and components also increases. The availability of
certain types of components has deteriorated, and there are upward pressures in
raw material prices. The company seeks to manage these risks through
cooperation with business partners. The financial standing of suppliers is
constantly monitored. The company surveys the availability of alternative
suppliers to mitigate the potential availability and price risks.
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 different 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 negative effects of currency rate fluctuations are mitigated by
derivative contracts.
The changes taking place in the fiscal and customs legislation of countries to
which Ponsse exports may hamper the company's export trade or its
profitability.
OUTLOOK FOR THE FUTURE
The outlook in the forestry sector in the company's main market areas enables
positive development of the company's business during 2011.
After the strong growth in 2010, however, the Group's net sales are expected to
increase at a more moderate rate in accordance with the Group's strategy. The
Group's full-year profitability and cash flow in business operations are
expected to develop positively and improve compared with 2010.
The capacity of the factory will be increased during the year and moderate
recruitment will continue throughout the whole Group. The company will make
strong investments in its service network in Iisalmi and Jyväskylä. In
addition, the company will invest in machining and welding capacity and
automation of the Vieremä factory.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS IFRS IFRS
4-6/11 4-6/10 1-6/11 1-6/10
NET SALES 81,273 65,854 153,206 117,114
Increase (+)/decrease (-) in inventories of 828 2,047 6,943 4,364
finished goods and work in progress
Other operating income 248 355 437 501
Raw materials and services -52,441 -43,617 -103,895 -79,042
Expenditure on employment-related benefits -13,016 -9,858 -25,371 -18,310
Depreciation and amortisation -1,292 -1,268 -2,553 -2,528
Other operating expenses -10,632 -6,473 -18,388 -12,290
OPERATING RESULT 4,969 7,039 10,379 9,809
Share of results of associated companies -93 -21 -144 -101
Financial income and expenses -936 3,020 -3,270 5,160
RESULT BEFORE TAXES 3,939 10,038 6,965 14,868
Income taxes -1,417 190 -4,334 1,661
NET RESULT FOR THE PERIOD 2,522 10,228 2,631 16,530
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE
RESULT:
Translation differences related to foreign -266 -784 336 -1,341
units
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 2,256 9,445 2,967 15,189
Diluted and undiluted earnings per share (* 0.08 0.35 0.06 0.56
(* The interest on the subordinated loan for the period, less tax, was taken
into account in this figure.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)
IFRS IFRS
ASSETS 30.6.11 31.12.10
NON-CURRENT ASSETS
Intangible assets 7,347 6,571
Goodwill 3,440 3,440
Property, plant and equipment 24,774 24,443
Financial assets 111 111
Investments in associated companies 1,331 1,625
Non-current receivables 2,158 3,144
Deferred tax assets 1,951 1,712
TOTAL NON-CURRENT ASSETS 41,111 41,045
CURRENT ASSETS
Inventories 81,240 72,391
Trade receivables 29,116 32,125
Income tax receivables 451 623
Other current receivables 6,011 4,483
Cash and cash equivalents 6,686 11,036
TOTAL CURRENT ASSETS 123,503 120,659
TOTAL ASSETS 164,615 161,704
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 7,000 7,000
Other reserves 19,030 19,030
Translation differences -696 -1,032
Treasury shares -2,228 -2,228
Retained earnings 43,615 52,396
EQUITY OWNED
BY PARENT COMPANY SHAREHOLDERS 66,721 75,166
NON-CURRENT LIABILITIES
Interest-bearing liabilities 20,202 16,155
Deferred tax liabilities 737 469
Other non-current liabilities 26 128
TOTAL NON-CURRENT LIABILITIES 20,965 16,752
CURRENT LIABILITIES
Interest-bearing liabilities 23,350 20,603
Provisions 4,491 4,706
Tax liabilities for the period 729 215
Trade creditors and other current liabilities 48,357 44,263
TOTAL CURRENT LIABILITIES 76,928 69,787
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 164,615 161,704
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
IFRS IFRS
1-6/11 1-6/10
CASH FLOW FROM BUSINESS OPERATIONS:
Net result for the period 2,631 16,530
Adjustments:
Financial income and expenses 3,270 -5,160
Share of the result of associated companies 144 101
Depreciation and amortisation 2,553 2,528
Income taxes 4,425 -719
Other adjustments 876 -2,878
Cash flow before changes in working capital 13,899 10,401
Change in working capital:
Change in trade receivables and other receivables 2,356 -11,604
Change in inventories -8,849 -5,653
Change in trade creditors and other liabilities 3,210 11,819
Change in provisions for liabilities and charges -215 -594
Interest received 91 197
Interest paid -650 -695
Other financial items -2,735 5,619
Income taxes paid -3,739 291
NET CASH FLOW FROM BUSINESS OPERATIONS (A) 3,369 9,781
CASH FLOW FROM INVESTMENTS
Investments in tangible and
intangible assets -3,661 -1,076
Investments in other assets 0 0
Repayment of loan receivables 0 0
Dividends received 0 0
CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B) -3,661 -1,076
FINANCING
Acquisition of treasury shares 0 0
Hybrid loan 0 0
Interest paid, hybrid loan -1,137 -1,137
Withdrawal/Repayment of
current loans 3,877 -5,985
Change in current
interest-bearing receivables 62 29
Withdrawal/Repayment of
non-current loans 3,127 91
Payment of finance lease liabilities -311 -337
Change in non-current receivables 50 -285
Dividends paid -9,725 -4,193
NET CASH OUTFLOW FROM FINANCING (C) -4,059 -11,816
Change in cash and cash equivalents (A+B+C) -4,351 -3,111
Cash and cash equivalents on 1 January 11,036 10,626
Cash and cash equivalents on 30 June 6,686 7,515
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 2011 7,000 19,030 -1,032 -2,228 52,396 75,166
Translation differences 336 336
Result for the period 2,631 2,631
Total comprehensive income for 336 2,631 2,967
the period
Direct entries to retained -1,687 -1,687
earnings *)
Dividend distribution -9,725 -9,725
Purchase of treasury shares
Other changes
EQUITY 30 JUN 2011 7,000 19,030 -696 -2,228 43,615 66,721
SHAREHOLDERS' EQUITY 1 JAN 2010 7,000 19,030 -128 -665 34,329 59,566
Translation differences -1,341 -1,341
Result for the period 16,530 16,530
Total comprehensive income for -1,341 16,530 15,189
the period
Direct entries to retained -781 -781
earnings *)
Dividend distribution -4,193 -4,193
Purchase of treasury shares -465 -465
Other changes
EQUITY 30 JUN 2010 7,000 19,030 -1,469 -1,130 45,885 69,316
*) Consists of the interest paid for the hybrid loan classified as equity.
SEGMENT INFORMATION (EUR 1,000)
OPERATING SEGMENTS
1-6/11 Northern Central and Russia North and Elimin Total
Europe Southern and South ation
Europe Asia America
Net sales of 114,584 30,089 21,238 22,801 188,712
the segment
Sales between -35,066 -99 -195 -155 -35,515
segments
Unallocated 9
sales
NET SALES FROM 79,518 29,990 21,043 22,646 153,206
EXTERNAL
CUSTOMERS
Operating 5,958 5,180 3,116 -326 13,928
result of the
segment
Unallocated -3,549
items
OPERATING 5,958 5,180 3,116 -326 10,379
RESULT
OPERATING SEGMENTS
1-6/10 Northern Central and Russia North and Elimin Total
Europe Southern and South ation
Europe Asia America
Net sales of 88,546 21,508 14,942 23,469 148,464
the segment
Sales between -29,782 -609 -355 -677 -31,422
segments
Unallocated 72
sales
NET SALES FROM 58,764 20,899 14,587 22,792 117,114
EXTERNAL
CUSTOMERS
Operating 4,863 3,175 2,337 1,303 11,679
result of the
segment
Unallocated -1,870
items
OPERATING 4,863 3,175 2,337 1,303 9,809
RESULT
30.6.11 30.6.10 31.12.10
1. LEASING COMMITMENTS (EUR 1,000) 4,783 5,680 4,991
2. CONTINGENT LIABILITIES (EUR 1,000) 30.6.11 30.6.10 31.12.10
Guarantees given on behalf of others 356 680 425
Repurchase commitments 2,363 3,093 2,501
Other commitments 3,205 2,186 2,659
TOTAL 5,924 5,959 5,585
3. PROVISIONS (EUR 1,000) Guarantee provision
1.1.2011 4,706
Provisions added 222
Provisions cancelled -437
30.6.2011 4,491
4. DIVIDENDS PAID (EUR 1,000) 30.6.11 30.6.10
Dividends per share EUR 0.35 (EUR 0.15) 9,725 4,193
5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) 1-6/11 1-6/10
Increase 4,036 1,028
Decrease -1,032 -845
TOTAL 3,004 184
6. RELATED PARTY TRANSACTIONS 1-6/11 1-6/10
Management's employment-related benefits (EUR 1,000)
Salaries and other short-term employment-related benefits 1,627 831
Board of Directors' emoluments 107 122
KEY FIGURES AND RATIOS 30.6.11 30.6.10 31.12.10
R&D expenditure, MEUR 3.7 2.6 5.9
Capital expenditure, MEUR 3.7 1.1 4.8
as % of net sales 2.4 0.9 1.8
Average number of employees 918 796 825
Order books, MEUR 112.1 50.0 68.3
Equity ratio, % 40.8 43.7 46.9
Diluted and undiluted earnings per share (EUR) 0.06 0.56 0.78
Equity per share (EUR) 2.38 2.54 2.68
FORMULAE FOR FINANCIAL INDICATORS
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.
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
--------------------------------------------------------------------------------
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Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Shareholders' equity
--------------------------------------------------------------------------------
---------------
Number of shares on the balance sheet date, adjusted for share issues
ORDER INTAKE, MEUR 1-6/11 1-6/10 1-12/10
Ponsse Group 198.6 147.4 311.2
This interim report has been prepared in accordance with the IFRS recognition
and measurement principles and it complies with all of the requirements of IAS
34. The same accounting principles were observed for the interim report as for
the annual financial statements dated 31 December 2010, with the exception,
however, that the following new standards, interpretations and amendments
adopted by the EU were introduced from 1 January 2011: IAS 24 (revised) -
Related Party Disclosures; IAS 32 (amendment) - Classification of Rights Issue;
IFRIC 19 - Extinguishing Financial Liabilities with Equity Instruments; and
IFRIC 14 (amendment) - Prepayments of a Minimum Funding Requirement.
These new standards, interpretations and amendments have no impact on the
Group's interim report.
In July 2010, the IASB published improvements to seven standards or
interpretations as part of its annual improvements. The Group will adopt the
amendments after EU approval in its financial statements for 2011: IFRS 3
(amendment) - Business Combinations; IFRS 7 (amendment) - Financial
Instruments: Disclosures; IAS 1 (amendment) - Presentation of Financial
Statements; (IAS 27 (amendment) - Consolidated and Separate Financial
Statements; IAS 34 (amendment) - Interim Financial Reporting; IFRIC 13:
Customer Loyalty Programmes; IFRS 9 - Classification and measurement of
financial assets and liabilities; IAS 12 (amendment) - Deferred taxes; these
improvements may have an impact on the consolidated interim reports.
The above figures have not been audited.
The above figures have been rounded and may therefore differ from those given
in the official financial statements.
This communication includes future-oriented statements that are based on the
assumptions currently made by the company's management and its current
decisions and plans. Although the management believes that the future
expectations are well founded, there is no certainty that these expectations
will prove to be correct. This is why the results may significantly deviate
from the assumptions included in the future-oriented statements as a result of,
among other things, changes in the economy, markets, competitive conditions,
legislation or currency exchange rates.
Vieremä, 9 August 2011
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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