2009-10-27 08:00:00 CET
2009-10-27 08:00:03 CET
REGULATED INFORMATION
Ponsse Oyj - Interim report (Q1 and Q3)
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 SEPTEMBER 2009
PONSSE PLC STOCK EXCHANGE RELEASE 27 OCTOBER AT 9:00 A.M. PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 SEPTEMBER 2009 - Net sales were EUR 98.9 million (Q1-Q3/2008 EUR 216.2 million). - Q3 net sales were EUR 28.9 million (Q3/2008 EUR 54.8 million). - Operating result was EUR -15.0 million (Q1-Q3/2008 EUR 17.8 million), equalling -15.2 (8.2) per cent of net sales. - Q3 operating result was EUR -2.4 million (Q3/2008 EUR 0.1 million). - Result before taxes was EUR -15.4 million (Q1-Q3/2008 EUR 15.8 million). - Cash flow from business operations was positive, EUR 4.4 million (Q1-Q3/2008 EUR -21.1 million). - Earnings per share were EUR -0.62 (Q1-Q3/2008 EUR 0.38). - Equity ratio was 46.0 (39.4) per cent. - Order books stood at EUR 22.5 (61.0) million. PRESIDENT AND CEO JUHO NUMMELA: The demand for forest machines continued to be weak during the third quarter, albeit there were positive signs in all market areas. The problems with the availability of customer financing hampered the sales of new and second-hand machines worldwide. The company's net sales decreased by 47% during the last quarter from the comparison period, and by 54% during the first three quarters. The net sales of maintenance service business continued to develop favourably during the period under review. The company's profitability has continued to improve in spite of the weakening net sales. The company made an operating loss during the third quarter, but the result was better compared to the second quarter. During the third quarter, the operating costs were 38% lower than in the comparable period. Cash flow from business operations developed favourably as a result of decreasing inventories. Inventories were 28% lower than in the comparable period. Cash flow from business operations during the period under review was positive by EUR 4.4 million. Temporary lay-offs continued throughout the entire organisation. Order intake has developed moderately, and the capacity utilisation rate has been low during the period under review. The new eight-wheeled harvesters launched in the spring constitute a significant part of the order book. NET SALES Consolidated net sales amounted to EUR 98.9 (216.2) million, which is 54 per cent less than in the comparable period. International business operations accounted for 70.6 (66.2) per cent of total net sales. Net sales were accumulated per region as follows: Nordic countries 49.2 (50.6) per cent, the rest of Europe 28.1 (35.5) per cent, North and South America 19.7 (11.2) per cent, and other countries 3.0 (2.7) per cent. PROFIT PERFORMANCE Operating result was EUR -15.0 (17.8) million. Operating result equalled -15.2 (8.2) per cent of net sales in the period under review. Return on capital employed (ROCE) stood at -13.6 (19.1) per cent. Staff costs for the period under review totalled EUR 23.7 (35.9) million, and other operating expenses EUR 15.8 (23.8) million. The staff costs include EUR 1.5 million of non-recurring dismissal expenses. Nearly all the expenses connected with personnel cuts have been recognised during the period under review. The net total of financial income and expenses was EUR -0.3 (-2.1) million. The exchange rate gains and losses due to currency rate fluctuations were recognised under financial items. Result for the period totalled EUR -17.4 (10.7) million. Diluted and undiluted earnings per share (EPS) were EUR -0.62 (0.38). The company does not have any items that could have a dilutive effect on the earnings per share. BALANCE SHEET AND FINANCIAL POSITION At the end of the period under review, the consolidated balance sheet total amounted to EUR 148.0 (187.0) million. Inventories stood at EUR 73.8 (102.1) million. Trade receivables totalled EUR 18.9 (28.9) million and liquid assets stood at EUR 10.3 (4.4) million. Group equity stood at EUR 67.8 (73.3) million and parent company equity at EUR 51.2 (69.2) million. The equity includes a hybrid loan of EUR 19 million issued on 31 March 2009. The interest paid for the hybrid loan, EUR 1.1 million, was entered as a reduction of Group equity. The amount of interest-bearing liabilities was EUR 54.2 (67.2) million. Of the company's credit limits, 20% are being used. The parent company's net receivables from other Group companies stood at EUR 55.3 (65.7) million. The parent company's receivables from subsidiaries mainly consist of trade receivables that were measured at their respective book values. During the early part of the year, the parent company has recorded probable credit losses amounting to EUR 6.2 million due to receivables from Group companies (in 2008, a total of EUR 6 million). Consolidated net liabilities totalled EUR 43.2 (61.9) million, and the debt-equity ratio (gearing) was 79.9 (91.8) per cent. The equity ratio stood at 46.0 (39.4) per cent at the end of the period under review. Cash flow from business operations amounted to EUR 4.4 (-21.1) million. Cash flow from investing activities amounted to EUR -1.0 (-6.4) million. The release of working capital and enhancement of cash flow are among the key elements of the business enhancement programme in progress at Ponsse Group. ORDER INTAKE AND ORDER BOOKS Order intake for the period totalled EUR 92.7 (167.2) million, while the period-end order books totalled EUR 22.5 (61.0) million. The order books included the dealers' minimum purchase commitments, based on previous practice. 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 of America; Ponssé S.A.S., France; Ponsse UK Ltd, Great Britain; and Ponsse Uruguay S.A., Uruguay. Sunit Oy in Kajaani, Finland, is an affiliated company in which Ponsse Plc has a holding of 34 per cent. R&D AND CAPITAL EXPENDITURE The Group's R&D expenses totalled EUR 3.5 million (EUR 5.2 million) during the period under review. The amount of capitalised R&D expenses during the period was EUR 726,000 (EUR 906,000). Capital expenditure totalled EUR 1.0 million (EUR 6.5 million). It mainly consisted of normal maintenance and replacement investments in plant and machinery. MANAGEMENT Petri Härkönen, M.Sc (Tech.), was appointed CFO of the company during the period under review. Härkönen started work in his new position on 1.10.2009. PERSONNEL The Group had an average staff of 882 (1,048) during the period and employed 802 (1,065) people at period-end. SHARE PERFORMANCE The trading volume of Ponsse Plc shares for 1 January - 30 September 2009 totalled 4,184,631, accounting for 14.9 per cent of the total number of shares. Share turnover amounted to EUR 16.5 million, and the period's lowest and highest share prices were EUR 2.99 and EUR 6.10, respectively. At the end of the period, the share price stood at EUR 5.56 and market capitalisation was EUR 155.7 million. At the end of the reporting period, the company had 47,900 treasury shares in its possession. GOVERNANCE The company's Board of Directors has confirmed that the company will observe a new code of governance that entered into force on 1 January 2009. The code is based on the recommendation approved by the Securities Market Association in October 2008, entitled ”Suomen listayhtiöiden hallinnointikoodi (Corporate Governance)”. The new code of governance can be viewed on Ponsse's website in the Investors section. SHORT-TERM RISKS AND THEIR MANAGEMENT The economic uncertainty is strongly reflected in the company's business. The predictability of business is fundamentally lower than in normal circumstances. Estimates regarding improvements in the economic situation are uncertain. The possible dragging on of the recession will increase the risks associated with the functionality of the subcontractor and supplier network. Ponsse aims to manage these risks through partnership cooperation. The financial standing of suppliers is monitored more intensely than normal. The company has also started the process of screening alternative suppliers. As part of its risk management efforts related to the availability of certain key components, the company has chosen to manufacture these components in-house. The decreased production and invoicing volumes increase the risk regarding business profitability in the Group's different business units. A Group-level adjustment programme has been initiated in order to stabilise the situation. It involves adjusting operating expenses for the weaker demand. Should the markets further deteriorate from the current exceptionally poor state, further intensification and extension of the adjustment and efficiency measures will have to be considered. The parent company will monitor the changes in asset values of Group receivables and the associated risk of impairment. A tax inspection is in progress at the parent company. The developments in maintenance services and spare part sales have a causal link with the utilisation rates of machines. The general economic situation may lead to lower harvesting volumes and utilisation rates. The sales of information systems and control systems are closely linked to economic developments and to the global demand for heavy forest machinery. The markets are being intensively monitored with a view to adjusting operating expenses to demand when required. The economic turbulence has increased currency rate fluctuations and borrowing costs. The key objectives of the company's financing risk management include controlling liquidity, interest and currency risks. Ponsse has ensured its liquidity by means of credit limit agreements with a number of financial institutions. The company has issued covenants as security for its financial liabilities. In order to minimise the impact of any adverse changes in interest rates the company uses interest rate swaps and credits tied to different reference rates. Derivative contracts are used to decrease the negative effect of changes in exchange rates. The financial unrest increases the uncertainties related to sales receivables. The terms and conditions of sales against invoice and receivables monitoring have been reviewed. Any changes in the tax and customs legislation in countries where Ponsse exports may pose further challenges to its export trade. OUTLOOK FOR THE FUTURE In spite of the moderate upturn in the markets, predictability remains challenging as a result of the uncertain economic situation. Temporary lay-offs will continue throughout the entire organisation as capacity is being adapted to the prevailing demand. In spite of the situation, investments in product development, sales and maintenance services will continue. Factory capacity will be underutilised. The developments in net sales of maintenance services and the sales of new machines are expected to have a positive impact on the financial results of the last quarter. The preparedness of customers to make investments will depend on the demand for wood picking up, the workload situation becoming less ambiguous and the availability of financing improving in all market areas. The net sales of maintenance services will continue its positive trend. Net sales for 2009 will be lower than the year before, resulting in an operating loss. PONSSE GROUP CONSOLIDATED PROFIT AND LOSS ACCOUNT (EUR 1,000) -------------------------------------------------------------------------------- | | | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | | | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- | NET SALES | | 98,921 | 216,220 | 293,015 | -------------------------------------------------------------------------------- | Increase (+)/decrease (-) in | -4,605 | 18,222 | 7,885 | | inventories of finished goods and work | | | | | in progress | | | | -------------------------------------------------------------------------------- | Other operating income | | 937 | 1,458 | 2,608 | -------------------------------------------------------------------------------- | Raw materials and services | | -66,869 | -154,638 | -203,082 | -------------------------------------------------------------------------------- | Expenditure on employment-related | -23,684 | -35,943 | -48,175 | | benefits | | | | -------------------------------------------------------------------------------- | Depreciation and | | -3,951 | -3,700 | -5,037 | | amortisation | | | | | -------------------------------------------------------------------------------- | Other operating expenses | | -15,777 | -23,843 | -33,586 | -------------------------------------------------------------------------------- | OPERATING RESULT | | -15,027 | 17,778 | 13,628 | -------------------------------------------------------------------------------- | Share of results of associated | -65 | 51 | ,91 | | companies | | | | -------------------------------------------------------------------------------- | Financial income and | | -315 | -2,078 | -7,462 | | expenses | | | | | -------------------------------------------------------------------------------- | RESULT BEFORE TAXES | -15,407 | 15,750 | 6,258 | -------------------------------------------------------------------------------- | Income taxes | | -1,945 | -5,071 | -1,907 | -------------------------------------------------------------------------------- | NET RESULT FOR THE PERIOD | | -17,352 | 10,680 | 4,351 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER ITEMS INCLUDED IN | | | | | | TOTAL COMPREHENSIVE INCOME: | | | | | -------------------------------------------------------------------------------- | Translation differences associated with | 450 | 679 | 871 | | a foreign unit | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME FOR THE | -16,902 | 11,359 | 5,222 | | PERIOD | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Diluted and undiluted earnings per | -0.62 | 0.38 | 0.16 | | share | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | IFRS | IFRS | | -------------------------------------------------------------------------------- | | | 7-9/09 | 7-9/08 | | -------------------------------------------------------------------------------- | NET SALES | | 28,903 | 54,773 | | -------------------------------------------------------------------------------- | Increase (+)/decrease (-) in | -961 | 8,679 | | | inventories of finished goods and work | | | | | in progress | | | | -------------------------------------------------------------------------------- | Other operating income | | 31 | 502 | | -------------------------------------------------------------------------------- | Raw materials and services | | -18,173 | -44,099 | | -------------------------------------------------------------------------------- | Expenditure on employment-related | -5,968 | -10,341 | | | benefits | | | | -------------------------------------------------------------------------------- | Depreciation and | | -1,319 | -1,290 | | | amortisation | | | | | -------------------------------------------------------------------------------- | Other operating expenses | | -4,879 | -8,130 | | -------------------------------------------------------------------------------- | OPERATING RESULT | | -2,365 | 96 | | -------------------------------------------------------------------------------- | Share of results of associated | 19 | -44 | | | companies | | | | -------------------------------------------------------------------------------- | Financial income and | | -408 | -1,130 | | | expenses | | | | | -------------------------------------------------------------------------------- | RESULT BEFORE TAXES | -2,754 | -1,078 | | -------------------------------------------------------------------------------- | Income taxes | | -150 | -619 | | -------------------------------------------------------------------------------- | NET RESULT FOR THE PERIOD | | -2,904 | -1,697 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER ITEMS INCLUDED IN | | | | | | TOTAL COMPREHENSIVE INCOME: | | | | | -------------------------------------------------------------------------------- | Translation differences associated with | 1,104 | 79 | | | a foreign unit | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME FOR THE | -1,800 | 1,618 | | | PERIOD | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Diluted and undiluted earnings per | -0.10 | -0.06 | | | share | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (EUR 1,000) -------------------------------------------------------------------------------- | | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | ASSETS | 30.9.09 | 30.9.08 | 31.12.08 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible assets | 6,241 | 5,097 | 6,123 | -------------------------------------------------------------------------------- | Goodwill | 3,447 | 3,696 | 3,683 | -------------------------------------------------------------------------------- | Property, plant and equipment | 24,748 | 27,887 | 27,558 | -------------------------------------------------------------------------------- | Financial assets | 110 | 110 | 109 | -------------------------------------------------------------------------------- | Holdings in associated companies | 1,654 | 1,849 | 1,889 | -------------------------------------------------------------------------------- | Non-current receivables | 2,083 | 409 | 1,820 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,104 | 2,939 | 3,121 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 39,388 | 41,988 | 44,303 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 73,831 | 102,124 | 88,308 | -------------------------------------------------------------------------------- | Trade receivables | 18,907 | 28,913 | 22,155 | -------------------------------------------------------------------------------- | Income tax receivables | 992 | 1,160 | 5,023 | -------------------------------------------------------------------------------- | Other current receivables | 4,641 | 8,471 | 6,916 | -------------------------------------------------------------------------------- | Liquid assets | 10,270 | 4,384 | 8,095 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 108,641 | 145,052 | 130,497 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 148,029 | 187,040 | 174,800 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 7,000 | 7,000 | 7,000 | -------------------------------------------------------------------------------- | Other reserves | 18,555 | -645 | -646 | -------------------------------------------------------------------------------- | Translation differences | -987 | -974 | -1,725 | -------------------------------------------------------------------------------- | Retained earnings | 43,243 | 67,869 | 62,484 | -------------------------------------------------------------------------------- | EQUITY OWNED | | | | -------------------------------------------------------------------------------- | BY PARENT COMPANY SHAREHOLDERS | 67,812 | 73,250 | 67,113 | -------------------------------------------------------------------------------- | Minority interest | 0 | 0 | 0 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 67,812 | 73,250 | 67,113 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 36,338 | 34,706 | 26,140 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 492 | 722 | 556 | -------------------------------------------------------------------------------- | Other non-current liabilities | 761 | 30 | 861 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 37,591 | 35,458 | 27,556 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 17,822 | 32,544 | 46,769 | -------------------------------------------------------------------------------- | Provisions | 5,531 | 5,296 | 6,058 | -------------------------------------------------------------------------------- | Tax liabilities for the period | 42 | 860 | 76 | -------------------------------------------------------------------------------- | Trade creditors and other current | 19,231 | 39,633 | 27,228 | | liabilities | | | | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 42,626 | 78,332 | 80,131 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 148,029 | 187,040 | 174,800 | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000) -------------------------------------------------------------------------------- | | | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | | | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- | BUSINESS OPERATIONS: | | | | | -------------------------------------------------------------------------------- | Net result for the period | | -17,352 | 10,680 | 4,351 | -------------------------------------------------------------------------------- | Adjustments: | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | | 315 | 2,078 | 7,462 | -------------------------------------------------------------------------------- | Share of the results of associated | 65 | -51 | -91 | | companies | | | | -------------------------------------------------------------------------------- | Depreciation and amortisation | | 3,951 | 3,700 | 5,037 | -------------------------------------------------------------------------------- | Income taxes | | 245 | 6,271 | 2,378 | -------------------------------------------------------------------------------- | Other adjustments | | 2,363 | -1,686 | -1,827 | -------------------------------------------------------------------------------- | Cash flow before change in working | -10 412 | 20,991 | 17,308 | | capital | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in working capital: | | | | | -------------------------------------------------------------------------------- | Change in current non-interest-bearing | 5,452 | -904 | 7,086 | | receivables | | | | -------------------------------------------------------------------------------- | Change in inventories | | 14,477 | -36,489 | -22,673 | -------------------------------------------------------------------------------- | Change in current | | -8,040 | 2,746 | -9,718 | | non-interest-bearing | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Change in provisions for | | -527 | 955 | 1,717 | | liabilities and charges | | | | | -------------------------------------------------------------------------------- | Interest received | | 76 | 113 | 281 | -------------------------------------------------------------------------------- | Interest paid | | -1,558 | -1,596 | -2,450 | -------------------------------------------------------------------------------- | Other financial items | | 1,183 | -327 | -4,966 | -------------------------------------------------------------------------------- | Income taxes paid | | 3,752 | -6,601 | -7,355 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM BUSINESS | | 4,403 | -21,114 | -20,770 | | OPERATIONS (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | | -------------------------------------------------------------------------------- | Investments in tangible and intangible | -1,044 | -6,475 | -8,509 | | assets | | | | -------------------------------------------------------------------------------- | Investments in other assets | 0 | 27 | 27 | -------------------------------------------------------------------------------- | Repayment of loan receivables | | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Dividends received | | 0 | 0 | 0 | -------------------------------------------------------------------------------- | CASH OUTFLOW FROM INVESTMENT | | -1,044 | -6,448 | -8,481 | | ACTIVITIES (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCING | | | | | -------------------------------------------------------------------------------- | Hybrid loan | | 19,000 | 0 | 0 | -------------------------------------------------------------------------------- | Interest paid, hybrid loan | | -1,143 | 0 | 0 | -------------------------------------------------------------------------------- | Withdrawal/repayment of | | -28,502 | 15,743 | 29,422 | | current loans | | | | | -------------------------------------------------------------------------------- | Change in current | | 71 | -13 | 309 | | interest-bearing receivables | | | | | -------------------------------------------------------------------------------- | Withdrawal/repayment of | | 10,099 | 17,988 | 10,253 | | non-current loans | | | | | -------------------------------------------------------------------------------- | Payment of finance lease liabilities | -445 | -424 | 122 | -------------------------------------------------------------------------------- | Change in non-current receivables | -263 | -6 | -1,417 | -------------------------------------------------------------------------------- | Dividends paid | | 0 | -13,976 | -13,976 | -------------------------------------------------------------------------------- | NET CASH OUTFLOW FROM | | -1,183 | 19,312 | 24,713 | | FINANCING (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets (A+B+C) | 2,176 | -8,249 | -4,538 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets on 1 Jan | | 8,095 | 12,633 | 12,633 | -------------------------------------------------------------------------------- | Liquid assets on 30 Sept / 31 Dec | 10,270 | 4,384 | 8,095 | -------------------------------------------------------------------------------- RECONCILIATION OF CHANGES IN EQUITY (EUR 1,000) -------------------------------------------------------------------------------- | A = Share Capital | | | | | | -------------------------------------------------------------------------------- | B = Share premium and other reserves | | | | | -------------------------------------------------------------------------------- | C = Translation differences | | | | | | -------------------------------------------------------------------------------- | D = Own shares | | | | | | -------------------------------------------------------------------------------- | E = Retained earnings | | | | | | -------------------------------------------------------------------------------- | F = Total capital and | | | | | | | reserves | | | | | | -------------------------------------------------------------------------------- | | EQUITY OWNED BY PARENT COMPANY | | | | | SHAREHOLDERS | | | -------------------------------------------------------------------------------- | | A | B | C | D | E | F | -------------------------------------------------------------------------------- | EQUITY 1 JAN 2009 | 7,000 | 20 | -72 | -665 | 60,830 | 67,113 | -------------------------------------------------------------------------------- | Direct posting to | | | | | -1,409 | -1,409 | | retained earnings | | | | | | | | *) | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | | | distribution | | | | | | | -------------------------------------------------------------------------------- | Purchase of the | | | | | | | | company's own | | | | | | | | shares | | | | | | | -------------------------------------------------------------------------------- | Other changes | | 19,010 | | | | 19,010 | -------------------------------------------------------------------------------- | Total | | | 450 | | -17,352| -16,902 | | comprehensive | | | | | | | | income for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | EQUITY 30 SEPT | 7,000 | 19,030 | 378 | -665 | 42,069 | 67,812 | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) Consists of interest and other charges paid for the hybrid loan | | classified as equity. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY 1 JAN 2008 | 7,000 | 20 | -943 | 0 | 70,455 | 76,532 | -------------------------------------------------------------------------------- | Direct posting to | | | | | | | | retained earnings | | | | | | | | *) | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -13,976| -13,976 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Purchase of the | | | | -665 | | -665 | | company's own | | | | | | | | shares | | | | | | | -------------------------------------------------------------------------------- | Other changes | | | | | | | -------------------------------------------------------------------------------- | Total | | | 600 | | 10,680 | 11,359 | | comprehensive | | | | | | | | income for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | EQUITY 30 SEPT | 7,000 | 20 | -264 | -665 | 67,159 | 73,250 | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | 30.9.09 | 30.9.08 | 31.12.08 | -------------------------------------------------------------------------------- | 1. LEASING COMMITMENTS (EUR | | 8,468 | 5,453 | 5,903 | | 1,000) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2. CONTINGENT LIABILITIES (EUR | | 30.9.09 | 30.9.08 | 31.12.08 | | 1,000) | | | | | -------------------------------------------------------------------------------- | Guarantees given on behalf of | | 1,009 | 1,349 | 1,090 | | others | | | | | -------------------------------------------------------------------------------- | Repurchase commitments | | | 4,602 | 4,604 | 4,049 | -------------------------------------------------------------------------------- | Other commitments | | | 1,969 | 574 | 1,443 | -------------------------------------------------------------------------------- | TOTAL | | | 7,580 | 6,527 | 6,582 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3. PROVISIONS (EUR | | | Guarantee provision | | | 1,000) | | | | | -------------------------------------------------------------------------------- | 1.1.2009 | | | 6,058 | | | -------------------------------------------------------------------------------- | Increase | | | 723 | | | -------------------------------------------------------------------------------- | Used provisions | | | -1,250 | | | -------------------------------------------------------------------------------- | 30.9.2009 | | | 5,531 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES AND | | | 30.9.09 | 30.9.08 | 31.12.08 | | RATIOS | | | | | | -------------------------------------------------------------------------------- | R&D expenditure, MEUR | | 3.5 | 5.2 | 7.6 | -------------------------------------------------------------------------------- | Capital expenditure, MEUR | | 1.0 | 6.4 | 8.5 | -------------------------------------------------------------------------------- | as % of turnover | | | 1.0 | 3.0 | 2.9 | -------------------------------------------------------------------------------- | Average number of | | | 882 | 1 048 | 1 044 | | employees | | | | | | -------------------------------------------------------------------------------- | Order books, MEUR | | | 22.5 | 61.0 | 41.5 | -------------------------------------------------------------------------------- | Equity ratio, % | | | 46.0 | 39.4 | 38.4 | -------------------------------------------------------------------------------- | Diluted and undiluted earnings per share, | -0.62 | 0.38 | 0.16 | | EUR | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | | | 2.42 | 2.62 | 2.40 | -------------------------------------------------------------------------------- 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, %: Equity + minority interest ---------------------------------------- Balance sheet total - advance payments received * 100 Earnings per share: Earnings before taxes - taxes (incl. change in deferred taxes) -/+ minority interest ------------------------------------------------------------------------------ Average number of shares during the accounting period, adjusted for share issues Equity per share: Capital and reserves ---------------------------------------------- Number of shares on the balance sheet date, adjusted for share issues -------------------------------------------------------------------------------- | ORDER INTAKE, MEUR | | | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- | Ponsse Group | | | 92.7 | 167.2 | 224.4 | -------------------------------------------------------------------------------- The interim report has been prepared in accordance with the IFRS recognition and measurement principles; however, it does not comply with all of the requirements of IAS 34. From 1.1.2009, the group has applied the following new and revised standards: IFRS 8, Operating Segments, and IAS 1, Presentation of Financial Statements. The amendment of IFRS 8 will not materially change the information shown in these segments because the Group's earlier segment-based reporting was based on the Group's internal reporting structures. The amendment of IAS 1 will have an impact on the presentation method of the profit and loss account and the changes in equity. The accounting policies for the interim report are compatible with those for the financial statements prepared on 31 December 2008. The above figures have not been audited. The above figures have been rounded off 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 known by the company management and its current decisions and plans. Although the management believes that the future expectations are well founded, there is no certainty that said 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, 27 October 2009 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
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