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2007-10-16 08:00:00 CEST 2007-10-16 08:00:00 CEST REGULATED INFORMATION Ponsse Oyj - Quarterly reportPONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 SEPTEMBER 2007PONSSE OYJ STOCK EXCHANGE RELEASE 16 OCTOBER 2007, 9:00 A.M. PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 SEPTEMBER 2007 Turnover: EUR 214.0 million (EUR 156.0 million in Q1-Q3/2006) Q3 turnover: EUR 64.0 million (EUR 47.4 million in Q3/2006) Operating profit: EUR 24.0 million (EUR 19.4 million in Q1-Q3/2006) Operating profit accounted for 11.2 per cent of turnover (12.4 per cent in Q1-Q3/2006) Q3 operating profit: EUR 6.4 million (EUR 6.1 million in Q3/2006) Earnings per share: EUR 0.62 (EUR 0.45 in Q1-Q3/2006) Arto Tiitinen, President and CEO: Our customers valued our products and services, ordering a record-breaking number of machines. Our order book increased by 58 per cent to EUR 80 million. Our turnover grew by 37.2 per cent. The demand for our products has been at a good level in all our market areas, except for North America. In South America we have been determinedly working to open the market and have developed products and services for eucalyptus harvesting in cooperation with our customers. During the period under review we concluded the first significant deals in Brazil and Uruguay. Thanks to our new factory, we were able to step up the machine production volumes and thus respond to the demand. TURNOVER Consolidated turnover for the period under review amounted to EUR 214.0 (156.0) million, which is 37.2 per cent more than in the comparison period. Consolidated turnover for the third quarter totalled EUR 64.0 (47.4) million, which is 35.0 per cent more compared to the previous year. PROFIT PERFORMANCE Consolidated operating profit for the period increased by 23.8 per cent year on year to EUR 24.0 (19.4) million. Operating profit accounted for 11.2 (12.4) per cent of turnover in the period under review. Operating profit for the third quarter amounted to EUR 6.4 (6.1) million. Return on capital employed (ROCE) stood at 35.2 (30.2) per cent. Staff costs for the period under review totalled EUR 30.3 (27.3) million, and other operating expenses were EUR 21.8 (16.8) million. Net financial expenses were EUR -0.9 (-1.3) million. Income and expenses resulting from currency risk hedging were included in the financial items. Profit for the period totalled EUR 17.3 (12.7) million. Earnings per share (EPS) were EUR 0.62 (0.45). BALANCE SHEET AND FINANCIAL POSITION At the end of the period under review the consolidated balance sheet total amounted to EUR 142.5 (128.1) million. The balance sheet total was particularly increased by the higher amount of stocks and trade receivables compared to the previous year. The amount of current assets was EUR 67.7 (61.4) million. Trade receivables totalled EUR 24.6 (19.8) million and liquid assets stood at EUR 8.3 (8.8) million. The consolidated capital and reserves strengthened year on year, amounting to EUR 67.2 (52.8) million. The amount of interest-bearing liabilities decreased to EUR 31.5 million from the EUR 41.7 million in the previous year. The parent company's net receivables from other Group companies stood at EUR 31.3 (36.9) million. Consolidated net liabilities reduced during the period under review, amounting to EUR 22.3 (32.2) million. Equity ratio stood at 47.5 per cent (41.4 per cent) at the end of the period. Cash flow from business operations was stronger year on year at the end of the period, totalling EUR 14.5 (-4.3) million. Cash flow from investing activities amounted to EUR -4.3 (-5.1) million. ORDER INTAKE AND ORDER BOOKS Order intake for the period totalled EUR 235.7 (152.0) million, while period-end order books were valued at EUR 80.7 (50.9) million. The order books included dealers' minimum purchase commitments, based on previous practice. SUBSIDIARIES Lako Oy, wholly-owned by Ponsse Oyj, merged with its parent company during the period under review. CAPITAL EXPENDITURE AND R&D Capital expenditure amounted to EUR 4.3 (5.1) million. R&D expenses for the period totalled EUR 3.9 (2.8) million. PERSONNEL The Group had an average staff of 858 (797) during the period and employed 873 (787) people at the period-end. The number of personnel increased most clearly in the Latin American subsidiaries and Epec Oy. In the parent company, increases in the number of personnel took place in production, maintenance services and product development. SHARE PERFORMANCE The trading volume of Ponsse Oyj shares for 1 January - 30 September 2007 totalled 3,248,059, accounting for 11.6 per cent of the total number of shares. Share turnover came to EUR 49.5 million, with the period's lowest and highest share price amounting to EUR 11.27 and EUR 18.60 respectively. At the end of the period the shares closed at EUR 18.00 and the market capitalisation totalled EUR 504.0 million. The company's Board of Directors is authorised to decide on the acquisition and assignment of at most 250,000 treasury shares. The authorisations are valid until 30 June 2008. Neither the company nor its subsidiaries own treasury shares. GOVERNANCE The company adheres to the insider regulations approved by the Helsinki Stock Exchange Board of Directors and the guidelines on listed companies' governance and control systems (Corporate Governance). The governance principles are available on Ponsse's web site, in the Investors section. BUSINESS UNCERTAINTIES The company's strategic risks are associated with cyclical fluctuations in the global economy. These risks are balanced by the fact that the company's operations are located in geographical areas at different phases of development. The most significant business risks are associated with the availability and price development of raw materials and components, as well as the operations of subcontractors. The company has prepared for risks by analysing them and addressing them proactively as far as possible, entering into long-term contracts and surveying alternative suppliers. In the company's view, the business park for partner companies that has emerged in Vieremä, for its part, reduces the business risks associated with the supplier network. Strategic risks and other risks related to the company's business are described in more detail on pages 54-55 and 78 of the Annual Report. EVENTS AFTER THE PERIOD On 5 October 2007 the company issued a release announcing that it had concluded a deal on the delivery of a total of 67 cut-to-length forest machines and 44 harvester heads to Brazil and Uruguay. OUTLOOK FOR THE FUTURE Forest industry investments in Latin America, Russia and China will increase the demand for wood and step up the demand for cut-to-length forest machines on a global scale. The company expects the forest machine utilisation rates to remain high. This will increase the need for maintenance services and replacement investments. The effect of the Russian wood export duties is estimated to increase annual logging volumes in Finland by approximately 10 to 15 million cubic metres, the majority of which will be from land with poor load-bearing capacity. The company has engaged in R&D work in this area in cooperation with the National Board of Forestry (Metsähallitus) and the Finnish Forest Research Institute (Metla). The results achieved for a five-axle concept are promising and it is believed the concept will bring new forest areas into the sphere of harvesting and extend the harvesting time during the summer season. The market situation in North America will remain challenging in the near future as well. The company expects turnover and operating profit for the whole year to continue to grow, unless significant changes take place in the company's operating environment, possibly as a result of delays in component deliveries. PONSSE GROUP CONSOLIDATED PROFIT AND LOSS ACCOUNT (EUR 1,000) -------------------------------------------------------------------------------- | | | IFRS | IFRS | IFRS | | -------------------------------------------------------------------------------- | | | 1-9/07 | 1-9/06 | 1-12/06 | | -------------------------------------------------------------------------------- | TURNOVER | | 213,966 | 155,971 | 238,642 | | -------------------------------------------------------------------------------- | Increase (+)/decrease (-) in | 5,820 | 10,134 | 5,774 | | | stocks of finished goods and | | | | | | work in progress | | | | | -------------------------------------------------------------------------------- | Other operating income | | 746 | 1,103 | 2,132 | | -------------------------------------------------------------------------------- | Raw materials and | | -141,305 | -100,570 | -150,621 | | | services | | | | | | -------------------------------------------------------------------------------- | Expenditure on | -30,294 | -27,283 | -37,612 | | | employment-related benefits | | | | | -------------------------------------------------------------------------------- | Depreciation | | -3,164 | -3,213 | -4,256 | | -------------------------------------------------------------------------------- | Other operating | | -21,816 | -16,790 | -24,469 | | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | | 23,953 | 19,351 | 29,590 | | -------------------------------------------------------------------------------- | Share of results of associated | 981 | 271 | 441 | | | companies | | | | | -------------------------------------------------------------------------------- | Financial income and | | -860 | -1,267 | -1,525 | | | expenses | | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 24,074 | 18,356 | 28,505 | | -------------------------------------------------------------------------------- | Income taxes | | -6,805 | -5,692 | -7,463 | | -------------------------------------------------------------------------------- | Minority interest | | 0 | 0 | 0 | | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | | 17,269 | 12,664 | 21,042 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | 0.62 | 0.45 | 0.75 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | IFRS | IFRS | | | -------------------------------------------------------------------------------- | | | 7-9/07 | 7-9/06 | | | -------------------------------------------------------------------------------- | TURNOVER | | 64,024 | 47,415 | | | -------------------------------------------------------------------------------- | Increase (+)/decrease (-) in | 584 | 3,202 | | | | stocks of finished goods and | | | | | | work in progress | | | | | -------------------------------------------------------------------------------- | Other operating income | | 215 | 300 | | | -------------------------------------------------------------------------------- | Raw materials and | | -40,644 | -30,056 | | | | services | | | | | | -------------------------------------------------------------------------------- | Expenditure on | -9,279 | -7,773 | | | | employment-related benefits | | | | | -------------------------------------------------------------------------------- | Depreciation | | -1,060 | -1,010 | | | -------------------------------------------------------------------------------- | Other operating | | -7,452 | -6,027 | | | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | | 6,389 | 6,051 | | | -------------------------------------------------------------------------------- | Share of results of associated | 65 | 74 | | | | companies | | | | | -------------------------------------------------------------------------------- | Financial income and | | -194 | -485 | | | | expenses | | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 6,260 | 5,641 | | | -------------------------------------------------------------------------------- | Income taxes | | -1,935 | -1,882 | | | -------------------------------------------------------------------------------- | Minority interest | | 0 | 0 | | | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | | 4,324 | 3,759 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | 0.15 | 0,13 | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (EUR 1,000) -------------------------------------------------------------------------------- | | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | ASSETS | 30.9.07 | 30.9.06 | 31.12.06 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible assets | 4,094 | 3,327 | 3,605 | -------------------------------------------------------------------------------- | Goodwill | 3,750 | 3,804 | 3,791 | -------------------------------------------------------------------------------- | Property, plant and equipment | 24,957 | 25,393 | 24,308 | -------------------------------------------------------------------------------- | Financial assets | 26 | 37 | 39 | -------------------------------------------------------------------------------- | Holdings in associated companies | 2,135 | 1,158 | 1,328 | -------------------------------------------------------------------------------- | Non-current receivables | 120 | 130 | 165 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,141 | 1,442 | 972 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 36,223 | 35,292 | 34,206 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Stocks | 67,723 | 61,354 | 58,615 | -------------------------------------------------------------------------------- | Trade receivables | 24,556 | 19,806 | 20,715 | -------------------------------------------------------------------------------- | Income tax receivable | 384 | 0 | 349 | -------------------------------------------------------------------------------- | Other current receivables | 5,335 | 2,806 | 2,568 | -------------------------------------------------------------------------------- | Liquid assets | 8,258 | 8,833 | 8,564 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 106,256 | 92,800 | 90,811 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 142,479 | 128,092 | 125,017 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CAPITAL AND RESERVES, AND LIABILITIES | | | | -------------------------------------------------------------------------------- | CAPITAL AND RESERVES | | | | -------------------------------------------------------------------------------- | Share capital | 7,000 | 7,000 | 7,000 | -------------------------------------------------------------------------------- | Other reserves | 20 | 20 | 20 | -------------------------------------------------------------------------------- | Translation differences | -935 | -647 | -750 | -------------------------------------------------------------------------------- | Retained earnings | 61,093 | 46,429 | 54,888 | -------------------------------------------------------------------------------- | CAPITAL AND RESERVES OWNED | | | | -------------------------------------------------------------------------------- | BY PARENT COMPANY SHAREHOLDERS | 67,177 | 52,801 | 61,157 | -------------------------------------------------------------------------------- | Minority interest | 0 | 0 | 0 | -------------------------------------------------------------------------------- | TOTAL CAPITAL AND RESERVES | 67,177 | 52,801 | 61,157 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 22,173 | 19,697 | 22,408 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 798 | 921 | 869 | -------------------------------------------------------------------------------- | Other non-current liabilities | 30 | 147 | 74 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 23,001 | 20,765 | 23,351 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 9,351 | 22,026 | 8,487 | -------------------------------------------------------------------------------- | Provisions | 4,091 | 3,409 | 3,517 | -------------------------------------------------------------------------------- | Tax liabilities for the period | 822 | 2,214 | 230 | -------------------------------------------------------------------------------- | Trade creditors and other current | 38,037 | 26,877 | 28,275 | | liabilities | | | | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 52,301 | 54,526 | 40,509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL CAPITAL AND RESERVES, AND | 142,479 | 128,092 | 125,017 | | LIABILITIES | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000) -------------------------------------------------------------------------------- | | | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | | | 1-9/07 | 1-9/06 | 1-12/06 | -------------------------------------------------------------------------------- | BUSINESS OPERATIONS: | | | | | -------------------------------------------------------------------------------- | Profit for the period | | 17,269 | 12,664 | 21,042 | -------------------------------------------------------------------------------- | Adjustments: | | | | | -------------------------------------------------------------------------------- | Financial income and | | 860 | 1,273 | 1,525 | | expenses | | | | | -------------------------------------------------------------------------------- | Share of the result of associated | -981 | -271 | -441 | | companies | | | | -------------------------------------------------------------------------------- | Depreciation and | | 3,164 | 3,213 | 4,256 | | amortisation | | | | | -------------------------------------------------------------------------------- | Income taxes | | 7,022 | 6,523 | 7,866 | -------------------------------------------------------------------------------- | Other adjustments | | -55 | -617 | -424 | -------------------------------------------------------------------------------- | Cash flow before change in working | 27,279 | 22,785 | 33,824 | | capital | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in working capital: | | | | | -------------------------------------------------------------------------------- | Change in current | | | -------------------------------------------------------------------------------- | non-interest-bearing | | -6,633 | -4,157 | -4,551 | | receivables | | | | | -------------------------------------------------------------------------------- | Change in stocks | | -9,108 | -16,193 | -13,454 | -------------------------------------------------------------------------------- | Change in current | | | -------------------------------------------------------------------------------- | non-interest-bearing | | 9,816 | 2,973 | 4,542 | | creditors | | | | | -------------------------------------------------------------------------------- | Change in provisions for | | 574 | -2,915 | -2,807 | | liabilities and charges | | | | | -------------------------------------------------------------------------------- | Interest received | | 126 | 129 | 269 | -------------------------------------------------------------------------------- | Interest paid | | -1,136 | -750 | -1,273 | -------------------------------------------------------------------------------- | Other financial items | | 72 | -482 | -527 | -------------------------------------------------------------------------------- | Income taxes paid | | -6,465 | -5,653 | -9,201 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM BUSINESS | | 14,525 | -4,263 | 6,822 | | OPERATIONS (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | | -------------------------------------------------------------------------------- | Investments in tangible and intangible | -4,301 | -5,082 | -5,318 | | assets | | | | -------------------------------------------------------------------------------- | Investments in other assets | 0 | 0 | -2 | -------------------------------------------------------------------------------- | Repayment of loan receivables | 13 | 0 | 0 | -------------------------------------------------------------------------------- | Dividends received | | 3 | 0 | 126 | -------------------------------------------------------------------------------- | CASH OUTFLOW FROM INVESTING | | -4,286 | -5,082 | -5,194 | | ACTIVITIES (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCING | | | | | -------------------------------------------------------------------------------- | Withdrawal/Repayment of | | | | | -------------------------------------------------------------------------------- | current loans | | 1,360 | 16,824 | 2,729 | -------------------------------------------------------------------------------- | Change in current | | | | | -------------------------------------------------------------------------------- | interest-bearing liabilities | | 26 | -2 | -356 | -------------------------------------------------------------------------------- | Withdrawal/Repayment of | | | | | -------------------------------------------------------------------------------- | non-current loans | | -279 | 485 | 3,170 | -------------------------------------------------------------------------------- | Payment of finance lease liabilities | -497 | -243 | 313 | -------------------------------------------------------------------------------- | Change in non-current receivables | 44 | -27 | -61 | -------------------------------------------------------------------------------- | Dividends paid | | -11,200 | -11,200 | -11,200 | -------------------------------------------------------------------------------- | NET CASH OUTFLOW FROM | | -10,545 | 5,837 | -5,405 | | FINANCING (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | | -306 | -3,508 | -3,777 | | (A+B+C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets on 1 January | | 8,562 | 12,339 | 12,339 | -------------------------------------------------------------------------------- | Liquid assets on 30 | | 8,256 | 8,831 | 8,562 | | September | | | | | -------------------------------------------------------------------------------- RECONCILIATION OF CAPITAL AND RESERVES (EUR 1,000) -------------------------------------------------------------------------------- | A = Share Capital | | | | | | | -------------------------------------------------------------------------------- | B = Share premium and other reserves | | | | | -------------------------------------------------------------------------------- | C = Translation differences | | | | | -------------------------------------------------------------------------------- | D = Retained earnings | | | | | | -------------------------------------------------------------------------------- | E = Minority | | | | | | | | interest | | | | | | | -------------------------------------------------------------------------------- | F = Total capital and reserves | | | | | -------------------------------------------------------------------------------- | | CAPITAL AND RESERVES OWNED BY PARENT | | | | | COMPANY SHAREHOLDERS | | | -------------------------------------------------------------------------------- | | A | B | C | D | E | F | -------------------------------------------------------------------------------- | CAPITAL AND | 7,000 | 20 | -750 | 54,887 | 0 | 61,157 | | RESERVES 1 JAN | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | 0 | 0 | -185 | 136 | 0 | -49 | | differences | | | | | | | -------------------------------------------------------------------------------- | NET INCOME | | | | | | | | RECOGNISED | | | | | | | -------------------------------------------------------------------------------- | DIRECTLY IN | 0 | 0 | -185 | 136 | 0 | -49 | | CAPITAL AND | | | | | | | | RESERVES | | | | | | | -------------------------------------------------------------------------------- | Net profit for the | 0 | 0 | 0 | 17,269 | 0 | 17,269 | | period | | | | | | | -------------------------------------------------------------------------------- | TOTAL RECOGNISED | 0 | 0 | -185 | 17,405 | 0 | 17,220 | | INCOME AND | | | | | | | | EXPENSES | | | | | | | -------------------------------------------------------------------------------- | Dividend | 0 | 0 | 0 | -11,200 | 0 | -11,200 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Change in minority | 0 | 0 | 0 | 0 | 0 | 0 | | interest | | | | | | | -------------------------------------------------------------------------------- | CAPITAL AND | 7,000 | 20 | -935 | 61,092 | 0 | 67,177 | | RESERVES 30 SEP | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CAPITAL AND | 7,000 | 20 | -442 | 44,811 | 0 | 51,389 | | RESERVES 1 JAN | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | 0 | 0 | -206 | 154 | 0 | -52 | | differences | | | | | | | -------------------------------------------------------------------------------- | NET INCOME | | | | | | | | RECOGNISED | | | | | | | -------------------------------------------------------------------------------- | DIRECTLY IN | 0 | 0 | -206 | 154 | 0 | -52 | | CAPITAL AND | | | | | | | | RESERVES | | | | | | | -------------------------------------------------------------------------------- | Net profit for the | 0 | 0 | 0 | 12,664 | 0 | 12,664 | | period | | | | | | | -------------------------------------------------------------------------------- | TOTAL RECOGNISED | 0 | 0 | -206 | 12,818 | 0 | 12,612 | | INCOME AND | | | | | | | | EXPENSES | | | | | | | -------------------------------------------------------------------------------- | Dividend | 0 | 0 | 0 | -11,200 | 0 | -11,200 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Change in minority | 0 | 0 | 0 | 0 | 0 | 0 | | interest | | | | | | | -------------------------------------------------------------------------------- | CAPITAL AND | 7,000 | 20 | -648 | 46,429 | 0 | 52,801 | | RESERVES 30 SEP | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | 30.9.07 | 30.9.06 | 31.12.06 | -------------------------------------------------------------------------------- | 1. LEASING COMMITMENTS | | | 2,251 | 2,189 | 2,442 | | (EUR 1,000) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2. CONTINGENT LIABILITIES (EUR | | 30.9.07 | 30.9.06 | 31.12.06 | | 1,000) | | | | | -------------------------------------------------------------------------------- | Guarantees given on behalf of others | 1,355 | 1,534 | 1,648 | -------------------------------------------------------------------------------- | Repurchase commitments | | | 2,145 | 2,849 | 2,164 | -------------------------------------------------------------------------------- | Other commitments | | | 1,212 | 2,947 | 0 | -------------------------------------------------------------------------------- | TOTAL | | | 4,712 | 7,330 | 3,812 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3. PROVISIONS (EUR | | | Guarantee provision | | | 1,000) | | | | | -------------------------------------------------------------------------------- | 1 JAN 2007 | | | 3,517 | | | -------------------------------------------------------------------------------- | Increase | | | 969 | | | -------------------------------------------------------------------------------- | Used provisions | | | -395 | | | -------------------------------------------------------------------------------- | 30 SEP 2007 | | | 4,091 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES AND RATIOS | | | 30.9.07 | 30.9.06 | 31.12.06 | -------------------------------------------------------------------------------- | R&D expenditure, MEUR | | 3.9 | 2.8 | 4.0 | -------------------------------------------------------------------------------- | Capital expenditure, MEUR | 4.3 | 5.1 | 5.3 | -------------------------------------------------------------------------------- | as % of turnover | | | 2.0 | 3.3 | 2.2 | -------------------------------------------------------------------------------- | Average number of | | | 858 | 797 | 795 | | employees | | | | | | -------------------------------------------------------------------------------- | Order books, MEUR | | | 80.7 | 50.9 | 59.2 | -------------------------------------------------------------------------------- | Equity ratio, % | | | 47.5 | 41.4 | 49.1 | -------------------------------------------------------------------------------- | Earnings per share, | | | 0.62 | 0.45 | 0.75 | | EUR | | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | | | 2.40 | 1.89 | 2.18 | -------------------------------------------------------------------------------- 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, %: Capital and reserves + minority interest ---------------------------------------- Balance sheet total - advance payments received * 100 Earnings per share: Profit 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 | | | 1-9/07 | 1-9/06 | 1-12/06 | -------------------------------------------------------------------------------- | Ponsse Group | | | 235.7 | 152.0 | 242.9 | -------------------------------------------------------------------------------- The interim report has been prepared observing the recognition and valuation principles of IFRS standards, but not all of the requirements of IAS 34, Interim Financial Reporting, have been complied with. The accounting policies for the interim report are compatible with those for the financial statements prepared on 31 December 2006, except for the following new changes in IFRS standards and IFRIC interpretations adopted on 1 January 2007, which have no effect on the consolidated financial statements: - IFRS 7 - IAS 1 - IFRIC 9 - IFRIC 10 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. Vieremä, 16 October 2007 Arto Tiitinen President and CEO FOR FURTHER INFORMATION, PLEASE CONTACT: Arto Tiitinen, President and CEO, tel. +358 20 768 8621 or +358 400 566 875 Mikko Paananen, CFO, tel. +358 20 768 8648 or +358 400 817 036 DISTRIBUTION OMX Nordic Exchange Helsinki Principal media www.ponsse.com |
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