2007-07-17 08:03:14 CEST
2007-07-17 08:03:14 CEST
REGULATED INFORMATION
Ponsse Oyj - Quarterly report
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2007
PONSSE OYJ STOCK EXCHANGE RELEASE 17 JULY 2007, 09:00 A.M.
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2007
- Turnover: EUR 149.9 million (EUR 108.6 million in H1/2006)
- Q2 turnover: EUR 71.5 million (EUR 56.3 million in Q2/2006)
- Operating profit: EUR 17.6 million (EUR 13.3 million in H1/2006)
- Operating profit accounted for 11.7 per cent of turnover (12.3 per cent in
H1/2006)
- Q2 operating profit: EUR 8.1 million (EUR 6.6 million in Q2/2006)
- Earnings per share: EUR 0.46 (EUR 0.32 in H1/2006)
Arto Tiitinen, President and CEO:
Our turnover grew by 38 per cent. Progress was particularly strong in the Rest
of Europe segment. The cut-to-length method is gaining market share in Russia.
Efficiency measures resulted in a positive development for the company's cash
flow: the change compared to the previous year amounted to EUR 23.3 million. Our
order book improved by 49 per cent.
During the period, new service centres were opened at Pitkäranta in Russia, Riga
in Latvia, Stemmen in Germany and Hyvinkää in Finland. Our market share
strengthened in the Rest of Europe segment. The difficult market situation
continued in North America. Within South America, we established a sales and
maintenance company in Uruguay during the period.
We are continuing to develop our supplier network, which is supported by a
business park for partner companies that has emerged in Vieremä. During the
period, Ponsse made a new partnership agreement with SKS Group Oy.
TURNOVER
Consolidated turnover for the period amounted to EUR 149.9 (108.6) million,
which is 38 per cent more than in the comparison period. Turnover was
distributed between reporting segments as follows: Nordic countries EUR 92.4
(72.4) million, the Rest of Europe EUR 63.8 (42.7) million, and North and South
America EUR 12.2 (14.3) million. Sales development during the first half of the
year was particularly strong in Central and Eastern Europe, which are included
in the Rest of Europe segment. Turnover in the region increased by 49.2 per cent
compared to the previous year. Development was also favourable during the first
half of the year within the Nordic countries segment, in which turnover
increased by 27.5 per cent thanks to a boost in wood trade compared to the
previous year. Turnover in the North and South America segment declined compared
to the previous year particularly due to the difficult market situation
prevailing in North America.
PROFIT PERFORMANCE
Consolidated operating profit increased by 32.1 per cent compared to the
previous year to EUR 17.6 (13.3) million. The operating profit distribution
across segments was as follows: Nordic countries EUR 8.3 (6.8) million, the Rest
of Europe EUR 10.9 (6.6) million, North and South America EUR -1.3 (-0.2)
million and items not allocated to segments EUR -0.3 (0.1) million.
Operating profit accounted for 11.7 (12.3) per cent of turnover. Return on
capital employed (ROCE) stood at 40.2 (32.7) per cent.
Staff costs for the period under review totalled EUR 21.0 (19.5) million, and
other operating expenses were EUR 14.4 (10.8) million. Net financial expenses
were EUR -0.7 (-0.8) million. Income and expenses resulting from currency risk
hedging were included in the financial items. Profit for the period totalled EUR
12.9 (8.9) million. Earnings per share (EPS) were EUR 0.46 (0.32).
BALANCE SHEET AND FINANCIAL POSITION
At the end of the period under review, the consolidated balance sheet total
amounted to EUR 136.7 (119.8) million. The balance sheet total was particularly
increased by the higher amount of stocks, ordinary trade receivables and liquid
assets compared to the previous year. The amount of current assets was EUR 63.2
(57.8) million. Trade receivables totalled EUR 20.4 (19.8) million, and liquid
assets stood at EUR 10.8 (4.6) million. The consolidated capital and reserves
also stood at a higher level year on year at the end of the period under review.
Interest-bearing liabilities totalled EUR 29.8 (37.7) million. The parent
company's net receivables from other Group companies stood at EUR 33.8 (34.3)
million. Net liabilities amounted to EUR 17.4 (32.9) million. Equity ratio stood
at 46.5 (41.0) per cent at the end of the period under review.
The improvement in operational results and the measures taken to reduce working
capital improved the cash flow from business operations, which totalled EUR 17.8
(-5.5) million while that from investing activities was EUR -3.3 (-4.1) million.
ORDER INTAKE AND ORDER BOOKS
The order intake for the period totalled EUR 154.0 (96.1) million, while
period-end order books were valued at EUR 63.0 (42.4) million. The order books
included dealers' minimum purchase commitments, based on previous practice.
SUBSIDIARIES
Ponsse Latin America Ltda's subsidiary in Uruguay, Povery S.A., started its
operations during the review period. The company's CEO is Claudio Costa.
During the review period, Gary Glendinning was appointed CEO of Ponsse UK Ltd,
and Marko Mattila was appointed CEO of Ponsse North America, Inc. Mikko Laurila
was appointed Vice President responsible for the New Markets business area as
part of our global strategy.
CAPITAL EXPENDITURE AND R&D
Capital expenditure totalled EUR 3.3 (4.1) million.
R&D expenses totalled EUR 2.8 (1.8) million.
PERSONNEL
The Group had an average staff of 845 (793) during the period and employed 891
(828) people at the period-end. The number of personnel was particularly
increased by the expansion of the business operations of the new foreign
subsidiaries and Epec Oy. During the review period, Juhani Mäkynen was appointed
Ponsse's Vice President responsible for maintenance services and a member of the
management team.
SHARE PERFORMANCE
The trading volume of Ponsse Oyj shares for 1 January - 30 June 2007 totalled
2,331,678, accounting for 8.3 per cent of the total number of shares. Share
turnover came to EUR 33.3 million, with the period's lowest and highest share
price amounting to EUR 11.27 and EUR 17.80, respectively.
At the end of the period, the shares closed at EUR 17.25 and the market
capitalisation totalled EUR 483.0 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.
BUSINESS UNCERTAINTIES
The company's strategic and business risks are associated with cyclical
fluctuations in the global economy, the availability and price development of
raw materials and components, as well as the operations of dealers and
subcontractors. The company has prepared for risks by identifying them and
addressing them proactively, entering into long-term contracts and surveying
alternative suppliers.
During the review period, the company continued to develop its supplier network
by signing a partnership agreement with SKS Group Oy.
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.
OUTLOOK FOR THE FUTURE
According to the company's view, demand for wood will remain very strong in all
other market areas except North America. This will create preconditions for
increased machine deliveries during the rest of the year.
The effect of the Russian wood export duties is estimated to increase annual
logging volumes in Finland by approximately 10 million cubic metres.
The company has good preconditions to outperform last year's sales growth and
earnings in 2007.
PONSSE GROUP
CONSOLIDATED PROFIT AND LOSS ACCOUNT (EUR 1,000)
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| | | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| | | 4-6/07 | 4-6/06 | 1-6/07 | 1-6/06 |
--------------------------------------------------------------------------------
| TURNOVER | | 71,527 | 56,261 | 149,942 | 108,556 |
--------------------------------------------------------------------------------
| Increase (+)/decrease (-) in | 3,565 | 2,242 | 5,236 | 6,932 |
| stocks of finished goods and | | | | |
| work in progress | | | | |
--------------------------------------------------------------------------------
| Other operating income | | 254 | 261 | 531 | 803 |
--------------------------------------------------------------------------------
| Raw materials and | | -47,784 | -35,025 | -100,661 | -70,514 |
| services | | | | | |
--------------------------------------------------------------------------------
| Expenditure on employment | -10,892 | -10,333 | -21,015 | -19,510 |
| related benefits | | | | |
--------------------------------------------------------------------------------
| Depreciation | | -1,069 | -1,152 | -2,104 | -2,203 |
--------------------------------------------------------------------------------
| Other operating | | -7,479 | -5,640 | -14,364 | -10,764 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING PROFIT | | 8,122 | 6,614 | 17,564 | 13,300 |
--------------------------------------------------------------------------------
| Share of results of associated | 625 | 96 | 916 | 197 |
| companies | | | | |
--------------------------------------------------------------------------------
| Financial income and expenses | -228 | -350 | -666 | -782 |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 8,519 | 6,359 | 17,814 | 12,715 |
--------------------------------------------------------------------------------
| Income taxes | | -2,093 | -2,060 | -4,870 | -3,810 |
--------------------------------------------------------------------------------
| Minority interest | | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| PROFIT FOR THE PERIOD | | 6,427 | 4,299 | 12,945 | 8,905 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | 0.23 | 0.15 | 0.46 | 0.32 |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET (EUR 1,000)
--------------------------------------------------------------------------------
| | IFRS | IFRS | |
--------------------------------------------------------------------------------
| ASSETS | 30.6.07 | 31.12.06 | |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Intangible assets | 3,998 | 3,605 | |
--------------------------------------------------------------------------------
| Goodwill | 3,764 | 3,791 | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 25,124 | 24,308 | |
--------------------------------------------------------------------------------
| Financial assets | 39 | 39 | |
--------------------------------------------------------------------------------
| Holdings in associated companies | 2,070 | 1,328 | |
--------------------------------------------------------------------------------
| Non-current receivables | 160 | 165 | |
--------------------------------------------------------------------------------
| Deferred tax assets | 1,232 | 972 | |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 36,386 | 34,206 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Stocks | 63,214 | 58,615 | |
--------------------------------------------------------------------------------
| Trade receivables | 20,421 | 20,715 | |
--------------------------------------------------------------------------------
| Income tax receivable | 317 | 349 | |
--------------------------------------------------------------------------------
| Other current receivables | 5,604 | 2,568 | |
--------------------------------------------------------------------------------
| Liquid assets | 10,805 | 8,564 | |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 100,360 | 90,811 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 136,746 | 125,017 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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| CAPITAL AND RESERVES, AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| CAPITAL AND RESERVES | | | |
--------------------------------------------------------------------------------
| Share capital | 7,000 | 7,000 | |
--------------------------------------------------------------------------------
| Other reserves | 20 | 20 | |
--------------------------------------------------------------------------------
| Translation differences | -814 | -750 | |
--------------------------------------------------------------------------------
| Retained earnings | 56,614 | 54,888 | |
--------------------------------------------------------------------------------
| CAPITAL AND RESERVES OWNED | | | |
--------------------------------------------------------------------------------
| BY PARENT COMPANY SHAREHOLDERS | 62,819 | 61,157 | |
--------------------------------------------------------------------------------
| Minority interest | 0 | 0 | |
--------------------------------------------------------------------------------
| TOTAL CAPITAL AND RESERVES | 62,819 | 61,157 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 22,219 | 22,408 | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 807 | 869 | |
--------------------------------------------------------------------------------
| Other non-current liabilities | 60 | 74 | |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | 23,086 | 23,351 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 7,617 | 8,487 | |
--------------------------------------------------------------------------------
| Provisions | 4,139 | 3,517 | |
--------------------------------------------------------------------------------
| Tax liabilities for the period | 1,305 | 230 | |
--------------------------------------------------------------------------------
| Trade creditors and other current | 37,779 | 28,275 | |
| liabilities | | | |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 50,840 | 40,509 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL CAPITAL AND RESERVES, AND | 136,746 | 125,017 | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000)
--------------------------------------------------------------------------------
| | | IFRS | IFRS | |
--------------------------------------------------------------------------------
| | | 1-6/07 | 1-6/06 | |
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| BUSINESS OPERATIONS: | | | | |
--------------------------------------------------------------------------------
| Profit for the period | | 12,945 | 8,905 | |
--------------------------------------------------------------------------------
| Adjustments: | | | | |
--------------------------------------------------------------------------------
| Financial income and | | 666 | 787 | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Share of the result of associated | -916 | -197 | |
| companies | | | |
--------------------------------------------------------------------------------
| Depreciation and | | 2,104 | 2,203 | |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Income taxes | | 5,134 | 3,810 | |
--------------------------------------------------------------------------------
| Other adjustments | | -183 | 135 | |
--------------------------------------------------------------------------------
| Cash flow before change in working | 19,750 | 15,643 | |
| capital | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in working capital: | | | | |
--------------------------------------------------------------------------------
| Change in current | | |
--------------------------------------------------------------------------------
| non-interest-bearing receivables | -2,750 | -4,027 | |
--------------------------------------------------------------------------------
| Change in stocks | | -4,599 | -12,600 | |
--------------------------------------------------------------------------------
| Change in current | | |
--------------------------------------------------------------------------------
| non-interest-bearing | | 9,430 | 1,359 | |
| creditors | | | | |
--------------------------------------------------------------------------------
| Change in provisions for | | 622 | -1,034 | |
| liabilities and charges | | | | |
--------------------------------------------------------------------------------
| Interest received | | 73 | 82 | |
--------------------------------------------------------------------------------
| Interest paid | | -657 | -446 | |
--------------------------------------------------------------------------------
| Other financial items | | -32 | -326 | |
--------------------------------------------------------------------------------
| Income taxes paid | | -4,027 | -4,174 | |
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| NET CASH FLOW FROM BUSINESS | | 17,810 | -5,523 | |
| OPERATIONS (A) | | | | |
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| INVESTMENTS | | | | |
--------------------------------------------------------------------------------
| Investments in tangible and intangible | -3 312 | -4,142 | |
| assets | | | |
--------------------------------------------------------------------------------
| Investments in other assets | 0 | 0 | |
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| Dividends received | | 2 | 0 | |
--------------------------------------------------------------------------------
| CASH OUTFLOW FROM INVESTING | | -3,310 | -4,142 | |
| ACTIVITIES (B) | | | | |
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| FINANCING | | | | |
--------------------------------------------------------------------------------
| Withdrawal/Repayment of | | | | |
--------------------------------------------------------------------------------
| non-current loans | | -515 | 12,964 | |
--------------------------------------------------------------------------------
| Change in current | | | | |
--------------------------------------------------------------------------------
| interest-bearing liabilities | | 9 | -4 | |
--------------------------------------------------------------------------------
| Withdrawal/Repayment of | | | | |
--------------------------------------------------------------------------------
| non-current loans | | -203 | 184 | |
--------------------------------------------------------------------------------
| Payment of finance lease liabilities | -355 | -9 | |
--------------------------------------------------------------------------------
| Change in non-current receivables | 4 | -27 | |
--------------------------------------------------------------------------------
| Dividends paid | | -11,200 | -11,200 | |
--------------------------------------------------------------------------------
| NET CASH OUTFLOW FROM | | -12,260 | 1,908 | |
| FINANCING (C) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in liquid assets | | 2,240 | -7,757 | |
| (A+B+C) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid assets on 1 January | | 8,562 | 12,339 | |
--------------------------------------------------------------------------------
| Liquid assets on 30 June | | 10,802 | 4,582 | |
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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 RESERVES 1 JAN 2007
7,000 20 -750 54,887 0 61,157
Translation differences 0 0 -65 -18 0 -83
NET INCOME RECOGNISED
DIRECTLY IN CAPITAL AND RESERVES
0 0 -65 -18 0 -83
Net profit for the period 0 0 0 12,945 0 12,945
TOTAL RECOGNISED
INCOME AND EXPENSES 0 0 -65 12,927 0 12,862
Dividend distribution 0 0 0 -11,200 0 -11,200
Change in minority interest 0 0 0 0 0 0
CAPITAL AND RESERVES 30 JUN 2007
7,000 20 -815 56,614 0 62,819
CAPITAL AND RESERVES 1 JAN 2006
7,000 20 -442 44,811 0 51,389
Translation differences 0 0 -216 174 0 -42
NET INCOME RECOGNISED
DIRECTLY IN CAPITAL AND RESERVES
0 0 -216 174 0 -42
Net profit for the period 0 0 0 8,905 0 8,905
TOTAL RECOGNISED INCOME AND EXPENSES
0 0 -216 9,079 0 8,863
Dividend distribution 0 0 0 -11,200 0 -11,200
Change in minority interest 0 0 0 0 0 0
CAPITAL AND RESERVES 30 JUN 2006
7,000 20 -658 42,690 0 49,052
SEGMENT INFORMATION (EUR 1,000)
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| GEOGRAPHIC SEGMENTS | | | | | |
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| 1-6/07 | | | | | |
--------------------------------------------------------------------------------
| | Nordic | Rest of | North | Elimin | TOTAL |
| | countri | Europe | and | -ation | |
| | es | | South | | |
| | | | America | | |
--------------------------------------------------------------------------------
| External sales | 73,123 | 63,438 | 11,579 | | 148,140 |
--------------------------------------------------------------------------------
| Internal sales | 19,256 | 316 | 671 | -20,24 | 0 |
| | | | | 3 | |
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| Unallocated sales | | | | | 1,803 |
--------------------------------------------------------------------------------
| TURNOVER | 92,379 | 63,754 | 12,249 | -20,24 | 149,942 |
| | | | | 3 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit of the | 8,321 | 10,856 | -1,275 | | 17,902 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Unallocated items | | | | | -337 |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 8,321 | 10,856 | -1,275 | | 17,564 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of the result of | 916 | | | | 916 |
| associated companies | | | | | |
--------------------------------------------------------------------------------
| Unallocated items | | | | | -5,536 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | | | | 12,945 |
--------------------------------------------------------------------------------
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| GEOGRAPHIC SEGMENTS | | | | | |
--------------------------------------------------------------------------------
| 1-6/06 | Nordic | Rest of | North | Elimin | TOTAL |
| | countri | Europe | and | -ation | |
| | es | | South | | |
| | | | America | | |
--------------------------------------------------------------------------------
| External sales | 51,220 | 42,175 | 14,168 | | 107,563 |
--------------------------------------------------------------------------------
| Internal sales | 21,225 | 542 | 148 | -21,91 | 0 |
| | | | | 4 | |
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| Unallocated sales | | | | | 994 |
--------------------------------------------------------------------------------
| TURNOVER | 72,445 | 42,717 | 14,315 | -21,91 | 108,556 |
| | | | | 4 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit of the | 6,796 | 6,590 | -226 | | 13,160 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Unallocated items | | | | | 140 |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 6,796 | 6,590 | -226 | | 13,300 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of the result of | 197 | | | | 197 |
| associated companies | | | | | |
--------------------------------------------------------------------------------
| Unallocated items | | | | | -4,592 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | | | | 8,905 |
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| | | | 30.6.07 | 30.6.06 | 31.12.06 |
--------------------------------------------------------------------------------
| 1. LEASING COMMITMENTS (EUR | | 2,203 | 2,206 | 2,442 |
| 1,000) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2. CONTINGENT LIABILITIES (EUR | | 30.6.07 | 30.6.06 | 31.12.06 |
| 1,000) | | | | |
--------------------------------------------------------------------------------
| Guarantees given on behalf of | | 190 | 479 | 537 |
| others | | | | |
--------------------------------------------------------------------------------
| Repurchase commitments | | | 3,445 | 3,837 | 3,275 |
--------------------------------------------------------------------------------
| Other commitments | | | 5,609 | 0 | 0 |
--------------------------------------------------------------------------------
| TOTAL | | | 9,244 | 4,316 | 3,812 |
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| 3. PROVISIONS (EUR | | | Guarantee provision | |
| 1,000) | | | | |
--------------------------------------------------------------------------------
| 1 JAN 2007 | | | 3,517 | | |
--------------------------------------------------------------------------------
| Increase | | | 755 | | |
--------------------------------------------------------------------------------
| Used provisions | | | -133 | | |
--------------------------------------------------------------------------------
| 30 JUN 2007 | | | 4,139 | | |
--------------------------------------------------------------------------------
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| 4. DIVIDENDS PAID (EUR 1,000) | | 30.6.07 | 30.6.06 | |
--------------------------------------------------------------------------------
| Dividend per share 2006:EUR 0.40 (2005:EUR | 11,200 | 11,200 | |
| 0.40) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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| 5. PROPERTY, PLANT AND EQUIPMENT (EUR | 1-6/07 | 1-6/06 | |
| 1,000) | | | |
--------------------------------------------------------------------------------
| Increase | | | 3,242 | 3,966 | |
--------------------------------------------------------------------------------
| Decrease | | | -28 | -622 | |
--------------------------------------------------------------------------------
| TOTAL | | | 3,214 | 3,344 | |
--------------------------------------------------------------------------------
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| 6. RELATED PARTY TRANSACTIONS | | 1-6/07 | 1-6/06 | |
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| Management's employment related benefits (EUR 1,000) | | |
--------------------------------------------------------------------------------
| Wages and other short-term employment | 1,010 | 1,107 | |
| related benefits | | | |
--------------------------------------------------------------------------------
| Board of Directors' emoluments | 114 | 111 | |
--------------------------------------------------------------------------------
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| KEY FIGURES AND RATIOS | | | 30.6.07 | 30.6.06 | 31.12.06 |
--------------------------------------------------------------------------------
| R&D expenditure, MEUR | | 2.8 | 1.8 | 4.0 |
--------------------------------------------------------------------------------
| Capital expenditure, MEUR | 3.3 | 4.1 | 5.3 |
--------------------------------------------------------------------------------
| as % of turnover | | | 2.2 | 3.8 | 2.2 |
--------------------------------------------------------------------------------
| Average number of | | | 845 | 793 | 795 |
| employees | | | | | |
--------------------------------------------------------------------------------
| Order books, MEUR | | | 63.0 | 42.4 | 59.2 |
--------------------------------------------------------------------------------
| Equity ratio, % | | | 46.5 | 41.0 | 49.1 |
--------------------------------------------------------------------------------
| Earnings per share, | | | 0.46 | 0.32 | 0.75 |
| EUR | | | | | |
--------------------------------------------------------------------------------
| Equity per share, EUR | | | 2.24 | 1.75 | 2.18 |
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FORMULAE FOR FINANCIAL INDICATORS
Average number of employees:
Average of the numbers 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
Avg 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
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| ORDER INTAKE, MEUR | | | 1-6/07 | 1-6/06 | 1-12/06 |
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| Ponsse Group | | | 154.0 | 96.1 | 242.9 |
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The interim report has been prepared in accordance with the requirements of IAS
34, Interim Financial Reporting.
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, 17 July 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
Helsinki Stock Exchange
Principal Media
www.ponsse.com
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