2012-02-14 08:00:00 CET
2012-02-14 08:00:13 CET
REGULATED INFORMATION
Ponsse Oyj - Financial Statement Release
PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2011
Vieremä, Finland, 2012-02-14 08:00 CET (GLOBE NEWSWIRE) --
PONSSE PLC, STOCK EXCHANGE RELEASE, 14 FEBRUARY 2012, 9:00 a.m.
PONSSE'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2011
- Net sales amounted to EUR 328.2 (Q1-Q4/2010 262.4) million.
- Q4 net sales were EUR 102.7 (Q4/2010 90.6) million.
- Operating result totalled EUR 28.8 (Q1-Q4/2010 21.7) million, equalling 8.8
(8.3) per cent of net sales. The operating result includes a write-down of EUR
3.6 million on external trade receivables in South America.
- Q4 operating result was EUR 10.2 (Q4/2010 6.4) million, equalling 10.0 (7.1)
per cent of net sales. The operating result of the last quarter includes a
write-down of EUR 1.0 million on external trade receivables in South America.
- Profit before taxes was EUR 26.0 (Q1-Q4/2010 24.4) million.
- Cash flow from business operations was EUR 25.0 (Q1-Q4/2010 25.9) million.
- Earnings per share were EUR 0.47 (0.78).
- Equity ratio was 45.2 (46.9) per cent.
- Order books stood at EUR 71.9 (68.3) million.
PRESIDENT AND CEO JUHO NUMMELA:
The company's business operations grew as planned during the period under
review. The efficiency of operational business increased towards the end of the
period, which is seen in net sales, operating result, and cash flows from
operations. Investments in product development have borne fruit during the
period under review. Our improved product families, including our new crane
models and eight-wheel harvesters meet market requirements very well.
The uncertainty of the world economy began to affect the demand for forest
machines at the end of the third quarter, and this trend continued through the
final quarter. Despite the economic uncertainty, there were no problems with
customer financing in the past quarter. The company's order books were at a
good level throughout the year, amounting to EUR 71.9 (68.3) million at the end
of the period, which is 5.3 per cent more than in the corresponding period. The
company's order books do not include minimum purchase commitments.
Net sales for the period under review amounted to EUR 328.2 (262.4) million,
representing a growth of 25.1 per cent compared with the corresponding period.
During the last quarter, the Group's net sales grew by 13.4 per cent compared
with the corresponding period and stood at EUR 102.7 (90.6) million. The
service business grew over the period under review.
The operating result was EUR 10.2 (6.4) million during the last quarter of the
period under review. The operating result came to 10.0 (7.1) per cent of net
sales in the past quarter. The operational result without non-recurring items
amounted to EUR 11.3 million during the last quarter, which represents 11.0 per
cent of net sales. During the past quarter, the operating result was burdened
by an impairment of EUR 1.0 million related to the external trade receivables
in South America. The operating result without non-recurring items for the
period under review amounted to EUR 32.5 million, representing 9.9 per cent of
net sales.
Operating costs (staff costs, depreciation and amortisation, and other
operating costs), excluding the impairment losses related to trade receivables,
showed a planned increase of 22.0 per cent during the period under review.
Cash flow from business operations during the period was positive by EUR 25.0
(25.9) million. Capital is tied up mainly in raw materials and consumables, and
in trade-in machines.In contrast, the stocks of new products were at a low
level.
The factory operated as planned during the period under review. The machine
production volumes were increased temporarily by rearranging working hours
during the third quarter, and it was possible to deliver machines from the
factory normally. The most recent expansion of the factory of about one
thousand square metres was completed at the end of the period.
After the period, the presidents and CEOs of the subsidiaries Ponsse Latin
America Ltda (Brazil) and Ponsse AB (Sweden) have been replaced.
NET SALES
Consolidated net sales for the period under review amounted to EUR 328.2
(262.4) million, which was 25.1 per cent more than in the comparison period.
International business operations accounted for 69.3 (68.0) per cent of net
sales.
Net sales were regionally distributed as follows: Northern Europe 51.6 (49.7)
per cent, Central and Southern Europe 18.6 (17.0) per cent, Russia and Asia
16.1 (14.9) per cent, North and South America 13.8 (18.4) per cent and other
countries 0.0 (0.0) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 28.8 (21.7) million. The operating result
equalled 8.8 (8.3) per cent of net sales for the period under review. An
impairment loss worth about EUR 3.6 million related to external trade
receivables in South America was recognised as an expense during the period.
Consolidated return on capital employed (ROCE) stood at 24.3 (23.6) per cent.
Staff costs for the period totalled EUR 49.2 (38.2) million, including an
expense item of EUR 1.9 million, which included, among other things, a profit
bonus paid to Group personnel. Other operating expenses stood at EUR 34.8
(28.0) million. The net total of financial income and expenses amounted to EUR
-2.6 (2.8) million. Exchange rate gains and losses with a net effect of EUR
-1.2 (3.9) million were recognised under financial items for the period. The
impact of the Adjustment Board decisions concerning the taxation of the parent
company for the period amounts to EUR -1.5 (1.5) million. Profit for the period
under review totalled EUR 14.8 (23.3) million. Diluted and undiluted earnings
per share (EPS) came to EUR 0.47 (0.78). The interest on the subordinated loan
for the period, less tax, has been taken into account in the calculation of
EPS.
STATEMENT OF FINANCIAL POSITION AND FINANCING ACTIVITIES
At the end of the period under review, the total consolidated statements of
financial position amounted to EUR 173.9 (161.7) million. Inventories stood at
EUR 80.5 (72.4) million. Trade receivables totalled EUR 28.4 (33.7) million,
while liquid assets stood at EUR 16.3 (11.0) million. Group shareholders'
equity stood at EUR 78.6 (75.2) million and parent company shareholders' equity
at EUR 75.4 (64.2) million. Group shareholders' equity includes a hybrid loan
of EUR 19 million issued on 31 March 2009. The interest paid on the hybrid loan
(EUR 5.7 million) and the allocated interest for the following year according
to the dividend distribution decision (EUR 1.1 million), totalling EUR 6.8
million, less tax, are recognised as a deduction from Group equity. The amount
of interest-bearing liabilities was EUR 39.1 (36.8) million. The company has
used 17 per cent of its credit facility limit. The parent company's net
receivables from other Group companies stood at EUR 74.8 (65.1) million. The
parent company's receivables from subsidiaries mainly consisted of trade
receivables. Consolidated net liabilities totalled EUR 22.5 (24.2) million, and
the debt-equity ratio (gearing) was 49.7 (48.9) per cent. The equity ratio
stood at 45.2 (46.9) percent at the end of the period under review.
Cash flow from business operations amounted to EUR 25.0 (25.9) million. Cash
flow from investment activities came to EUR -9.4 (-4.8) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 333.7 (311.2) million, while
period-end order books were valued at EUR 71.9 (68.3) million. The minimum
order commitments for retailers are not included in the order book total.
DISTRIBUTION NETWORK
No changes took place in the Group structure during the period under review.
The subsidiaries included in the Ponsse Group are: Epec Oy, Finland; OOO
Ponsse, Russia; Ponsse AB, Sweden; Ponsse AS, Norway; Ponsse Asia-Pacific Ltd,
Hong Kong; Ponsse China Ltd, China; Ponsse Latin America Ltda, Brazil; Ponsse
North America, Inc., the United States; Ponssé S.A.S., France; Ponsse UK Ltd,
the United Kingdom; and Ponsse Uruguay S.A., Uruguay. Sunit Oy, based in
Kajaani, Finland, is an affiliated company in which Ponsse Plc has a holding of
34 per cent.
CAPITAL EXPENDITURE AND R&D
During the period under review, the Group's R&D expenses totalled EUR 8.8 (5.9)
million, of which EUR 2.7 (1.7) million was capitalised.
Capital expenditure totalled EUR 9.4 (4.8) million. It mainly consisted of
ordinary maintenance and replacement investments for machinery and equipment.
ANNUAL GENERAL MEETING
Annual General Meeting was held in Vieremä, Finland 12 April 2011. The AGM
approved the parent company financial statements and the consolidated financial
statements, and members of the Board of Directors and the President and CEO
were discharged from liability for the 2010 financial period.
The AGM decided to authorise a dividend per share of EUR 0.35 per share for
2010 (dividends totalling EUR 9,725,485). No dividend will be paid to shares
owned by the company itself (212,900 shares). The dividend payment record date
was 15 April 2011, and the dividends were paid on 26 April 2011. In addition,
the Annual General Meeting authorised the Board of Directors to decide on the
payment of a potential additional dividend by the end of 2011.
The AGM authorised the Board of Directors to decide on the acquisition of the
treasury shares so that a maximum of 250,000 shares can be acquired in one or
more batches. The maximum amount corresponds to approximately 0.89 per cent of
the company's total shares and votes.
The shares will be acquired in public trading organised by NASDAQ OMX Helsinki
Ltd (“the Stock Exchange”). Furthermore, they will be acquired and paid
according to the rules of the Stock Exchange and Euroclear Finland Ltd.
The Board may, pursuant to the authorisation, only decide upon the acquisition
of the treasury shares using the Company's unrestricted shareholders' equity.
The authorisation is required for supporting the Company's growth strategy in
the Company's potential business arrangements or other arrangements. In
addition, the shares can be issued to the Company's current shareholders or
used for increasing the ownership value of the Company's shareholders by
invalidating shares after their acquisition, or used in personnel incentive
systems. The authorisation includes the right of the Board to decide upon all
other terms and conditions in the acquisition of own shares.
The authorisation is valid until the next AGM; however, no later than 30 June
2012.
The AGM authorised the Board of Directors to decide on the issue of new shares
and the assignment of treasury shares held by the company against payment or
free of charge so that a maximum of 250,000 shares will be issued on the basis
of the authorisation. The maximum amount corresponds to approximately 0.89 per
cent of the company's total shares and votes.
The authorisation includes the right of the Board to decide upon all other
terms and conditions of the share issue. Thus, the authorisation includes a
right to organise a directed issue in deviation of the shareholders'
subscription rights under the provisions prescribed by law. The authorisation
is proposed for use in supporting the Company's growth strategy in the
Company's potential corporate acquisitions or other arrangements. In addition,
the shares can be issued to the Company's current shareholders, sold through
public trading or used in personnel incentive systems.
The authorisation is valid until the next AGM; however, no later than 30 June
2012.
BOARD OF DIRECTORS AND THE COMPANY'S AUDITORS
The Board of Directors comprised six members during the period under review.
Heikki Hortling, Mammu Kaario, Ilkka Kylävainio, Ossi Saksman and Juha Vidgrén
were re-elected to the Board. Jukka Vidgrén was elected as a new Board member.
Juha Vidgrén acted as the Chairman of the Board and Heikki Hortling as the Vice
Chairman.
The Board of Directors did not establish any committees or commissions from
among its members.
The Board of Directors convened eleven times during the period under review.
The attendance rate was 95.3 percent.
During the period under review, auditing firm PricewaterhouseCoopers Oy acted
as the company auditor with Sami Posti, Authorised Public Accountant, as the
principal auditor.
MANAGEMENT
The following persons were members of the Management Team: Juho Nummela,
President and CEO, acting as the chairman; Pasi Arajärvi, Purchasing and
Logistics Director; Juha Haverinen, Factory Director; Petri Härkönen, CFO; Juha
Inberg, Technology and R&D Director; Executive Director, Corporate Development
and Strategy, Timo Karppinen (as of 3 January 2011); Tapio Mertanen, Service
Director; Paula Oksman, HR Director and Jarmo Vidgrén, Deputy CEO, Sales and
Marketing Director. The company management has regular management liability
insurance.
The area director organisation of sales is lead by Jarmo Vidgrén, Group's Sales
and Marketing Director and Tapio Mertanen, Service Director. The geographical
distribution and the responsible persons are presented below:
Northern Europe: Jarmo Vidgrén (Finland), Jerry Wannberg (Sweden, Denmark),
Lyder Ellevold (until 1 September 2011) and Sigurd Skotte (as of 1 September
2011) (Norway),
Central and Southern Europe: Janne Vidgrén (Austria, Poland, Romania, Germany,
the Czech Republic and Hungary), Tapio Ingervo (Spain, Italy, Portugal and
France until 15 August 2011), Clément Puybaret (France as of 15 August 2011),
Jussi Hentunen (Spain, Italy, Portugal and Norrbotten/Sweden as of 15 August
2011) and Gary Glendinning (the United Kingdom)
Russia and Asia: Jaakko Laurila (Russia, Belarus), Norbert Schalkx (Japan and
the Baltic countries) and Risto Kääriäinen (China),
North and South America: Pekka Ruuskanen (the United States as of 1 June 2011)
Marko Mattila (the United States until 1 June 2011 and North American dealers
as of 1 June 2011), Cláudio Costa (Brazil) and Martin Toledo (Uruguay).
Sigurd Skotte took up his post as the President and CEO of Ponsse AS on 1
September 2011.
Clément Puybaret took up his post as the President and CEO of Ponssé S.A.S. on
15 August 2011.
PERSONNEL
The Group had an average staff of 948 (825) during the period and employed 978
(860) people at period-end.
SHARE PERFORMANCE
The company's registered share capital consists of 28,000,000 shares. The
trading volume of Ponsse Plc shares for 1 January - 31 December 2011 totalled
2,638,091, accounting for 9.4 per cent of the total number of shares. Share
turnover amounted to EUR 24.4 million, with the period's lowest and highest
share prices amounting to EUR 5.85 and EUR 11.85, respectively.
At the end of the period, shares closed at EUR 7.00, and market capitalisation
totalled EUR 196.0 million.
At the end of the period under review, the company held 212,900 treasury shares.
DISCLOSURE NOTIFICATIONS
According to the notification received by the company, of the 13,348,074 Ponsse
Plc shares and 47.67 per cent of the votes held by the estate of Einari
Vidgrén, 13,348,072 shares and 47.67 per cent of the votes were in the
distribution of estate transferred to the ownership and control of the direct
heirs of Einari Vidgrén. As a result of the distribution of estate on 23 March
2011, the share held by the estate of Einari Vidgrén of the Ponsse Plc shares
and voting rights has been reduced to below 1/20, and the share held by the
direct heirs of Einari Vidgrén of the Ponsse Plc shares and voting rights has
exceeded 1/10.
The Ponsse Plc shares owned and controlled by Einari Vidgrén's estate were in
the distribution of estate divided equally between his four direct heirs, so
that after the distribution the direct heirs of Einari Vidgrén hold the
following portions of the shares and voting rights of Ponsse Plc: Janne
Vidgrén´s ownership 3,691,742 shares (earlier ownership 354,724 shares) and
13.18 per cent of voting rights (earlier ownership 1.27 per cent of voting
rights), Juha Vidgrén´s ownership 6,205,018 shares (2,868,000) and 22.16 per
cent of voting rights (10.24), Jarmo Vidgrén´s ownership 3,679,938 shares
(342,920) and 13.14 per cent of voting rights (1.22) and Jukka Vidgrén´s
ownership 3,764,778 shares (427,760) and 13.45 per cent of voting rights
(1.53).
Janne Vidgrén is employed by Ponsse Plc as an Area Director, Juha Vidgrén as
the Chairman of the Board of Ponsse Plc and Jarmo Vidgrén as the Sales and
Marketing Director of Ponsse Plc and as the Deputy to the CEO. Jukka Vidgrén
acts as an entrepreneur in the media industry and as a member of the Board of
Ponsse Plc as of 12 April 2011.
QUALITY AND ENVIRONMENT
Ponsse observes in its operations the ISO 9001:2000 quality standard, the ISO
14001 environmental system standard and the OHSAS 18001 occupational safety and
health standard, of which the first two are certified. During the period under
review, Lloyd's Register Quality Assurance performed an audit of the ISO
9001:2008 quality system and the ISO 14001 environmental system.
The company complies with environmental legislation in its operations.
Regulatory amendments are continuously monitored and the necessary actions are
taken accordingly. In accordance with the company's environmental policy,
Ponsse aims to develop and manufacture products with the lowest possible load
on the environment.
Practices and production processes are developed through internal audits and
supplier audits. Investments in auditing have continued, and they have assisted
the company in creating new and better practices, both for its own operations
and those of its suppliers. Production processes are being developed utilising
the method of continual improvement. The quality assurance system stresses the
significance of proactive measures. The Lean Six Sigma quality improvement
scheme was continued during the year.
The company continued its close cooperation with occupational healthcare. The
focus was on developing preventive occupational healthcare with active patient
participation.
The Group-level Data Security Team is responsible for the general development
of information security, maintenance of the Group information security policy
and coordination of information security training.
GOVERNANCE
In its decision-making and administration, the company observes the Finnish
Limited Liability Companies Act, other regulations governing publicly listed
companies and the company's Articles of Association. The company's Board of
Directors has adopted the Code of Governance that complies with the Finnish
Corporate Governance Code approved by the Board of the Securities Market
Association in 2010. The purpose of the code is to ensure that the company is
professionally managed and that its business principles and practices are of a
high ethical and professional standard.
The Code of Governance is available on Ponsse's website in the Investors
section.
RISK MANAGEMENT
Risk management is based on the company's values, as well as strategic and
financial objectives. Risk management aims to support the achievement of the
objectives specified in the company's strategy, as well as to ensure the
financial development of the company and the continuity of its business.
Furthermore, risk management aims to identify, assess and monitor
business-related risks which may influence the achievement of the company's
strategic and financial goals or the continuity of its business. Decisions on
the necessary measures to anticipate risks and react to observed risks are made
on the basis of this information.
Risk management is a part of regular daily business, and it is also included in
the management system. Risk management is controlled by the risk management
policy approved by the Board.
A risk is any event that may prevent the company from reaching its objectives
or that threatens the continuity of business. On the other hand, a risk may
also be a positive event, in which case the risk is treated as an opportunity.
Each risk is assessed on the basis of its impact and probability. Methods of
risk management include avoiding, mitigating and transferring risks. Risks can
also be managed by controlling and minimising their impact.
SHORT-TERM RISK MANAGEMENT
The rapid escalation of the problems in the economies of Europe and the United
States in the financial market may have an impact on the availability of
customer financing.
The parent company monitors the changes in the Group's internal and external
trade receivables and the associated risk of impairment.
The key objective of the company's financial risk management policy is to
manage liquidity, interest and currency risks. The company ensures its
liquidity through credit limit facilities agreed with a number of financial
institutions. The effect of adverse changes in interest rates is minimised by
utilising credit linked to different reference rates and by concluding interest
rate swaps. The effects of currency rate fluctuations are mitigated though
derivative contracts.
Changes taking place in the fiscal and customs legislation in countries to
which Ponsse exports may hamper the company's export trade or its
profitability.
EVENTS AFTER THE PERIOD
Claudio Costa, Managing Director of Ponsse's Latin American subsidiary Ponsse
Latin America Ltda, works no longer for the company as of 7 February 2012.
Fabio Nogueira is a Financial Director and for the time being manages the
operations in Ponsse Latin America Ltda in addition to his own duties. Nogueira
reports to Jarmo Vidgrén, Sales and Marketing Director at Ponsse Plc. Nogueira
is located in Mogi das Cruzes, Brazil. Fabio Nogueira has been working as a
Controller for Ponsse Latin America Ltda since 2007.
Jerry Wannberg, Managing Director of Ponsse's Swedish subsidiary Ponsse AB left
the company due to personal reasons 7 February 2012.
For the time being, Glenn Nyman acts as the Managing Director of Ponsse AB in
addition to his own duties. Nyman has been working as a Financial Manager and
Controller for Ponsse AB since 1996. Nyman reports to Jarmo Vidgrén, Sales and
Marketing Director of Ponsse Plc, and his office is located in Surahammar,
Sweden.
The appointments for managing directors of Ponsse Latin America Ltda and Ponsse
AB will be announced in the near future.
OUTLOOK FOR THE FUTURE
The Group's operating result in euros is expected to remain at the same level
as in 2011.
Exacerbation of the problems in the economy or an extension of the current
economic situation may affect the making of investment decisions on forest
machines and lead to weakening demand. The company's order books at the end of
the period under review enable normal operations for the present.
The factory and service operate normally at full capacity. The development of
operating costs is monitored in an enhanced manner, and any decisions to
initiate investments will be made with discretion.
ANNUAL GENERAL MEETING
Ponsse Plc's Annual General Meeting will be held on 17 April 2012, starting at
11:00 a.m. at the company's registered office at Ponssentie 22, FI-74200
Vieremä, Finland.
BOARD OF DIRECTORS' PROPOSAL FOR THE DISPOSAL OF PROFIT
The company's Board of Directors proposes that the Annual General Meeting
authorises a dividend per share of EUR 0.35 for 2011. The Board proposes to the
Annual General Meeting that a profit bonus will be paid to the staff for the
year 2011.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
IFRS IFRS
1-12/11 1-12/10
NET SALES 328,191 262,416
Increase (+)/decrease (-) in inventories of finished goods 2,672 476
and work in progress
Other operating income 1,297 898
Raw materials and services -214,137 -170,810
Expenditure on employment-related benefits -49,176 -38,243
Depreciation and amortisation -5,221 -5,079
Other operating expenses -34,781 -27,984
OPERATING RESULT 28,844 21,674
Share of results of associated companies -181 5
Financial income and expenses -2,617 2,769
RESULT BEFORE TAXES 26,046 24,448
Income taxes -11,233 -1,111
NET RESULT FOR THE PERIOD 14,812 23,338
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units -943 -904
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 13,869 22,434
Diluted and undiluted earnings per share* 0.47 0.78
IFRS IFRS
10-12/11 10-12/10
NET SALES 102,707 90,597
Increase (+)/decrease (-) in inventories of finished goods -7,246 -6,085
and work in progress
Other operating income 485 220
Raw materials and services -61,399 -56,238
Expenditure on employment-related benefits -13,307 -11,604
Depreciation and amortisation -1,422 -1,273
Other operating expenses -9,575 -9,194
OPERATING RESULT 10,244 6,422
Share of results of associated companies 4 236
Financial income and expenses 1,656 1,052
RESULT BEFORE TAXES 11,903 7,710
Income taxes -4,373 -2,162
NET RESULT FOR THE PERIOD 7,530 5,548
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:
Translation differences related to foreign units -786 -250
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 6,744 5,298
Diluted and undiluted earnings per share* 0.26 0.22
* The interest on the subordinated loan for the period, less tax, was taken
into account in this figure.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)
IFRS IFRS
ASSETS 31 Dec 11 31 Dec 10
NON-CURRENT ASSETS
Intangible assets 9,057 6,571
Goodwill 3,440 3,440
Property, plant and equipment 26,165 24,443
Financial assets 111 111
Investments in associated companies 1,294 1,625
Non-current receivables 1,535 3,144
Deferred tax assets 2,826 1,712
TOTAL NON-CURRENT ASSETS 44,428 41,045
CURRENT ASSETS
Inventories 80,475 72,391
Trade receivables 28,258 32,125
Income tax receivables 4 623
Other current receivables 4,499 4,483
Cash and cash equivalents 16,267 11,036
TOTAL CURRENT ASSETS 129,504 120,659
TOTAL ASSETS 173,932 161,704
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 7,000 7,000
Other reserves 19,030 19,030
Translation differences -1,975 -1,032
Treasury shares -2,228 -2,228
Retained earnings 56,736 52,396
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 78,563 75,166
NON-CURRENT LIABILITIES
Interest-bearing liabilities 18,630 16,255
Deferred tax liabilities 1,110 469
Other non-current liabilities 20 28
TOTAL NON-CURRENT LIABILITIES 19,760 16,752
CURRENT LIABILITIES
Interest-bearing liabilities 20,434 20,603
Provisions 4,627 4,706
Tax liabilities for the period 3,527 215
Trade creditors and other current liabilities 47,022 44,263
TOTAL CURRENT LIABILITIES 75,609 69,787
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 173,932 161,704
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000) IFRS IFRS
1-12/11 1-12/10
CASH FLOW FROM BUSINESS OPERATIONS:
Net result for the period 14,812 23,338
Adjustments:
Financial income and expenses 2,617 -2,769
Share of the result of associated companies 181 -5
Depreciation and amortisation 5,221 5,079
Income taxes 10,878 1,108
Other adjustments 1,284 -1,454
Cash flow before changes in working capital 34,994 25,297
Change in working capital:
Change in trade receivables and other receivables 5,034 -12,015
Change in inventories -8,084 -4,471
Change in trade creditors and other liabilities 1,953 18,437
Change in provisions for liabilities and charges -79 -229
Interest received 216 486
Interest paid -1,346 -1,365
Other financial items -715 1,096
Income taxes paid -6,947 -1,310
NET CASH FLOW FROM BUSINESS OPERATIONS (A) 25,024 25,927
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -9,430 -4,825
CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B) -9,430 -4,825
FINANCING
Acquisition of treasury shares 0 -1,564
Interest paid, hybrid loan -2,280 -2,280
Withdrawal/Repayment of current loans -150 -8,621
Change in current interest-bearing liabilities 25 -8
Withdrawal/Repayment of non-current loans 2,886 -6,573
Payment of finance lease liabilities -519 -421
Change in non-current receivables 208 435
Dividends paid -9,725 -4,193
NET CASH OUTFLOW FROM FINANCING (C) -9,556 -23,227
Change in cash and cash equivalents (A+B+C) 6,039 -2,125
Cash and cash equivalents on 1 January 11,036 10,626
Impact of exchange rate changes -808 2,536
Cash and cash equivalents on 31 December 16,267 11,036
Consolidated statement of cash flows has been adjusted with regard to
unrealised exchange rate changes, which have been moved from the “Other
financial items” line to “Impact of exchange rate changes” line.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR 1,000)
A = Share capital
B = Share premium and other reserves
C = Translation differences
D = Treasury shares
E = Retained earnings
F = Total shareholders' equity
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS
A B C D E F
SHAREHOLDERS' EQUITY 1 JAN 2011 7,000 19,030 -1,032 -2,228 52,396 75,166
Adjustment for previous periods 960 960
regarding the hybrid loan
interest
Adjusted shareholders' equity 1 7,000 19,030 -1,032 -2,228 53,356 76,126
Jan 2011
Translation differences -943 -943
Result for the period 14,812 14,812
Total comprehensive income for -943 14,812 13,869
the period
Direct entries to retained -1,707 -1,707
earnings*
Dividend distribution -9,725 -9,725
Purchase of treasury shares 0
Other changes 0
SHAREHOLDERS' EQUITY 31 DEC 2011 7,000 19,030 -1,975 -2,228 56,736 78,563
SHAREHOLDERS' EQUITY 1 JAN 2010 7,000 19,030 -128 -665 34,329 59,566
Translation differences -904 -904
Result for the period 23,338 23,338
Total comprehensive income for -904 23,338 22,434
the period
Direct entries to retained -1,078 -1,078
earnings*
Dividend distribution -4,193 -4,193
Purchase of treasury shares -1,563 -1,563
Other changes 0
SHAREHOLDERS' EQUITY 31 DEC 2010 7,000 19,030 -1,032 -2,228 52,396 75,166
* Consists of the interest paid, less tax, for the hybrid loan classified as
equity.
31Dec 11 31Dec 10
1. LEASING COMMITMENTS (EUR 1,000) 4,085 4,991
2. CONTINGENT LIABILITIES (EUR 1,000) 31Dec 11 31Dec 10
Guarantees given on behalf of others 859 425
Repurchase commitments 1,765 2,501
Other commitments 3,391 2,659
TOTAL 6,014 5,585
3. PROVISIONS (EUR 1,000) Guarantee provision
1 January 2011 4,706
Provisions added 859
Provisions cancelled -938
31 December 2011 4,627
KEY FIGURES AND RATIOS 31Dec 11 31Dec 10
R&D expenditure, MEUR 8.8 5.9
Capital expenditure, MEUR 9.4 4.8
as % of net sales 2.9 1.8
Average number of employees 948 825
Order books, MEUR 71.9 68.3
Equity ratio, % 45.2 46.9
Diluted and undiluted earnings per share (EUR) 0.47 0.78
Equity per share (EUR) 2.81 2.68
FORMULAE FOR FINANCIAL INDICATORS
Average number of employees:
Average of the number of personnel at the end of each month. The calculation
has been adjusted for part-time employees.
Equity ratio, %:
Shareholders' equity + Non-controlling interests
---------------------------------------------
Balance sheet total - advance payments received * 100
Earnings per share:
Net income for the period - Non-controlling interests - Interest on hybrid loan
for the period less tax
----------------------------------------------
Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Shareholders' equity
----------------------------------------------
Number of shares on the balance sheet date, adjusted for share issues
ORDER INTAKE, MEUR 1-12/11 1-12/10
Ponsse Group 333.7 311.2
The stock exchange release for annual financial statements has been prepared
observing the recognition and valuation principles of IFRS standards, but not
all of the requirements of IAS 34 have been complied with. The same accounting
principles were observed for the closing of the books as for the annual
financial statements dated 31 December 2010, with the exception, however, that
the following new standards, interpretations and amendments adopted by the EU
were introduced from 1 January 2011: IAS 24 (revised) - Related Party
Disclosures; IAS 32 (amendment) - Classification of Rights Issue; IFRIC 19 -
Extinguishing Financial Liabilities with Equity Instruments; and IFRIC 14
(amendment) - Prepayments of a Minimum Funding Requirement.
In July 2010, the IASB published improvements to standards or interpretations
as part of its annual improvements. The Group has adopted the amendments, after
EU approval, in its financial statements for 2011: IFRS 3 (amendment) -
Business Combinations; IFRS 7 (amendment) - Financial Instruments: Disclosures;
IAS 1 (amendment) - Presentation of Financial Statements; IAS 27 (amendment) -
Consolidated and Separate Financial Statements; IAS 34 (amendment) - Interim
Financial Reporting; IFRIC 13: Customer Loyalty Programmes.
These new standards, interpretations, amendments and improvements have no
impact on the Group's interim report.
The above figures have been audited.
The above figures have been rounded and may therefore differ from those given
in the official financial statements.
This communication includes future-oriented statements that are based on the
assumptions currently made by the company's management and its current
decisions and plans. Although the management believes that the future
expectations are well founded, there is no certainty that these expectations
will prove to be correct. This is why the results may significantly deviate
from the assumptions included in the future-oriented statements as a result of,
among other things, changes in the economy, markets, competitive conditions,
legislation or currency exchange rates.
Vieremä, 14 February 2012
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 20 768 8914 or +358 400 495 690
Petri Härkönen, CFO, tel. +358 20 768 8608 or +358 50 409 8362
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.ponsse.com
Ponsse Plc is a company specialising in the sales, manufacture, servicing and
technology of cut-to-length method forest machines and is driven by genuine
interest in its customers and their business. Ponsse develops and manufactures
sustainable and innovative harvesting solutions based on customers' needs.
The company was established by forest machine entrepreneur Einari Vidgrén in
1970, and it has been a leader in timber harvesting solutions based on the
cut-to-length method ever since. Ponsse is headquartered in Vieremä, Finland.
The company's shares are quoted on the NASDAQ OMX Nordic List.
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