PONSSE PLC, STOCK EXCHANGE RELEASE, 26 APRIL 2011, 9:00 a.m.
PONSSE PLC, STOCK EXCHANGE RELEASE, 26 APRIL 2011, 9:00 a.m.
PONSSE'S INTERIM REPORT FOR 1 JANUARY – 31 MARCH 2011
- Net sales were EUR 71.9 (51.3) million.
- Operating result was EUR 5.4 (2.8) million, equalling 7.5 (5.4) per cent of net sales.
- Result before taxes totalled EUR 3.0 (4.8) million.
- Cash flow from business operations was positive at EUR 5.4 (8.2) million.
- Earnings per share were EUR -0.01 (0.21).
- Equity ratio was 47.3 (40.4) per cent.
- Order books stood at EUR 85.8 (37.0) million.
PRESIDENT AND CEO JUHO NUMMELA:
During the first quarter of the year, the demand for forest machines continued at a good level. In our main market areas, our customers’ work situation was good, which was seen, in particular, in the growth of demand for services and sales of new machines.
During the first quarter of 2011, there were delays in the deliveries of forest machines due to availability problems with materials and components. The Vieremä factory was on schedule during the period under review, but all machines could not be invoiced according to plan. The company’s order books grew by 132 per cent during the period under review and amounted to EUR 85.8 (37.0) million at the end of the period under review.
During the past quarter, the company’s net sales grew by 40 per cent compared with the corresponding period and amounted to EUR 71.9 (51.3) million. The service business continued to show strong growth.
Operating result amounted to EUR 5.4 (2.8) million during the first quarter. The result of the period under review was burdened by an impairment of about EUR 0.6 million related to external trade receivables of South America. Operating costs (staff costs, depreciation and amortisation and other operating costs) were kept under control during the period under review, showing a planned increase of 37.9 per cent. The scope of operational business was significantly larger compared with the corresponding period. Investments in staff were seen in the increase in operating costs.
Cash flow from business operations during the period under review was positive at EUR 5.4 (8.2) million.
Epec Oy’s forest machine information system and software product development unit located in Kajaani will transfer back to Ponsse Plc starting from 1 May 2011. The transfer enables even stronger development of information system products for Ponsse’s forest machines and Epec Oy’s increased focus on the needs of other work machine clients. Epec Oy will continue the manufacturing of Ponsse’s information system products.
NET SALES
Consolidated net sales for the period under review amounted to EUR 71.9 (51.3) million, which is 40 per cent more than in the comparison period. International business operations accounted for 59.9 (68.1) per cent of total net sales.
Net sales were regionally distributed as follows: Northern Europe 57.7 (55.7) per cent, Central and Southern Europe 15.8 (17.9) per cent, Russia and Asia 10.9 (7.3) per cent, North and South America 15.6 (19.0) per cent and other countries 0.0 (0.1) per cent.
PROFIT PERFORMANCE
Operating result was EUR 5.4 (2.8) million, accounting for 7.5 (5.4) per cent of net sales in the period under review. An impairment loss worth about EUR 0.6 million related to external trade receivables in South America was recognised as an expense during the period under review. Consolidated return on capital employed (ROCE) stood at 12.4 (19.5) per cent.
Staff costs for the period under review totalled EUR 12.4 (8.5) million and other operating expenses EUR 7.8 (5.8) million. The net total of financial income and expenses was EUR -2.3 (2.1) million. Exchange rate gains and losses due to currency rate fluctuations were recognised under financial items, and their net impact during the period under review totalled EUR -2.0 (2.4) million. As a result of the decision of the Adjustment Board concerning the taxation of the parent company, the taxes for the period under review amounted to EUR -2.9 (1.5) million. Profit for the period totalled EUR 0.1 (6.3) million. Diluted and undiluted earnings per share (EPS) were EUR -0.01 (0.21). The interest on a hybrid loan for the period, less tax, have been taken into account in EPS.
STATEMENT OF FINANCIAL POSITION AND FINANCING ACTIVITIES
At the end of the period under review, the total of consolidated statements of financial position amounted to EUR 162.1 (150.5) million. Inventories stood at EUR 79.6 (69.2) million. Trade receivables totalled EUR 26.3 (23.7) million, and liquid assets stood at EUR 9.5 (11.4) million. Group shareholders’ equity stood at EUR 75.9 (60.3) million and parent company shareholders’ equity at EUR 65.5 (46.2) million. Group shareholders’ equity includes a hybrid loan of EUR 19 million issued on 31 March 2009. The interest paid for the hybrid loan, totalling EUR 4.5 million, was recognised as a reduction of Group shareholders’ equity. The amount of interest-bearing liabilities was EUR 32.6 (45.7) million. The company has used 15 per cent of its credit facility limit. The parent company’s net receivables from other Group companies stood at EUR 62.5 (58.1) million. The parent company’s receivables from subsidiaries mainly consisted of trade receivables. Consolidated net liabilities totalled EUR 21.3 (33.3) million, and the debt-equity ratio (gearing) was 43.0 (75.8) per cent. Equity ratio stood at 47.3 (40.4) per cent at the end of the period under review.
Cash flow from business operations amounted to EUR 5.4 (8.2) million, while cash flow from investment activities stood at EUR -1.7 (-0.1) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 90.7 (68.5) million, while period-end order books were valued at EUR 85.8 (37.0) million. The minimum order commitments of retailers are not included in the order book total.
DISTRIBUTION NETWORK
No changes took place in the Group structure during the period under review.
The subsidiaries included in the Ponsse Group are: Epec Oy, Finland; OOO Ponsse, Russia; Ponsse AB, Sweden; Ponsse AS, Norway; Ponsse Asia-Pacific Ltd, Hong Kong; Ponsse China Ltd, China; Ponsse Latin America Ltda, Brazil; Ponsse North America, Inc., 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 Oyj has a holding of 34 per cent.
CAPITAL EXPENDITURE AND R&D
During the period under review, the Group’s R&D expenses totalled EUR 1.7 (1.2) million, of which EUR 309 (231) thousand was capitalised.
Capital expenditure totalled EUR 1.7 (0.1) million. It mainly consisted of ordinary maintenance and replacement investments of machinery and equipment.
MANAGEMENT
The Group Sales Management Team operates as a regional director organisation, which is lead by Jarmo Vidgrén, the Group’s Sales and Marketing Director, and Tapio Mertanen, Service Director.
The geographical distribution and the responsible persons are presented below:
Northern Europe: Jarmo Vidgrén (Finland), Jerry Wannberg (Sweden, Denmark) and Lyder Ellevold (Norway),
Central and Southern Europe: Janne Vidgrén (Austria, Poland, Romania, Germany, the Czech Republic and Hungary), Tapio Ingervo (Spain, Italy, Portugal and France) and Gary Glendinning (the United Kingdom),
Russia and Asia: Jaakko Laurila (Russia, Belarus), Norbert Schalkx (Japan, South Africa and the Baltic countries) and Risto Kääriäinen (China),
North and South America: Marko Mattila (USA, Canada), Cláudio Costa (Brazil) and Martin Toledo (Uruguay).
PERSONNEL
The Group had an average staff of 892 (781) during the period and employed 908 (790) 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 March 2011 totalled 781,033, accounting for 2.8 per cent of the total number of shares. Share turnover amounted to EUR 8.7 million, with the period’s lowest and highest share prices amounting to EUR 10.20 and EUR 11.85, respectively.
At the end of the period, shares closed at EUR 11.46, and market capitalisation totalled EUR 320.9 million.
At the end of the period under review, the company held 212,900 treasury shares.
ANNUAL GENERAL MEETING
A separate release was issued on 12 April 2011 regarding the authorizations given to the Board of Directors and other resolutions at the AGM.
DISCLOSURE NOTIFICATIONS
Of the Ponsse Plc shares in the ownership and under the control of Einari Vidgrén’s estate, totalling 13,348,074 shares and 47.67 per cent of the votes, 13,348,072 shares and 47.67 per cent of the votes were transferred to the ownership and control of Einari Vidgrén’s direct heirs in the distribution of the estate on 23 March 2011. A separate release was issued on the matter on 24 March 2011.
GOVERNANCE
In its decision-making and administration, the company observes the Finnish Limited Liability Companies Act, other regulations governing publicly listed companies and the company’s Articles of Association. The company’s Board of Directors has adopted the Code of Governance that complies with the Finnish Corporate Governance Code approved by the Board of the Securities Market Association in 2010. The purpose of the code is to ensure that the company is professionally managed and that its business principles and practices are of a high ethical and professional standard.
The Code of Governance is available on Ponsse’s website in the Investors section.
RISK MANAGEMENT
Risk management is based on the company’s values, as well as strategic and financial objectives. Risk management aims to support the achievement of the objectives specified in the company’s strategy, as well as to ensure the financial development of the company and the continuity of its business.
Furthermore, risk management aims to identify, assess and monitor business-related risks which may influence the achievement of the company’s strategic and financial goals or the continuity of its business. Decisions on the necessary measures to anticipate risks and react to observed risks are made on the basis of this information.
Risk management is a part of regular daily business, and it is also included in the management system. Risk management is controlled by the risk management policy approved by the Board.
A risk is any event that may prevent the company from reaching its objectives or that threatens the continuity of business. On the other hand, a risk may also be a positive event, in which case the risk is treated as an opportunity. Each risk is assessed on the basis of its impact and probability. Methods of risk management include avoiding, mitigating and transferring risks. Risks can also be managed by controlling and minimising their impact.
SHORT-TERM RISKS AND THEIR MANAGEMENT
As the utilisation rate of capacity increases, the risk related to the availability of parts and components also increases. The availability of certain types of components has deteriorated, and there are upward pressures in raw material prices. The company seeks to manage these risks through cooperation with business partners. The financial standing of suppliers is constantly monitored. The company surveys the availability of alternative suppliers to mitigate the potential availability and price risks.
The parent company monitors the changes in the value of internal and external Group receivables and the associated risk of impairment.
The key objective of the company’s financial risk management is to manage liquidity, interest and currency risks. The company ensures its liquidity with credit limit facilities agreed with different financial institutions. The effect of adverse changes in interest rates is minimised by utilising credits linked to different reference rates and by concluding interest rate swaps. The negative effects of currency rate fluctuations are mitigated by derivative contracts.
The changes taking place in the fiscal and customs legislation of countries to which Ponsse exports may hamper the company’s export trade or its profitability.
OUTLOOK FOR THE FUTURE
The good outlook in the forestry sector in the company's main market areas enables positive development of the company's business during 2011.
After the strong growth in 2010, however, the Group’s net sales are expected to increase at a more moderate rate in accordance with the Group’s strategy. The Group’s profitability and cash flow are expected to develop positively and improve compared with 2010.
The capacity of the factory will be increased during the year and moderate recruitment will continue throughout the whole Group. The company will invest in its service network strongly in Iisalmi and Jyväskylä among other things and the machining and welding capacity and automation of the Vieremä factory.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
| IFRS | IFRS | IFRS | |||
| 1-3/11 | 1-3/10 | 1-12/10 | |||
| NET SALES | 71,933 | 51,260 | 262,416 | ||
| Increase (+)/decrease (-) in inventories of finished goods and work in progress | 6,115 | 2,317 | 476 | ||
| Other operating income | 189 | 147 | 898 | ||
| Raw materials and services | -51,454 | -35,424 | -170,810 | ||
| Expenditure on employment-related benefits | -12,355 | -8,453 | -38,243 | ||
| Depreciation and amortisation | -1,262 | -1,261 | -5,079 | ||
| Other operating expenses | -7,756 | -5,817 | -27,984 | ||
| OPERATING RESULT | 5,410 | 2,769 | 21,674 | ||
| Share of results of associated companies | -50 | -80 | 5 | ||
| Financial income and expenses | -2,334 | 2,140 | 2,769 | ||
| RESULT BEFORE TAXES | 3,026 | 4,830 | 24,448 | ||
| Income taxes | -2,917 | 1,471 | -1,111 | ||
| NET RESULT FOR THE PERIOD | 109 | 6,301 | 23,338 | ||
| OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT: | |||||
| Translation differences related to foreign units | 602 | -557 | -904 | ||
| TOTAL COMPREHENSIVE RESULT FOR THE PERIOD | 711 | 5,744 | 22,434 | ||
| Diluted and undiluted earnings per share (* | -0.01 | 0.21 | 0.78 | ||
(* 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 | IFRS | |
| ASSETS | 31.3.11 | 31.3.10 | 31.12.10 |
| NON-CURRENT ASSETS | |||
| Intangible assets | 6,869 | 5,739 | 6,571 |
| Goodwill | 3,440 | 3,440 | 3,440 |
| Property, plant and equipment | 24,613 | 24,373 | 24,443 |
| Financial assets | 111 | 111 | 111 |
| Investments in associated companies | 1,425 | 1,540 | 1,625 |
| Non-current receivables | 2,636 | 3,944 | 3,144 |
| Deferred tax assets | 1,746 | 2,018 | 1,712 |
| TOTAL NON-CURRENT ASSETS | 40,840 | 41,165 | 41,045 |
| CURRENT ASSETS | |||
| Inventories | 79,558 | 69,223 | 72,391 |
| Trade receivables | 26,305 | 23,716 | 32,125 |
| Income tax receivables | 182 | 510 | 623 |
| Other current receivables | 5,713 | 4,480 | 4,483 |
| Cash and cash equivalents | 9,487 | 11,410 | 11,036 |
| TOTAL CURRENT ASSETS | 121,245 | 109,340 | 120,659 |
| TOTAL ASSETS | 162,085 | 150,505 | 161,704 |
| SHAREHOLDERS’ EQUITY AND LIABILITIES | |||
| SHAREHOLDERS’ EQUITY | |||
| Share capital | 7,000 | 7,000 | 7,000 |
| Other reserves | 19,030 | 19,030 | 19,030 |
| Translation differences | -430 | -685 | -1,032 |
| Treasury shares | -2,228 | -665 | -2,228 |
| Retained earnings | 52,505 | 35,656 | 52,396 |
| EQUITY OWNED | |||
| BY PARENT COMPANY SHAREHOLDERS | 75,877 | 60,336 | 75,166 |
| NON-CURRENT LIABILITIES | |||
| Interest-bearing liabilities | 16,011 | 24,009 | 16,155 |
| Deferred tax liabilities | 601 | 495 | 469 |
| Other non-current liabilities | 107 | 626 | 128 |
| TOTAL NON-CURRENT LIABILITIES | 16,720 | 25,131 | 16,752 |
| CURRENT LIABILITIES | |||
| Interest-bearing liabilities | 16,603 | 21,719 | 20,603 |
| Provisions | 4,755 | 4,409 | 4,706 |
| Tax liabilities for the period | 755 | 112 | 215 |
| Trade creditors and other current liabilities | 47,374 | 38,797 | 44,263 |
| TOTAL CURRENT LIABILITIES | 69,488 | 65,038 | 69,787 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 162,085 | 150,505 | 161,704 |
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
| IFRS | IFRS | IFRS | ||
| 1-3/11 | 1-3/10 | 1-12/10 | ||
| CASH FLOW FROM BUSINESS OPERATIONS: | ||||
| Net result for the period | 109 | 6,301 | 23,338 | |
| Adjustments: | ||||
| Financial income and expenses | 2,334 | -2,140 | -2,769 | |
| Share of the result of associated companies | 50 | 80 | -5 | |
| Depreciation and amortisation | 1,262 | 1,261 | 5,079 | |
| Income taxes | 2,968 | -1,306 | 1,108 | |
| Other adjustments | 500 | -1,104 | -1,449 | |
| Cash flow before changes in working capital | 7,223 | 3,092 | 25,302 | |
| Change in working capital: | ||||
| Change in trade receivables and other receivables | 4,997 | -3,847 | -11,962 | |
| Change in inventories | -7,167 | -1,303 | -4,471 | |
| Change in trade creditors and other liabilities | 2,857 | 7,427 | 18,378 | |
| Change in provisions for liabilities and charges | 49 | -526 | -229 | |
| Interest received | 57 | 78 | 486 | |
| Interest paid | -136 | -184 | -1,365 | |
| Other financial items | -2,094 | 2,397 | 3,632 | |
| Income taxes paid | -405 | 1,114 | -1,310 | |
| NET CASH FLOW FROM BUSINESS OPERATIONS (A) | 5,380 | 8,249 | 28,462 | |
| CASH FLOW FROM INVESTMENTS | ||||
| Investments in tangible and | ||||
| intangible assets | -1,730 | -106 | -4,825 | |
| Investments in other assets | 0 | 0 | 0 | |
| Repayment of loan receivables | 0 | 0 | 0 | |
| Dividends received | 0 | 0 | 0 | |
| CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B) | -1,730 | -106 | -4,825 | |
| FINANCING | ||||
| Acquisition of treasury shares | 0 | 0 | -1,564 | |
| Hybrid loan | 0 | 0 | 0 | |
| Interest paid, hybrid loan | -1,137 | -1,137 | -2,280 | |
| Withdrawal/Repayment of | ||||
| current loans | -3,838 | -6,059 | -8,621 | |
| Change in current | ||||
| interest-bearing liabilities | 34 | 21 | -8 | |
| Withdrawal/Repayment of | ||||
| non-current loans | -168 | 73 | -6,573 | |
| Payment of finance lease liabilities | -157 | -161 | -421 | |
| Change in non-current receivables | 67 | -97 | 435 | |
| Dividends paid | 0 | 0 | -4,193 | |
| NET CASH OUTFLOW FROM FINANCING (C) | -5,199 | -7,359 | -23,227 | |
| Change in cash and cash equivalents(A+B+C) | -1,549 | 783 | 410 | |
| Cash and cash equivalents on 1 January | 11,036 | 10,626 | 10,626 | |
| Cash and cash equivalents on 31 March/31 December | 9,487 | 11,410 | 11,036 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR 1,000)
| A = Share capital | |||||||||
| B = Share premium and other reserves | |||||||||
| C = Translation differences | |||||||||
| D = Treasury shares | |||||||||
| E = Retained earnings | |||||||||
| F = Total shareholders’ equity | | ||||||||
| EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS | |||||||||
| A | B | C | D | E | F | ||||
| SHAREHOLDERS’ EQUITY 1 JAN 2011 | 7,000 | 19,030 | -1,032 | -2,228 | 52,396 | 75,166 | |||
| Translation differences | 602 | 602 | |||||||
| Result for the period | 109 | 109 | |||||||
| Total comprehensive income for the period | 602 | 109 | 711 | ||||||
| Direct entries to retained earnings *) | |||||||||
| Dividend distribution | |||||||||
| Purchase of treasury shares | |||||||||
| Other changes | |||||||||
| SHAREHOLDERS’ EQUITY 31 MAR 2011 | 7,000 | 19,030 | -430 | -2,228 | 52,505 | 75,877 | |||
| SHAREHOLDERS’ EQUITY 1 JAN 2010 | 7,000 | 19,030 | -128 | -665 | 34,329 | 59,566 | |||
| Translation differences | -557 | -557 | |||||||
| Result for the period | 6,301 | 6,301 | |||||||
| Total comprehensive income for the period | -557 | 6,301 | 5,744 | ||||||
| Direct entries to retained earnings *) | -781 | -781 | |||||||
| Dividend distribution | -4,193 | -4,193 | |||||||
| Purchase of treasury shares | |||||||||
| Other changes | |||||||||
| SHAREHOLDERS’ EQUITY 31 MAR 2010 | 7,000 | 19,030 | -685 | -665 | 35,656 | 60,336 | |||
| *) Consists of the interest paid for the hybrid loan classified as equity. | |||||||||
| | 31.3.11 | 31.3.10 | 31.12.10 | ||
| 1. LEASING COMMITMENTS (EUR 1,000) | 5,042 | 5,874 | 4,991 |
| 2. CONTINGENT LIABILITIES (EUR 1,000) | 31.3.11 | 31.3.10 | 31.12.10 | ||
| Guarantees given on behalf of others | 359 | 824 | 425 | ||
| Repurchase commitments | 2,591 | 3,599 | 2,501 | ||
| Other commitments | 3,422 | 2,122 | 2,659 | ||
| TOTAL | 6,372 | 6,545 | 5,585 | ||
| 3. PROVISIONS (EUR 1,000) | Guarantee provision | ||||
| 1.1.2011 | 4,706 | ||||
| Provisions added | 222 | ||||
| Provisions cancelled | -173 | ||||
| 31.3.2011 | 4,755 | ||||
| KEY FIGURES AND RATIOS | 31.3.11 | 31.3.10 | 31.12.10 | ||
| R&D expenditure, MEUR | 1.7 | 1.2 | 5.9 | ||
| Capital expenditure, MEUR | 1.7 | 0.1 | 4.8 | ||
| as % of net sales | 2.4 | 0.2 | 1.8 | ||
| Average number of employees | 892 | 781 | 825 | ||
| Order books, MEUR | 85.8 | 37.0 | 68.3 | ||
| Equity ratio, % | 47.3 | 40.4 | 46.9 | ||
| Diluted and undiluted earnings per share (EUR) | -0.01 | 0.21 | 0.78 | ||
| Equity per share (EUR) | 2.71 | 2.15 | 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
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Balance sheet total - advance payments received * 100
Earnings per share:
Net income for the period – Non-controlling interests - Interest on hybrid loan for the period less tax
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Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Shareholders’ equity
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Number of shares on the balance sheet date, adjusted for share issues
| ORDER INTAKE, MEUR | 1-3/11 | 1-3/10 | 1-12/10 | ||
| Ponsse Group | 90.7 | 68.5 | 311.2 |
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 same accounting principles were observed for the interim report as for the annual financial statements dated 31 December 2010, with the exception, however, that the following new standards, interpretations and amendments adopted by the EU were introduced from 1 January 2011: IAS 24 (revised) – Related Party Disclosures; IAS 32 (amendment) – Classification of Rights Issue; IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments; IFRIC 14 (amendment) – Prepayments of a Minimum Funding Requirement.
These new standards, interpretations and amendments have no impact on the Group’s interim report.
In July 2010, the IASB published improvements to seven standards or interpretations as part of its annual Improvements. The Group will adopt the amendments after EU approval in its financial statements for 2011: IFRS 3 (amendment) – Business Combinations; IFRS 7 (amendment) – Financial Instruments: Disclosures; IAS 1 (amendment) – Presentation of Financial Statements; (IAS 27 (amendment) – Consolidated and Separate Financial Statements; IAS 34 (amendment) – Interim Financial Reporting; IFRIC 13: Customer Loyalty Programmes; IFRS 9 – Classification and measurement of financial assets and liabilities; IAS 12 (amendment) – Deferred taxes; these improvements may have an impact on the consolidated interim reports.
The above figures have not been audited.
The above figures have been rounded off and may therefore differ from those given in the official financial statements.
This communication includes future-oriented statements that are based on the assumptions currently known by the company’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, 26 April 2011
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 20 768 8914 or +358 400 495 690
Petri Härkönen, CFO, tel. +358 20 768 8608 or +358 50 409 8362
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.ponsse.com
Ponsse Plc is a company specialising in the sales, manufacture, servicing and technology of cut-to-length method forest machines and is driven by genuine interest in its customers and their business. Ponsse develops and manufactures sustainable and innovative harvesting solutions based on customers’ needs.
The company was established by forest machine entrepreneur Einari Vidgrén in 1970, and it has been a leader in timber harvesting solutions based on the cut-to-length method ever since. Ponsse is headquartered in Vieremä, Finland. The company’s shares are quoted on the NASDAQ OMX Nordic List.