PONSSE?S 2003 FINANCIAL STATEMENTS (tab)
PONSSE OYJ STOCK EXCHANGE RELEASE 12 FEBRUARY 2004 .
PONSSES 2003 FINANCIAL STATEMENTS
PONSSE GROUP
Profit and loss account (EUR 1000) 2003 2002
Turnover 163 488 133 171
Increase (+) or decrease (-) in stocks of
finished goods and work in progress - 482 1 776
Other operating income 1 457 1 199
Raw materials and services -110 769 -87 510
Staff expenses -24 093 -22 006
Depreciation -2 788 -2 766
Other operating expenses -15 099 -14 484
Operating profit 11 714 9 380
Share of results of associated undertakings 208 157
Financial income and expenses 1 128 265
Result before appropriations and taxes 13 050 9 802
Income taxes -3 911 -2 894
Minority interest 0 -1
Result for the period under review 9 139 6 907
Balance sheet (EUR 1000) 2003 2002
Assets
Fixed assets and other non-current assets
Intangible assets 1 541 1 095
Tangible assets 15 479 14 049
Financial assets 660 495
Stocks and current assets
Stocks 31 688 33 920
Receivables 18 267 12 358
Cash in hand and at banks 10 565 11 950
Total 78 200 73 867
shareholders equity and liabilities
Shareholders equity
Share capital 3 500 3 500
Other equity 39 594 35 072
Minority interest 0 3
Provisions for liabilities and charges 2 284 0
Creditors
Non-current 14 123 10 930
Current 18 699 24 362
Total 78 200 73 867
Receivables at 31 December 2003 include a deferred tax asset
of EUR 240 thousand (EUR 438k at 31 December 2002). Non-
current creditors at 31 December 2003 include a deferred tax
liability of EUR 838 thousand (EUR 952k at 31 December
2002).
Pledges given, contingent and other liabilities (eur 1000)
2003 2002
1. 1. For own debt
Debts for which mortgages have been
pledged as collateral
Loans from credit institutions 12 021 13 838
Mortgages given on land and buildings 3 866 3 866
Chattel mortgages given 3 293 2 893
Mortgages given as pledges, total 7 159 6 759
2. Leasing commitments (eur 1000) 536 2 143
- the book treatment of finance leasing was changed during
2003: Items leased have been booked as assets and current
and non-current debts in the balance sheet (Leasing rent
liabilities in 2002)
3. Contingent liabilities on behalf of Group companies
(eur 1000)
Guarantees given on behalf of
Group companies 1 025 1 221
4. Liabilities arising from derivative contracts (eur 1000)
4.1 Nominal values
Currency derivatives
Options 3 568 1 475
Forward contracts 13 060 12 128
4.2 Market values
Currency derivatives
Options 34 11
Forward contracts 728 342
5. Other contingent liabilities (eur 1000)
Guarantees given on behalf of others 756 803
Repurchase commitments 7 943 6 557
Other liabilities 0 0
Total 8 699 7 360
Key indicators 2003 2002
R&D expenditure, eur million 3.0 3.2
Fixed asset investments, eur million 4.5 2.5
as % of turnover 2.8 1.9
Average number of staff 553 521
Order stock, eur million 33.7 32.1
Equity ratio, % 55.7 52.4
Earnings per share, eur 1.31 0.99
Shareholders equity per share, eur 6.16 5.51
The method of booking R&D expenses was changed in 2003. R&D
expenses that can be activated have been booked under
intangible in the balance sheet.
The method of booking warranty costs provisions was changed
in 2003. These costs have been book under provisions for
liabilities and charges in the balance sheet (current
creditors in 2002).
Taxes corresponding to profit for the period under review
have been included as income taxes in the Profit and Loss
Account and in earnings per share.
New orders (eur million) 2003 2002
Ponsse Group 165.4 142.0
Quarterly information (eur 1000)
0-12/02 1-3/03 4-6/03 7-9/03 10-12/03
Turnover 47 068 36 060 43 250 36 200 47 978
Operating profit 3 946 1 551 4 142 1 922 4 099
Result before appropriations
and taxes 4 125 2 050 4 618 1 903 4 479
The above figures have been audited.
The above figures have been rounded and so may differ from
those given in the official financial statements.
Vieremä, 12 February 2004
Tommi Ruha
President, CEO
FURTHER INFORMATION FROM:
Tommi Ruha, President, CEO, tel. +358 (0)17 768 4621 or +358
(0)400 323 509 and
Mikko Paananen, CFO, tel +358 (0)17 768 4648 or +358 (0)400
817 036
www.ponsse.com
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