PONSSE?S 2003 FINANCIAL STATEMENTS (tab)

PONSSE OYJ     STOCK EXCHANGE RELEASE  12 FEBRUARY 2004 .

PONSSE’S 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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