PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2010
PONSSE PLC STOCK EXCHANGE RELEASE 10 AUGUST 2010 AT 9:00 A.M.
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2010
- Net sales were EUR 117.1 (H1/2009 EUR 70.0) million.
- Q2 net sales were EUR 65.9 (Q2/2009 32.5) million.
- Operating result was EUR 9.8 (H1/2009 -12.7) million, equalling 8.4 (-18.1)
per cent of net sales.
- Q2 operating result was EUR 7.0 (Q2/2009 -4.0) million.
- Profit before taxes was EUR 14.9 (H1/2009 -12.7) million.
- Cash flow from business operations was positive, EUR 9.8 (H1/2009 0.4)
million.
- Earnings per share were EUR 0.59 (H1/2009 -0.52).
- Equity ratio was 45.0 (47.2) per cent.
- Order books stood at EUR 50.0 (12.9) million.
PRESIDENT AND CEO JUHO NUMMELA:
The demand for forest machines improved during the second quarter of 2010. At
the end of the period, the company's order books stood at EUR 50 million. The
order intake has picked up in all market areas.
The company's net sales increased by 103 per cent during the past quarter from
the comparison period to EUR 65.9 (32.5) million. During the first six months,
net sales increased by 67 per cent. The net sales of services and information
system businesses showed strong growth.
Operating result for the second quarter was EUR 7.0 (-4.0) million, and for the
first six months it was EUR 9.8 (-12.7) million. Operating costs (staff costs,
depreciations and other operating expenses) were well under control during the
period, increasing only by 5 per cent.
Cash flow from business operations during the period under review was positive
by EUR 9.8 (0.4) million. The increase in working capital is mainly created by
an increase in short-term trade receivables towards the end of the period. The
company's spare parts inventory has remained unchanged, and the operation for
halving the value of factory inventory has succeeded so that there was no need
to significantly increase its value in spite of the increased volumes.
The utilisation of capacity has been systematically increased during the period,
and temporary layoffs have ended throughout the Group. The assembly line at the
company's Vieremä factory still operated in one shift during the period, which
shows that the company is capable of increasing its capacity in the long term.
During the second quarter, the company started moderate recruits again in order
to support the increase in production capacity.
NET SALES
Consolidated net sales for the period under review amounted to EUR 117.1 (70.0)
million, i.e., 67 per cent more than in the comparison period. International
business operations accounted for 69.4 (68.4) per cent of total net sales.
Net sales were regionally divided as follows: Nordic countries, 49.1 (51.2) per
cent; the rest of Europe, 29.4 (26.7) per cent; North and South America, 19.7
(19.3) per cent; and other countries, 1.9 (2.8) per cent.
PROFIT PERFORMANCE
Operating result was EUR 9.8 (-12.7) million. Operating result equalled 8.4
(-18.1) per cent of net sales in the period under review. Return on capital
employed (ROCE) stood at 27.5 (-16.7) per cent.
Staff costs for the period under review totalled EUR -18.3 (17.7) million, and
other operating expenses EUR -12.3 (10.9) million. The net total of financial
income and expenses was EUR 5.2 (0.1) 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 5.7 (1.4) million.
Due to the fact that the company's claim for rectification regarding income
taxation was approved, the taxes for the period were EUR 1.7 (-1.8) million.
Result for the period totalled EUR 16.5 (-14.4) million. Diluted and undiluted
earnings per share (EPS) were EUR 0.59 (-0.52).
STATEMENT OF FINANCIAL POSITION AND FINANCING ACTIVITIES
At the end of the period under review, the consolidated balance sheet total
amounted to EUR 158.8 (152.0) million. Inventories stood at EUR 73.6 (79.6)
million. Trade receivables totalled EUR 31.0 (17.2) million and liquid assets
stood at EUR 7.5 (8.8) million. Group equity stood at EUR 71.0 (71.6) million
and parent company equity at EUR 54.1 (73.7) million. The equity includes a
hybrid loan of EUR 19 million issued on 31 March 2009. The interest paid for the
hybrid loan, EUR 2.3 million, was entered as a reduction of Group equity. The
amount of interest-bearing liabilities was EUR 45.8 (55.2) million. Of the
company's credit limits, 20 per cent is being used. The parent company's net
receivables from other Group companies stood at EUR 68.5 (57.7) million. The
parent company's receivables from subsidiaries mainly consist of trade
receivables. Consolidated net liabilities totalled EUR 37.3 (45.9) million, and
the debt-equity ratio (gearing) was 64.5 (77.1) per cent. The equity ratio stood
at 45.0 (47.2) per cent at the end of the period under review.
Cash flow from business operations amounted to EUR 9.8 (0.4) million. Cash flow
from investing activities amounted to EUR -1.1 (-0.8) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 147.4 (59.5) million and the period-end
order books stood at EUR 50.0 (12.9) million. The order books do not include the
dealers' minimum purchase commitments. The figures for the comparison period
have been adjusted in this respect.
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., United States of America; Ponssé S.A.S., France; Ponsse UK Ltd,
Great Britain; and Ponsse Uruguay S.A., Uruguay. Sunit Oy in Kajaani, Finland,
is an affiliated company in which Ponsse Plc has a holding of 34 per cent.
R&D AND CAPITAL EXPENDITURE
The Group's R&D expenses totalled EUR 2.6 (2.6) million during the period under
review. The amount of R&D expenses capitalised during the period was EUR 757
(642) thousand.
Capital expenditure totalled EUR 1.1 (0.8) million. It mainly consisted of
normal maintenance and replacement investments in plant and machinery.
MANAGEMENT
During the period, on 3 May 2010, Tapio Mertanen, MTD, began as a Service
Director when the previous Service Director Juhani Mäkynen left the company.
Mertanen reports to Sales and Marketing Director Jarmo Vidgrén.
PERSONNEL
The Group had an average staff of 796 (911) during the period and it employed
828 (864) 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 - 30 June 2010 totalled
1,868,393 shares, accounting for 6.7 per cent of the total number of shares.
Share net sales came to EUR 15.0 million, with the period's lowest and highest
share prices being EUR 6.63 and EUR 9.42, respectively.
At the end of the period, the share price stood at EUR 8.19 and market
capitalisation was EUR 229.3 million.
At the end of the period under review, the company held 105,939 treasury shares.
ANNUAL GENERAL MEETING
A separate release was issued on 31 March 2010 regarding the authorisations
given and resolutions made by the AGM.
A resolution was made to distribute a dividend of EUR 0.15 per share to
shareholders for the financial period that ended on 31 December 2009, amounting
to a total of EUR 4.2 million. The record date was 7 April 2010 and the dividend
payment date was 14 April 2010.
GOVERNANCE
The company's decision-making and administrative processes comply with the
Finnish Companies Act, other regulations governing listed companies and the
Ponsse Plc Articles of Association. The Board of the Company has ratified the
code of governance complying with the Corporate Governance procedure for Finnish
listed companies approved by the Board of the Securities Market Association in
2008. The code aims to ensure that the company is competently managed and that
business procedures and practices of a high ethical and professional standard
are used.
The code of governance can be viewed on Ponsse's website in the Investors
section.
SHORT-TERM RISKS AND THEIR MANAGEMENT
As more capacity is utilised, risks to part and component availability may
increase. The availability of certain types of components has become more
challenging, and there are price pressures in raw materials. Ponsse aims to
manage these risks through partnership cooperation. The financial standing of
suppliers is regularly monitored. Ponsse surveys new alternative suppliers in
order to mitigate any risks related to availability and prices.
The parent company will monitor the changes in asset values of Group receivables
and the associated risk of impairment.
The key objectives of the company's financing risk management include
controlling liquidity, interest and currency risks. Ponsse has ensured its
liquidity by means of credit limit agreements with a number of financial
institutions. The company has issued covenants as security for its financial
liabilities. The Group's most important bank loan covenant is its equity ratio.
The covenant terms and conditions were met at the end of the period. In order to
minimise the impact of any adverse changes in interest rates, the company uses
interest rate swaps and credits tied to different reference rates. Derivative
contracts are used to reduce the negative effect of changes in exchange rates.
Any changes in tax and customs legislation in countries to which Ponsse exports
may pose further challenges to its export trade or its profitability.
OUTLOOK FOR THE FUTURE
The forest machine markets will continue to improve more than expected in the
course of 2010 when compared to the previous year. The positive signals
concerning an increase in wood demand and thus improved job opportunities for
our customers promote the positive development of the business. The net sales of
services and information system businesses are expected to remain strong.
The factory capacity will be further increased during the latter half of the
year to meet the demands of the growing order intake. Temporary layoffs have
been discontinued, and there will be moderate increases in the number of
employees as the capacity is being increased. During the latter half of the
year, the factory will start working in two shifts as the capacity is increased.
Net sales for 2010 will significantly increase from the previous year. The
operating result and cash flow from business operations will be clearly
positive.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
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| | | IFRS | IFRS | IFRS | IFRS |
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| | | 4-6/10 | 4-6/09 | 1-6/10 | 1-6/09 |
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| NET SALES | | 65,854 | 32,479 | 117,114 | 70,018 |
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| Increase (+)/decrease (-) in | 2,047 | -1,792 | 4,364 | -3,644 |
| inventories of finished goods | | | | |
| and work in progress | | | | |
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| Other operating income | | 355 | 603 | 501 | 906 |
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| Raw materials and | | -43,617 | -19,978 | -79,042 | -48,696 |
| services | | | | | |
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| Expenditure on | -9,858 | -8,772 | -18,310 | -17,716 |
| employment-related benefits | | | | |
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| Depreciation and | | -1,268 | -1,309 | -2,528 | -2,632 |
| amortisation | | | | | |
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| Other operating | | -6,473 | -5,221 | -12,290 | -10,898 |
| expenses | | | | | |
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| OPERATING RESULT | | 7,039 | -3,989 | 9,809 | -12,662 |
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| Share of results of associated | -21 | -36 | -101 | -84 |
| companies | | | | |
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| Financial income and | | 3,020 | 351 | 5,160 | 93 |
| expenses | | | | | |
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| RESULT BEFORE TAXES | 10,038 | -3,674 | 14,868 | -12,653 |
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| Income taxes | | 190 | -1,385 | 1,661 | -1,795 |
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| NET RESULT FOR THE | | 10,228 | -5,059 | 16,530 | -14,448 |
| PERIOD | | | | | |
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| OTHER ITEMS INCLUDED | | | | | |
| IN TOTAL COMPREHENSIVE | | | | | |
| INCOME: | | | | | |
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| Translation differences | -783 | -756 | -1,344 | -654 |
| associated with a foreign unit | | | | |
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| TOTAL COMPREHENSIVE INCOME FOR | 9,445 | -5,815 | 15,186 | -15,102 |
| THE PERIOD | | | | |
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| Diluted and undiluted | | 0.37 | -0.18 | 0.59 | -0.52 |
| earnings per share | | | | | |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)
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| | IFRS | IFRS |
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| ASSETS | 30.6.10 | 31.12.09 |
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| NON-CURRENT ASSETS | | |
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| Intangible assets | 6,110 | 5,287 |
--------------------------------------------------------------------------------
| Goodwill | 3,440 | 3,440 |
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| Property, plant and equipment | 23,705 | 25,374 |
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| Financial assets | 111 | 110 |
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| Holdings in associated companies | 1,519 | 1,790 |
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| Non-current receivables | 4,298 | 3,299 |
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| Deferred tax assets | 1,903 | 1,255 |
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| TOTAL NON-CURRENT ASSETS | 41,086 | 40,555 |
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| CURRENT ASSETS | | |
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| Inventories | 73,573 | 67,920 |
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| Trade receivables | 30,975 | 21,409 |
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| Income tax receivables | 886 | 243 |
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| Other current receivables | 4,803 | 3,508 |
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| Liquid assets | 7,515 | 10,626 |
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| TOTAL CURRENT ASSETS | 117,753 | 103,707 |
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| TOTAL ASSETS | 158,839 | 144,262 |
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| SHAREHOLDERS' EQUITY AND LIABILITIES | | |
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| EQUITY | | |
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| Share capital | 7,000 | 7,000 |
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| Share premium and other reserves | 19,030 | 19,030 |
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| Translation differences | -1,472 | -128 |
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| Treasury shares | -1,130 | -665 |
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| Retained earnings | 47,575 | 36,375 |
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| EQUITY OWNED | | |
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| BY PARENT COMPANY SHAREHOLDERS | 71,003 | 61,612 |
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| NON-CURRENT LIABILITIES | | |
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| Interest-bearing liabilities | 24,174 | 23,973 |
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| Deferred tax liabilities | 447 | 464 |
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| Other non-current liabilities | 479 | 590 |
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| TOTAL NON-CURRENT LIABILITIES | 25,100 | 25,026 |
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| CURRENT LIABILITIES | | |
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| Interest-bearing liabilities | 21,617 | 27,939 |
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| Provisions | 4,341 | 4,935 |
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| Tax liabilities for the period | 251 | 37 |
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| Trade creditors and other current liabilities | 36,526 | 24,713 |
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| TOTAL CURRENT LIABILITIES | 62,735 | 57,624 |
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| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 158,839 | 144,262 |
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CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
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| | | IFRS | IFRS | |
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| | | 1-6/10 | 1-6/09 | |
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| BUSINESS OPERATIONS: | | | | |
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| Net profit for the period | | 16,530 | -14,448 | |
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| Adjustments: | | | | |
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| Financial income and | | -5,160 | -93 | |
| expenses | | | | |
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| Share of the result of associated | 101 | 84 | |
| companies | | | |
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| Depreciation and | | 2,528 | 2,632 | |
| amortisation | | | | |
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| Income taxes | | -719 | 124 | |
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| Other adjustments | | -2,878 | 2,032 | |
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| Cash flow before change in working | 10,401 | -9,669 | |
| capital | | | |
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| Change in working capital: | | | | |
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| Change in non-interest-bearing | -11,604 | 6,664 | |
| receivables | | | |
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| Change in inventories | | -5,653 | 8,739 | |
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| Change in | | 11,819 | -8,712 | |
| non-interest-bearing | | | | |
| liabilities | | | | |
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| Change in provisions for | | -594 | -396 | |
| liabilities and charges | | | | |
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| Interest received | | 197 | 63 | |
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| Interest paid | | -695 | -1,369 | |
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| Other financial items | | 5,619 | 1,171 | |
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| Income taxes paid | | 291 | 3,948 | |
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| NET CASH FLOW FROM BUSINESS | | 9,781 | 438 | |
| OPERATIONS (A) | | | | |
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| INVESTMENTS | | | | |
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| Investments in tangible and intangible | -1,076 | -845 | |
| assets | | | |
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| Investments in other assets | 0 | 0 | |
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| Repayment of loan | | 0 | 0 | |
| receivables | | | | |
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| Dividends received | | 0 | 0 | |
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| CASH OUTFLOW FROM INVESTMENT | | -1,076 | -845 | |
| ACTIVITIES (B) | | | | |
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| FINANCING | | | | |
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| Hybrid loan | | 0 | 19,000 | |
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| Interest paid, hybrid loan | | -1,137 | 0 | |
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| Withdrawal/Repayment of | | | | |
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| current loans | | -5,985 | -23,651 | |
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| Change in current | | | | |
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| interest-bearing receivables | | 29 | 54 | |
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| Withdrawal/Repayment of | | | | |
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| non-current loans | | 91 | 6,237 | |
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| Payment of finance lease liabilities | -337 | -294 | |
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| Change in non-current receivables | -285 | -206 | |
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| Dividends paid | | -4,193 | 0 | |
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| NET CASH OUTFLOW FROM | | -11,816 | 1,139 | |
| FINANCING (C) | | | | |
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| Change in liquid assets | | -3,111 | 732 | |
| (A+B+C) | | | | |
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| Liquid assets on 1 Jan | | 10,626 | 8,095 | |
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| Liquid assets on 30 June | | 7,515 | 8,827 | |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR 1,000)
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| A = Share | | | | | | |
| Capital | | | | | | |
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| B = Share premium and | | | | | |
| other reserves | | | | | |
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| C = Translation | | | | | | |
| differences | | | | | | |
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| D = Treasury shares | | | | | |
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| E = Retained earnings |
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| F = Total | | | | | | |
| capital and | | | | | | |
| reserves | | | | | | |
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| | EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS |
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| | A | B | C | D | E | F |
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| EQUITY 1 JAN | 7,000 | 19,030 | -128 | -665 | 36,375 | 61,612 |
| 2010 | | | | | | |
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| Direct posting | | | | | -1,137 | -1,137 |
| to retained | | | | | | |
| earnings *) | | | | | | |
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| Dividend | | | | | -4,193 | -4,193 |
| distribution | | | | | | |
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| Purchase of the | | | | -465 | | -465 |
| treasury shares | | | | | | |
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| Other changes | | | | | | |
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| Total | | |-1,344| | 16,530 | 15,186 |
| comprehensive | | | | | | |
| income for the | | | | | | |
| period | | | | | | |
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| EQUITY 30 JUN | 7,000 | 19,030 |-1,472| -1,130 | 47,575 | 71,003 |
| 2010 | | | | | | |
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| EQUITY 1 JAN | 7,000 | 20 | -72 | -665 | 60,830 | 67,113 |
| 2009 | | | | | | |
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| Direct posting | | | | | | |
| to retained | | | | | | |
| earnings *) | | | | | | |
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| Dividend | | | | | | |
| distribution | | | | | | |
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| Purchase of the | | | | | | |
| treasury shares | | | | | | |
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| Other changes | | 19,600 | | | | 19,600 |
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| Total | | | -654 | | -14,448 | -15,10 |
| comprehensive | | | | | | 2 |
| income for the | | | | | | |
| period | | | | | | |
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| EQUITY 30 JUN | 7,000 | 19,620 | -726 | -665 | 46,382 | 71,611 |
| 2009 | | | | | | |
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| *) Consists of interest paid for the hybrid loan classified as equity. |
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SEGMENT INFORMATION (EUR 1,000)
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| GEOGRAPHIC SEGMENTS | | | | | |
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| 1-6/10 | Nordic | Rest of | North | Elimin-a | TOTAL |
| | countri | Europe | and | tion | |
| | es | | South | | |
| | | | America | | |
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| External sales | 57,456 | 34,413 | 23,050 | | 114,919 |
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| Unallocated sales | | | | | 2,195 |
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| NET SALES | 57,456 | 34,413 | 23,050 | | 117,114 |
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| Operating result of | 4,638 | 5,346 | 1,303 | | 11,287 |
| the segment | | | | | |
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| Unallocated items | | | | | -1,478 |
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| OPERATING RESULT | 4,638 | 5,346 | 1,303 | | 9,809 |
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| GEOGRAPHIC SEGMENTS | | | | | |
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| 1-6/09 | Nordic | Rest of | North | Elimin-a | TOTAL |
| | countri | Europe | and | tion | |
| | es | | South | | |
| | | | America | | |
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| External sales | 35,852 | 18,715 | 13,521 | | 68,088 |
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| Unallocated sales | | | | | 1,930 |
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| NET SALES | 35,852 | 18,715 | 13,521 | | 70,018 |
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| Operating result of | -4,323 | 2,393 | 878 | | -1,053 |
| the segment | | | | | |
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| Unallocated items | | | | | -11,609 |
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| OPERATING RESULT | -4,323 | 2,393 | 878 | | -12,662 |
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| | | | 30.6.10 | 30.6.09 | 31.12.09 |
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| 1. LEASING COMMITMENTS | | | 5,680 | 4,680 | 6,176 |
| (EUR 1,000) | | | | | |
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| 2. CONTINGENT LIABILITIES (EUR | | 30.6.10 | 30.6.09 | 31.12.09 |
| 1,000) | | | | |
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| Guarantees given on | | | 680 | 985 | 951 |
| behalf of others | | | | | |
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| Repurchase commitments | | | 3,093 | 4,429 | 4,111 |
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| Other commitments | | | 2,186 | 1,990 | 2,080 |
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| TOTAL | | | 5,959 | 7,404 | 7,142 |
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| 3. PROVISIONS (EUR | | | Guarantee provision | |
| 1,000) | | | | |
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| 1 Jan | | | 4,935 | | |
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| Increase | | | 380 | | |
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| Used provisions | | | -974 | | |
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| 30 June | | | 4,341 | | |
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| 4. DIVIDENDS PAID (EUR 1,000) | | 30.6.10 | 30.6.09 | |
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| Dividend per share EUR 0.15 (EUR 0) | 4,193 | 0 | |
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| 5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) |
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| | | | 1-6/10 | 1-6/09 | |
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| Increase | | | 1,028 | 1,080 | |
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| Decrease | | | -845 | -280 | |
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| TOTAL | | | 184 | 800 | |
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| 6. RELATED PARTY TRANSACTIONS | | 1-6/10 | 1-6/09 | |
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| Management's employment related | | | | |
| benefits (EUR 1,000) | | | | |
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| Salaries and other short-term | 831 | 695 | |
| employment-related benefits | | | |
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| Board of Directors' emoluments | 122 | 113 | |
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| KEY FIGURES AND RATIOS | | | 30.6.10 | 30.6.09 | 31.12.09 |
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| R&D expenditure, MEUR | | 2.6 | 2.6 | 4.9 |
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| Capital expenditure, MEUR | 1.1 | 0.8 | 2.0 |
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| as % of net sales | | | 0.9 | 1.2 | 1.4 |
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| Average number of | | | 796 | 911 | 858 |
| employees | | | | | |
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| Order books, MEUR | | | 50.0 | 12.9 | 20.3 |
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| Equity ratio, % | | | 45.0 | 47.2 | 42.8 |
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| Diluted and undiluted earnings per share, | 0.59 | -0.52 | -0.72 |
| EUR | | | |
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| Equity per share, EUR | | | 2.54 | 2.56 | 2.20 |
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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, %:
Equity + minority interest
----------------------------------------
Balance sheet total - advance payments received * 100
Earnings per share:
Earnings before taxes - taxes (incl. change in deferred taxes) -/+ minority
interest
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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
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| ORDER INTAKE, MEUR | | | 1-6/10 | 1-6/09 | 1-12/09 |
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| Ponsse Group | | | 147.4 | 59.5 | 143.5 |
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The interim report has been prepared in accordance with the IFRS recognition and
measurement principles and it complies with all of the requirements of IAS 34.
The same accounting principles were observed for the interim report as for the
annual financial statements dated 31 December 2009, with the exception, however,
that the following new standards, interpretations and amendments adopted by EU
were introduced from 1 January 2010: IFRS 3 (revised) - Business Combinations;
IAS 27 (revised) - Consolidated and Separate Financial Statements; IFRIC 12 -
Service Concession Arrangements; IFRIC 15 - Agreements for the Construction of
Real Estate; IFRIC 16 - Hedges of a Net Investment in a Foreign Operation; IFRIC
17 - Distributions of Non-cash Assets to Owners; IFRIC 18 - Transfers of Assets
from Customers; IFRIC 9 and IAS 39 (amendment) - Reassessment of Embedded
Derivatives in Conjunction with Reclassification; IAS 39 (amendment) - Eligible
Hedged Items and IFRS 2 (amendment) - Share-Base Payments - Group Cash-settled
Share-based Payment Arrangements. These new standards, interpretations and
amendments have no impact on the Group's interim report.
In April 2009, IASB published improvements to 12 standards as part of its annual
improvements programme. The Group has adopted the following most salient
improvements from 1 January 2010: IFRS 8 (amendment) - Operating Segments; IAS
17 (amendment) - Leases and IAS 36 (amendment) - Impairment of Assets, but these
improvements have no impact on the Group's interim report.
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, 10 August 2010
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 specialises in the sales, production, maintenance and technology of
cut-to-length forest machines. Its operations are guided by a genuine interest
in its customers and their business operations. The company develops and
manufactures innovative harvesting solutions that follow the principles of
sustainable development and are based on customer needs.
The company was established by forest machine entrepreneur Einari Vidgrén in
1970, and it has been a pioneer of 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. The Group
operates in approximately 40 countries.
