PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2013
PONSSE PLC, STOCK EXCHANGE RELEASE, 6 AUGUST 2013, 9:00 a.m.
PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2013
– Net sales amounted to EUR 145.3 (H1/2012 151.1) million.
– Q2 net sales amounted to EUR 83.6 (Q2/2012 74.3) million.
– Operating result totalled EUR 8.5 (H1/2012 10.7) million, equalling 5.9 (7.1) per cent of net sales.
– Q2 operating result totalled EUR 8.4 (Q2/2012 6.2) million, equalling 10.1 (8.3) per cent of net sales.
– Profit before taxes was EUR 5.2 (H1/2012 9.3) million.
– Cash flow from business operations was EUR 7.2 (0.1) million.
– Earnings per share were EUR 0.10 (0.20).
– Equity ratio was 32.6 (41.5) per cent.
– Order books stood at EUR 57.7 (56.0) million.
PRESIDENT AND CEO JUHO NUMMELA:
During the second quarter, our order intake improved and order books developed favourably. The invoicing of the new machines that was delayed during the first quarter was invoiced by the end of the second quarter. Since the beginning of June, the Vieremä factory has been operating in two shifts, and the current order books will enable operations to continue in two shifts for the time being. The company’s order books amounted to EUR 57.7 (56.0) million at the end of the period, which is 3 per cent less than in the comparison period and 17.5 per cent more than in the first quarter.
Picking up of the construction in North America further increased the demand for forest machines. The active demand in the Russian and Finnish markets had a significant effect on performance in the second quarter. Of our other main markets, Central Europe and Sweden in particular continued to be quiet during the period under review. The total Swedish forest machine market will decrease significantly compared to the previous year. Ponsse has been able to significantly extend its foothold in Latin America.
Net sales of maintenance services continued to grow during the period under review, while the growth in net sales of used machines stabilised. These, together with good level of new machine invoicing, resulted in strong net sales of EUR 83.6 (74.3) million for the second quarter.
This represents growth of 36 per cent compared to the first quarter. Net sales for the period under review amounted to EUR 145.3 (151.1) million, representing a decrease 3.8 per cent compared with the corresponding period.
The operating result for the past quarter was EUR 8.4 (6.2) million, and EUR 8.5 (10.7) million for the period under review. The operating result for the second quarter was 10.1 (8.3) per cent of net sales, i.e. close to the normal level.
Cash flow from business operations amounted to EUR 7.2 (0.1) million in the period under review. Capital tied up in new products returned to its normal level as a result of good invoicing.
Our investments in R&D continued normally. Maintenance services, sales and the subsidiary network also operated normally throughout the period under review.
During the past quarter, Ponsse introduced a new harvester model. PONSSE Scorpion is a next-generation harvester with several innovative technological solutions. The new machine was extremely well received and, all in all, PONSSE Scorpion has received a lot of positive attention and feedback. The machine will complement the existing product portfolio. Serial production of the new harvester will start at the beginning of 2014, and sales are actively ongoing. The machine has been in great demand globally.
NET SALES
Consolidated net sales for the period under review amounted to EUR 145.3 (151.1) million, which is 3.8 per cent less than in the comparison period. International business operations accounted for 68.6 (64.7) per cent of net sales.
Net sales were regionally distributed as follows: Northern Europe 45.8 (56.5) per cent, Central and Southern Europe 14.4 (18.7) per cent, Russia and Asia 15.9 (10.9) per cent, North and South America 23.9 (13.9) per cent and other countries 0.0 (0.0) per cent.
PROFIT PERFORMANCE
The operating result amounted to EUR 8.5 (10.7) million. The operating result equalled 5.9 (7.1) per cent of net sales for the period under review. Consolidated return on capital employed (ROCE) stood at 9.1 (17.1) per cent.
Staff costs for the period totalled EUR 24.9 (26.7) million. Other operating expenses stood at EUR 15.3 (15.3) million. The net total of financial income and expenses amounted to EUR -3.2 (-1.4) million. Exchange rate gains and losses with a net effect of EUR -2.4 (-0.6) million were recognised under financial items for the period. Profit for the period under review totalled EUR 3.2 (6.4) million. Diluted and undiluted earnings per share (EPS) came to EUR 0.01 (0.20). 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 183.3 (177.8) million. Inventories stood at EUR 81.8 (92.7) million. Trade receivables totalled EUR 30.0 (24.4) million, while liquid assets stood at EUR 6.7 (7.7) million. Group shareholders’ equity stood at EUR 59.4 (73.2) million and parent company shareholders’ equity at EUR 77.9 (73.6) million. In the comparison period Group shareholders’ equity includes a hybrid loan of EUR 19 million issued on 31 March 2009 and settled on 28 March 2013. A separate release was issued on 19 February 2013 regarding the settlement of the hybrid loan. The interest paid on the hybrid loan totalling EUR 9.1 million, less tax, is recognised as a deduction from Group equity. The amount of interest-bearing liabilities was EUR 77.6 (48.0) million. The company has used 36 per cent of its credit facility limit. The parent company's net receivables from other Group companies stood at EUR 78.9 (78.2) million. The parent company’s receivables from subsidiaries mainly consisted of trade receivables. Consolidated net liabilities totalled EUR 70.9 (40.3) million, and the debt-equity ratio (gearing) was 119.4 (55.1) per cent. The equity ratio stood at 32.6 (41.5) percent at the end of the period under review.
Cash flow from business operations amounted to EUR 7.2 (0.1) million. Cash flow from investment activities came to EUR -6.3 (-6.0) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 161.3 (136.4) million, while period-end order books were valued at EUR 57.7 (56.0) million.
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 5.0 (4.7) million, of which EUR 1.6 (1.3) million was capitalised.
Capital expenditure totalled EUR 6.3 (6.0) million. It consisted in addition to capitalised R&D expenses of investments in buildings and ordinary maintenance and replacement investments for machinery and equipment.
MANAGEMENT
The following persons were members of the Management Team: Juho Nummela, President and CEO, acting as the chairman; Juha Haverinen, Factory Director; Petri Härkönen, CFO; Juha Inberg, Technology and R&D Director; 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.
A member of the Management Team and the Purchasing and Logistics Director Pasi Arajärvi was leaving the company on 13 May 2013. The release was issued on 7 May 2013.
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), Eero Lukkarinen (Sweden, Denmark) and Sigurd Skotte (Norway),
Central and Southern Europe: Janne Vidgrén (Austria, Poland, Romania, Germany, the Czech Republic and Hungary), Clément Puybaret (France), Jussi Hentunen (Spain, Italy, Portugal and Norrbotten/Sweden) 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), Marko Mattila (North American dealers), Teemu Raitis (Brazil) and Martin Toledo (Uruguay).
PERSONNEL
The Group had an average staff of 999 (995) during the period and employed 1,043 (1,024) 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 June 2013 totalled 1,083,997, accounting for 3.9 per cent of the total number of shares. Share turnover amounted to EUR 6.8 million, with the period’s lowest and highest share prices amounting to EUR 5.50 and EUR 6.89, respectively.
At the end of the period, shares closed at EUR 5.74, and market capitalisation totalled EUR 160.7 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 16 April 2013 regarding the authorizations given to the Board of Directors and other resolutions at the AGM.
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 prolonged insecurity in the world economy and weak economic situation may result in a decline in the demand for forest machines.
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 through 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.
OUTLOOK FOR THE FUTURE
The Group’s euro-denominated operating profit is expected to remain lower than in 2012.
In general, the positive work situation of the customers and Ponsse’s strongly renewed product portfolio and maintenance service solutions are having a positive effect on the company’s business operations.
In Europe the markets are still uneasy due to the economic situation.
Due to the improved order books, the factory in Vieremä is operating in two shifts for the time being. Sales and maintenance functions are operating normally. We estimate that the work situation of our customers will also continue to be good in the future.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
| IFRS | IFRS | ||||
| 1-6/13 | 1-6/12 | ||||
| NET SALES | 145,285 | 151,090 | |||
| Increase (+)/decrease (-) in inventories of finished goods and work in progress | 1,716 | 8,527 | |||
| Other operating income | 529 | 319 | |||
| Raw materials and services | -95,479 | -104,443 | |||
| Expenditure on employment-related benefits | -24,938 | -26,688 | |||
| Depreciation and amortisation | -3,285 | -15,337 | |||
| Other operating expenses | -15,324 | 10,708 | |||
| OPERATING RESULT | 8,505 | 10,708 | |||
| Share of results of associated companies | -105 | -53 | |||
| Financial income and expenses | -3,207 | -1,386 | |||
| RESULT BEFORE TAXES | 5,193 | 9,269 | |||
| Income taxes | -1,958 | -2,898 | |||
| NET RESULT FOR THE PERIOD | 3,235 | 6,371 | |||
| OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT: | |||||
| Translation differences related to foreign units | 658 | -314 | |||
| TOTAL COMPREHENSIVE RESULT FOR THE PERIOD | 3,893 | 6,057 | |||
| Diluted and undiluted earnings per share* | 0.10 | 0.20 | |||
| IFRS | IFRS | ||||
| 4-6/13 | 4-6/12 | ||||
| NET SALES | 83,640 | 74,334 | |||
| Increase (+)/decrease (-) in inventories of finished goods and work in progress | -10,299 | 5,100 | |||
| Other operating income | 389 | 178 | |||
| Raw materials and services | -43,327 | -51,314 | |||
| Expenditure on employment-related benefits | -12,344 | -13,596 | |||
| Depreciation and amortisation | -1,637 | -1,391 | |||
| Other operating expenses | -8,008 | -7,134 | |||
| OPERATING RESULT | 8,412 | 6,177 | |||
| Share of results of associated companies | -21 | -9 | |||
| Financial income and expenses | -3,911 | -931 | |||
| RESULT BEFORE TAXES | 4,480 | 5,236 | |||
| Income taxes | -1,757 | -1,685 | |||
| NET RESULT FOR THE PERIOD | 2,723 | 3,551 | |||
| OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT: | |||||
| Translation differences related to foreign units | 1,501 | -617 | |||
| TOTAL COMPREHENSIVE RESULT FOR THE PERIOD | 4,224 | 2,934 | |||
| Diluted and undiluted earnings per share* | 0.10 | 0.11 | |||
* 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 | 30 Jun 13 | 31 Dec 12 |
| NON-CURRENT ASSETS | ||
| Intangible assets | 12,808 | 11,898 |
| Goodwill | 3,440 | 3,440 |
| Property, plant and equipment | 37,583 | 35,525 |
| Financial assets | 111 | 111 |
| Investments in associated companies | 971 | 1,186 |
| Non-current receivables | 933 | 999 |
| Deferred tax assets | 1,546 | 1,628 |
| TOTAL NON-CURRENT ASSETS | 57,393 | 54,787 |
| CURRENT ASSETS | ||
| Inventories | 81,831 | 81,636 |
| Trade receivables | 30,018 | 25,954 |
| Income tax receivables | 394 | 1,959 |
| Other current receivables | 6,948 | 3,313 |
| Cash and cash equivalents | 6,717 | 14,083 |
| TOTAL CURRENT ASSETS | 125,908 | 126,944 |
| TOTAL ASSETS | 183,301 | 181,732 |
| SHAREHOLDERS’ EQUITY AND LIABILITIES | ||
| SHAREHOLDERS’ EQUITY | ||
| Share capital | 7,000 | 7,000 |
| Other reserves | 30 | 19,030 |
| Translation differences | -880 | -1,538 |
| Treasury shares | -2,228 | -2,228 |
| Retained earnings | 55,468 | 59,180 |
| EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS | 59,390 | 81,444 |
| NON-CURRENT LIABILITIES | ||
| Interest-bearing liabilities | 49,469 | 21,474 |
| Deferred tax liabilities | 1,136 | 968 |
| Other non-current liabilities | 0 | 13 |
| TOTAL NON-CURRENT LIABILITIES | 50,605 | 22,455 |
| CURRENT LIABILITIES | ||
| Interest-bearing liabilities | 28,138 | 34,912 |
| Provisions | 4,697 | 4,977 |
| Tax liabilities for the period | 118 | 385 |
| Trade creditors and other current liabilities | 40,353 | 37,558 |
| TOTAL CURRENT LIABILITIES | 73,306 | 77,833 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 183,301 | 181,732 |
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
| IFRS | IFRS | ||
| 1-6/13 | 1-6/12 | ||
| CASH FLOW FROM BUSINESS OPERATIONS: | |||
| Net result for the period | 3,235 | 6,371 | |
| Adjustments: | |||
| Financial income and expenses | 3,207 | 1,386 | |
| Share of the result of associated companies | 105 | 53 | |
| Depreciation and amortisation | 3,285 | 2,760 | |
| Income taxes | 1,958 | 3,175 | |
| Other adjustments | 1,456 | -538 | |
| Cash flow before changes in working capital | 13,246 | 13,207 | |
| Change in working capital: | |||
| Change in trade receivables and other receivables | -8,064 | 3,674 | |
| Change in inventories | -195 | -12,195 | |
| Change in trade creditors and other liabilities | 3,861 | 3,120 | |
| Change in provisions for liabilities and charges | -280 | 174 | |
| Interest received | 124 | 67 | |
| Interest paid | -521 | -565 | |
| Other financial items | -605 | -359 | |
| Income taxes paid | -397 | -7,012 | |
| NET CASH FLOW FROM BUSINESS OPERATIONS (A) | 7,170 | 111 | |
| CASH FLOW FROM INVESTMENTS | |||
| Investments in tangible and intangible assets | -6,253 | -6,027 | |
| Proceeds from sale of tangible and intangible assets | 0 | 0 | |
| CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B) | -6,253 | -6,027 | |
| FINANCING | |||
| Hybrid loan | -19,000 | 0 | |
| Interest paid, hybrid loan | -1,136 | -1,136 | |
| Withdrawal/Repayment of current loans | -4,469 | 8,502 | |
| Change in current interest-bearing liabilities | 213 | 54 | |
| Withdrawal of non-current loans | 29,201 | 4,799 | |
| Repayment of non-current loans | -2,305 | -4,806 | |
| Payment of finance lease liabilities | -1,724 | 111 | |
| Change in non-current receivables | 66 | 69 | |
| Dividends paid | -6,947 | -9,725 | |
| NET CASH OUTFLOW FROM FINANCING (C) | -6,101 | -2,133 | |
| Change in cash and cash equivalents (A+B+C) | -5,184 | -8,050 | |
| Cash and cash equivalents on 1 January | 14,083 | 16,267 | |
| Impact of exchange rate changes | -2,183 | -524 | |
| Cash and cash equivalents on 30 June | 6,717 | 7,694 | |
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 2013 | 7,000 | 19,030 | -1,538 | -2,228 | 59,180 | 81,444 | |||||
| Translation differences | 658 | 658 | |||||||||
| Result for the period | 3,235 | 3,235 | |||||||||
| Total comprehensive income for the period | 658 | 3,235 | 3,893 | ||||||||
| Direct entries to retained earnings* | |||||||||||
| Dividend distribution | -6,947 | -6,947 | |||||||||
| Other changes | -19,000 | -19,000 | |||||||||
| SHAREHOLDERS' EQUITY 30 JUN 2013 | 7,000 | 30 | -880 | -2,228 | 55,468 | 59,390 | |||||
| SHAREHOLDERS’ EQUITY 1 JAN 2012 | 7,000 | 19,030 | -1,975 | -2,228 | 56,736 | 78,563 | |||||
| Translation differences | -314 | -314 | |||||||||
| Result for the period | 6,371 | 6,371 | |||||||||
| Total comprehensive income for the period | -314 | 6,371 | 6,057 | ||||||||
| Direct entries to retained earnings* | -1,721 | -1,721 | |||||||||
| Dividend distribution | -9,725 | -9,725 | |||||||||
| Other changes | 0 | ||||||||||
| SHAREHOLDERS' EQUITY 30 JUN 2012 | 7,000 | 19,030 | -2,289 | -2,228 | 51,661 | 73,174 | |||||
| * Consists of the interest paid, less tax, for the hybrid loan classified as equity. | |||||||||||
SEGMENT INFORMATION (EUR 1,000)
| OPERATING SEGMENTS | ||||||
| 1-6/2013 | Northern Europe | Central and Southern Europe | Russia and Asia | North and South America | Elimination | Total |
| Net sales of the segment | 109,340 | 21,223 | 23,418 | 35,185 | 189,166 | |
| Sales between segments | -42,814 | -371 | -268 | -452 | -43,905 | |
| Unallocated sales | 24 | |||||
| NET SALES FROM EXTERNAL CUSTOMERS | 66,527 | 20,852 | 23,149 | 34,733 | 145,285 | |
| Operating result of the segment | 1,496 | 2,498 | 3,991 | 3,511 | 11,496 | |
| Unallocated items | -2,991 | |||||
| OPERATING RESULT | 1,496 | 2,498 | 3,991 | 3,511 | 8,505 | |
| OPERATING SEGMENTS | ||||||
| 1-6/2012 | Northern Europe | Central and Southern Europe | Russia and Asia | North and South America | Elimination | Total |
| Net sales of the segment | 117,569 | 28,334 | 16,645 | 21,158 | 183,707 | |
| Sales between segments | -32,262 | -93 | -136 | -151 | -32,643 | |
| Unallocated sales | 26 | |||||
| NET SALES FROM EXTERNAL CUSTOMERS | 85,307 | 28,241 | 16,508 | 21,007 | 151,090 | |
| Operating result of the segment | 5,124 | 4,660 | 2,335 | 232 | 12,350 | |
| Unallocated items | -1,642 | |||||
| OPERATING RESULT | 5,124 | 4,660 | 2,335 | 232 | 10,708 | |
| | 30 Jun 13 | 30 Jun 12 | 31 Dec 12 | ||
| 1. LEASING COMMITMENTS (EUR 1,000) | 1,965 | 3,149 | 2,898 | ||
| 2. CONTINGENT LIABILITIES (EUR 1,000) | 30 Jun 13 | 30 Jun 12 | 31 Dec 12 | ||
| Guarantees given on behalf of others | 510 | 701 | 1,601 | ||
| Repurchase commitments | 1,122 | 1,540 | 1,541 | ||
| Other commitments | 5,509 | 4,129 | 3,616 | ||
| TOTAL | 7,142 | 6,369 | 6,758 | ||
| 3. PROVISIONS (EUR 1,000) | Guarantee provision | |||
| 1 January 2013 | 4,977 | |||
| Provisions added | 380 | |||
| Provisions cancelled | -660 | |||
| 30 June 2013 | 4,697 | |||
| 4. DIVIDENDS PAID (EUR 1,000) | 30 Jun 13 | 30 Jun 12 | ||
| Dividends per share EUR 0.25 (EUR 0.35) | 6,947 | 9,725 |
| 5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) | 1-6/13 | 1-6/12 | |||
| Increase | 4,654 | 4,228 | |||
| Decrease | -509 | -105 | |||
| TOTAL | 4,145 | 4,124 | |||
| 6. RELATED PARTY TRANSACTIONS | 1-6/13 | 1-6/12 | |||
| Management’s employment-related benefits (EUR 1,000) | |||||
| Salaries and other short-term employment-related benefits | 1,404 | 1,552 | |||
| Board of Directors’ emoluments | 182 | 123 | |||
| KEY FIGURES AND RATIOS | 30 Jun 13 | 30 Jun 12 | 31 Dec 12 | ||
| R&D expenditure, MEUR | 5.0 | 4.7 | 9.5 | ||
| Capital expenditure, MEUR | 6.3 | 6.0 | 18.1 | ||
| as % of net sales | 4.3 | 4.0 | 5.7 | ||
| Average number of employees | 999 | 995 | 994 | ||
| Order books, MEUR | 57.7 | 56.0 | 41.8 | ||
| Equity ratio, % | 32.6 | 41.5 | 45.1 | ||
| Diluted and undiluted earnings per share (EUR) | 0.10 | 0.20 | 0.44 | ||
| Equity per share (EUR) | 2.12 | 2.61 | 2.91 | ||
FORMULAE FOR FINANCIAL INDICATORS
Return on capital employed, %:
Result before tax + financial expenses
--------------------------------------------
Shareholder´s equity + interest-bearing financial liabilities (average during the year) * 100
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.
Net gearing, %:
Interest-bearing financial liabilities – cash and cash equivalents
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Shareholders’ equity * 100
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
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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 | 1-6/13 | 1-6/12 | 1-12/12 | ||
| Ponsse Group | 161.3 | 136.4 | 285.9 |
The interim report has been prepared observing the recognition and valuation principles of IFRS standards 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 2012.
The above figures have not 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, 6 August 2013
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.