PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2014



PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2014

– Net sales amounted to EUR 183.6 (H1/2013 145.3) million.
– Q2 net sales amounted to EUR 96.8 (Q2/2013 83.6) million.
– Operating result totalled EUR 18.0 (H1/2013 8.5) million, equalling 9.8 (5.9) per cent of net sales.
– Q2 operating result totalled EUR 10.6 (Q2/2013 8.4) million, equalling 10.9 (10.1) per cent of net sales.
– Profit before taxes was EUR 18.0 (H1/2013 5.2) million.
– Cash flow from business operations was EUR 2.8 (7.5) million.
– Earnings per share were EUR 0.53 (0.10).
– Equity ratio was 36.1 (32.6) per cent.
– Order books stood at EUR 124.6 (57.7) million.

PRESIDENT AND CEO JUHO NUMMELA:
The demand for forest machines was at an extremely good level during the past quarter. The order volume of new machines increased further and as a result our order books increased to EUR 124.6 (57.7) million, which is the highest in the company’s history . The order books grew by 116 per cent compared with the comparable period. Consolidated net sales for the period under review amounted to EUR 183.6 (145.3) million, which is 26.4 per cent more than in the comparison period. The operating result amounted to EUR 18.0 (8.5) million, which has an increase of 112 per cent. The operating result equalled 9.8 (5.9) per cent of net sales for the period under review. The equity ratio continued to develop favourably after dividend payments, amounting to 36.1 per cent.

With regard to our market areas, Russia continued at a good level. The international political situation is alarming, but so far the unstable conditions have not had a substantial effect on the forest machine market. The positive trend in North America continued, and the market is expected to develop favourably. With regard to European markets, Central Europe has shown signs of growth, overall market development in Sweden remains at a low level. During the second quarter we expanded to Chile and Australia, where we concluded contracts with new dealers.

The serial production of the PONSSE Scorpion product line has proceeded according to plan and products continue to be brought to market. During the past quarter, the Scorpion harvester models were introduced in Estonia, Germany, Austria, the UK and France. During the period under review, the updated PONSSE Bear harvester and PONSSE H77 harvester head for harvesting eucalyptus were launched for Ponsse's 2015 Product Line. The demand for other product models has been good as well, resulting in strong growth in the order books and a pre-planned capacity increase for the autumn. However, product quality and reliability remain our first priority.

The maintenance services grew significantly, and simultaneously our used machine sales continued to grow. The sales of new machines increased well from the comparison period and the net sales in the past quarter were EUR 96.8 (83.6) million. The net sales increased by 16 per cent from the corresponding period.

The operating result amounted to EUR 10.6 (8.4) million during the second quarter, equalling 10.9 (10.1) per cent of net sales.

Cash flow from business operations amounted to EUR 2.8 (7.5) million in the period under review. The stock of new products was at a level slightly higher than normal as some of the machines were still on their way to customers at the end of the period under review. At the same time the capital tied up in raw materials and consumables increased slightly, but the stock of used machines was correspondingly at a good level.

Investments in developing maintenance service and factory facilities began during the past quarter.


NET SALES

Consolidated net sales for the period under review amounted to EUR 183.6 (145.3) million, which is 26.4 per cent more than in the comparison period. International business operations accounted for 73.5 (68.6) per cent of net sales.

Net sales were regionally distributed as follows: Northern Europe 39.8 (45.8) per cent, Central and Southern Europe 21.4 (14.4) per cent, Russia and Asia 15.2 (15.9) per cent, North and South America 23.6 (23.9) per cent and other countries 0.0 (0.0) per cent.



PROFIT PERFORMANCE

The operating result amounted to EUR 18.0 (8.5) million. The operating result equalled 9.8 (5.9) per cent of net sales for the period under review. Consolidated return on capital employed (ROCE) stood at 28.3 (9.1) per cent.

Staff costs for the period totalled EUR 29.0 (24.9) million. Other operating expenses stood at EUR 17.4 (15.3) million. The net total of financial income and expenses amounted to EUR 0.1 (-3.2) million. Exchange rate gains and losses with a net effect of EUR 1.0 (-2.4) million were recognised under financial items for the period. Profit for the period under review totalled EUR 14.7 (3.2) million. Diluted and undiluted earnings per share (EPS) came to EUR 0.53 (0.10). The interest on the subordinated loan for the comparison 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 204.0 (183.3) million. Inventories stood at EUR 93.8 (81.8) million. Trade receivables totalled EUR 32.4 (30.0) million, while liquid assets stood at EUR 8.3 (6.7) million. Group shareholders’ equity stood at EUR 72.9 (59.4) million and parent company shareholders’ equity at EUR 90.4 (77.9) million. The amount of interest-bearing liabilities was EUR 68.6 (77.6) million. The company has used 28 per cent of its credit facility limit. The parent company's net receivables from other Group companies stood at EUR 81.7 (78.9) million. The parent company’s receivables from subsidiaries mainly consisted of trade receivables. Consolidated net liabilities totalled EUR 60.3 (70.9) million, and the debt-equity ratio (net gearing) was 82.8 (119.4) per cent. The equity ratio stood at 36.1 (32.6) percent at the end of the period under review.

Cash flow from business operations amounted to EUR 2.8 (7.5) million. Cash flow from investment activities came to EUR -7.7 (-6.3) million.



ORDER INTAKE AND ORDER BOOKS

Order intake for the period totalled EUR 209.5 (161.3) million, while period-end order books were valued at EUR 124.6 (57.7) million.



DISTRIBUTION NETWORK

No changes took place in the Group structure during the period under review except for the acquisition of business-related property company Ocean Safety Center in Russia, the facilities of which OOO Ponsse was leasing earlier.

The subsidiaries included in the Ponsse Group are: Epec Oy, Finland; OOO Ponsse, Russia; Ocean Safety Center, 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 5.7 (5.0) million, of which EUR 1.2 (1.6) million was capitalized.

Capital expenditure totalled EUR 7.7 (6.3) 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; Tommi Väänänen, Purchasing Director and Jarmo Vidgrén, Deputy CEO, Sales and Marketing Director. The company management has regular management liability insurance.

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 (the Baltic countries, Japan and Australia) and Risto Kääriäinen (China),

North and South America: Pekka Ruuskanen (the United States), Marko Mattila (North American dealers and Chile), Teemu Raitis (Brazil) and Martin Toledo (Uruguay).



PERSONNEL

The Group had an average staff of 1,168 (995) during the period and employed 1,228 (1,040) 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 2014 totalled 2,098,857, accounting for 7.5 per cent of the total number of shares. Share turnover amounted to EUR 22.4 million, with the period’s lowest and highest share prices amounting to EUR 9.02 and EUR 11.48, respectively.

At the end of the period, shares closed at EUR 11.18, and market capitalisation totalled EUR 313.0 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 15 April 2014 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 uncertainty may be increased by the volatility of developing countries’ foreign exchange markets. The geopolitical situation, in particular, will increase the uncertainty through financial market operations and sanctions.

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 be significantly higher than in 2013.


Ponsse's updated and competitive product range and service solutions are having a positive impact on the company's business operations. The launch of PONSSE Scorpion will continue in North America during the upcoming quarter. Furthermore, the new PONSSE Bear harvester will be introduced to the North American markets. As a continuation of the PONSSE Scorpion and Bear harvesters, the new PONSSE 2015 product range will be introduced at the FinnMETKO fair organised in Finland at the end of August.

Thanks to the strong order books, capacity increase has been planned at the factory.

We will continue to invest in the facilities of the Vieremä factory, R&D and maintenance services, as well as in the development of production technology and R&D. During 2014, the facility investments cover approximately 7,000 m2.


PONSSE GROUP


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)

    IFRS IFRS IFRS
    1-6/14 1-6/13 1-12/13
NET SALES 183,619 145,285 312,825
Increase (+)/decrease (-) in inventories of finished goods and work in progress 5,453 1,716 5,832
Other operating income   642 529 1,053
Raw materials and services   -121,509 -95,479 -210,146
Expenditure on employment-related benefits -28,956 -24,938 -49,022
Depreciation and amortisation   -3,850 -3,285 -6,568
Other operating expenses   -17,399 -15,324 -31,472
OPERATING RESULT   17,999 8,505 22,501
Share of results of associated companies -68 -105 -45
Financial income and expenses   81 -3,207 -8,208
RESULT BEFORE TAXES 18,013 5,193 14,248
Income taxes   -3,341 -1,958 -5,150
NET RESULT FOR THE PERIOD   14,672 3,235 9,098
         
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:      
Translation differences related to foreign units -1,022 658 2,955
         
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD   13,650 3,893 12,053
         
       
Diluted and undiluted earnings per share 0.53 0.10* 0.31*
         
    IFRS IFRS  
    4-6/14 4-6/13  
NET SALES 96,759 83,640  
Increase (+)/decrease (-) in inventories of finished goods and work in progress 570 -10,299  
Other operating income   398 389  
Raw materials and services   -60,718 -43,327  
Expenditure on employment-related benefits -15,473 -12,344  
Depreciation and amortisation   -2,000 -1,637  
Other operating expenses   -8,959 -8,008  
OPERATING RESULT   10,577 8,412  
Share of results of associated companies -30 -21  
Financial income and expenses   614 -3,911  
RESULT BEFORE TAXES 11,161 4,480  
Income taxes   -1,838 -1,757  
NET RESULT FOR THE PERIOD   9,323 2,723  
         
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:      
Translation differences related to foreign units -263 1,501  
         
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD   9,060 4,224  
         
       
Diluted and undiluted earnings per share 0.34 0.10*  
         


 * 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 30 Jun 14 30 Jun 13 31 Dec 13
NON-CURRENT ASSETS      
Intangible assets 14,780 12,808 14,278
Goodwill 3,440 3,440 3,440
Property, plant and equipment 41,095 37,583 37,766
Financial assets 104 111 104
Investments in associated companies 878 971 1,031
Non-current receivables 903 933 914
Deferred tax assets 1,949 1,546 1,374
TOTAL NON-CURRENT ASSETS 63,149 57,393 58,908
       
CURRENT ASSETS      
Inventories 93,771 81,831 85,767
Trade receivables 32,403 30,018 23,108
Income tax receivables 219 394 207
Other current receivables 6,146 6,948 6,100
Cash and cash equivalents 8,275 6,717 11,958
TOTAL CURRENT ASSETS 140,813 125,908 127,140
       
TOTAL ASSETS 203,962 183,301 186,048
       
       
SHAREHOLDERS’ EQUITY AND LIABILITIES      
SHAREHOLDERS’ EQUITY      
Share capital 7,000 7,000 7,000
Other reserves 30 30 30
Translation differences 395 -880 1,417
Treasury shares -2,228 -2,228 -2,228
Retained earnings 67,667 55,468 61,331
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 72,864 59,390 67,550
       
NON-CURRENT LIABILITIES      
Interest-bearing liabilities 43,397 49,469 38,810
Deferred tax liabilities 601 1,136 657
Other non-current liabilities 284 0 0
TOTAL NON-CURRENT LIABILITIES 44,281 50,605 39,466
       
CURRENT LIABILITIES      
Interest-bearing liabilities 25,198 28,138 21,492
Provisions 4,156 4,697 4,618
Tax liabilities for the period 1,733 118 920
Trade creditors and other current liabilities 55,731 40,353 52,002
TOTAL CURRENT LIABILITIES 86,817 73,306 79,032
       
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 203,962 183,301 186,048



CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)

    IFRS IFRS IFRS
    1-6/14 1-6/13 1-12/13
CASH FLOW FROM BUSINESS OPERATIONS:      
Net result for the period   14,672 3,235 9,098
Adjustments:        
Financial income and expenses   -81 3,207 8,208
Share of the result of associated companies 68 105 45
Depreciation and amortisation   3,850 3,285 6,568
Income taxes   3,341 1,958 5,150
Other adjustments   -543 1,456 2,637
Cash flow before changes in working capital 21,306 13,246 31,706
         
Change in working capital:        
Change in trade receivables and other receivables -9,830 -8,064 -81
Change in inventories   -8,004 -195 -4,131
Change in trade creditors and other liabilities 3,677 3,861 15,557
Change in provisions for liabilities and charges -462 -280 -359
Interest received   73 124 227
Interest paid   -522 -521 -1,143
Other financial items   -774 -245 -1,063
Income taxes paid   -2,680 -397 -2,260
NET CASH FLOW FROM BUSINESS OPERATIONS (A)   2,785 7,530 38,453
         
CASH FLOW FROM INVESTMENTS        
Investments in tangible and intangible assets -7,682 -6,253 -11,188
CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B)   -7,682 -6,253 -11,188
         
FINANCING        
Hybrid loan   0 -19,000 -19,000
Interest paid, hybrid loan   0 -1,136 -1,136
Withdrawal/Repayment of current loans 6,869 -4,469 -14,500
Change in current interest-bearing liabilities 0 213 -136
Withdrawal of non-current loans 5,000 29,201 29,322
Repayment of non-current loans -3,256 -2,305 -10,668
Payment of finance lease liabilities -320 -1,724 -239
Change in non-current receivables 66 66 172
Dividends paid   -8,336 -6,947 -6,947
NET CASH OUTFLOW FROM FINANCING (C) -110 -6,101 -23,132
         
Change in cash and cash equivalents (A+B+C) -5,006 -4,823 4,133
         
Cash and cash equivalents on 1 Jan   11,958 14,083 14,083
Impact of exchange rate changes 1,324 -2,543 -6,259
Cash and cash equivalents on 30 Jun/31 Dec 8,275 6,717 11,958

 

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 2014 7,000 30 1,417 -2,228 61,331 67,550
Translation differences     -1,022     -937
Result for the period         14,672 14,672
Total comprehensive income for the period     -1,022   14,672 13,650
Dividend distribution         -8,336 -8,336
Other changes           0
SHAREHOLDERS' EQUITY 30 JUN 2014 7,000 30 395 -2,228 67,667 72,864
             
             
             
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
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
                       

 

SEGMENT INFORMATION (EUR 1,000)

 
OPERATING SEGMENTS
1-6/2014 Northern Europe Central and Southern Europe Russia and Asia North and South America Elimination Total
Net sales of the segment 126,615 39,694 27,856 43,835   238,001
Sales between segments -53,525 -312 -30 -545   -54,413
Unallocated sales           31
NET SALES FROM EXTERNAL CUSTOMERS 73,090 39,382 27,826 43,290   183,619
             
Operating result of the segment 3,181 6,895 4,480 3,073   17,630
Unallocated items           369
OPERATING RESULT 3,181 6,895 4,480 3,073   17,999
           
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
           
           
           

 
    30 Jun 14 30 Jun 13 31 Dec 13
1. LEASING COMMITMENTS (EUR 1,000)   1,241 1,965 1,691
                     

 

2. CONTINGENT LIABILITIES (EUR 1,000)   30 Jun 14 30 Jun 13 31 Dec 13
Guarantees given on behalf of others   439 510 487
Repurchase commitments     2,682 1,122 1,138
Other commitments     4,738 5,509 4,224
TOTAL     7,859 7,142 5,850

 

3. PROVISIONS (EUR 1,000)   Guarantee provision  
1 January 2014     4,618  
Provisions added     270  
Provisions cancelled     -732  
30 June 2014     4,156  

 

4. DIVIDENDS PAID (EUR 1,000)   30 Jun 14 30 Jun 13  
Dividends per share EUR 0.30 (EUR 0.25)    8,336 6,947  

 

5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) 1-6/14 1-6/13  
Increase     6,040 4,654  
Decrease     -6 -509  
TOTAL     6,033 4,145  

 

6. RELATED PARTY TRANSACTIONS 1-6/14 1-6/13  
Management’s employment-related benefits (EUR 1,000)      
Salaries and other short-term employment-related benefits 1,602 1,360  
Benefits paid upon termination of employment 0 122  
Pension liabilities, statutory pension security 228 195  
Compensation of the members of the Board of Directors      121 113  
           

 

KEY FIGURES AND RATIOS     30 Jun 14 30 Jun 13 31 Dec 13
R&D expenditure, MEUR   5.7 5.0 9.7
Capital expenditure, MEUR   7.7 6.3 11.2
as % of net sales     4.2 4.3 3.6
Average number of employees     1,168 995 1,027
Order books, MEUR     124.6 57.7 99.8
Equity ratio, %     36.1 32.6 36.5
Diluted and undiluted earnings per share (EUR)   0.53 0.10 0.31
Equity per share (EUR)     2.60 2.12 2.41



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
-------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------
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

 



ORDER INTAKE, MEUR
    1-6/14 1-6/13 1-12/13
Ponsse Group     209.5 161.3 371.0


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 2013.

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, 5 August 2014


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.