PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 SEPTEMBER 2008
PONSSE PLC STOCK EXCHANGE RELEASE 28 OCTOBER 2008 AT 9:00 A.M.
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 30 SEPTEMBER 2008
- Turnover was EUR 216.2 million (Q1-Q3/2007 EUR 214.0 million).
- Q3 turnover was EUR 54.8 million (Q3/2007 EUR 64.0 million).
- Operating profit was EUR 17.8 (24.0) million and accounted for 8.2 (11.2) per
cent of the turnover.
- Q3 operating profit was EUR 0.1 million (Q3/2007 EUR 6.4 million).
- Profit before taxes was EUR 15.8 (24.1) million.
- Earnings per share were EUR 0.38 (0.62).
- Order books were valued at EUR 61.0 (80.7) million.
PRESIDENT AND CEO JUHO NUMMELA:
The demand for forest machines declined during the third quarter in most main
market areas except for Finland and Sweden. The global economic situation also
delayed machine deliveries to customers in export countries. Turnover remained
on par with the comparison period. Operating profit remained below the previous
year's level due to machine delivery volumes falling short of targets and an
increase in expenses.
Order flow decreased from last year. We initiated group-level measures to adjust
production volumes and resources to the prevailing and anticipated demand.
TURNOVER
Consolidated turnover for the period totalled EUR 216.2 (214.0) million.
PROFIT PERFORMANCE
Operating profit was EUR 17.8 (24.0) million. Operating profit accounted for 8.2
(11.2) per cent of turnover in the period under review. Return on capital
employed (ROCE) stood at 19.1 (35.2) per cent.
Staff costs for the period under review totalled EUR 35.9 (30.3) million, and
other operating expenses EUR 23.8 (21.8) million. Net financial expenses were
EUR -2.1 (-0.9) million. Income and expenses resulting from currency risk
hedging were included in the financial items. Profit for the period totalled EUR
10.7 (17.3) million. Diluted and basic earnings per share (EPS) were EUR 0.38
(0.62). The company does not have any items that could have a dilutive effect on
the earnings per share.
BALANCE SHEET AND FINANCIAL POSITION
At the end of the period under review, the consolidated balance sheet total
amounted to EUR 187.0 (142.5) million. Inventories were clearly higher than last
year. The amount of Inventories was EUR 102.1 (67.7) million. Trade receivables
totalled EUR 28.9 (24.6) million and liquid assets stood at EUR 4.4 (8.3)
million. The amount of Group capital and reserves was EUR 73.3 (67.2) million.
The amount of interest-bearing liabilities was EUR 67.2 (31.5) million. The
parent company's net receivables from other Group companies stood at EUR 65.7
(30.3) million. Consolidated net liabilities totalled EUR 61.9 (22.3) million.
The equity ratio stood at 39.4 per cent (47.5 per cent) at the end of the period
under review.
Cash flow from business operations amounted to EUR -21.1 (14.5) million. Cash
flow from investing activities amounted to EUR -6.4 (-4.3) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 167.2 (235.7) million, while period-end
order books were valued at EUR 61.0 (80.7) million. The order books included
dealers' minimum purchase commitments, based on previous practice.
CAPITAL EXPENDITURE AND R&D
The Group's R&D expenses totalled EUR 5.2 million (EUR 3.9 million) during the
period under review. The amount of activated R&D expenses during the period was
EUR 906 thousand (EUR 686 thousand).
Capital expenditure totalled EUR 6.4 million (EUR 4.3 million).
PERSONNEL
The Group had an average staff of 1,048 (858) during the period and employed
1,065 (873) people at period-end.
SHARE PERFORMANCE
The trading volume of Ponsse Plc shares for 1 January - 30 September 2008
totalled 1,638,954, accounting for 5.9 per cent of the total number of shares.
Share turnover came to EUR 21.0 million, with the period's lowest and highest
share prices amounting to EUR 8.23 and EUR 16.29 respectively.
At the end of the period, shares closed at EUR 8.50 and market capitalisation
totalled EUR 238.0 million.
At the end of the reporting period the company had 47,900 shares in its
possession.
GOVERNANCE
The company adheres to the insider regulations approved by the Helsinki Stock
Exchange Board of Directors and the Corporate Governance Recommendation for
Listed Companies issued by NASDAQ OMX Helsinki Oy Plc, the Central Chamber of
Commerce of Finland and the Confederation of Finnish Industry and Employers. The
governance principles are available on Ponsse's website in the Investors
section.
BUSINESS RISKS AND THEIR MANAGEMENT
The uncertain general economic situation and global disturbances in the
financial market have weakened both the predictability of the business outlook
and the demand for forest machines. The declining economic trend has increased
the risks associated with raw material and component availability and with
subcontractor and supplier network operation. Ponsse aims to manage and minimise
these risks through partnership cooperation. As part of its risk management
efforts related to the availability of certain key components, the company has
chosen to manufacture these components in-house.
A fall in the demand for the company's products could lead to production
overcapacity with regard to the market situation and demand. To address the
situation, the company will reduce its material flows and adjust production
resources to the prevailing market situation.
The key objectives of the company's financing risk management include
controlling the liquidity, interest and currency risks. Ponsse has ensured its
liquidity by means of credit limit agreements with a number of financial
institutions. 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 and currency-denominated credits are used
to minimise the adverse effect of changes in exchange rates.
EVENTS AFTER THE PERIOD UNDER REVIEW
On 16.10.2008, Ponsse announced it will start negotiations with personnel under
the Act on Co-operation within Undertakings. The purpose is to determine how the
company's production capacity and cost structure can be adjusted to the
prevailing market situation.
OUTLOOK FOR THE FUTURE
Disturbances in the global economy and the financial market increased and
economic predictability weakened during the third quarter. The uncertain
economic outlook will also be reflected in the forest machine market during the
rest of the year, increasing its challenges compared with the situation a year
ago.
The company will continue its efforts to improve the efficiency of its cost
management and to release working capital. The company expects the economic
situation to improve material availability and reduce pressure for increased
material expenses.
Although it is typical of the entire industry that machine sales are
concentrated at the end of the year in several market areas, the prevailing
economic situation is expected to have a dampening effect on sales. Ponsse
expects its 2008 turnover and operating profit to remain below the previous
year's level.
PONSSE GROUP
CONSOLIDATED PROFIT AND LOSS ACCOUNT (EUR 1,000)
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| | | IFRS | IFRS | IFRS | |
--------------------------------------------------------------------------------
| | | 1-9/08 | 1-9/07 | 1-12/07 | |
--------------------------------------------------------------------------------
| TURNOVER | | 216,220 | 213,966 | 310,053 | |
--------------------------------------------------------------------------------
| Increase (+)/decrease (-) in | 18,222 | 5,820 | 2,159 | |
| Inventories of finished goods | | | | |
| and work in progress | | | | |
--------------------------------------------------------------------------------
| Other operating income | | 1,458 | 746 | 1,326 | |
--------------------------------------------------------------------------------
| Raw materials and | | -154,638 | -141,305 | -199,253 | |
| services | | | | | |
--------------------------------------------------------------------------------
| Expenditure on | -35,943 | -30,294 | -42,538 | |
| employment-related benefits | | | | |
--------------------------------------------------------------------------------
| Depreciation and | | -3,700 | -3,164 | -4,270 | |
| amortisation | | | | | |
--------------------------------------------------------------------------------
| Other operating | | -23,843 | -21,816 | -30,398 | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING PROFIT | | 17,778 | 23,953 | 37,080 | |
--------------------------------------------------------------------------------
| Share of results of associated | 51 | 981 | 1,002 | |
| companies | | | | |
--------------------------------------------------------------------------------
| Financial income and | | -2,078 | -860 | -1,698 | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 15,750 | 24,074 | 36,384 | |
--------------------------------------------------------------------------------
| Income taxes | | -5,071 | -6,805 | -9,907 | |
--------------------------------------------------------------------------------
| PROFIT FOR THE PERIOD | | 10,680 | 17,269 | 26,477 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Diluted and basic | | 0.38 | 0.62 | 0.95 | |
| earnings per share | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | IFRS | IFRS | | |
--------------------------------------------------------------------------------
| | | 7-9/08 | 7-9/07 | | |
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| TURNOVER | | 54,773 | 64,024 | | |
--------------------------------------------------------------------------------
| Increase (+)/decrease (-) in | 8,679 | 584 | | |
| Inventories of finished goods | | | | |
| and work in progress | | | | |
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| Other operating income | | 502 | 215 | | |
--------------------------------------------------------------------------------
| Raw materials and | | -44,099 | -40,644 | | |
| services | | | | | |
--------------------------------------------------------------------------------
| Expenditure on | -10,341 | -9,279 | | |
| employment-related benefits | | | | |
--------------------------------------------------------------------------------
| Depreciation and | | -1,290 | -1,060 | | |
| amortisation | | | | | |
--------------------------------------------------------------------------------
| Other operating | | -8,130 | -7,452 | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING PROFIT | | 96 | 6,389 | | |
--------------------------------------------------------------------------------
| Share of results of associated | -44 | 65 | | |
| companies | | | | |
--------------------------------------------------------------------------------
| Financial income and | | -1,130 | -194 | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | -1,078 | 6,260 | | |
--------------------------------------------------------------------------------
| Income taxes | | -619 | -1,935 | | |
--------------------------------------------------------------------------------
| PROFIT FOR THE PERIOD | | -1,697 | 4,324 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Diluted and basic | | -0.06 | 0.15 | | |
| earnings per share | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET (EUR 1,000)
--------------------------------------------------------------------------------
| | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| ASSETS | 30.9.08 | 30.9.07 | 31.12.07 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Intangible assets | 5,097 | 4,094 | 4,262 |
--------------------------------------------------------------------------------
| Goodwill | 3,696 | 3,750 | 3,737 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 27,887 | 24,957 | 25,946 |
--------------------------------------------------------------------------------
| Financial assets | 110 | 26 | 128 |
--------------------------------------------------------------------------------
| Holdings in associated companies | 1,849 | 2,135 | 2,156 |
--------------------------------------------------------------------------------
| Non-current receivables | 409 | 120 | 403 |
--------------------------------------------------------------------------------
| Deferred tax assets | 2,939 | 1,141 | 1,686 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 41,988 | 36,223 | 38,318 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 102,124 | 67,723 | 65,635 |
--------------------------------------------------------------------------------
| Trade receivables | 28,913 | 24,556 | 29,276 |
--------------------------------------------------------------------------------
| Income tax receivables | 1,160 | 384 | 861 |
--------------------------------------------------------------------------------
| Other current receivables | 8,471 | 5,335 | 7,191 |
--------------------------------------------------------------------------------
| Liquid assets | 4,384 | 8,258 | 12,633 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 145,052 | 106,256 | 115,595 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 187,040 | 142,479 | 153,914 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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| CAPITAL AND RESERVES, AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| CAPITAL AND RESERVES | | | |
--------------------------------------------------------------------------------
| Share capital | 7,000 | 7,000 | 7,000 |
--------------------------------------------------------------------------------
| Other reserves | -645 | 20 | 19 |
--------------------------------------------------------------------------------
| Translation differences | -974 | -935 | -943 |
--------------------------------------------------------------------------------
| Retained earnings | 67,869 | 61,093 | 70,456 |
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| CAPITAL AND RESERVES OWNED | | | |
--------------------------------------------------------------------------------
| BY PARENT COMPANY SHAREHOLDERS | 73,250 | 67,177 | 76,532 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| TOTAL CAPITAL AND RESERVES | 73,250 | 67,177 | 76,532 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 34,706 | 22,173 | 16,717 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 722 | 798 | 768 |
--------------------------------------------------------------------------------
| Other non-current liabilities | 30 | 30 | 30 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | 35,458 | 23,001 | 17,515 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 32,544 | 9,351 | 17,225 |
--------------------------------------------------------------------------------
| Provisions | 5,296 | 4,091 | 4,341 |
--------------------------------------------------------------------------------
| Tax liabilities for the period | 860 | 822 | 1,752 |
--------------------------------------------------------------------------------
| Trade creditors and other current | 39,633 | 38,037 | 36,548 |
| liabilities | | | |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 78,332 | 52,301 | 59,867 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL CAPITAL AND RESERVES, AND | 187,040 | 142,479 | 153,914 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000)
--------------------------------------------------------------------------------
| | | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| | | 1-9/08 | 1-9/07 | 1-12/07 |
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| BUSINESS OPERATIONS: | | | | |
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| Profit for the period | | 10,680 | 17,269 | 26,477 |
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| Adjustments: | | | | |
--------------------------------------------------------------------------------
| Financial income and | | 2,078 | 860 | 1,698 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Share of the result of associated | -51 | -981 | -1,002 |
| companies | | | |
--------------------------------------------------------------------------------
| Depreciation and | | 3,700 | 3,164 | 4 270 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Income taxes | | 6,271 | 7,022 | 9 897 |
--------------------------------------------------------------------------------
| Other adjustments | | -1,686 | -55 | -717 |
--------------------------------------------------------------------------------
| Cash flow before change in working | 20 991 | 27,279 | 40,623 |
| capital | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in working capital: | | | | |
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| Change in current | | |
--------------------------------------------------------------------------------
| non-interest-bearing | | -904 | -6,633 | -13,091 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Change in inventories | | -36,489 | -9,108 | -7,020 |
--------------------------------------------------------------------------------
| Change in current | | |
--------------------------------------------------------------------------------
| non-interest-bearing | | 2,746 | 9,816 | 8,220 |
| creditors | | | | |
--------------------------------------------------------------------------------
| Change in provisions for | | 955 | 574 | 824 |
| liabilities and charges | | | | |
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| Interest received | | 113 | 126 | 298 |
--------------------------------------------------------------------------------
| Interest paid | | -1,596 | -1,136 | -1,463 |
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| Other financial items | | -327 | 72 | -505 |
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| Income taxes paid | | -6,601 | -6,465 | -8,886 |
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| NET CASH FLOW FROM BUSINESS | | -21,114 | 14,525 | 19,001 |
| OPERATIONS (A) | | | | |
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| INVESTMENTS | | | | |
--------------------------------------------------------------------------------
| Investments in tangible and intangible | -6,475 | -4,301 | -6,565 |
| assets | | | |
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| Investments in other assets | 0 | 0 | 0 |
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| Repayment of loan | | 27 | 13 | -14 |
| receivables | | | | |
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| Dividends received | | 0 | 3 | 178 |
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| CASH OUTFLOW FROM INVESTING | | -6,448 | -4,286 | -6,401 |
| ACTIVITIES (B) | | | | |
--------------------------------------------------------------------------------
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| FINANCING | | | | |
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| Withdrawal/Repayment of | | | | |
--------------------------------------------------------------------------------
| current loans | | 15,743 | 1,360 | 8,855 |
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| Change in current | | | | |
--------------------------------------------------------------------------------
| interest-bearing liabilities | | -13 | 26 | -93 |
--------------------------------------------------------------------------------
| Withdrawal/Repayment of | | | | |
--------------------------------------------------------------------------------
| non-current loans | | 17,988 | -279 | -5,735 |
--------------------------------------------------------------------------------
| Payment of finance lease liabilities | -424 | -497 | -116 |
--------------------------------------------------------------------------------
| Change in non-current receivables | -6 | 44 | -239 |
--------------------------------------------------------------------------------
| Dividends paid | | -13,976 | -11,200 | -11,200 |
--------------------------------------------------------------------------------
| NET CASH OUTFLOW FROM | | 19,312 | -10,545 | -8,529 |
| FINANCING (C) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in liquid assets | | -8,249 | -306 | 4,071 |
| (A+B+C) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid assets on 1 Jan | | 12,633 | 8,562 | 8,562 |
--------------------------------------------------------------------------------
| Liquid assets on 30 Sept / 31 Dec | 4,384 | 8,256 | 12,633 |
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RECONCILIATION OF CAPITAL AND RESERVES (EUR 1,000)
--------------------------------------------------------------------------------
| 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 = Own shares | | | | | |
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| E = Retained earnings |
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| F = Total capital | | | | | | |
| and reserves | | | | | | |
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| | CAPITAL AND RESERVES OWNED BY PARENT | | |
| | COMPANY SHAREHOLDERS | | |
--------------------------------------------------------------------------------
| | A | B | C | D | E | F |
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| CAPITAL AND | 7,000 | 20 | -943 | 0 | 70,455 | 76,532 |
| RESERVES 1 JAN | | | | | | |
| 2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | 0 | 0 | -31 | -665 | 710 | 14 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| NET INCOME | | | | | | |
| RECOGNISED | | | | | | |
--------------------------------------------------------------------------------
| DIRECTLY IN EQUITY | 0 | 0 | -31 | -665 | 710 | 14 |
--------------------------------------------------------------------------------
| Net profit for the | 0 | 0 | | | 10,680 | 10,680 |
| period | | | | | | |
--------------------------------------------------------------------------------
| TOTAL RECOGNISED | 0 | 0 | -31 | -665 | 11,390 | 10,694 |
| INCOME AND | | | | | | |
| EXPENSES | | | | | | |
--------------------------------------------------------------------------------
| Dividend | 0 | 0 | | | -13,97 | -13,976 |
| distribution | | | | | 6 | |
--------------------------------------------------------------------------------
| CAPITAL AND | 7,000 | 20 | -974 | -665 | 67,869 | 73,250 |
| RESERVES 30 SEPT | | | | | | |
| 2008 | | | | | | |
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--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CAPITAL AND | 7,000 | 20 | -750 | 0 | 54,887 | 61,157 |
| RESERVES 1 JAN | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | 0 | 0 | -185 | 0 | 136 | -49 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| NET INCOME | | | | | | |
| RECOGNISED | | | | | | |
--------------------------------------------------------------------------------
| DIRECTLY IN EQUITY | 0 | 0 | -185 | 0 | 136 | -49 |
--------------------------------------------------------------------------------
| Net profit for the | 0 | 0 | 0 | | 17,269 | 17,269 |
| period | | | | | | |
--------------------------------------------------------------------------------
| TOTAL RECOGNISED | 0 | 0 | -185 | 0 | 17,405 | 17,220 |
| INCOME AND | | | | | | |
| EXPENSES | | | | | | |
--------------------------------------------------------------------------------
| Dividend | 0 | 0 | | | -11,20 | -11,200 |
| distribution | | | | | 0 | |
--------------------------------------------------------------------------------
| CAPITAL AND | 7,000 | 20 | -935 | 0 | 61,092 | 67,177 |
| RESERVES 30 SEPT | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | 30.9.08 | 30.9.07 | 31.12.07 |
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| 1. LEASING COMMITMENTS | | | 5,453 | 2,251 | 2,519 |
| (EUR 1,000) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2. CONTINGENT LIABILITIES (EUR | | 30.9.08 | 30.9.07 | 31.12.07 |
| 1,000) | | | | |
--------------------------------------------------------------------------------
| Guarantees given on | | | 1,349 | 1,355 | 1,285 |
| behalf of others | | | | | |
--------------------------------------------------------------------------------
| Repurchase commitments | | | 4,604 | 2,145 | 1,802 |
--------------------------------------------------------------------------------
| Other commitments | | | 574 | 1,212 | 1,059 |
--------------------------------------------------------------------------------
| TOTAL | | | 6,527 | 4,712 | 4,146 |
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--------------------------------------------------------------------------------
| 3. PROVISIONS (EUR | | | Guarantee provision | |
| 1,000) | | | | |
--------------------------------------------------------------------------------
| 1.1.2008 | | | 4,341 | | |
--------------------------------------------------------------------------------
| Increase | | | 1,325 | | |
--------------------------------------------------------------------------------
| Used provisions | | | -370 | | |
--------------------------------------------------------------------------------
| 30.9.2008 | | | 5,296 | | |
--------------------------------------------------------------------------------
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| KEY FIGURES AND RATIOS | | | 30.9.08 | 30.9.07 | 31.12.07 |
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| R&D expenditure, MEUR | | 5.2 | 3.9 | 5.7 |
--------------------------------------------------------------------------------
| Capital expenditure, MEUR | 6,5 | 4.3 | 6.6 |
--------------------------------------------------------------------------------
| as % of turnover | | | 3.0 | 2.0 | 2.1 |
--------------------------------------------------------------------------------
| Average number of | | | 1,048 | 858 | 876 |
| employees | | | | | |
--------------------------------------------------------------------------------
| Order books, MEUR | | | 61.0 | 80.7 | 110.1 |
--------------------------------------------------------------------------------
| Equity ratio, % | | | 39.4 | 47.5 | 50.3 |
--------------------------------------------------------------------------------
| Diluted and basic earnings per share, EUR | 0,38 | 0.62 | 0.95 |
--------------------------------------------------------------------------------
| Equity per share, EUR | | | 2.62 | 2.40 | 2.73 |
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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, %:
Shareholders' equity + minority interest
----------------------------------------
Balance sheet total - advance payments received * 100
Earnings per share:
Profit before taxes - taxes (incl. change in deferred taxes) -/+ minority
interest
------------------------------------------------------------------------------
Average number of shares during the accounting period, adjusted for share issues
Equity per share:
Capital and reserves
----------------------------------------------
Number of shares on the balance sheet date, adjusted for share issues
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| ORDER INTAKE, MEUR | | | 1-9/08 | 1-9/07 | 1-12/07 |
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| Ponsse Group | | | 167.2 | 235.7 | 361.2 |
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This interim report has been prepared in accordance with the IFRS recognition
and measurement principles; however, it does not comply with all of the
requirements of IAS 34.
The accounting policies for the interim report are compatible with those for the
financial statements prepared on 31 December 2007.
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.
Vieremä 28 October 2008
Juho Nummela
President and CEO
Mikko Paananen
CFO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 20 768 8914 or +358 400 495 690
Mikko Paananen, CFO, tel. +358 20 768 8648 or +358 400 817 036
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.ponsse.com