PONSSE'S INTERIM REPORT FOR 1 JANUARY – 30 SEPTEMBER 2012
PONSSE PLC STOCK EXCHANGE RELEASE 23 OCTOBER 2012 AT 9:00 A.M.
PONSSE'S INTERIM REPORT FOR 1 JANUARY – 30 SEPTEMBER 2012
– Net sales amounted to EUR 217.7 (Q1-Q3/2011 225.5) million.
– Q3 net sales were EUR 66.6 (Q3/2011 72.3) million.
– Operating result totalled EUR 15.7 (Q1-Q3/2011 18.6)) million, equalling 7.2 (8.2) per cent of net sales.
– Q3 operating result was EUR 5.0 (Q3/2011 8.2) million, equalling 7,5 (11.4) per cent of net sales.
– Profit before taxes was EUR 13.9 (Q1-Q3/2011 14.1) million.
– Cash flow from business operations was EUR -0.2 (9.3) million.
– Earnings per share were EUR 0.29 (0.22).
– Equity ratio was 40.3 (41.1) per cent.
– Order books stood at EUR 62.5 (110.8) million.
– Group’s euro-denominated operating profit for the year 2012 is expected to remain smaller than in 2011. The earlier profitability management for 2012 expected the Group’s euro-denominated operating profit to remain at the same level as in 2011.
PRESIDENT AND CEO JUHO NUMMELA:
The economic uncertainty affected the demand for forest machines during the past period. The active trade fair season momentarily improved the situation and enabled maintaining normal order books. At period end, the company’s order books amounted to EUR 62.5 (110.8) million, which was 43.6 per cent less than in the exceptionally good comparison period. Forest machines continued to be manufactured in two shifts according to normal plan.
Net sales of the past quarter were EUR 66.6 (72.3) million, representing a change of -7.9 per cent compared with the comparison period. Service business has slightly decreased. Net sales of the period under review were EUR 217.7 million, which is 3.5 per cent smaller than in the comparison period. Despite the challenging market situation, net sales have remained at a planned level.
The operating result amounted to EUR 5.0 (8.2) million during the third quarter, equalling 7.5 (11.4) per cent of net sales. The operating result for the period under review amounted to EUR 15.7 (18.6) million.
Cash flow from business operations amounted to EUR -0.2 (9.3) million during the period under review. The stock of new products consisted of machines on their way to customers and was at a normal level. The stock of trade-in machines was at a higher level than planned.
The investments in the Iisalmi logistics centre and the service centres in Pitkäranta, Russia, and Jyväskylä, Finland, are progressing as planned.
NET SALES
Consolidated net sales for the period under review amounted to EUR 217.7 (225.5) million, i.e. 3.5 per cent less than in the comparison period. International business operations accounted for 66.5 (67.9) per cent of total net sales.
Net sales were regionally distributed as follows: Northern Europe 54.5 (51.1) per cent, Central and Southern Europe 17.9 (19.2) per cent, Russia and Asia 13.5 (14.6) per cent, North and South America 14.0 (15.1) per cent and other countries 0.0 (0.0) per cent.
PROFIT PERFORMANCE
The operating result was EUR 15.7 (18.6) million. The operating result of the comparison period includes a non-recurring cost item of EUR 2.6 million. The operating result percentage equals 7.2 (8.2) per cent of net sales in the period under review. Consolidated return on capital employed (ROCE) stood at 16.3 (18.0) per cent.
Staff costs for the period under review totalled EUR 37.0 (35.9) million. Other operating expenses were EUR 22.6 (25.2) million. The net total of financial income and expenses was EUR -1.8 (-4.3) 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 -0.6 (-3.2) million. Profit for the period totalled EUR 9.3 (7.3) million. Diluted and undiluted earnings per share (EPS) were EUR 0.29 (0.22). 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 of consolidated statements of financial position amounted to EUR 191.7 (177.0) million. Inventories stood at EUR 97.9 (88.3) million. Trade receivables totalled EUR 24.5 (32.6) million, while liquid assets stood at EUR 10.9 (8.5) million. Group shareholders’ equity stood at EUR 76.1 (71.8) million and parent company shareholders’ equity at EUR 76.4 (65.4) million. Group shareholders’ equity includes a hybrid loan of EUR 19 million issued on 31 March 2009. The interest paid on the hybrid loan (EUR 8.0 million) and the allocated interest for the following year according to the dividend distribution decision (EUR 1.1 million), totalling EUR 9.1 million, less tax, are recognised as a deduction from Group equity. The amount of interest-bearing liabilities was EUR 57.1 (45.9) million. The company has used 48 per cent of its credit facility limit. The parent company’s net receivables from other Group companies stood at EUR 80.1 (72.0) million. The parent company’s receivables from subsidiaries mainly consisted of trade receivables. Consolidated net liabilities totalled EUR 46.1 (37.4) million, and the debt-equity ratio (gearing) was 74.9 (63.8) per cent. The equity ratio stood at 40.3 (41.1) per cent at the end of the period under review.
Cash flow from business operations amounted to EUR -0.2 (9.3) million. Cash flow from investment activities amounted to EUR -10.6 (-5.5) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period under review totalled EUR 209.4 (269.8) million, while the period-end order books stood at EUR 62.5 (110.8) 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., United States; Ponssé S.A.S., France; Ponsse UK Ltd, 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 6.8 (6.3) million, of which EUR 2.0 (1.8) million was capitalised.
Capital expenditure totalled EUR 10.6 (5.5) million. It consisted in addition to capitalised R&D expenses of ordinary maintenance and replacement investments of machinery and equipment and investments in buildings.
MANAGEMENT
The following persons were members of the Management Team: Juho Nummela, President and CEO, acting as the chairman; Pasi Arajärvi, Purchasing and Logistics Director; Juha Haverinen, Factory Director; Petri Härkönen, CFO; Juha Inberg, Technology and R&D Director; Timo Karppinen, Executive Director, Corporate Development and Strategy; 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.
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 996 (938) during the period under review and employed 989 (974) people at the end of the period under review.
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 September 2012 totalled 982,569 shares, accounting for 3.5 per cent of the total number of shares. Share net sales came to EUR 7.4 million, with the period’s lowest and highest share prices amounting to EUR 6.11 and EUR 8.55, respectively.
At the end of the period under review, the share price stood at EUR 6.71 and market capitalisation was EUR 187.9 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 17 April 2012 regarding the authorisations given to the Board of Directors and other resolutions by 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 RISKS AND THEIR MANAGEMENT
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.
EVENTS AFTER THE PERIOD
Timo Karppinen (M.Sc. Economics) Ponsse Plc’s Executive Director, Corporate Development and Strategy and member of the Management Team at Ponsse Plc since the beginning of 2011 will join a new employer as of 30 November 2012. The areas of responsibility of Timo Karppinen will be shared between President and CEO Juho Nummela, Sales and Marketing Director Jarmo Vidgrén and CFO Petri Härkönen. A separate release was issued on 9 October 2012.
OUTLOOK FOR THE FUTURE
Group’s euro-denominated operating profit for the year 2012 is expected to remain smaller than in 2011.
The earlier profitability management for 2012 expected the Group’s euro-denominated operating profit to remain at the same level as in 2011.
The prolongation of the global financial uncertainty and weak world economy has resulted in a decline in the demand for forest machines.
It has become increasingly difficult to forecast the near-term outlook.
PONSSE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)
| IFRS | IFRS | ||
| 1-9/12 | 1-9/11 | ||
| NET SALES | 217,656 | 225,484 | |
| Increase (+)/decrease (-) in inventories of finished goods and work in progress | 9,015 | 9,918 | |
| Other operating income | 662 | 812 | |
| Raw materials and services | -147,828 | -152,738 | |
| Expenditure on employment-related benefits | -36,959 | -35,870 | |
| Depreciation and amortisation | -4,186 | -3,799 | |
| Other operating expenses | -22,631 | -25,206 | |
| OPERATING RESULT | 15,729 | 18,600 | |
| Share of results of associated companies | -5 | -185 | |
| Financial income and expenses | -1,842 | -4,273 | |
| RESULT BEFORE TAXES | 13,883 | 14,142 | |
| Income taxes | -4,578 | -6,860 | |
| NET RESULT FOR THE PERIOD | 9,304 | 7,282 | |
| OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT: | |||
| Translation differences related to foreign units | -297 | -157 | |
| TOTAL COMPREHENSIVE RESULT FOR THE PERIOD | 9,007 | 7,125 | |
| Diluted and undiluted earnings per share * | 0.29 | 0.22 | |
| IFRS | IFRS | ||
| 7-9/12 | 7-9/11 | ||
| NET SALES | 66,566 | 72,278 | |
| Increase (+)/decrease (-) in inventories of finished goods and work in progress | 488 | 2,975 | |
| Other operating income | 343 | 375 | |
| Raw materials and services | -43,385 | -48,842 | |
| Expenditure on employment-related benefits | -10,271 | -10,499 | |
| Depreciation and amortisation | -1,426 | -1,246 | |
| Other operating expenses | -7,294 | -6,818 | |
| OPERATING RESULT | 5,021 | 8,222 | |
| Share of results of associated companies | 48 | -42 | |
| Financial income and expenses | -456 | -1,003 | |
| RESULT BEFORE TAXES | 4,613 | 7,177 | |
| Income taxes | -1,680 | -2,526 | |
| NET RESULT FOR THE PERIOD | 2,933 | 4,651 | |
| OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT: | |||
| Translation differences related to foreign units | 17 | -493 | |
| TOTAL COMPREHENSIVE RESULT FOR THE PERIOD | 2,950 | 4,158 | |
| Diluted and undiluted earnings per share * | 0.09 | 0.15 | |
* 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 | 30.9.12 | 31.12.11 |
| NON-CURRENT ASSETS | ||
| Intangible assets | 10,884 | 9,057 |
| Goodwill | 3,440 | 3,440 |
| Property, plant and equipment | 30,761 | 26,165 |
| Financial assets | 111 | 111 |
| Investments in associated companies | 1,170 | 1,294 |
| Non-current receivables | 1,285 | 1,535 |
| Deferred tax assets | 2,443 | 2,826 |
| TOTAL NON-CURRENT ASSETS | 50,094 | 44,428 |
| CURRENT ASSETS | ||
| Inventories | 97,917 | 80,475 |
| Trade receivables | 24,545 | 28,258 |
| Income tax receivables | 1,325 | 4 |
| Other current receivables | 6,899 | 4,499 |
| Cash and cash equivalents | 10,912 | 16,267 |
| TOTAL CURRENT ASSETS | 141,598 | 129,504 |
| TOTAL ASSETS | 191,692 | 173,932 |
| SHAREHOLDERS’ EQUITY AND LIABILITIES | ||
| SHAREHOLDERS’ EQUITY | ||
| Share capital | 7,000 | 7,000 |
| Other reserves | 19,030 | 19,030 |
| Translation differences | -2,272 | -1,975 |
| Treasury shares | -2,228 | -2,228 |
| Retained earnings | 54,594 | 56,736 |
| EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS | 76,124 | 78,563 |
| NON-CURRENT LIABILITIES | ||
| Interest-bearing liabilities | 28,770 | 18,630 |
| Deferred tax liabilities | 619 | 1,110 |
| Other non-current liabilities | 20 | 20 |
| TOTAL NON-CURRENT LIABILITIES | 29,409 | 19,760 |
| CURRENT LIABILITIES | ||
| Interest-bearing liabilities | 28,283 | 20,434 |
| Provisions | 5,165 | 4,627 |
| Tax liabilities for the period | 609 | 3,527 |
| Trade creditors and other current liabilities | 52,101 | 47,022 |
| TOTAL CURRENT LIABILITIES | 86,159 | 75,609 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 191,692 | 173,932 |
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000)
| IFRS | IFRS | ||
| 1-9/12 | 1-9/11 | ||
| CASH FLOW FROM BUSINESS OPERATIONS: | |||
| Net result for the period | 9,304 | 7,282 | |
| Adjustments: | |||
| Financial income and expenses | 1,842 | 4,273 | |
| Share of the result of associated companies | 5 | 185 | |
| Depreciation and amortisation | 4,186 | 3,799 | |
| Income taxes | 4,538 | 7,298 | |
| Other adjustments | -390 | 410 | |
| Cash flow before changes in working capital | 19,484 | 23,247 | |
| Change in working capital: | |||
| Change in trade receivables and other receivables | 1,891 | 389 | |
| Change in inventories | -17,442 | -15,906 | |
| Change in trade creditors and other liabilities | 5,436 | 7,328 | |
| Change in provisions for liabilities and charges | 538 | 136 | |
| Interest received | 117 | 134 | |
| Interest paid | -661 | -853 | |
| Other financial items | -964 | 87 | |
| Income taxes paid | -8,619 | -5,294 | |
| NET CASH FLOW FROM BUSINESS OPERATIONS (A) | -219 | 9,268 | |
| CASH FLOW FROM INVESTMENTS | |||
| Investments in tangible and intangible assets | -10,608 | -5,521 | |
| CASH OUTFLOW FROM INVESTMENT ACTIVITIES (B) | -10,608 | -5,521 | |
| FINANCING | |||
| Acquisition of treasury shares | 0 | 0 | |
| Interest paid, hybrid loan | -2,280 | -2,280 | |
| Withdrawal/Repayment of current loans | 13,414 | -463 | |
| Change in current interest-bearing receivables | 80 | 78 | |
| Withdrawal/Repayment of non-current loans | 4,414 | 9,873 | |
| Payment of finance lease liabilities | -401 | -403 | |
| Change in non-current receivables | 94 | 150 | |
| Dividends paid | -9,725 | -9,725 | |
| NET CASH OUTFLOW FROM FINANCING (C) | 5,596 | -2,770 | |
| Change in cash and cash equivalents (A+B+C) | -5,231 | 977 | |
| Cash and cash equivalents on 1 January | 16,267 | 11,036 | |
| Impact of exchange rate changes | -125 | -3,521 | |
| Cash and cash equivalents on 30 September | 10,912 | 8,492 | |
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 2012 | 7,000 | 19,030 | -1,975 | -2,228 | 56,736 | 78,563 | |||
| Translation differences | -297 | -297 | |||||||
| Result for the period | 9,304 | 9,304 | |||||||
| Total comprehensive income for the period | -297 | 9,304 | 9,007 | ||||||
| Direct entries to retained earnings * | -1,721 | -1,721 | |||||||
| Dividend distribution | -9,725 | -9,725 | |||||||
| Purchase of treasury shares | 0 | ||||||||
| Other changes | 0 | ||||||||
| SHAREHOLDERS’ EQUITY 30 SEP 2012 | 7,000 | 19,030 | -2,272 | -2,228 | 54,594 | 76,124 | |||
| SHAREHOLDERS’ EQUITY 1 JAN 2011 | 7,000 | 19,030 | -1,032 | -2,228 | 53,356 | 76,126 | |||
| Translation differences | -157 | -157 | |||||||
| Result for the period | 7,282 | 7,282 | |||||||
| Total comprehensive income for the period | -157 | 7,282 | 7,125 | ||||||
| Direct entries to retained earnings * | -1,687 | -1,687 | |||||||
| Dividend distribution | -9,725 | -9,725 | |||||||
| Purchase of treasury shares | 0 | ||||||||
| Other changes | 0 | ||||||||
| SHAREHOLDERS’ EQUITY 30 SEP 2011 | 7,000 | 19,030 | -1,189 | -2,228 | 49,226 | 71,839 | |||
| * Consists of the interest paid for the hybrid loan classified as equity. | |||||||||
| | 30.9.12 | 30.9.11 | 31.12.11 | ||
| 1. LEASING COMMITMENTS (EUR 1,000) | 3,065 | 4,323 | 4,085 | ||
| 2. CONTINGENT LIABILITIES (EUR 1,000) | 30.9.12 | 30.9.11 | 31.12.11 | ||
| Guarantees given on behalf of others | 668 | 857 | 859 | ||
| Repurchase commitments | 1,506 | 1,841 | 1,765 | ||
| Other commitments | 3,682 | 4,249 | 3,391 | ||
| TOTAL | 6,036 | 6,947 | 6,014 | ||
| 3. PROVISIONS (EUR 1,000) | Guarantee provision | ||||
| 1 JAN 2012 | 4,627 | ||||
| Provisions added | 922 | ||||
| Provisions cancelled | -383 | ||||
| 30 SEP 2012 | 5,165 | ||||
| KEY FIGURES AND RATIOS | 30.9.12 | 30.9.11 | 31.12.11 | ||
| R&D expenditure, MEUR | 6.8 | 6.3 | 8.8 | ||
| Capital expenditure, MEUR | 10.6 | 5.5 | 9.4 | ||
| as % of net sales | 4.9 | 2.4 | 2.9 | ||
| Average number of employees | 996 | 938 | 948 | ||
| Order books, MEUR | 62.5 | 110.8 | 71.9 | ||
| Equity ratio, % | 40.3 | 41.1 | 45.2 | ||
| Diluted and undiluted earnings per share (EUR) | 0.29 | 0.22 | 0.47 | ||
| Equity per share (EUR) | 2.72 | 2.57 | 2.81 | ||
FORMULAE FOR FINANCIAL INDICATORS
Return on capital employed, %:
Result before tax + financial expenses
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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.
Gearing, %:
Interest-bearing financial liabilities
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Shareholders’ equity * 100
Equity ratio, %:
Shareholders’ equity + Non-controlling interests
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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 | 1-9/12 | 1-9/11 | 1-12/11 | ||
| Ponsse Group | 209.4 | 268.8 | 332.6 |
The interim report has been prepared observing the recognition and valuation principles of IFRS standards, but not all of the requirements of IAS 34 have been complied with. The same accounting principles were observed for the interim report as for the annual financial statements dated 31 December 2011.
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, 23 October 2012
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.