PONSSE'S INTERIM REPORT FOR 1 JANUARY - 31 MARCH 2008
PONSSE OYJ STOCK EXCHANGE RELEASE 21 APRIL 2008, 9:00 A.M.
PONSSE'S INTERIM REPORT FOR 1 JANUARY - 31 MARCH 2008
- Turnover was EUR 75.8 (78.4) million.
- Operating profit was EUR 9.1 (9.4) million. Relative profitability continued
at the level of the previous year and accounted for 12.0 (12.0) per cent of
turnover.
- Profit before tax was EUR 8.1 (9.3) million.
- Earnings per share were EUR 0.21 (0.23).
- Order books were valued at EUR 100.5 (58.1) million.
ARTO TIITINEN, PRESIDENT AND CEO:
-During the first quarter of the year our machine deliveries were at the same
level as last year. Our profitability is at a good level.
- Change in turnover was caused by the used machine sales settling down to its
usual level from the previous year. Our maintenance services and technology
company Epec increased their sales according to plan.
- Increasing the automation level at the Vieremä factory continued. We installed
robots for heavy-duty welding and commenced installation of the machining unit
used for machining the frames. The machining unit is the single largest
investment in equipment made in the Vieremä factory.
TURNOVER
Consolidated profit for the period totalled EUR 75.8 (78.4) million.
International business operations accounted for 64.3 (62.1) per cent of
turnover.
PROFIT PERFORMANCE
Operating profit was EUR 9.1 (9.4) million. Operating profit accounted for 12.0
(12.0) per cent of turnover in the period under review. Return on capital
employed (ROCE) stood at 30.5 (40.6) per cent.
Staff costs for the period under review totalled EUR 11.5 (10.1) million, and
other operating expenses were EUR 7.5 (6.9) million. Net financial expenses were
EUR -1.1 (-0.4) million. Income and expenses resulting from currency risk
hedging were included in the financial items. Profit for the period totalled EUR
5.8 (6.5) million. Earnings per share (EPS) were EUR 0.21 (0.23).
BALANCE SHEET AND FINANCIAL POSITION
At the end of the period under review the consolidated balance sheet total
amounted to EUR 162.9 (138.8) million. The balance sheet total was particularly
increased by the higher amount of stocks and trade receivables compared to the
previous year. The amount of stocks was EUR 78.4 (57.1) million. Trade
receivables totalled EUR 31.3 (26.3) million and liquid assets stood at EUR 5.3
(14.9) million. The amount of Group capital and reserves was EUR 82.2 (67.6)
million. The amount of interest-bearing liabilities increased to EUR 31.7
million from the EUR 31.1 million in the previous year. The parent company's net
receivables from other Group companies stood at EUR 45.0 (30.7) million.
Consolidated net liabilities totalled EUR 24.8 (15.6) million. The equity ratio
stood at 50.9 per cent (48.9 per cent) at the end of the period under review.
Cash flow from business operations amounted to EUR -3.8 (8.1) million. Cash flow
from investing activities amounted to EUR -1.3 (-1.9) million.
ORDER INTAKE AND ORDER BOOKS
Order intake for the period totalled EUR 66.2 (77.6) million, while period-end
order books were valued at EUR 100.5 (58.1) 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 1.6 million (EUR 1.2 million). The amount
of activated R&D expenses during the period was EUR 214,000 (EUR 221,000).
Increasing the automation level at the Vieremä factory was continued by
installing robots for welding in the reporting period. Installation work of the
largest machining unit in the history of the factory used for machining frames
was commenced. Other major primary capital expenditure came from software and
equipment.
Capital expenditure totalled EUR 1.3 million (EUR 1.9 million).
PERSONNEL
The Group had an average staff of 992 (826) during the period and employed 1,020
(829) people at period-end. The number of personnel increased most clearly in
the subsidiaries established in the rapidly growing markets and Epec Oy. In the
parent company, increases in the number of personnel took place in production
and maintenance services.
MANAGEMENT AND AUDITORS
Juho Nummela, Factory Director, was appointed as Ponsse Oyj's President and CEO
as of 1 June 2008 and Jarmo Vidgrén, Director responsible for the North Europe
Business area, was appointed as the Sales and Marketing Director and Deputy CEO
as of 1 June 2008.
SHARE PERFORMANCE
The trading volume of Ponsse Oyj shares for 1 January - 31 March 2008 totalled
551,801, accounting for 2.0 per cent of the total number of shares. Share
turnover came to EUR 7.7 million, with the period's lowest and highest share
price amounting to EUR 11.71 and EUR 15.20 respectively.
At the end of the period, shares closed at EUR 15.00 and market capitalisation
totalled EUR 420.0 million.
The company's Board of Directors is authorised to decide on the acquisition and
assignment of at most 250,000 treasury shares. The authorisations are valid
until 30 June 2008.
The company commenced acquisition of its own shares in the reporting period. 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 guidelines on listed companies' governance
and control systems (Corporate Governance). The governance principles are
available on Ponsse's website, in the Investors section.
BUSINESS RISKS AND THEIR MANAGEMENT
The effect of general economic fluctuations is cushioned by the fact that the
company's business operations are spread globally over several geographical
areas.
Risks related to raw materials, components and the subcontractor and supplier
network are essential to Ponsse's operations. To control these risks and
minimise the adverse effects of changes, the company is strongly investing in
developing supplier network cooperation. The operation of the network is
developed and secured through in-depth partner cooperation and by supporting the
positioning of strategic suppliers in the business park for partner companies in
the immediate vicinity of Ponsse's Vieremä factory. Component-related risks are
also controlled by manufacturing a large number of key components in the
company's own production facilities. Raw material and component suppliers'
possible delivery problems may increase the prices of raw materials used in
PONSSE products and lengthen their delivery times. Ponsse has made risk
management more efficient by specifying the terms and conditions of its supplier
agreements and by extending their periods of validity.
Ponsse Group's financing risk management controls liquidity, interest and
currency risks, and secures the availability of debt-based financing on
competitive conditions. The use of the euro as the invoicing currency has
increased in several market areas, which reduces the company's currency risk.
OUTLOOK FOR THE FUTURE
The signals from the market are of two kinds: On one hand, the figures
describing the general global economy seem daunting, on the other hand, the
market demand and order books of EUR 100 million communicate the strong rise of
forest machine markets and increase in demand from last year.
Mechanized harvesting is estimated to continue its growth and the share of
environmentally-friendly cut-to-length method-based forest machines will
increase.
The price of pulp is on the increase, which will consequently increase the
demand for wood. The US market is already experiencing a shortage of pulp raw
material due to the decrease in the saw mill production and availability of
harvested wood chips, which will create pressure to increase harvesting of pulp
timber.
Good demand for pulp maintains the increase in harvesting and the demand for
machines also in the quickly growing industrial planted forests.
The increase in bio-energy continues strongly in all main markets.
The company's turnover and operating profit are estimated to continuously grow
during the year.
PONSSE GROUP
CONSOLIDATED PROFIT AND LOSS ACCOUNT (EUR 1,000)
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| | | IFRS | IFRS | IFRS | |
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| | | 1-3/08 | 1-3/07 | 1-12/07 | |
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| TURNOVER | | 75,779 | 78,415 | 310,053 | |
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| Increase (+)/decrease (-) in | 6,447 | 1,671 | 2,159 | |
| stocks of finished goods and | | | | |
| work in progress | | | | |
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| Other operating income | | 428 | 277 | 1,326 | |
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| Raw materials and | | -53,323 | -52,877 | -199,253 | |
| services | | | | | |
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| Expenditure on | -11,514 | -10,123 | -42,538 | |
| employment-related benefits | | | | |
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| Depreciation and | | -1,185 | -1,035 | -4,270 | |
| amortisation | | | | | |
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| Other operating | | -7,541 | -6,885 | -30,398 | |
| expenses | | | | | |
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| OPERATING PROFIT | | 9,091 | 9,442 | 37,080 | |
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| Share of results of associated | 76 | 291 | 1,002 | |
| companies | | | | |
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| Financial income and | | -1,058 | -438 | -1,698 | |
| expenses | | | | | |
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| PROFIT BEFORE TAXES | 8,109 | 9,295 | 36,384 | |
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| Income taxes | | -2,303 | -2,777 | -9,907 | |
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| Minority interest | | 0 | 0 | 0 | |
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| PROFIT FOR THE PERIOD | | 5,807 | 6,518 | 26,477 | |
--------------------------------------------------------------------------------
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| Earnings per share | | 0.21 | 0.23 | 0.95 | |
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CONSOLIDATED BALANCE SHEET (EUR 1,000)
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| | IFRS | IFRS | IFRS |
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| ASSETS | 31 MAR 08 | 31 MAR 07 | 31 DEC 07 |
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| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Intangible assets | 4,517 | 3,763 | 4,262 |
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| Goodwill | 3,723 | 3,777 | 3,737 |
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| Property, plant and equipment | 25,819 | 25,018 | 25,946 |
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| Financial assets | 103 | 39 | 128 |
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| Holdings in associated companies | 1,874 | 1,445 | 2,156 |
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| Non-current receivables | 378 | 163 | 403 |
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| Deferred tax assets | 1,933 | 821 | 1,686 |
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| TOTAL NON-CURRENT ASSETS | 38,347 | 35,025 | 38,318 |
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| CURRENT ASSETS | | | |
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| Inventories | 78,418 | 57,108 | 65,635 |
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| Trade receivables | 31,348 | 26,288 | 29,276 |
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| Income tax receivable | 525 | 495 | 861 |
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| Other current receivables | 8,991 | 4,958 | 7,191 |
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| Liquid assets | 5,311 | 14,890 | 12,633 |
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| TOTAL CURRENT ASSETS | 124,593 | 103,740 | 115,595 |
--------------------------------------------------------------------------------
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| TOTAL ASSETS | 162,941 | 138,766 | 153,914 |
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| CAPITAL AND RESERVES, AND LIABILITIES | | | |
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| CAPITAL AND RESERVES | | | |
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| Share capital | 7,000 | 7,000 | 7,000 |
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| Other reserves | -645 | 20 | 19 |
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| Translation differences | -1,215 | -781 | -943 |
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| Retained earnings | 77,074 | 61,376 | 70,456 |
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| CAPITAL AND RESERVES OWNED | | | |
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| BY PARENT COMPANY SHAREHOLDERS | 82,214 | 67,615 | 76,532 |
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| Minority interest | 0 | 0 | 0 |
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| TOTAL CAPITAL AND RESERVES | 82,214 | 67,615 | 76,532 |
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| NON-CURRENT LIABILITIES | | | |
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| Interest-bearing liabilities | 19,528 | 22,229 | 16,717 |
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| Deferred tax liabilities | 737 | 848 | 768 |
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| Other non-current liabilities | 30 | 60 | 30 |
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| TOTAL NON-CURRENT LIABILITIES | 20,295 | 23,136 | 17,515 |
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| CURRENT LIABILITIES | | | |
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| Interest-bearing liabilities | 12,147 | 8,825 | 17,225 |
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| Provisions | 4,407 | 3,851 | 4,341 |
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| Tax liabilities for the period | 813 | 765 | 1,752 |
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| Trade creditors and other current | 43,065 | 34,574 | 36,548 |
| liabilities | | | |
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| TOTAL CURRENT LIABILITIES | 60,431 | 48,014 | 59,867 |
--------------------------------------------------------------------------------
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| TOTAL CAPITAL AND RESERVES, AND | 162,941 | 138,766 | 153,914 |
| LIABILITIES | | | |
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CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000)
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| | | IFRS | IFRS | IFRS |
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| | | 1-3/08 | 1-3/07 | 1-12/07 |
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| BUSINESS OPERATIONS: | | | | |
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| Profit for the period | | 5,807 | 6,518 | 26 477 |
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| Adjustments: | | | | |
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| Financial income and | | 1,058 | 438 | 1 698 |
| expenses | | | | |
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| Share of the result of associated | -76 | -291 | -1,002 |
| companies | | | |
--------------------------------------------------------------------------------
| Depreciation and | | 1,185 | 1,035 | 4 270 |
| amortisation | | | | |
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| Income taxes | | 2,617 | 2,630 | 9 897 |
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| Other adjustments | | 410 | 387 | -717 |
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| Cash flow before change in working | 11,000 | 10,717 | 40,623 |
| capital | | | |
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| Change in working capital: | | | | |
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| Change in current | | |
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| non-interest-bearing | | -3,903 | -7,967 | -13,091 |
| receivables | | | | |
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| Change in inventories | | -12,783 | 1,507 | -7,020 |
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| Change in current | | |
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| non-interest-bearing | | 5,279 | 6,219 | 8,220 |
| creditors | | | | |
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| Change in provisions for | | 66 | 334 | 824 |
| liabilities and charges | | | | |
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| Interest received | | 57 | 18 | 298 |
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| Interest paid | | -479 | -410 | -1,463 |
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| Other financial items | | -702 | -108 | -505 |
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| Income taxes paid | | -2,360 | -2,241 | -8,886 |
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| NET CASH FLOW FROM BUSINESS | | -3,825 | 8,069 | 19,001 |
| OPERATIONS (A) | | | | |
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| INVESTMENTS | | | | |
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| Investments in tangible and intangible | -1,313 | -1,894 | -6,565 |
| assets | | | |
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| Investments in other assets | 27 | 0 | -14 |
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| Repayment of loan | | 0 | 0 | 0 |
| receivables | | | | |
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| Dividends received | | 0 | 0 | 178 |
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| CASH OUTFLOW FROM INVESTING | | -1,286 | -1,894 | -6,401 |
| ACTIVITIES (B) | | | | |
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| FINANCING | | | | |
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| Withdrawal/Repayment of | | | | |
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| non-current loans | | -4,931 | 409 | 8,855 |
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| Change in current | | | | |
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| interest-bearing liabilities | | 31 | 4 | -93 |
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| Withdrawal/Repayment of | | | | |
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| non-current loans | | 2,811 | -193 | -5,735 |
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| Payment of finance lease liabilities | -147 | -71 | -116 |
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| Change in non-current receivables | 25 | 2 | -239 |
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| Dividends paid | | 0 | 0 | -11,200 |
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| NET CASH OUTFLOW FROM | | -2,211 | 151 | -8,529 |
| FINANCING (C) | | | | |
--------------------------------------------------------------------------------
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| Change in liquid assets | | -7,321 | 6,326 | 4,071 |
| (A+B+C) | | | | |
--------------------------------------------------------------------------------
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| Liquid assets on 1 January | | 12,633 | 8,562 | 8,562 |
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| Liquid assets 31 March/31 | | 5,311 | 14,888 | 12,633 |
| Dec | | | | |
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RECONCILIATION OF CAPITAL AND RESERVES (EUR 1,000)
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| A = Share capital | | | | | | |
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| B = Share premium and other reserves | | | | |
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| C = Translation differences | | | | |
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| D = 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 | | |
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| | 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 | -272 | -665 | 812 | -125 |
| differences | | | | | | |
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| NET INCOME | | | | | | |
| RECOGNISED | | | | | | |
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| DIRECTLY IN EQUITY | 0 | 0 | -272 | -665 | 812 | -125 |
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| Net profit for the | 0 | 0 | | | 5,807 | 5,807 |
| period | | | | | | |
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| TOTAL RECOGNISED | 0 | 0 | -272 | -665 | 6,619 | 5,682 |
| INCOME AND | | | | | | |
| EXPENSES | | | | | | |
--------------------------------------------------------------------------------
| Dividend | 0 | 0 | | | 0 | ,0 |
| distribution | | | | | | |
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| CAPITAL AND | 7,000 | 20 | -1,215 | -665 | 77,074 | 82,214 |
| RESERVES 31 MARCH | | | | | | |
| 2008 | | | | | | |
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| CAPITAL AND | 7,000 | 20 | -750 | 0 | 54,887 | 61,157 |
| RESERVES 1 JAN | | | | | | |
| 2007 | | | | | | |
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| Translation | 0 | 0 | -31 | 0 | -29 | -60 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| NET INCOME | | | | | | |
| RECOGNISED | | | | | | |
--------------------------------------------------------------------------------
| DIRECTLY IN EQUITY | 0 | 0 | -31 | 0 | -29 | -60 |
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| Net profit for the | 0 | 0 | | | 6,518 | 6,518 |
| period | | | | | | |
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| TOTAL RECOGNISED | 0 | 0 | -31 | 0 | 6,489 | 6,458 |
| INCOME AND | | | | | | |
| EXPENSES | | | | | | |
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| Dividend | 0 | 0 | | | 0 | 0 |
| distribution | | | | | | |
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| CAPITAL AND | 7,000 | 20 | -781 | 0 | 61,376 | 67,615 |
| RESERVES 31 MARCH | | | | | | |
| 2007 | | | | | | |
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--------------------------------------------------------------------------------
| | | | 31 MAR | 31 MAR | 31 DEC |
| | | | 08 | 07 | 07 |
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| 1. LEASING COMMITMENTS (EUR | | 2,407 | 2,253 | 2,519 |
| 1,000) | | | | |
--------------------------------------------------------------------------------
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| 2. CONTINGENT LIABILITIES (EUR | | 31 MAR | 31 MAR | 31 DEC |
| 1,000) | | 08 | 07 | 07 |
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| Guarantees given on behalf of | | 1,562 | 1,432 | 1,285 |
| others | | | | |
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| Repurchase commitments | | | 3,278 | 2,764 | 1,802 |
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| Other commitments | | | 1,416 | 0 | 1,059 |
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| TOTAL | | | 6,256 | 4,196 | 4,146 |
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| 3. PROVISIONS (EUR | | | Guarantee provision | |
| 1,000) | | | | |
--------------------------------------------------------------------------------
| 1.1.2008 | | | 4,341 | | |
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| Increase | | | 324 | | |
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| Used provisions | | | -258 | | |
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| 31.3.2008 | | | 4,407 | | |
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| KEY FIGURES AND RATIOS | | | 31 MAR | 31 MAR | 31 DEC |
| | | | 08 | 07 | 07 |
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| R&D expenditure, MEUR | | 1.6 | 1.2 | 5.7 |
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| Capital expenditure, MEUR | 1.3 | 1.9 | 6.6 |
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| as % of turnover | | | 1.7 | 2.4 | 2.1 |
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| Average number of | | | 992 | 826 | 876 |
| employees | | | | | |
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| Order books, MEUR | | | 100.5 | 58.1 | 110.1 |
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| Equity ratio, % | | | 50.9 | 48.9 | 50.3 |
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| Earnings per share, | | | 0.21 | 0.23 | 0.95 |
| EUR | | | | | |
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| Equity per share, EUR | | | 2.94 | 2.41 | 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, %:
Capital and reserves + 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 | | | 1-3/08 | 1-3/07 | 1-12/07 |
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| Ponsse Group | | | 66.2 | 77.6 | 361.2 |
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The interim report has been prepared observing the recognition and valuation
principles of IFRS standards, but not all of the requirements of IAS 34, Interim
Financial Reporting, have been complied with.
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, 21 April 2008
Arto Tiitinen
President and CEO
FURTHER INFORMATION
Arto Tiitinen, President and CEO, tel. +358 20 768 8621 or +358 400 566 875
Mikko Paananen, CFO, tel. +358 20 768 8648 or +358 400 817 036
DISTRIBUTION
OMX Nordic Exchange Helsinki
Principal media
www.ponsse.com
