ROCLA OYJ FINANCIAL STATEMENTS BULLETIN 2002
ROCLA OYJ FINANCIAL STATEMENTS BULLETIN 2002 NET SALES GREW 2%, ONE-TIME WRITE-OFFS TURNED NET INCOME NEGATIVE The consolidated net sales of the Rocla Group in 2002 came to EUR 89.5 million, an increase of 2% over the previous year. Consolidated operating profit was EUR 0.7 million (2001: EUR 5.0 million) and the net result for the fiscal period was EUR -1.1 million (EUR +2.9 million). Operating profit was impaired by the losses of about EUR 2.2 million incurred in the Danish subsidiary Rocla A/S and the depreciation of goodwill of about EUR 2.2 million made necessary by these losses. The negative profit impact totalled around EUR 4.4 million. The Board proposes the distribution of a dividend of 0,15 euros per share (0.35 euros) for the fiscal year 2002. The current year is hallmarked by uncertainty concerning the development of both world economy and forklift truck markets. GROUP STRUCTURE The Warehouse Truck operations of the Rocla Group comprise the parent company Rocla Oyj, The Danish subsidiary Rocla A/S and the truck rental companies Rocla Rent Oy in Finland and Rocla Rent A/S in Denmark. In contract manufacturing Rocla's long-standing cooperation with Mitsubishi Caterpillar Forklift has expanded into a global partnership. The Automated Guided Vehicles (AGV) operations of the Rocla Group comprise the subsidiary Rocla Robotruck Oy and its subsidiary Rocla Robotruck AB in Sweden. The year 2002 was the first full fiscal period in which the partnership with the Swiss logistics company Swisslog took full effect. MARKET DEVELOPMENT The truck markets in Europe, America and Asia fell and sales volumes contracted in the fiscal year 2002. In Europe the demand for warehouse trucks was weaker than in 2001. The contraction of demand, which started in the fall of 2001, continued during the first two quarters of 2002. As the second half of the year began there were weak signs of a levelling off of the downward trend and in the fall markets seemed to recuperate to some extent. Order bookings were back at the level achieved in the business the previous year. Truck deliveries, however, remained unaffected by this. The turn of the development was best in the logistics sector but it has not yet made an impact i.e. in Rocla's strongest markets and customer segments such as industry. The demand for automated guided vehicles systems was reasonably good throughout 2002. Consolidation of the business in Europe continued. In this market situation the importance of market presence and maintenance services was marked. Rocla Robotruck responded to the market trends by strengthening its customer service resources and by providing a significant boost to after sales business operations as outlined in the corporate strategy. NET SALES AND RESULTS The consolidated net sales of the Rocla Group in 2002 were EUR 89.5 million, a growth of 2% in comparison with the year before. Exports and international operations accounted for 74% (72%) of consolidated net sales. The share of Warehouse trucks was 77.7% and that of Automated Guided Vehicles 22.3% of net sales. Consolidated operating profit came to EUR 0.7 million (EUR 5.0 million). Operating profit was reduced by the losses incurred in the Danish subsidiary Rocla A/S and the depreciation of goodwill that had to be made because of these. The negative impact totalled around EUR 4.4 million out of which the one-time write-offs of the good will amounted to EUR 2.2 million. Järvenpää January 30, 2003 ROCLA OYJ Board of Directors Kari Blomberg Managing Director Contacts: Kari Blomberg, Managing Director, phone +358 9 271 47303 Hilkka Webb, Chief Financial Officer, phone +358 9 271 47316 Distribution: Helsinki Exchanges The main media ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/01/30/20030130BIT00600/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/01/30/20030130BIT00600/wkr0002.pdf The full report