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Juho Nummela, President and CEO:
(October 25, 2011)
In the third quarter, the demand for forest machines was good despite the increase in economic uncertainty. At the end of the period under review, the company’s order books totalled EUR 110.8 (77.4) million, which is 43.1 per cent higher compared with the corresponding period. There were no problems with customer financing in the past quarter.
During the third quarter, the Group’s net sales grew by 32 per cent compared with the corresponding period and stood at EUR 72.3 (54.7) million. Net sales for the period under review amounted to EUR 225.5 (171.8) million, representing a growth of 31.2 per cent compared with the corresponding period. The service business continued to show growth compared with the corresponding period.
The operating result was positive in the third quarter, amounting to EUR 8.2 (5.4) million. The operating result came to 11.4 per cent of net sales in the past quarter. Operating costs (staff costs, depreciation and amortisation and other operating costs), excluding the impairment losses related to trade receivables, showed a planned increase of 29.6 per cent during the period under review. The continuing improvement of profitability is clearly showing results.
During the period under review, cash flow from business operations was positive at EUR 5.7 (14.4) million. As business operations have grown, more capital has been tied up in inventories. The capital is mainly tied up in raw materials and consumables and new machines on their way to customers. The reduction in the departure days of domestic railway transportation hampered the implementation of deliveries and slowed down the logistics regarding new machines. In addition, exchange rate differences in the period under review affected profit, diminishing the cash flow.
The factory operated as planned during the period under review. The number of machines was increased temporarily through working hours arrangements, and it was possible to deliver machines from the factory normally. The availability of materials was good throughout the period.
Read the whole interim report (pdf)
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