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PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2017


PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2017

– Net sales amounted to EUR 258.7 (H1/2016 237.1) million.
– Q2 net sales amounted to EUR 128.8 (Q2/2016 122.0) million.
– Operating result totalled EUR 28.2 (H1/2016 26.2) million, equalling 10.9 (11.1) per cent of net sales.
– Q2 operating result totalled EUR 13.9 (Q2/2016 14.1) million, equalling 10.8 (11.6) per cent of net sales.
– Profit before taxes was EUR 22.6 (H1/2016 28.2) million.
– Cash flow from business operations was EUR -0.7 (3.8) million.
– Earnings per share were EUR 0.60 (0.82).
– Equity ratio was 47.3 (45.0) per cent.
– Order books stood at EUR 141.4 (166.1) million.


PRESIDENT AND CEO JUHO NUMMELA:

In the second quarter, demand for PONSSE forest machines remained good. Order flow was strong, and the value of the order book at the end of the period under review was EUR 141.4 (166.1) million. The Russian market in particular is extremely brisk. The market situation in the Nordic countries and in Germany and France in Central Europe is also good.

During the first half of the year, the company’s net sales was EUR 258.7 (237.1) million, giving a growth in net sales of 9.1 percent. In the second quarter, the company’s net sales was EUR 128.8 (122.0) million, which is a growth in net sales of 5.5 percent compared to the reference period. Net sales for after sales services continued to increase strongly. The growth in the nets sales of after sales services is affected by the significant global growth in machine stock, especially in areas where the annual usage rate of machinery is high. Growth in net sales for used machines picked up slightly in the past quarter. International business accounted for 74.5 (77.9) percent of net sales.

The operating result for the first half of the year was EUR 28.2 (26.2) million, giving an operating margin of 10.9 (11.1) percent. The operating result for the past quarter was EUR 13.9 (14.1) million, giving an operating margin of 10.8 (11.6) percent. In the second quarter, expenses grew faster than in the first quarter, which reduced profitability slightly. Cash flow was EUR 0.7 (3.8) million. Our used machine inventory is still larger than planned.

Our investments proceeded according to plan. New service centres were completed in Uruguay and France, and our UK subsidiary's new facilities are expected to be ready by the end of the year. The investment for the factory's expansion is on schedule. Construction work will be completed in the autumn of 2017, after which the equipment will be installed. The added benefits of the expansion will begin to be realised as planned, in the second half of 2018.


NET SALES

Consolidated net sales for the period under review amounted to EUR 258.7 (237.1) million, which is 9.1 per cent more than in the comparison period. International business operations accounted for 74.5 (77.9) per cent of net sales.

Net sales were regionally distributed as follows: Northern Europe 42.0 (36.2) per cent, Central and Southern Europe 19.8 (23.5) per cent, Russia and Asia 17.2 (11.8) per cent, North and South America 20.5 (26.5) per cent and other countries 0.6 (2.1) per cent.


PROFIT PERFORMANCE

The operating result amounted to EUR 28.2 (26.2) million. The operating result equalled 10.9 (11.1) per cent of net sales for the period under review. Consolidated return on capital employed (ROCE) stood at 21.5 (30.9) per cent.

Staff costs for the period totalled EUR 40.4 (36.8) million. Other operating expenses stood at EUR 23.9 (21.9) million. The net total of financial income and expenses amounted to EUR -5.6 (1.9) million. Exchange rate gains and losses with a net effect of EUR -5.1 (2.6) million were recognised under financial items for the period. Result for the period under review totalled EUR 16.6 (22.9) million. Diluted and undiluted earnings per share (EPS) came to EUR 0.60 (0.82).


STATEMENT OF FINANCIAL POSITION AND FINANCING ACTIVITIES

At the end of the period under review, the total consolidated statements of financial position amounted to EUR 320.6 (284.3) million. Inventories stood at EUR 141.9 (128.9) million. Trade receivables totalled EUR 39.2 (36.1) million, while liquid assets stood at EUR 14.1 (15.1) million. Group shareholders’ equity stood at EUR 149.1 (126.2) million and parent company shareholders’ equity (FAS) at EUR 140.1 (118.7) million. The amount of interest-bearing liabilities was EUR 76.0 (70.5) million. The company has used 63 per cent of its credit facility limit. The parent company's net receivables from other Group companies stood at EUR 99.9 (88.6) million. The parent company’s receivables from subsidiaries mainly consisted of trade receivables. Consolidated net liabilities totalled EUR 61.8 (55.2) million, and the debt-equity ratio (net gearing) was 41.4 (43.8) per cent. The equity ratio stood at 47.3 (45.0) percent at the end of the period under review.

Cash flow from operating activities amounted to EUR -0.7 (3.8) million. Cash flow from investment activities came to EUR -16.7 (-9.9) million.


ORDER INTAKE AND ORDER BOOKS

Order intake for the period totalled EUR 280.9 (252.1) million, while period-end order books were valued at EUR 141.4 (166.1) million.


DISTRIBUTION NETWORK

The parent company Ponsse Plc established a new subsidiary Ponsse Machines Ireland Ltd in Ireland on 13 January 2017.

The subsidiaries included in the Ponsse Group are Ponsse AB, Sweden; Ponsse AS, Norway; Ponssé S.A.S., France; Ponsse UK Ltd, the United Kingdom; Ponsse Machines Ireland Ltd, Ireland, Ponsse North America, Inc., the United States; Ponsse Latin America Ltda, Brazil; Ponsse Uruguay S.A., Uruguay; OOO Ponsse, Russia; Ponsse Asia-Pacific Ltd, Hong Kong; Ponsse China Ltd, China and Epec Oy, Finland. The Group includes also the property company OOO Ocean Safety Center, Russia. Sunit Oy, Finland, is an associate in which Ponsse Plc has a holding of 34 per cent.


R&D AND CAPITAL EXPENDITURE

Group’s R&D expenses during the period under review totalled EUR 7.1 (6.4) million, of which EUR 2.0 (1.8) million was capitalised.

Capital expenditure totalled EUR 16.8 (10.0) million. It consisted in addition to capitalised R&D expenses of investments in buildings and ordinary maintenance and replacement investments for machinery and equipment.


MANAGEMENT

The following persons were members of the Management Team: Juho Nummela, President and CEO, acting as the chairman; Petri Härkönen, CFO; Juha Inberg, Technology and R&D Director; Tapio Mertanen, Service Director; Paula Oksman, HR Director; Tommi Väänänen, Director of Delivery Chain Process and Jarmo Vidgrén, Deputy CEO, Sales and Marketing Director. The company management has regular management liability insurance.

The area director organisation of sales is led by Jarmo Vidgrén, the Group's sales and marketing director, and Tapio Mertanen, service director. Area directors and managing directors of subsidiaries report to Jarmo Vidgrén, Ponsse Plc's sales and marketing director.


Changes took place in the Ponsse sales organization during the period under review. Separate releases were issued on 20 March 2017 and 4 June 2017 on the changes. The changes concern the division of markets for which area directors and managing directors of subsidiaries are responsible, as well as changes in the responsible persons.

The geographical distribution and the responsible persons are presented below:
Northern Europe:
Jani Liukkonen (Finland),
Carl-Henrik Hammar (Sweden, Denmark),
Jussi Hentunen (the Baltic countries) and
Sigurd Skotte (Norway),

Central and Southern Europe:
Janne Vidgrén (Germany and Austria),
Clément Puybaret (France),
Janne Tarvainen (Spain and Portugal),
Gary Glendinning (the United Kingdom, Ireland, Hungary, Romania, Slovenia, Croatia and Serbia) and
Jussi Hentunen (Poland, Czech Republic and Slovakia).

Russia and Asia:
Jaakko Laurila (Russia and Belarus),
Janne Tarvainen (Australia and South Africa) and
Risto Kääriäinen (China and Japan),
North and South America:
Pekka Ruuskanen (the United States),
Eero Lukkarinen (Canada),
Marko Mattila (Brazil) and
Martin Toledo (Uruguay, Chile and Argentina).


PERSONNEL

The Group had an average staff of 1,483 (1,412) during the period and employed 1,535 (1,464) people at period-end.


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 June 2017 totalled 1,167,941, accounting for 4.2 per cent of the total number of shares. Share turnover amounted to EUR 26.8 million, with the period’s lowest and highest share prices amounting to EUR 20.85 and EUR 25.42, respectively.

At the end of the period, shares closed at EUR 23.75, and market capitalisation totalled EUR 665.0 million.

At the end of the period under review, the company held 33,092 treasury shares.


ANNUAL GENERAL MEETING

A separate release was issued on 11 April 2017 regarding the authorizations given to the Board of Directors and other resolutions at 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 2015. 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 RISK MANAGEMENT

The insecurity in the world economy may result in a decline in the demand for forest machines. The uncertainty may be increased by the volatility of developing countries’ foreign exchange markets. The geopolitical situation, in particular, will increase the uncertainty through financial market operations and sanctions.

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.


OUTLOOK FOR THE FUTURE

The Group's euro-denominated operating profit is expected to be at the same level in 2017 as it was in 2016.

Ponsse's updated and competitive product range and service solutions have had a significant impact on the company's growth. Our investments are directed at development of the service level and capacity of the delivery chain and spare parts logistics and development of service business network both in Finland and abroad.

The expansion of the Vieremä factory is progressing as planned and the construction will be completed at the end of 2017. The investment in the factory is related to the development of safety, productivity, product quality and capacity of the Vieremä factory. The total investment to the factory is approximately EUR 32 million.

 

PONSSE GROUP


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000)

 

         
    IFRS IFRS IFRS
    1-6/17 1-6/16 1-12/16
NET SALES 258,661 237,135 517,400
Increase (+)/decrease (-) in inventories of finished goods and work in progress 22,822 17,239 2,346
Other operating income   929 873 1,915
Raw materials and services   -183,461 -164,481 -336,008
Expenditure on employment-related benefits -40,436 -36,845 -73,879
Depreciation and amortisation   -6,360 -5,817 -11,905
Other operating expenses   -23,943 -21,893 -44,711
OPERATING RESULT   28,211 26,212 55,158
Share of results of associated companies -12 96 23
Financial income and expenses   -5,579 1,925 3,074
RESULT BEFORE TAXES 22,620 28,233 58,255
Income taxes   -5,973 -5,305 -12,543
NET RESULT FOR THE PERIOD   16,647 22,928 45,712
         
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:      
Translation differences related to foreign units -518 705 1,554
         
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 16,129 23,633 47,266
         
Diluted and undiluted earnings per share* 0.60 0.82 1.63
         
         
    IFRS IFRS  
    4-6/17 4-6/16  
NET SALES 128,754 122,021  
Increase (+)/decrease (-) in inventories of finished goods and work in progress 14,942 9,505  
Other operating income   504 275  
Raw materials and services   -92,460 -84,225  
Expenditure on employment-related benefits -21,787 -19,555  
Depreciation and amortisation   -3,198 -2,921  
Other operating expenses   -12,865 -10,992  
OPERATING RESULT   13,889 14,109  
Share of results of associated companies -23 47  
Financial income and expenses   -5,723 2,071  
RESULT BEFORE TAXES 8,143 16,227  
Income taxes   -2,708 -2,787  
NET RESULT FOR THE PERIOD   5,435 13,440  
         
OTHER ITEMS INCLUDED IN TOTAL COMPREHENSIVE RESULT:      
Translation differences related to foreign units -841 271  
         
TOTAL COMPREHENSIVE RESULT FOR THE PERIOD 4,593 13,711  
         
Diluted and undiluted earnings per share* 0.19 0.48    
         
           

 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000)

       
  IFRS IFRS IFRS
ASSETS 30 Jun 17 30 Jun 16 31 Dec 16
NON-CURRENT ASSETS      
Intangible assets 21,111 18,823 19,928
Goodwill 3,823 3,832 3,827
Property, plant and equipment 83,066 62,675 73,765
Financial assets 102 105 103
Investments in associated companies 709 853 781
Non-current receivables 1,584 2,408 2,340
Deferred tax assets 2,487 3,876 2,525
TOTAL NON-CURRENT ASSETS 112,883 92,573 103,269
       
CURRENT ASSETS      
Inventories 141,863 128,853 118,283
Trade receivables 39,248 36,118 35,933
Income tax receivables 553 310 859
Other current receivables 12,022 11,365 5,915
Cash and cash equivalents 14,071 15,125 37,342
TOTAL CURRENT ASSETS 207,757 191,771 198,332
       
TOTAL ASSETS 320,639 284,343 301,600
       
SHAREHOLDERS’ EQUITY AND LIABILITIES      
SHAREHOLDERS’ EQUITY      
Share capital 7,000 7,000 7,000
Other reserves 2,452 2,452 2,452
Translation differences 240 -91 758
Treasury shares -346 -346 -346
Retained earnings 139,799 117,148 139,932
EQUITY OWNED BY PARENT COMPANY SHAREHOLDERS 149,146 126,164 149,796
       
NON-CURRENT LIABILITIES      
Interest-bearing liabilities 47,770 48,550 46,653
Deferred tax liabilities 542 701 799
Other non-current liabilities 52 6 0
TOTAL NON-CURRENT LIABILITIES 48,364 49,258 47,452
       
CURRENT LIABILITIES      
Interest-bearing liabilities 28,253 21,919 13,462
Provisions 6,284 6,246 5,970
Tax liabilities for the period 1,133 2,826 2,043
Trade creditors and other current liabilities *) 87,459 77,930 82,877
TOTAL CURRENT LIABILITIES 123,129 108,922 104,353
       
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 320,639 284,343 301,600
         

  
*) Change in accounting principle, more information in the note 3.



CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000) 

         
    IFRS IFRS IFRS
    1-6/17 1-6/16 1-12/16
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net result for the period   16,647 22,928 45,712
Adjustments:        
Financial income and expenses   5,579 -1,925 -3,074
Share of the result of associated companies 12 -96 -23
Depreciation and amortisation   6,360 5,817 11,905
Income taxes   5,973 5,305 12,543
Other adjustments   -2,297 638 3,051
Cash flow before changes in working capital 32,274 32,667 70,114
         
Change in working capital:        
Change in trade receivables and other receivables -8,512 2,126 7,437
Change in inventories   -23,580 -24,269 -13,699
Change in trade creditors and other liabilities 5,559 -1,720 2,777
Change in provisions for liabilities and charges 314 1,371 1,216
Interest received   127 109 222
Interest paid   -432 -474 -953
Other financial items   420 -147 -468
Income taxes paid   -6,861 -5,860 -12,905
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) -691 3,802 53,740
         
CASH FLOWS USED IN INVESTING ACTIVITIES      
Investments in tangible and intangible assets -16,839 -10,001 -28,280
Proceeds from sale of tangible and intangible assets 111 88 198
NET CASH FLOWS USED IN INVESTMENT ACTIVITIES (B) -16,728 -9,914 -28,082
         
CASH FLOWS FROM FINANCING ACTIVITIES      
Withdrawal/Repayment of current loans 15,172 10,000 2,220
Withdrawal of non-current loans 0 0 1,004
Repayment of non-current loans -450 -2,110 -5,702
Payment of finance lease liabilities 1,193 176 191
Change in non-current receivables 710 -374 -1,396
Dividends paid -16,780 -15,382 -15,382
NET CASH FLOWS FROM FINANCING ACTIVITIES (C) -156 -7,690 -19,065
         
Change in cash and cash equivalents (A+B+C) -17,575 -13,802 6,593
         
Cash and cash equivalents on 1 Jan   37,342 26,495 26,495
Impact of exchange rate changes -5,696 2,432 4,254
Cash and cash equivalents on 30 Jun/31 Dec 14,071 15,125 37,342
               

  

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 2017 7,000 2,452 758 -346 139,932 149,796
Translation differences     -518     -518
Result for the period         16,647 16,647
Total comprehensive income for the period     -518   16,647 16,129
Dividend distribution         -16,780 -16,780
SHAREHOLDERS' EQUITY 30  JUN 2017 7,000 2,452 240 -346 139,799 149,146
             
             
SHAREHOLDERS’ EQUITY 1 JAN 2016 7,000 2,452 -796 -346 109,602 117,912
Translation differences     705     705
Result for the period         22,928 22,928
Total comprehensive income for the period     705   22,928 23,633
Dividend distribution         -15,382 -15,382
SHAREHOLDERS' EQUITY 30 JUN 2016 7,000 2,452 -91 -346 117,148 126,164
                       

 SEGMENT INFORMATION (EUR 1,000)

 
OPERATING SEGMENTS
1-6/2017 Northern Europe Central and Southern Europe Russia and Asia North and South America Total  
Net sales of the segment 200,125 52,258 44,975 54,570 351,928  
Sales between segments -91,445 -1,163 -502 -1,610 -94,721  
Unallocated sales         1,453  
NET SALES FROM EXTERNAL CUSTOMERS 108,680 51,094 44,473 52,961 258,661  
             
Operating result of the segment 4,916 7,119 8,390 6,331 26,756  
Unallocated items         1,456  
OPERATING RESULT 4,916 7,119 8,390 6,331 28,211  
           
             
OPERATING SEGMENTS          
1-6/2016 Northern Europe Central and Southern Europe Russia and Asia North and South America Total  
Net sales of the segment 163,784 56,411 28,261 64,855 313,311  
Sales between segments -78,045 -759 -336 -1,939 -81,078  
Unallocated sales         4,902  
NET SALES FROM EXTERNAL CUSTOMERS 85,739 55,652 27,925 62,917 237,135  
             
Operating result of the segment 4,142 9,925 2,803 7,550 24,420  
Unallocated items         1,792  
OPERATING RESULT 4,142 9,925 2,803 7,550 26,212  

  


 
  30 Jun 17 30 Jun 16 31 Dec 16
1. LEASING COMMITMENTS (EUR 1,000) 2,100 1,041 1,020

  

2. CONTINGENT LIABILITIES (EUR 1,000) 30 Jun 17 30 Jun 16 31 Dec 16
Guarantees given on behalf of others 543 350 549
Repurchase commitments   3,371 4,213 3,021
Other commitments   967 218 1,177
TOTAL   4,881 4,781 4,747

  

3. PROVISIONS (EUR 1,000)   Guarantee provision
Reported on 31 Dec 2016   7,336
Change in accounting principle   -1,366
1 January 2017     5,970
Provisions added     515
Provisions cancelled     -201
30 June 2017     6,284

 

The accounting principle concerning the provision has been changed as of 1 January 2017 so that the amount shown as guarantee provision equals the amount to which the Company is bound by the terms and conditions of the sales contract. The change has not had effect on the result.
   

4. DIVIDENDS PAID (EUR 1,000)   30 Jun 17 30 Jun 16  
Dividends per share EUR 0.60 (EUR 0.55)    16,780 15,382  

 

5. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) 1-6/17 1-6/16  
Increase     14,721 7,395  
Decrease     -350 -72  
TOTAL     14,371 7,323  

 

6. RELATED PARTY TRANSACTIONS 1-6/17 1-6/16  
Management’s employment-related benefits (EUR 1,000)      
Salaries and other short-term employment-related benefits 2,019 2,217  
Benefits paid upon termination of employment 0 0  
Pension liabilities, statutory pension security 286 315  
Compensation of the members of the Board of Directors      114 122  
           

  

KEY FIGURES AND RATIOS     30 Jun 17 30 Jun 16 31 Dec 16
R&D expenditure, MEUR   7.1 6.4 12.4
Capital expenditure, MEUR   16.8 10.0 28.3
as % of net sales     6.5 4.2 5.5
Average number of employees     1,483 1,412 1,435
Order books, MEUR     141.4 166.1 123.9
Equity ratio, %     47.3 45.0 50.3
Diluted and undiluted earnings per share (EUR)   0.60 0.82 1.63
Equity per share (EUR)     5.33 4.51 5.35

  

FORMULAE FOR FINANCIAL INDICATORS

Return on capital employed, %:
Result before tax + financial expenses
---------------------------------------------------------------------------------------------------------------------
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.

Net gearing, %:
Interest-bearing financial liabilities – cash and cash equivalents
-----------------------------------------------------------------------------------
Shareholders’ equity * 100

Equity ratio, %:
Shareholders’ equity + Non-controlling interests
------------------------------------------------------------------------
Balance sheet total - advance payments received * 100

Earnings per share:
Net result for the period - Non-controlling interests
-----------------------------------------------------------------------------------------------------------
Average number of shares during the accounting period, adjusted for share issues

Equity per share:
Shareholders’ equity
---------------------------------------------------------------------------------------------
Number of shares on the balance sheet date, adjusted for share issues

   

ORDER INTAKE (EUR million)   1-6/17 1-6/16 1-12/16
Ponsse Group   280.9 252.1 493.8

  
The stock exchange release for the interim report has been prepared observing the recognition and valuation principles of IFRS standards and 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 2016.

The Group´s assessment of the impact of the new standards IFRS 9 “Financial Instruments”, IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases” are described in the annual financial statements dated 31 December 2016.

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, 8 August 2017

PONSSE PLC


Juho Nummela
President and CEO


FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 400 495 690
Petri Härkönen, CFO, tel. +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.