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Investors

PONSSE’S FINANCIAL STATEMENTS FOR 1 JANUARY – 30 JUNE 2018

Juho Nummela, President and CEO (August 7, 2018):

The forest machine market continued to be extremely strong in the second quarter of the year. Of our market areas, North and Central Europe, as well as Russia, grew most strongly. Order intake for the quarter was excellent, and the order books for the period under review showed a result of EUR 187.0 (141.4) million. Good demand, long order books and investment in the factory have had an effect on the length of delivery times. In the current situation, demand exceeds capacity considerably, and the pressures to accelerate delivery times have continued to grow. With the heated economic situation, it has been difficult to get components, and the situation will remain challenging in the near future.  However, Ponsse has been able to manufacture machines according to the plan.

The company’s net sales for the second quarter were EUR 149.0 (128.8) million. Growth in net sales compared to the reference period was 15.7 percent. The net sales of maintenance services and the trade-in machine business increased greatly. The growth of net sales is at a good level, given that the ramp-up of the new Ponsse factory started at the end of the first quarter of 2018. The effects of the ramp-up of the factory will show in the number of machines in the second and third quarters. International business accounted for 78.4 (74.5) per cent of turnover.

Operating result for the past quarter amounted to EUR 12.4 (13.9) million. The operating result percentage for the period under review was 8.3 (10.8) per cent. The ramp-up of the factory has had an impact on the profitability. Profitability in the first half of the year increased by approximately 4.5 per cent, compared to the reference period, and the operating profit amounted to EUR 29.5 (28.2) million. The operating profit equalled 10.1 (10.9) per cent of net sales for the first half of the year, thanks to the good first quarter.

Cash flow continued to develop very well, and cash flow from business operations amounted to EUR 23.5 (-0.7) million at the end of the second quarter. The company’s working capital was well under control, and particularly the stock of trade-in machines was at a good level compared to the growth.

The Vieremä plant investment is proceeding on schedule. During the second quarter, we built new production lines and renovated facilities in the factory. At the same time, we continued to develop our practices systematically to improve the use of the new warehouse system. The factory expansion including the new warehouse system has been a big change and the input from our personnel and their hard work to enable our success has been considerable. The new factory and the new production lines will start operating at the beginning of August.

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