Vieremä, Finland, 2017-08-08 11:45 CEST (GLOBE NEWSWIRE) -- CORRECTION: PONSSE’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2017 This is a correction of the Ponsse´s interim report for 1 January – 30 June 2017 from 8 August 2017 at 9:00 am. The correction relates to cash flow from business operations in the President and CEO review. Reason for the correction: cash flow from business operations was incorrectly EUR 0.7 (3.8) million. The correct cast flow from business operations is EUR -0.7 (3.8) million.
Correct information follows below and attached.
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 net 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.
