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PONSSE PLC Annual Report 2008

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PONSSE PLC Annual Report 2008 PONSSE PLC ANNUAL REPORT 2008 www.ponsse.com PONSSE’S MISSION, PONSSE IN BRIEF VALUES AND VISION As an industrial company, Ponsse Plc is a MISSION sales, maintenance and technology ven- • We will succeed together with our customers and ture committed to creating success for its partners through innovative harvesting solutions based on sustainable development customers, and determined to secure its position as a global leader in the fi eld of VALUES environmentally friendly cut-to-length forest CUSTOMER ORIENTATION • A real interest of the customer, knowing the custo- machines. mers in person, and recognising their needs • Knowing the business of the customer • Lean organisation and low level of hierarchy with The company was established by forest decision makers close to the customers • Easy reachability machine entrepreneur Einari Vidgrén in • Customer-driven production system 1970, and it has been a pioneer of timber RELIABILITY harvesting solutions based on the cut-to- • The customer is never left alone • We keep sincerely what we have promised and we length method ever since. Ponsse is head- do not give any false promises • We work honestly and ethically considering our quartered in Vieremä, Finland. The Com- stakeholders pany’s shares are quoted on the NASDAQ PONSSE SPIRIT OMX Nordic List. The Group operates in • Recognition and appreciation of our human resources • Willingness to succeed and entrepreneurship approximately 40 countries. • Modesty and humble minds before work • Refusing to compromise in achieving goals • Common responsibility for the success of our business • We maintain good humour and fair play WILLINGNESS TO SERVE • Serve the customer as you would like to be served • Customer requirements and requests are dealt with immediately and not turned over to others • The success of our customer is secured by helping our own colleagues INNOVATION • We pursue for continuous improvement of products and services as well as processes • We are initiative and open-minded • Change is always an opportunity • Competitiveness is secured by our innovative PONSSE attitude VISION ERGO • We are the preferred partner in our industry 2 Ponsse Annual Report 2008 Ponsse Annual Report 2008 3 PONSSE’S MISSION, PONSSE IN BRIEF VALUES AND VISION As an industrial company, Ponsse Plc is a MISSION sales, maintenance and technology ven- • We will succeed together with our customers and ture committed to creating success for its partners through innovative harvesting solutions based on sustainable development customers, and determined to secure its position as a global leader in the fi eld of VALUES environmentally friendly cut-to-length forest CUSTOMER ORIENTATION • A real interest of the customer, knowing the custo- machines. mers in person, and recognising their needs • Knowing the business of the customer • Lean organisation and low level of hierarchy with The company was established by forest decision makers close to the customers • Easy reachability machine entrepreneur Einari Vidgrén in • Customer-driven production system 1970, and it has been a pioneer of timber RELIABILITY harvesting solutions based on the cut-to- • The customer is never left alone • We keep sincerely what we have promised and we length method ever since. Ponsse is head- do not give any false promises • We work honestly and ethically considering our quartered in Vieremä, Finland. The Com- stakeholders pany’s shares are quoted on the NASDAQ PONSSE SPIRIT OMX Nordic List. The Group operates in • Recognition and appreciation of our human resources • Willingness to succeed and entrepreneurship approximately 40 countries. • Modesty and humble minds before work • Refusing to compromise in achieving goals • Common responsibility for the success of our business • We maintain good humour and fair play WILLINGNESS TO SERVE • Serve the customer as you would like to be served • Customer requirements and requests are dealt with immediately and not turned over to others • The success of our customer is secured by helping our own colleagues INNOVATION • We pursue for continuous improvement of products and services as well as processes • We are initiative and open-minded • Change is always an opportunity • Competitiveness is secured by our innovative PONSSE attitude VISION ERGO • We are the preferred partner in our industry 2 Ponsse Annual Report 2008 Ponsse Annual Report 2008 3 CONTENTS Ponsse in brief 3 Ponsse’s mission, values and vision 3 Contents 5 Review by the Chairman of the Board and the President and CEO 6 Information for shareholders 8 The year 2008 in brief 9 Operating policy, ISO 9001: 2000 10 Events in 2008 11 Market area review 15 Area reviews 16 Service business in 2008 19 Cut-to-length method product ranges developed 20 Production 22 Epec’s product portfolio 23 Board of Directors and management 24 Product range 28 PONSSE BUFFALO Financial statements 32 Our global network 90 4 Ponsse Annual Report 2008 Ponsse Annual Report 2008 5 CONTENTS Ponsse in brief 3 Ponsse’s mission, values and vision 3 Contents 5 Review by the Chairman of the Board and the President and CEO 6 Information for shareholders 8 The year 2008 in brief 9 Operating policy, ISO 9001: 2000 10 Events in 2008 11 Market area review 15 Area reviews 16 Service business in 2008 19 Cut-to-length method product ranges developed 20 Production 22 Epec’s product portfolio 23 Board of Directors and management 24 Product range 28 PONSSE BUFFALO Financial statements 32 Our global network 90 4 Ponsse Annual Report 2008 Ponsse Annual Report 2008 5 Review by the Chairman of the Board and the President and CEO Review by the Chairman of the Board and the President and CEO REVIEW BY THE CHAIRMAN OF THE BOARD AND THE PRESIDENT AND CEO The period of strong growth at Ponsse ended in adjustment measures will also help ensure that are highly competitive and, in terms of power 2008. The high demand experienced in the past when the economic situation revives and for- and performance, the best in the market. few years, combined with the scarce availability est machine contractors regain their investment of raw materials and components, and skyrock- strength, we will be able to cater to increased We would like to thank our customers and busi- eting costs, led to major difficulties worldwide. demand quickly. ness partners for their cooperation, and our The slowdown of the economy began to reflect shareholders for their trust in us. Our warmest on our operations in the second quarter. At this Net sales in 2008 amounted to EUR 293.0 mil- thanks also go to everyone at Ponsse. time, the factory capacity reservation system lion and operating profit to EUR 13.6 million. was revised in order to accurately identify the 63.3% of sales were generated in international real market situation and to enhance our ability operations. to react to changes. The outlook for 2009 is extremely challenging. The Einari Vidgrén The order book remained at a sufficient opera- order book and order influx at the beginning of the Chairman of the Board tional level until the autumn but then the order year are weak, and the revival of export markets influx started to weaken rapidly. In our compa- is of vital importance for us. Problems in the real ny operations, the global economic crisis trans- economy affect our operations, particularly in the lated into a marked decrease in the demand for first half. In 2009, we will invest in cost efficiency Juho Nummela machinery. With the economic slowdown, the and quality in all operations and products, and in President and CEO consumption of sawn timber, paper and board developing new products for market launch. has plummeted. Furthermore, our customers’ opportunities of securing financing for their ma- The development of export markets and our cus- chinery purchases have weakened, especially tomers’ machinery capacity utilisation rate deter- in the export markets. Higher business costs mine the forest machinery production volume for were another significant problem in 2008 both the coming year. Active co-operation with our cus- for our clientele and for us at Ponsse. tomers and the ability to find new solutions quickly are increasingly important. Inputs in servicing and Operational adjustment measures were launched sales will continue as usual, and we will be closely immediately to adapt to the weakening order vol- involved in our customers’ operations. We will con- umes. The first stage involves cost trimming and tinue to make our services even more easily and capacity reduction by slowing the production quickly available to our customers. cycle. In addition, upcoming holidays were tak- en in advance in order to strengthen the order Despite the current economic situation, the cut- book. In the second stage, we initiated the first to-length method will gain popularity in harvest- employer-employee negotiations which resulted ing in the long term. About half of the world’s in- in temporary lay-offs. We decided to concentrate dustrial harvesting is carried out manually, and our operations, and as a part of this plan the Bra- half mechanically. The cut-to-length method zilian harvester head assembly and R&D opera- is becoming more common as mechanical har- tions were transferred to the Vieremä facility. In vesting gains ground. Other contributing factors December, we launched the second employer- include fast mechanisation of harvesting in fast- employee negotiations, which were concluded in growing cultivated forests in the southern hemi- early 2009. According to the proposal submitted, sphere, and the fact that the tree-length method the negotiations involved dismissals and tempo- is losing ground to the cut-to-length method. rary and indefinite layoffs. Bioenergy is becoming an increasingly impor- tant energy source in Scandinavia and North The employee-employer negotiations are part America. Ponsse is also involved in developing of the Group’s operational adjustment and ef- integrated roundwood and energy wood harvest- ficiency enhancement programme that aims to ing methods and equipment.
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