Ponsse Annual Report 2002
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Annual Report 2002 CONTENTS Information for Shareholders .................................................................. 2 2002 in Brief .............................................................................................. 3 Review by the Chairman of the Board.................................................... 4 Review by the President, CEO ................................................................ 5 Financial Statements 2002 Report by the Board of Directors 1 January – 31 December 2002 .......... 6 Consolidated Profit and Loss Account for 2002 and 2001...................... 9 Consolidated Balance Sheet for 2002 and 2001..................................... 9 Consolidated Cash Flow Statement for 2002 and 2001........................ 10 Ponsse Oyj Profit and Loss Account for 2002 and 2001....................... 11 Ponsse Oyj Balance Sheet for 2002 and 2001...................................... 11 Ponsse Oyj Cash Flow Statement for 2002 and 2001........................... 12 Notes to the Accounts.......................................................................... 13 Key Ratios and Financial Indicators....................................................... 22 Key Ratios for Shares ........................................................................... 22 Calculation of Key Ratios...................................................................... 23 Share Capital and Shares ..................................................................... 24 Shareholders ........................................................................................ 25 Proposal of the Board of Directors for the Disposal of Profit.................. 27 Auditor’s Report.................................................................................... 27 Board of Directors.................................................................................. 28 Management ........................................................................................... 29 Company and Products ......................................................................... 30 Review of Operational System and Quality Management in 2002..... 34 Addresses ............................................................................................... 35 INFORMATION Shareholders wishing to attend the Annual register where they have their book-entry FOR SHARE- General Meeting should notify the company of account. their intention to do so by 4pm Finnish time on HOLDERS 17 March 2003 either in writing to Ponsse Oyj, Share Register, FIN-74200 Vieremä, Finland, Financial Reports in 2003 by telephone at +358 (0)17 768 461 or by Ponsse Oyj will publish three interim reports telefacsimile at +358 (0)17 768 4690. Written in 2003. notifications must arrive before the deadline above. Any proxy forms should also be re- - The first, covering the period ceived before the deadline. 1 January to 31 March 2003, will be published on 24 April 2003. - The second, covering the period Annual General Meeting Dividend 1 January to 30 June 2003, Ponsse Oyj’s shareholders are invited to at- The Board of Directors has decided to recom- will be published on 24 July 2002. tend the Annual General Meeting to be held mend to the Annual General Meeting that - The third, covering the period from on Thursday 20 March 2003 at 10am at a dividend of EUR 0.65 per share be paid 1 January to 30 September 2003, Iisalmi Cultural Centre, Kirkkopuistonkatu 9, for 2002. The dividend will be paid to share- will be published on 23 October 2003. FIN-74100 Iisalmi, Finland. holders registered in the share register kept The following matters will be taken up at by the Finnish Central Securities Depository Interim reports are published in Finn- the meeting: matters belonging to the An- at the record date, 25 March 2003. The Board ish and English on Ponsse’s website at nual General Meeting according to Section of Directors is to recommend to the Annual www.ponsse.com. 13 of the Articles of Association as well as the General Meeting that the dividend be paid after This annual report is published in Finnish Board’s proposal that a bonus in the amount the record period on 1 April 2003. and English. Copies of annual reports may be of EUR 25 be paid to the staff of Ponsse Oyj ordered from Ponsse Oyj, FIN-74200 Vieremä, for each complete working month during the Finland, by telephone +358 (0)17 768 461, by Share register year 2002. Bonuses will not be paid for em- telefacsimile +358 (0)17 768 4690, by email at ployment relationships that ended before 27 Ponsse Oyj’s shares and shareholders are [email protected]. The February 2003. listed in the share register kept by the Finnish annual report is also posted on the company’s To be eligible to attend the meeting, share- Central Securities Depository. Shareholders website at www.ponsse.com. holders should be registered by 10 March 2003 are requested to notify any changes of name in the company’s share register kept by the and address or other matters relating to their Finnish Central Securities Depository (APK). shareholding to the book-entry securities 3 During the year under review, Ponsse’s turn- (EUR 68.2m). The group’s interest-bearing 2002 over rose by 7.5 per cent on the year to debts totalled EUR 22.2 million (EUR 20.2m). EUR 133.2 million (EUR 123.8m in 2001). Ponsse’s equity ratio remained at a healthy IN BRIEF Turnover growth predominated during Q1 52.4 per cent (53.3%). Liquidity remained and especially during Q4 in all the company’s good throughout the entire year under review. markets. In 2002, the number of machines At year-end, the Group’s cash assets stood at manufactured rose to 330 (306), a new record. EUR 12.0 million (EUR 8.9m). Quality targets and production volumes of the Feedback received from contractors shows new range of models were successfully met the new machine models launched in 2001 to Turnover, MEUR during the year. be dependable. Likewise machine economy Exports and foreign business opera- and productivity remained high. Two new ma- 140 tions accounted for 57.8 per cent (61.7%) chine models were launched during the year 120 of turnover. Finland accounted for 42.2 per under review. 100 cent (38.3%), the rest of Europe for 37.0 per The Buffalo Dual can be used as both a 80 cent (35.1%), North America for 18.7 per cent harvester and a forwarder. The front load gate 60 (20.7%) and the rest of the world for 2.1 per and load bunks are removed for harvesting 40 cent (5.9% in) of group turnover. Exports were and the loader grapple is replaced by a har- down mainly owing to changes taking place vester head. 20 in the dealer organization, business expecta- The other forest machine innovation 0 1998 1999 2000 2001 2002 tions in the forest sector - especially in certain launched during the year under review was the export countries - and general economic Wisent forwarder. This new model is available uncertainty, which was also reflected on the in six- and eight-wheel versions and has been market for forest machines. At year-end, the engineered for manoeuvrability and a high net group’s order stock was EUR 32.1 million weight and load-carrying capacity ratio. (EUR 23.2m). In summer, Ponsse’s information system Turnover by Market Area Group operating profit amounted to EUR unit presented map software and a data trans- Other countries 2.1 % 9.4 million (EUR 9.7m), equivalent to 7.0 per fer system designed for the North American cent (7.9%) of turnover. The operating profit market. This new application enables full uti- was depressed mostly because of fiercer lization of the coordination used in the United North America Finland 42.2 % competition on an already slack machinery States and digital maps in harvesting. 18.7 % market and by higher R&D costs than in In addition, the year under review saw 2001. various functional changes and improvements The consolidated balance sheet total at made to Opti 4G software. 31 December 2002 was EUR 73.9 million Rest of Europe 37 % Key Data 2002 2001 Operating Profit, MEUR Turnover, MEUR ...................................................................................... 133.2 ........... 123.8 Operating profit, MEUR ............................................................................... 9.4 ............... 9.7 14 Profit before extraordinary items, MEUR ...................................................... 9.8 ............... 9.2 12 Earnings per share, EUR............................................................................ 0.99 ............. 0.91 10 Dividend per share, EUR.............................................................................0.65(1 .......... 0.65 8 Shareholders equity per share, EUR .......................................................... 5.51 ............. 5.18 Equity ratio, % ........................................................................................... 52.4 ............. 53.3 6 Return on investment, % (ROI)................................................................... 18.1 ............. 19.2 4 Average number of staff.............................................................................. 521 .............. 518 2 1) Proposal of the Board of Directors to the Annual General Meeting 0 The calculation of key figures is shown on page 23. 1998 1999 2000 2001 2002 Return on Investment, % (ROI) Equity Ratio, % 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 1998 1999 2000 2001 2002 1998 1999 2000 2001 2002 4 REVIEW BY he market conditions for forest machines were ex- Ttremely difficult throughout 2002. Given the excep-