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STOCK EXCHANGE RELEASE 26 Oct 2012

Pöyry Oyj : Intermin Report 1 January - 30 September 2012

PÖYRY PLC          Interim Report 26 October 2012 at 8:30 a.m.

FY 2012 RESULT FALLS SHORT OF EXPECTATIONS - FOCUS ON IMPROVING PROFITABILTIY

KEY FIGURES

Pöyry Group 7-9/
2012
7-9/
2011
Change,
%
1-9/
2012
1-9/
2011
Change,
%
1-12/
2011
Order stock at end of period, EUR million 595.1 724.4 -17.8 595.1 724.4 -17.8 694.4
Net sales total, EUR million 176.0 193.9 -9.2 584.3 569.2 2.7 796.1
Operating profit excl.
restructuring costs,
EUR million
3.0 8.5 -64.7 10.5 24.0 -56.3 30.4
Operating margin excluding
restructuring costs, %
1.7 4.4 1.8 4.2 3.8
Operating profit,
EUR million
-1.2 6.9 n.a. -2.8 20.5 n.a. 20.0
Operating margin, % -0.7 3.6 -0.5 3.6 2.5
Profit before taxes,
EUR million
-2.3 6.1 n.a. -4.5 17.9 n.a. 17.1
Earnings per share, basic, EUR -0.04 0.05 n.a. -0.15 0.16 n.a. 0.13
Earnings per share, diluted, EUR -0.04 0.05 n.a. -0.15 0.16 n.a. 0.13
Gearing, % 61.2 37.8 28.2
Return on investment,  % (R12M) -0.3 9.8 7.4
Average number of personnel during period, calculated as full time equivalents (FTE) 6,762 6,815 -0.8 6,864

All figures and sums have  been  rounded  off  from  the  exact  figures  which  may  lead  to  minor  discrepancies  upon  addition or subtraction.

JANUARY-SEPTEMBER 2012 HIGHLIGHTS
Figures in brackets, unless otherwise stated, refer to the same period the previous year.

- Pöyry reduced further its estimate for the full year 2012 operating profit on 18 October 2012. The Group's operating profit for 2012, excluding restructuring costs, is expected to decline significantly compared with 2011. In the outlook given in connection with the January - June 2012 result the Group's operating profit was expected to decline from 2011. The Group's net sales outlook is unchanged and net sales in 2012 are expected to remain stable compared with 2011.
- The Group's order stock totalled EUR 595.1 million (724.4) at the end of the reporting period.
- Consolidated net sales increased by 2.7 per cent compared with the year before to EUR 584.3 million (569.2).
- Operating profit excluding restructuring costs was EUR 10.5 million (24.0) corresponding to 1.8 per cent (4.2) of sales.
- Operating profit improved in the Industry business group but was lower than the year before in all other business groups.
- Restructuring costs in the reporting period totalled EUR 13.3 million of which EUR 7.2 million were recognised in the first quarter of 2012.
- Unallocated costs in January-September 2012 were EUR 16.8 million which includes EUR 12.0 million restructuring costs.
- The accounts receivable include items, which relate to certain public sector infrastructure projects in Venezuela, where the client is a public authority. These have been described in the report of the Board of Directors for 2011 and there have not been material changes during 2012. The current net value of the receivables is EUR 23.3 million.
- Alexis Fries started as President and CEO on 1 September 2012.

OUTLOOK FOR 2012
Pöyry reduced further its estimate for the full year 2012 operating profit on 18 October 2012. The Group's operating profit for 2012, excluding restructuring costs, is expected to decline significantly compared with 2011. In the outlook given in connection with the January - June 2012 result the Group's operating profit was expected to decline from 2011. The Group's net sales outlook is unchanged and net sales in 2012 are expected to remain stable compared with 2011.

As announced before Pöyry pursues actions to improve profitability. These actions include efficiency improvements and streamlining internal processes and support functions as well as low-performing units. This will result in restructuring costs which will be recorded in 2012. More detailed information on estimated financial impacts will be available later this year.

Updated outlook concerning business groups:
Net sales are expected to remain stable in all business groups.

Operating profit in the Energy and Management business groups is expected to decline significantly. Operating profit in the Industry business group is expected to decline. Operating profit in the Urban business group is expected to improve significantly considering the low comparison figure.

PREVIOUS OUTLOOK FOR 2012 AS OF 27 JULY 2012
The Group's net sales in 2012 are expected to remain stable compared with 2011. The Group's operating profit for 2012, excluding restructuring costs, is expected to decline compared with 2011.

Outlook concerning business groups:
Net sales are expected to remain stable in all business groups.

Operating profit in the Energy business group is expected to decline and in the Management Consulting business group to decline clearly. Operating profit in the Industry business group is expected to improve. Operating profit in the Urban business group is expected to improve significantly considering the low comparison figure.

The operating profit outlook and comparison to 2011 both refer to figures excluding restructuring costs..

COMMENTS FROM ALEXIS FRIES, PRESIDENT AND CEO:
"Group's January-September operating profit of EUR 10.5 million or 1.8 per cent of net sales before restructuring costs remained unsatisfactory. Group's order stock value was EUR 595 million at the end of the reporting period. Net sales were stable compared with the previous year and totalled EUR 584 million.

Increasing economic uncertainty has impacted clients' investment activity which is also reflected in our order intake. In the Energy business group, the order intake was supported by strong first quarter and order intake to-date remained on the same level as in the year before. The Industry business group has not booked any larger orders in 2012 whereas the comparison figure includes major projects received in 2011. In the Urban business group, divestments and reduced activity in the non-core markets, as part of the strategic review of the business portfolio, were also visible in declining order intake. Order intake in the Management Consulting business group declined reflecting the challenging business environment.  

Due to unsatisfactory results especially in the second and third quarters, the operating profit excluding restructuring costs for January -September 2012 is clearly lower than expected.  As announced before we will pursue actions to improve profitability. These actions include efficiency improvements and streamlining internal processes and support functions as well as low-performing units. This will result in restructuring costs which will be recorded in 2012. More detailed information on estimated financial impacts will be available later this year."

This is a summary of the January-September 2012 interim report. The complete report is published as an enclosure to this company announcement and is available in full on the company's web site at www.poyry.com. Investors are advised to review the complete financial statement release with tables.

PÖYRY PLC

Additional information from:
Jukka Pahta, CFO
tel. +358 10 33 26088
Sanna Päiväniemi, Director, Investor Relations
tel. +358 10 33 23002

INVITATION TO CONFERENCES TODAY 26 OCTOBER 2012
The January-September 2012 result will be presented at the news conferences today as follows:

- A conference for analysts, investors and press in Finnish will be arranged at 12 p.m. Finnish time at Restaurant Savoy, Eteläesplanadi 14, Helsinki, Finland. The event will be hosted by Alexis Fries, President and CEO and Jukka Pahta, CFO.

- An international conference call and webcast in English will begin at 5:00 p.m. Finnish time (EEST). The event will be hosted by Jukka Pahta, CFO.

10:00 a.m. US EDT (New York)
3:00 p.m. BST (London)
4:00 p.m. CEST (Paris)
5:00 p.m. EEST (Helsinki)

The webcast may be followed online on the company's website www.poyry.com. A replay can be viewed on the same site the next working day.

To attend the conference call, please dial

Finland: 0800 914672
UK: 0808 109 0700
USA: 1 866 966 5335
Other countries: +44 (0)20 3003 2666
Conference id: Pöyry

Due to the live webcast, we kindly ask those attending the international conference call and webcast to dial in 5 minutes prior to the start of the event.

Pöyry is a global consulting and engineering company dedicated to balanced sustainability and responsible business. With innovation, quality and integrity at our core, we deliver best-in-class strategic advisory, engineering, project implementation and operations support services. Our in-depth expertise extends to the fields of energy, forest industry, chemicals & biorefining, mining & metals, transportation, water and real estate. Pöyry has about 7,000 experts and an extensive local office network. Pöyry's net sales in 2011 were EUR 796 million and the company's shares are quoted on NASDAQ OMX Helsinki (Pöyry PLC: POY1V).

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.poyry.com 

 

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