STOCK EXCHANGE RELEASE 24 Apr 2013
Pöyry PLC: Interim report 1 January - 31 March 2013
PÖYRY PLC Interim Report 24 April 2013 at 8:30 a.m.
REPORTED OPERATING PROFIT TURNED POSITIVE - COST SAVINGS PROGRESSING TO PLAN
|Pöyry Group|| 1-3/
|Order stock at end of period, EUR million||585.9||696.9||-15.9||547.7|
|Net sales total, EUR million||166.3||209.5||-20.6||775.0|
| Operating profit,
|Operating margin, %||1.9||-0.6||-2.4|
| Profit before taxes,
|Earnings per share, basic, EUR||0.01||-0.07||n.a.||-0.43|
|Earnings per share, diluted, EUR||0.01||-0.07||n.a.||-0.43|
|Return on investment, % (R12M)||4.3||-0.3||n.a.||-5.7|
|Average number of personnel during period, calculated as full time equivalents (FTE)||6,067||6,827||-11.1||6,695|
All figures and sums have been rounded off from the exact figures which may lead to minor discrepancies upon addition or subtraction.
JANUARY-MARCH 2013 HIGHLIGHTS
Figures in brackets, unless otherwise stated, refer to the same period the previous year.
- The Group's order stock totalled EUR 585.9 million (696.9) at the end of the reporting period. 2012 numbers include divested units amounting to EUR 32.7 million, of which EUR 32.0 million refer to Regional Operations.
- Consolidated net sales amounted to EUR 166.3 million (209.5) and decreased by 20.6 per cent compared with the previous year. 2012 numbers include net sales from divested units amounting to EUR 6.9 million, of which EUR 6.4 million refer to Regional Operations.
- Operating profit amounted to EUR 3.1 million or 1.9 per cent of sales.
- Operating profit improved in the Energy Business Group but declined in all other business lines.
- Gearing increased to 80.1 per cent, of which 8.6 per cent relate to the changes in IAS 19 (revaluation of pension liabilities).
- Accounts receivables include positions which relate to certain public sector infrastructure projects in Venezuela, currently valued at around EUR 17 million, where the client is a public authority. The receivables have been described in the report of the Board of Directors for 2012 and there have not been any material changes during the first quarter of 2013.
- Pöyry's operations were organised along the following Business Lines: Energy Business Group; Industry Business Group; Regional Operations and Management Consulting Business Group. Corresponding pro forma figures for the years 2011 and 2012 are published in the Interim Report. Operating profit is reported including restructuring costs as of 2013.
- In line with IAS 19 Employee benefits and certain minor positions, the Statement of Comprehensive Income and Statement of Financial Position 2012 have been restated. The corresponding variation analysis is published in the Interim Report. Comparable 2012 numbers have been restated accordingly.
Comments by ALEXIS FRIES, PRESIDENT AND CEO:
"A major order from CMPC Celulose Riograndense for the Guaiba pulp mill in the Rio Grande do Sul state, Brazil, was recorded by the Industry business group in March 2013. Following a period of steady decline in 2012, Group order stock developed positively in the first quarter of this year and increased compared with December 2012 levels. First quarter 2013 net sales amounted to EUR 166 million (210) and operating profit reached EUR 3 million (-1) or 1.9 per cent (-0.6) of net sales. Performance reflected seasonal effects and a somewhat delayed development in sales volumes at the beginning of the year.
Pöyry's new organisational structure was introduced in February 2013 and is based on Strategic Advisory, Global Competence Lines and Regional Operations. Through its increased focus, Pöyry expects to strengthen long-term growth and profitability. Measures aimed at establishing a solid foundation for future growth are progressing according to plan. By the end of the reporting period, a number of units were exited or closed. The Finance and IT outsourcing programmes have been launched and administrative streamlining is on track. As previously announced, these combined actions target EUR 40-50 million of annualised savings by the end of 2014."
This is a summary of the January-March 2013 Interim report. The complete report is published as an enclosure to this company announcement and is available in full on the company's website at www.poyry.com. Investors are advised to review the complete financial statement release with tables.
Additional information from:
Sanna Päiväniemi, Director, Investor Relations
tel. +358 10 33 23002
INVITATION TO CONFERENCES TODAY 24 APRIL 2013
Pöyry's January-March 2013 result will be presented at the following news conferences:
- A conference for analysts, investors and press will be arranged at 12:00 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)
The webcast may be followed online on the company's website www.poyry.com. A recording will be made available on the next working day on the same website.
To attend the conference call, please dial:
Finland: +358 (0)9 2313 9201
UK: +44 (0)20 7162 0077
US: +1 334 323 6201
Other countries: +44 (0)20 7162 0077
Conference ID: 931098
Due to the nature of 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 an international consulting and engineering company. We serve clients globally across the energy and industrial sectors and locally in our core markets. We deliver strategic advisory and engineering services, underpinned by strong project implementation capability and expertise. Our focus sectors are power generation, transmission & distribution, forest industry, chemicals & biorefining, mining & metals, transportation, water and real estate sectors. Pöyry has an extensive local office network employing about 7,000 experts. Pöyry's net sales in 2012 were EUR 775 million and the company's shares are quoted on NASDAQ OMX Helsinki (Pöyry PLC: POY1V).
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