ROCLA OYJ STOCK EXCHANGE RELEASE 16.7.2008 AT 8.30 A.M. ROCLA OYJ INTERIM REPORT 1.1.-30.6.2008 GROWTH ON HOME MARKETS, UNCERTAINTY IN OTHER PARTS OF EUROPE - Consolidated net sales of the Rocla Group in January-June 2008 were EUR 65.9 million, a growth of 7.6%. - Operating profit was EUR 2.3 million (EUR 2.0 million). - Earnings per share were 0.22 euros (0.23 euros). - The order book at the end of June 2008 was EUR 26.6 million (at the end of 2007 it was EUR 24.2 million and at the end of June last year EUR 27.4 million). Order bookings during the first half of the year were EUR 52.8 million (EUR 50.8 million). - The acquisition of VB Trucks A/S in Denmark supports the expansion of Rocla´s products, services and solutions offering in its home markets. BUSINESS STRATEGY Rocla focussed its corporate strategy in the beginning of the year. The goal is profitable growth in three areas: products, services and solutions. In products the emphasis continues to move towards higher value added products that are distributed through Rocla's own channels, its dealer network and business partners. The services network and services offering are expanded in the home markets: Finland, Denmark, Russia and Estonia. Solutions focus even more strongly on automated trucks and traditional truck operations and the services required for all-inclusive deliveries of these products. Streamlining of operations and continuous development form the basis for profitable growth. Basic business services are reinforced and developed to match the requirements of customer satisfaction and cost-efficiency. CORPORATE STRUCTURE Rocla expands its Danish operations through the acquisition of VB Trucks A/S, a Rocla distributor since the summer of 2007. The move is in line with the Group strategy of strengthening the products, services and solutions offering in the home markets. The acquisition makes Rocla one of the biggest truck operators in Denmark. The name VB Trucks was changed to Rocla Danmark A/S. The start-up date for the company as part of the Rocla Group was June 2, 2008. The operations of Rocla´s subsidiary Rocla A/S, acquired in the year 2000, and Rocla Danmark A/S will be combined in a separate decision-making process. After the acquisition of VB Trucks Rocla has some 140 employees in Denmark. A separate stock exchange release covering the acquisition was published on June 2, 2008. GENERAL DEVELOPMENT Demand for warehouse trucks in Europe held the level of last year in the first half of 2008. In counter-balance trucks growth was some ten percent. Demand weakened in North-America in both warehouse trucks and counter-balance trucks, on the average by some 4% in comparison with the first half of 2007. In Russia strong growth continued and helped balance the contraction on other markets. Demand for Rocla´s products continued favourably for the main part. The business operations of the home markets developed in line with strategy. Growth in the order booking volume in Russia was significant. In Denmark the first half of the year saw volume growth and the positive outlook was supported by the acquisition in the last month of the reporting period. The uncertainty in the economic outlook prevailing on traditional markets reflected in Rocla´s order bookings in other parts of Western Europe as these fell somewhat below targets. Shipments to North-America continued in line with plans and delivery contracts. Rocla´s automated truck concept has met with market success and customer feedback bears witness to efficient solutions and short pay-back times for truck investments. The new concept has performed particularly by cutting down delivery times. In the second quarter Rocla and Clark Materials Handling International, Inc. concluded a dealer contract to take effect as of July 1, 2008. The contract brings Clark counter-balance trucks as a complement into the Rocla product portfolio in Russia. In the second quarter Rocla´s Danish subsidiary Rocla A/S signed its biggest delivery contract ever in tough international competition. The customer is the Danish logistics company Andreas Andresen A/S, one of Denmark's biggest food supplies distributors. Andresen has expanded its business operations into Russia and the Baltic region as well. In the first three years of the contract Rocla delivers a total of 250 trucks to Andresen half of which the company will employ in the first year of the contract period. The contract provides for extensive maintenance services during the entire contract period. In addition Rocla sets up a service point at the Andresen warehouse in Padbor. KEY DATA The key financial data of the Rocla Group developed as follows in the first half of the year: -------------------------------------------------------------------------------- | Meur | 1-6 | 1-6 | Change % | 1-12 | -------------------------------------------------------------------------------- | | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- | Net sales | 65.9 | 61.2 | 7.6 % | 124.9 | -------------------------------------------------------------------------------- | Operating profit | 2.3 | 2.0 | 15.2 % | 4.9 | -------------------------------------------------------------------------------- | Orders received | 52.8 | 50.8 | 3.9 % | 98.2 | -------------------------------------------------------------------------------- | Order book at the end | | | | | -------------------------------------------------------------------------------- | of the period | 26.6 | 27.4 | -2.9 % | 24.2 | -------------------------------------------------------------------------------- The operations of Rocla´s acquisition VB Trucks A/S are included in the above figures. The net sales of the acquired company in the fiscal year 2007 were around EUR 15 million and the company had a total of 90 employees. The acquisition supports the growth objectives of the Rocla Group set for 2008. The acquisition has only minor impact on the financial data for the reporting period. After integration of the business activities the profit impact is estimated to remain neutral also in the whole year of 2008. NET SALES AND RESULTS The Rocla Group consolidated net sales in January-June 2008, EUR 65.9 million, give a growth of 7.6% over the corresponding figure last year (EUR 61.2 million). Even though comparable growth in net sales speeded up in the second quarter it still remained fairly modest, a consequence i.e. of the timing of deliveries. The operating profit was EUR 2.3 million (EUR 2.0 million). The successful market entry of automated truck concept and the positive development in the operations in Denmark contribute to the overall result. On the other hand the continuing cost escalation in raw materials and especially the price increase on steel and the impact of the oil price on transports and plastic components create a growing cost pressure. The growth of financial expenses from EUR 0.8 million to EUR 1.1 million reflects i.e. expansion in rental operations and growth in the interest level. Income before taxes was on the level of last year at EUR 1.2 million (EUR 1.2 million). Net income for the first six months of the year was EUR 0.9 million (EUR 0.9 million). PROFITABILITY Return on investment, ROI, in the Rocla Group for the first six months of 2008 was 7.3% p.a. (7.4%). The figure reflects the increase of balance sheet total due to the company acquisition at the end of the reporting period. Return on equity, ROE, was 6.8% (7.6%). Earnings per share, EPS, in the first half of the year were 0.22 euros (0.23 euros). BALANCE SHEET AND FINANCING At the end of June 2008 the consolidated balance sheet stood at EUR 107.3 million (83.4 million). Last year-end the balance sheet total was EUR 85.5 million. The growth in the balanced sheet comes mainly from company acquisition in Denmark. At the end of June 2008 the interest-bearing net debt of the Rocla Group was EUR 53.1 million (EUR 36.2 million), net gearing was 196.9% (141.5%) and the equity to assets ratio 25.6% (31.1%). PRODUCTION AND DEVELOPMENT The work load at the Järvenpää factory was good in the first half of 2008. The ambition to speed up through-put times, however, was not quite fulfilled. The order book remained on a fairly high level that also reflected in delivery times somewhat longer than targeted. The fast-pace of product renewal continued and in May Rocla launched its new Rocla PHS10 and PHX10 high level order picking trucks. Operational efficiency, safety and easy maintenance have been particular objectives in the design of the intelligent solutions for these trucks. The patented Integral-mast adds significantly to the productivity of operations. New concepts have been launched in truck services as well. Cases in point are the warehousing risk estimation service and the truck driver training offered to lorry drivers to be started up in the fall. Through the risk assessment system Rocla introduces a cost efficient tool for improving work safety. INVESTMENTS Gross investments in fixed assets in the first half of 2008 were EUR 5.7 million (EUR 2.8 million), out of which EUR 1.1 million (EUR 1.0 million) of product development costs were brought forward in the balance sheet in line with IFRS-practices. MANAGEMENT AND PERSONNEL The number of Directors on the Rocla Board was reduced to five as Gregory E. King left the Board on May 31, 2008 upon his resignation from the employ of the major shareholder company Mitsubishi Caterpillar Forklift America. Jukka Viinikainen, Director of domestic customer services, was appointed Customer Relations Manager (CRM) and Deputy Managing Director of the Rocla Group in June 2008. His successor as Director of domestic customer services is Jari Valtanen. During the first six months of the year the Group had an average of 561 employees (499). At the end of June the number of personnel was 642 (507), of whom 210 (103) worked outside Finland. In Denmark total personnel after the acquisition in early June was 135 (50) and in Russia 62 (43). AUTHORIZATIONS The Annual General Meeting on March 26, 2008 authorized the Board to decide on the acquisition of 194,535 Rocla Oyj shares and the transfer of treasury shares held by the company. Based on this authorization the Board may also issue a maximum of 230,000 Rocla Oyj shares through one or several decisions. The authorization is for a share issue against payment. The Board has the mandate to decide on the terms of the share issue. The authorization is valid until the Annual General Meeting in 2009 and it has not been used to date. OPTION RIGHTS The Annual General Meeting also decided to extend option rights to key employees of the company, to Board Members and to the fully owned subsidiaries of the Group. On June 20, 2008 the Board made a technical change in the option terms in that new share subscriptions based on the option rights would be entered to share capital up to the nominal share value and that the rest of the issue price would be entered as unrestricted equity. SHARES In the first half of 2008 a total of 67,106 Rocla Oyj shares were traded at the Helsinki Exchanges. This corresponds to around 1.6% of the total number of shares. The highest price of the share in the reporting period was 11.22 euros and the lowest 8.94 euros. The average price was 10.15 euros and the closing price at the end of June 9.98 euros. Rocla Oyj market capitalization based on the closing price at the end of June 2008 excluding treasury shares was EUR 42.3 million (EUR 44.8 million). Rocla Oyj holds 29,066 of its own shares, 0.7% of the total number of shares and votes. During the reporting period the company transferred 1,723 shares to management following the share bonus system of 2007. The share capital of Rocla Oyj is 4,264,788 euros and the total number of shares is 4,264,788. OWNERSHIP There were no major changes in the ownership of Rocla Oyj during the first half of 2008. The following tables include the ten biggest shareholders on June 30, 2008: -------------------------------------------------------------------------------- | Owner | % of shares | Number of | | | | shares | -------------------------------------------------------------------------------- | 1. Etra-Invest Oy Ab | 23.45% | 1 000 000 | -------------------------------------------------------------------------------- | 2. Mitsubishi Caterpillar Forklift America | 14.07% | 600 000 | -------------------------------------------------------------------------------- | 3. Mitsubishi Caterpillar Forklift Europe B | 14.07% | 600 000 | -------------------------------------------------------------------------------- | 4. Aktia Capital equity fund | 4.46% | 190 000 | -------------------------------------------------------------------------------- | 5. EVK-Capital Oy | 4.22% | 180 000 | -------------------------------------------------------------------------------- | 6. Hs/Sampo Private Ss | 4.01% | 171 200 | -------------------------------------------------------------------------------- | 7. City of Turku Accident Fund | 1.97% | 83 873 | -------------------------------------------------------------------------------- | 8. Sr Arvo Finland Value | 1.34% | 57 209 | -------------------------------------------------------------------------------- | 9. Mutual Insurance Company Fennia | 1.1% | 47 000 | -------------------------------------------------------------------------------- | 10. Pellonmaa Niilo | 0.97% | 41 500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total 10 biggest | 69.66% | 2 970 782 | -------------------------------------------------------------------------------- | Nominee-registered | 12.73% | 542 750 | -------------------------------------------------------------------------------- | Other | 17.62% | 751 256 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 100.0% | 4 264 788 | -------------------------------------------------------------------------------- ORDERS AND ORDER BOOK The order book at the end of June 2008 was EUR 26.6 million. The corresponding value a year ago was EUR 27.4 million. At the beginning of the fiscal year 2008 the order book stood at EUR 24.2 million. The change from last year is -2.9% and from the turn of the year +9.9%. IMMINENT RISKS AND FACTORS OF UNCERTAINTY The major strategic and operational risks of the Group's business operations relate to the management of partnerships, launching of new products and estimations of competitive position, price development of production factors and the obligations and evaluations of long-range contracts. In 2008 development in Rocla's financial position will be impacted particularly by risks related to the development of material prices. The management of the increasing price of steel is the most significant of the risks related to raw materials. The cost of transportation and plastic components that follow the price of oil are also a growing concern. Price escalations in raw materials can, as a rule, be considered in product prices with some delay and dependency on market price levels. The balancing of this risk is sought by developing the supplier network. The market outlook also contains elements of growing uncertainty. The impact of the overall economic trade cycle may influence the truck business and Rocla in the remaining half of the year. There have been no significant changes in managing the Group's financial risks from the evaluations made in connection with the drafting of the 2007 financial statements. OUTLOOK At the end of June the order book of the Rocla Group still held a good level. Demand for the Group´s products and services has in the main continued to be positive and the investments in the home markets have materialized in line with expectations. The outlook is mainly shadowed by the uncertainty related to the business cycle and market development forecasts. The continuing rise of raw materials prices brings cost pressures. The possibilities to transfer escalating costs fully to sales prices will be even more limited than before if the market situation should deteriorate significantly. Provided that no material changes occur in the overall trade cycle picture the Rocla Group expects its consolidated net sales to grow and its result to improve in the fiscal year 2008. This estimate is based on the fair demand outlook and the satisfactory development of Rocla´s order bookings and order book. FINANCIAL INFORMATION Accounting practice The Financial Statements Bulletin for the period January-June 2008 is drafted based on the IAS 34 Interim Statement standard. Rocla Oyj has adhered to the same accounting principles and reporting standards as in the Financial Statements for 2007. The key ratios presented have been computed based on the same principles as the corresponding data presented in the latest financial statements. The calculation principles for the key ratios are presented on page 24 of the Financial Statements section in the Annual Report of 2007. The Financial Statements are unaudited. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT (Meur) | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | | 1-6/2008 | 1-6/2007 | Change % | 1-12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 65.9 | 61.2 | 7.6 % | 124.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in finished goods | | | | | -------------------------------------------------------------------------------- | and work in progress | 0.1 | -0.6 | | -1.6 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | income | 0.1 | 0.1 | | 0.1 | -------------------------------------------------------------------------------- | Materials and | | | | | -------------------------------------------------------------------------------- | services | -38.5 | -37.5 | 2.8 % | -74.6 | -------------------------------------------------------------------------------- | Personnel expenses | -14.2 | -11.8 | 20.0 % | -24.1 | -------------------------------------------------------------------------------- | Depreciation | -3.8 | -3.6 | 6.5 % | -7.3 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | expenses | -7.2 | -5.8 | 24.9 % | -12.7 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 2.3 | 2.0 | 15.2 % | 4.9 | -------------------------------------------------------------------------------- | Financial expenses | | | | | -------------------------------------------------------------------------------- | (net) | -1.1 | -0.8 | 41.9 % | -1.7 | -------------------------------------------------------------------------------- | INCOME BEFORE | | | | | -------------------------------------------------------------------------------- | TAXES | 1.2 | 1.2 | -1.2 % | 3.2 | -------------------------------------------------------------------------------- | Income taxes | -0.3 | -0.3 | -2.4 % | -0.8 | -------------------------------------------------------------------------------- | NET INCOME | | | | | -------------------------------------------------------------------------------- | FOR THE PERIOD | 0.9 | 0.9 | -0.8 % | 2.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | -------------------------------------------------------------------------------- | euros | 0.22 | 0.23 | | 0.57 | -------------------------------------------------------------------------------- | Earnings per share, | | | | | -------------------------------------------------------------------------------- | euros (diluted) | 0.22 | - | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | 6/2008 | 6/2007 | 12/2007 | | (Meur) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible | | | | -------------------------------------------------------------------------------- | assets | 8.3 | 7.2 | 7.6 | -------------------------------------------------------------------------------- | Consolidated goodwill | 2.3 | 2.1 | 2.1 | -------------------------------------------------------------------------------- | Tangible | | | | -------------------------------------------------------------------------------- | assets | 38.1 | 28.4 | 30.5 | -------------------------------------------------------------------------------- | Receivables | 0.5 | 0.1 | 0.1 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | TOTAL | 49.3 | 37.9 | 40.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 33.3 | 22.2 | 23.9 | -------------------------------------------------------------------------------- | Sales receivables and | | | | -------------------------------------------------------------------------------- | other receivables | 22.9 | 22.6 | 20.3 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1.9 | 0.7 | 1.0 | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | TOTAL | 58.0 | 45.5 | 45.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS TOTAL | 107.3 | 83.4 | 85.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4.3 | 4.3 | 4.3 | -------------------------------------------------------------------------------- | Premium fund | 6.8 | 6.8 | 6.8 | -------------------------------------------------------------------------------- | Retained earnings | 14.9 | 13.6 | 13.6 | -------------------------------------------------------------------------------- | Income for the period | 0.9 | 0.9 | 2.4 | -------------------------------------------------------------------------------- | EQUITY TOTAL | 26.9 | 25.5 | 27.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 31.1 | 20.3 | 20.9 | -------------------------------------------------------------------------------- | Deferred taxes | 2.3 | 1.4 | 1.9 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 33.5 | 21.7 | 22.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 23.9 | 16.5 | 16.9 | -------------------------------------------------------------------------------- | Provisions | 0.5 | 0.4 | 0.4 | -------------------------------------------------------------------------------- | Non interest-bearing debt | 22.5 | 19.1 | 18.3 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 46.9 | 36.1 | 35.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES TOTAL | 80.3 | 57.8 | 58.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 107.3 | 83.4 | 85.5 | -------------------------------------------------------------------------------- CHANGE IN EQUITY A=Share capital, B=Premium fund, C=Translation differences D=Current value fund, E=Retained earnings, F=Income for the period, G=Total -------------------------------------------------------------------------------- | 1-6/2008 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 4.3 | 6.8 | 0.0 | 0.0 | 16.0 | - | 27.0 | -------------------------------------------------------------------------------- | Share | | | | | | | | | subscriptions on | | | | | | | | -------------------------------------------------------------------------------- | option-rights | | | | | | | | -------------------------------------------------------------------------------- | Dividends paid | | | | | -1.1 | | -1.1 | -------------------------------------------------------------------------------- | Net income | | | | | | 0.9 | 0.9 | -------------------------------------------------------------------------------- | Other changes | | 0.0 | 0.1 | 0.0 | 0.0 | | 0.1 | -------------------------------------------------------------------------------- | End | 4.3 | 6.8 | 0.1 | 0.0 | 14.9 | 0.9 | 26.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-6/2007 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 3.9 | 4.6 | 0.0 | 0.0 | 14.4 | - | 23.0 | -------------------------------------------------------------------------------- | Share | | | | | | | | | subscriptions on | | | | | | | | -------------------------------------------------------------------------------- | option-rights | 0.3 | 2.1 | | | | | 2.4 | -------------------------------------------------------------------------------- | Dividends paid | | | | | -0.8 | | -0.8 | -------------------------------------------------------------------------------- | Net income | | | | | | 0.9 | 0.9 | -------------------------------------------------------------------------------- | Other changes | | | -0.0 | 0.0 | | | 0.0 | -------------------------------------------------------------------------------- | End | 4.3 | 6.7 | 0.0 | 0.1 | 13.6 | 0.9 | 25.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-12/2007 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 3.9 | 4.6 | 0.0 | 0.0 | 14.4 | - | 23.0 | -------------------------------------------------------------------------------- | Share | | | | | | | | | subscriptions on | | | | | | | | -------------------------------------------------------------------------------- | option-rights | 0.3 | 2.1 | | | | | 2.5 | -------------------------------------------------------------------------------- | Dividends paid | | | | | -0.8 | | -0.8 | -------------------------------------------------------------------------------- | Net income | | | | | | 2.4 | 2.4 | -------------------------------------------------------------------------------- | Other changes | | | 0.0 | 0.0 | | | 0.0 | -------------------------------------------------------------------------------- | End | 4.3 | 6.8 | 0.0 | 0.0 | 13.6 | 2.4 | 27.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED FUNDS STATEMENT | | | | -------------------------------------------------------------------------------- | | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Net income | 0.9 | 0.9 | 2.4 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | -Depreciation | 3.8 | 3.6 | 7.3 | -------------------------------------------------------------------------------- | -Financial income and expenses | 1.1 | 0.8 | 1.7 | -------------------------------------------------------------------------------- | -Taxes | 0.3 | 0.3 | 0.8 | -------------------------------------------------------------------------------- | -Other adjustments | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in working capital | -4.5 | -3.9 | -4.1 | -------------------------------------------------------------------------------- | Interests paid | -1.5 | -0.9 | -2.1 | -------------------------------------------------------------------------------- | Interests received | 0.4 | 0.2 | 0.1 | -------------------------------------------------------------------------------- | Taxes paid | 0.0 | -0.1 | 0.0 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | OPERATIONS | 0.5 | 1.0 | 6.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | INVESTMENTS | -5.5 | -2.8 | -4.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | -------------------------------------------------------------------------------- | Loans withdrawn | 12.3 | 2.6 | 5.3 | -------------------------------------------------------------------------------- | Loans repaid | -4.4 | -3.8 | -7.4 | -------------------------------------------------------------------------------- | Increase in equity | 0.0 | 2.5 | 2.5 | -------------------------------------------------------------------------------- | Sale of treasury shares | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Payment of financial | | | | -------------------------------------------------------------------------------- | leasing debts | -1.0 | -0.8 | -2.5 | -------------------------------------------------------------------------------- | Dividends paid | -1.1 | -0.8 | -0.8 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | FINANCING | 5.9 | -0.3 | -2.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN LIQUID FUNDS | 0.9 | -2.1 | -1.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid funds, beginning | 1.0 | 2.7 | 2.7 | -------------------------------------------------------------------------------- | Liquid funds, end | 1.9 | 0.7 | 1.0 | -------------------------------------------------------------------------------- COMPANY ACQUISITION Rocla acquired in June 2008 all the shares of the Danish company VB Trucks A/S. The presentation of the impact of the acquisition below is preliminary as the purchase price definition and the allocation of the fair values will be finalized during the third quarter of 2008. -------------------------------------------------------------------------------- | Fair value of acquired assets | | | | -------------------------------------------------------------------------------- | | Book | Allocated | Values | -------------------------------------------------------------------------------- | | values | fair | total | -------------------------------------------------------------------------------- | | | values | | -------------------------------------------------------------------------------- | Intangible assets | 0.0 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Property, plant and equipment | 2.4 | 0.8 | 3.2 | -------------------------------------------------------------------------------- | Other assets | 7.4 | 0.0 | 7.4 | -------------------------------------------------------------------------------- | Non-interest-bearing liabilities | -3.1 | -0.3 | -3.4 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | -4.5 | 0.0 | -4.5 | -------------------------------------------------------------------------------- | Net assets | 2.2 | 1.0 | 3.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase price incl. direct costs | | 3.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goodwill | | | 0.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RELATED PARTY INFORMATION | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business transactions with owner companies holding a significant position of | | influence in the Group. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (Meur) | 1-6/08 | 1-6/07 | 1-12/07 | -------------------------------------------------------------------------------- | Sales to closely | | | | -------------------------------------------------------------------------------- | related parties | 29.5 | 29.1 | 55.8 | -------------------------------------------------------------------------------- | Purchases from closely | | | | -------------------------------------------------------------------------------- | related parties | 4.3 | 4.1 | 11.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CONTINGENT COMMITMENTS (Meur) | | -------------------------------------------------------------------------------- | | 6/08 | 6/07 | 12/07 | -------------------------------------------------------------------------------- | For own debt: | | | | -------------------------------------------------------------------------------- | Mortgages on real estate | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Corporate mortgages | 9.4 | 9.4 | 9.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other own commitments: | | | | -------------------------------------------------------------------------------- | Leasing commitments | 0.7 | 0.9 | 0.7 | -------------------------------------------------------------------------------- | Repurchase commitments | 1.8 | 0.7 | 1.5 | -------------------------------------------------------------------------------- No pledges or other commitments have been extended on behalf of management, shareholders or affiliated companies. -------------------------------------------------------------------------------- | INCOME STATEMENT BY QUARTER | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 4-6 | 1-3 | 10-12 | 7-9 | 4-6 | 1-3 | -------------------------------------------------------------------------------- | | 2008 | 2008 | 2007 | 2007 | 2007 | 2007 | -------------------------------------------------------------------------------- | NET SALES | 34.3 | 31.6 | 35.4 | 28.4 | 30.9 | 30.3 | -------------------------------------------------------------------------------- | Change in finished | | | | | | | | goods | | | | | | | -------------------------------------------------------------------------------- | and inventories | -1.7 | 1.8 | -1.7 | 0.6 | -0.3 | -0.3 | -------------------------------------------------------------------------------- | Other operating | | | | | | | -------------------------------------------------------------------------------- | income | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | -------------------------------------------------------------------------------- | Materials and services | -18.3 | -20.2 | -19.3 | -17.8 | -18.8 | -18.7 | -------------------------------------------------------------------------------- | Personnel expenses | -7.7 | -6.5 | -7.1 | -5.2 | -6.1 | -5.8 | -------------------------------------------------------------------------------- | Depreciation | -1.9 | -1.9 | -1.8 | -1.8 | -1.8 | -1.8 | -------------------------------------------------------------------------------- | Other operating | | | | | | | -------------------------------------------------------------------------------- | expenses | -3.8 | -3.4 | -4.0 | -2.9 | -2.9 | -2.9 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 1.0 | 1.4 | 1.5 | 1.4 | 1.1 | 0.9 | -------------------------------------------------------------------------------- | Financial expenses | | | | | | | -------------------------------------------------------------------------------- | (net) | -0.4 | -0.7 | -0.5 | -0.5 | -0.4 | -0.4 | -------------------------------------------------------------------------------- | INCOME BEFORE TAXES | 0.5 | 0.7 | 1.0 | 0.9 | 0.8 | 0.5 | -------------------------------------------------------------------------------- | Income taxes | -0.1 | -0.2 | -0.3 | -0.2 | -0.2 | -0.1 | -------------------------------------------------------------------------------- | INCOME FOR THE PERIOD | 0.4 | 0.5 | 0.8 | 0.7 | 0.6 | 0.3 | -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | | -------------------------------------------------------------------------------- | euros | 0.10 | 0.11 | 0.19 | 0.16 | 0.14 | 0.09 | -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | | -------------------------------------------------------------------------------- | euros, diluted | 0.10 | - | - | - | - | 0.09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | 6/2008 | 6/2007 | 12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, Meur | 65.9 | 61.2 | 124.9 | -------------------------------------------------------------------------------- | Operating profit, Meur | 2.3 | 2.0 | 4.9 | -------------------------------------------------------------------------------- | % of net sales | 3.5 | 3.3 | 3.9 | -------------------------------------------------------------------------------- | Income before taxes, Meur | 1.2 | 1.2 | 3.2 | -------------------------------------------------------------------------------- | % of net sales | 1.9 | 2.0 | 2.6 | -------------------------------------------------------------------------------- | Equity/share, euros | 6.37 | 6.04 | 6.38 | -------------------------------------------------------------------------------- | Equity/assets, % | 25.6 | 31.1 | 32.0 | -------------------------------------------------------------------------------- | Return on equity, % p.a. | 6.8 | 7.6 | 9.4 | -------------------------------------------------------------------------------- | Return on investment, % p.a. | 7.3 | 7.4 | 8.6 | -------------------------------------------------------------------------------- | Gross investments, Meur | 5.7 | 2.8 | 4.8 | -------------------------------------------------------------------------------- | Personnel, | | | | -------------------------------------------------------------------------------- | average | 561 | 499 | 505 | -------------------------------------------------------------------------------- | Personnel, | | | | -------------------------------------------------------------------------------- | end of period | 642 | 507 | 521 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER DATA | 6/08 | 6/07 | 12/07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book, Meur | 26.6 | 27.4 | 24.2 | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | average | 4 235 | 4002 | 4119 | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | diluted, average | 4 235 | - | - | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | end of period | 4 236 | 4230 | 4234 | -------------------------------------------------------------------------------- Treasury shares are eliminated from the share numbers. FINANCIAL DISCLOSURE The Interim Report for January-September will be published October 23, 2008. Järvenpää, July 16, 2008 ROCLA OYJ Board of Directors Tapio Rummukainen President and CEO For additional information, contact: Tapio Rummukainen, President and CEO phone +358 20 778 1370 Hilkka Webb, CFO, phone +358 20 778 1316 Distribution: Helsinki Exchanges The main media