ROCLA OYJ STOCK EXCHANGE RELEASE 29 April 2009 at 8.30 ROCLA OYJ INTERIM REPORT 1.1.-31.3.2009 TRUCK MARKET COLLAPSED, SERVICES EXERT A COMPENSATING EFFECT - Net sales of Rocla Group in January-March 2009 amounted to EUR 20.5 million, representing a decrease of 35% over the previous year. Operating profit totalled EUR -3.0 million (EUR 1.4 million). - At the end of March 2009, the order book stood at EUR 15.6 million (EUR 13.6 million at the end of 2008, EUR 24.4 million at the end of March 2008). Order bookings in the first three months of 2009 came to EUR 15.0 million (EUR 25.1 million). - Earnings per share were EUR -0.83 (EUR 0.11). OWNERSHIP STRUCTURE AND INTEGRATION PROJECTS On 23 October 2008, Mitsubishi Caterpillar Forklift Europe B.V. (MCFE), a subsidiary of Japanese Mitsubishi Heavy Industries Ltd., made a public tender offer for all outstanding shares and option rights in Rocla Oyj not owned by Rocla and not already owned by MCFE or its group companies. As a result of the offer, MCFE gained title to 99% of all shares in Rocla subject to the tender offer. Pursuant to its ownership in Rocla exceeding 90%, MCFE has exercised its right to redeem the shares held by minority shareholders in accordance with Chapter 18, Section 1 of the Companies Act. Rocla Oyj has been listed on the main list of Nasdaq OMX Helsinki Exchange since 1997. Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading manufacturers of heavy machinery with consolidated net sales of YEN 3,203 billion in the fiscal year ended on 31 March 2008. MHI's diverse line-up of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space technology and air-conditioning systems. Rocla and Mitsubishi companies have launched integration processes. This cooperation is focused on the key areas of production, purchasing, product development and the development of their dealer network, which are expected to create synergies even in the short term. OVERALL DEVELOPMENT The sharp contraction of the truck market continued in the Group's principal markets in Europe. During the first quarter of 2009, demand weakened by more than 50% over the corresponding period of the year before. In North America, demand continued to decline for the third consecutive year. The decrease in Rocla's order volumes approximated the overall industry trend, the most pronounced decrease resulting from the overall decline in the markets being seen in product sales through the dealer network. In the field of rental and maintenance services, the downturn has been clearly more moderate than in product sales. In the local markets of Finland and Denmark, a considerable part of Rocla's business is based on services. In Finland, the company's service sales in the first quarter remained at the level of the previous year while demonstrating significant growth in Denmark due to the business acquisition realised during the summer of 2008. Demand for Rocla's automation solutions and the related order book development are a positive exception to the generally pessimistic economic climate. The volume of incoming invitations for bids for these products remains exceptionally high, and the company has received several substantial orders for automation solutions during the final months of 2008 and the first part of 2009. NET SALES; OPERATING PROFIT AND ORDER BOOK Rocla's key business indicators developed as follows: -------------------------------------------------------------------------------- | Meur | 1-3 | 1-3 | Change % | 1-12 | -------------------------------------------------------------------------------- | | 2009 | 2008 | | 2008 | -------------------------------------------------------------------------------- | Net sales | 20.5 | 31.6 | -35.0 % | 127.2 | -------------------------------------------------------------------------------- | Operating profit | -3.0 | 1.4 | -320.1 % | 2.0 | -------------------------------------------------------------------------------- | Orders received | 15.0 | 25.1 | -40.1 % | 88.8 | -------------------------------------------------------------------------------- | Order book at the end | | | | | -------------------------------------------------------------------------------- | of the period | 15.6 | 24.4 | -36.2 % | 13.6 | -------------------------------------------------------------------------------- RESULT Rocla Group's net sales in January-March 2009 were at the amount of EUR 20.5 million, representing a decrease by 35% (EUR 31.6 million) over the previous year. This decrease is due to the drop in consumer demand. Operating profit fell to EUR -3.0 million (EUR 1.4 million), being burdened by the notice period for wages of EUR 0.5 million, recognised in the first quarter. The increase in financial expenses from EUR 0.7 million to EUR 1.4 million reflects the devaluation of the Russian rouble that continued in January and resulted in exchange rate losses of approximately EUR 0.7 million. Profit before taxes totalled EUR -4.4 million (EUR 0.7 million). Net income for the first three months amounted to EUR -3.5 million (EUR 0.5 million). PROFITABILITY The consolidated return on investment (ROI) for the first three months in 2009 was -12.0% p.a. (9.0%). Return on equity (ROE) was -60.4% p.a. (7.3%). Earnings per share (EPS) for the first quarter totalled EUR ‑0.83 (EUR 0.11). BALANCE SHEET AND FINANCING At the end of March 2009, the consolidated balance sheet total was EUR 106.6 million (EUR 87.6 million). At the beginning of the year the balance sheet total stood at EUR 107.5 million. At the end of March 2009, the interest-bearing net liabilities of the Rocla Group totalled EUR 62.1 million (EUR 37.3 million), net gearing was 286.3% (140.9%) and the equity to assets ratio was 20.7% (30.7%). PRODUCTS AND DEVELOPMENT Rocla continues to develop and upgrade its products and services. Launched by the company, the Rocla Rapid low-level order picker is particularly designed for picking warehouses and logistics centres. In March 2009, the order picker was awarded the prestigious red dot design award. Over 3,200 products from 49 different countries participated in the international red dot design competition. Earlier this year, the awarded low level order picker was also recognised in the Fennia Prize design competition as was Rocla's automated warehouse truck AWT. According to studies, Rocla Rapid offers the best picking efficiency and speed in the market. This superior efficiency was achieved through the picker's driver-oriented design and product development approach in particular. The truck has an up to 20 % better picking performance, which is of major significance to the productivity of logistics centres. INVESTMENTS Gross investments in fixed assets in the first three months of 2009 amounted to EUR 1.0 million (EUR 1.0 million), of which product development expenditure of EUR 0.3 million (EUR 0.5 million) was capitalised in accordance with IFRS practices. PERSONNEL During the first three months of 2009, the Group had an average of 648 (537) employees. At the end of the period, the personnel count totalled 638 (544), of whom 214 (119) worked outside Finland. The Group has decided to lay off personnel at its business units in Finland. These lay-offs will involve almost its entire personnel in Finland. In addition, the Group had terminated the employment of approximately 70 people in various units by the end of March. DECISIONS OF THE EXTRAORDINARY GENERAL MEETING The extraordinary general meeting of Rocla Oyj, held on 13 January 2009, decided that the Board of Directors shall have five members. The meeting re-elected Naoyuki Matsumura and Vesa Puttonen as members of the Board of Directors and elected Herman Hofland, Yuichi Mano and Hiroyuki Shimma as new members of the Board. At the organisation meeting of the Board following the Extraordinary General Meeting, Hiroyuki Shimma was elected Chairman of the Board and Vesa Puttonen Vice Chairman. ANNUAL GENERAL MEETING 2009 Financial Statements The Annual General Meeting of Rocla Oyj, held on 24 March 2009, approved the financial statements of the company and discharged the persons responsible from liability for the financial period. In accordance with a proposal by the Board of Directors, it was decided that no dividend be paid. Board of Directors and Auditors It was decided that the number of members of the Board of Directors would be five. Herman Hofland, Yuichi Mano, Naoyuki Matsumura, Vesa Puttonen and Hiroyuki Shimma were re-elected members of the Board. At the organisation meeting of the Board following the Annual General Meeting, Hiroyuki Shimma was elected Chairman of the Board and Vesa Puttonen Vice Chairman. Authorised Public Accounting Firm KPMG Oy Ab was appointed Auditor of the company with Lasse Holopainen, A.P.A as the responsible author. SHARES AND SHARE CAPITAL Rocla Oyj's market capitalisation at the end of March, based on the quoted price of EUR 12.8 and excluding treasury shares, was EUR 54.2 million (EUR 44.1 million). Rocla Oyj holds 29,066 of its own shares corresponding to 0.7% of the total number of shares and votes. There were no changes in share ownership during the period. Rocla's share capital stands at EUR 4,264,788, the total number of shares being 4,264,788. OWNERSHIP There were no significant changes in the Rocla Oyj ownership during the first quarter. At the end of the period, Mitsubishi Caterpillar Forklift Europe B.V. (MCFE) owned approximately 98.6% of the shares in Rocla Oyj. MCFE has initiated minority redemption proceedings in accordance with the Finnish Companies Act. ORDERS AND ORDER BOOK At the end of March 2009, the order book stood at EUR 15.6 million, the corresponding figure of the previous year being EUR 24.4 million and EUR 13.6 million at the beginning of the year 2009. This represents a change of -36.2% over the previous year and +14.0% from the turn of the year. IMPENDING RISKS AND UNCERTAINTIES The most significant near-term risks to the Group's business operations relate to the uncertain development of product sales in the current economic recession, the efficacy of cost reductions, the securing of cash flow as operating volumes decrease and the exchange rate risk inherent in the Russian business operations. Risks associated with increasing raw material costs and component availability are expected to reduce as the economic situation declines. The company's goal is to lower its manufacturing costs by leveraging the opportunity to do so which has been opened up by declining economic trends and the fruits of ownership cooperation. OUTLOOK Demand for trucks has been in decline in Rocla's principal markets in Europe since May 2008. The business outlook is expected to develop in line with global economic trends, and no significant revival in demand is expected during 2009. Rocla Group's order book for basic products is thin compared to its manufacturing capacity, due to which the company is implementing adaptive measures in order to reduce costs. The service business, however, is not vulnerable to the economic downturn to the same extent. Projects for the expansion of the service business in local markets over the last few years and long-term service contracts already won will ensure a certain sales volume, even if customers become more cautious towards equipment investments. The order book for automation solutions is also at a satisfactory level. In 2009, it is estimated that Rocla Group's net sales will decrease over the previous year. The goal is to adapt the company's costs to the development of business volumes. At the end of the quarter, the Group reduced its workforce by 70 people and almost the entire personnel in Finland will be laid off for one week per month on average. FINANCIAL INFORMATION Accounting practices The Interim Report for January-March 2009 has been prepared in accordance with the IAS 34 Interim Report standard. Rocla Oyj has adhered to the same accounting principles and calculation methods as in the Financial Statements for 2008. The key ratios presented in the Interim Report have been calculated based on the same principles as the corresponding figures in the latest financial statements. The calculation principles for the key figures are presented on page 30 of the Annual Report of 2008. The Interim Report is unaudited. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT (Meur) | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | Change % | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 20.5 | 31.6 | -35.0 % | 127.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in finished | | | | | | goods | | | | | -------------------------------------------------------------------------------- | and work in progress | -0.3 | 1.8 | | 1.4 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | income | 0.0 | 0.0 | | 0.2 | -------------------------------------------------------------------------------- | Materials and | | | | | -------------------------------------------------------------------------------- | services | -9.5 | -20.2 | -53.2 % | -71.9 | -------------------------------------------------------------------------------- | Personnel expenses | -7.8 | -6.5 | 20.6 % | -29.9 | -------------------------------------------------------------------------------- | Depreciation | -2.6 | -1.9 | 34.8 % | -9.2 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | expenses | -3.3 | -3.4 | -3.1 % | -15.8 | -------------------------------------------------------------------------------- | OPERATING PROFIT | -3.0 | 1.4 | -320.1 % | 2.0 | -------------------------------------------------------------------------------- | Financial expenses | | | | | -------------------------------------------------------------------------------- | (net) | -1.4 | -0.7 | 117.5 % | -3.8 | -------------------------------------------------------------------------------- | Share of profit/loss in | 0.0 | 0.0 | | 0.0 | | associates | | | | | -------------------------------------------------------------------------------- | INCOME BEFORE | | | | | -------------------------------------------------------------------------------- | TAXES | -4.4 | 0.7 | -742.8 % | -1.8 | -------------------------------------------------------------------------------- | Income taxes | 0.9 | -0.2 | -538.4 % | 0.3 | -------------------------------------------------------------------------------- | NET INCOME | | | | | -------------------------------------------------------------------------------- | FOR THE PERIOD | -3.5 | 0.5 | -828.0 % | -1.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | -------------------------------------------------------------------------------- | euros | -0.83 | 0.11 | | -0.33 | -------------------------------------------------------------------------------- | Earnings per share, | | | | | -------------------------------------------------------------------------------- | euros (diluted) | - | - | | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF OTHER COMPREHENSIVE | | | | | INCOME (Meur) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit for the period | -3.5 | 0.5 | -1.4 | -------------------------------------------------------------------------------- | Other comprehensive income : | | | | -------------------------------------------------------------------------------- | Exchange differences on | 0.1 | 0.0 | 0.3 | | translating foreign operations | | | | -------------------------------------------------------------------------------- | Available-for-sale financial | | | | | assets | | | | -------------------------------------------------------------------------------- | Fair value changes during the | 0.0 | 0.0 | 0.0 | | financial period | | | | -------------------------------------------------------------------------------- | Other comprehensive income for | 0.1 | 0.1 | 0.3 | | the period, net of tax | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income for | -3.5 | 0.5 | -1.1 | | the period | | | | -------------------------------------------------------------------------------- STATEMENT OF FINANCIAL POSITION (Meur) -------------------------------------------------------------------------------- | | 3/2009 | 3/2008 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible | | | | -------------------------------------------------------------------------------- | assets | 8.0 | 7.6 | 8.4 | -------------------------------------------------------------------------------- | Consolidated goodwill | 2.5 | 2.1 | 2.5 | -------------------------------------------------------------------------------- | Tangible | | | | -------------------------------------------------------------------------------- | assets | 42.9 | 30.5 | 43.6 | -------------------------------------------------------------------------------- | Investments in associates | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Receivables | 3.0 | 0.6 | 0.3 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | TOTAL | 56.4 | 40.7 | 54.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 34.6 | 25.9 | 35.0 | -------------------------------------------------------------------------------- | Sales receivables and | | | | -------------------------------------------------------------------------------- | other receivables | 14.4 | 19.7 | 16.2 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1.2 | 1.3 | 1.5 | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | TOTAL | 50.2 | 46.8 | 52.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS TOTAL | 106.6 | 87.6 | 107.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4.3 | 4.3 | 4.3 | -------------------------------------------------------------------------------- | Premium fund | 6.8 | 6.8 | 6.8 | -------------------------------------------------------------------------------- | Retained earnings | 14.2 | 14.9 | 15.5 | -------------------------------------------------------------------------------- | Income for the period | -3.5 | 0.5 | -1.4 | -------------------------------------------------------------------------------- | EQUITY TOTAL | 21.7 | 26.4 | 25.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 40.5 | 21.6 | 34.5 | -------------------------------------------------------------------------------- | Deferred taxes | 3.5 | 2.1 | 1.7 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 44.1 | 23.7 | 36.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 22.8 | 17.0 | 26.1 | -------------------------------------------------------------------------------- | Provisions | 0.4 | 0.6 | 0.4 | -------------------------------------------------------------------------------- | Non interest-bearing debt | 17.6 | 19.9 | 19.7 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 40.8 | 37.4 | 46.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES TOTAL | 84.9 | 61.1 | 82.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 106.6 | 87.6 | 107.5 | -------------------------------------------------------------------------------- STATEMENT OF CHANGES 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 -------------------------------------------------------------------------------- | 1-3/2009 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 4.3 | 6.8 | 0.4 | 0.0 | 13.8 | - | 25.2 | -------------------------------------------------------------------------------- | Dividends | | | | | 0.0 | | 0.0 | | paid | | | | | | | | -------------------------------------------------------------------------------- | Net income | | | | | | -3.5 | -3.5 | -------------------------------------------------------------------------------- | Other changes | | 0.0 | 0.0 | 0.0 | 0.0 | | 0.0 | -------------------------------------------------------------------------------- | End | 4.3 | 6.8 | 0.4 | 0.0 | 13.8 | -3.5 | 21.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-3/2008 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 4.3 | 6.8 | 0.0 | 0.0 | 16.0 | - | 27.0 | -------------------------------------------------------------------------------- | Dividends | | | | | -1.1 | | -1.1 | | paid | | | | | | | | -------------------------------------------------------------------------------- | Net income | | | | | | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Other changes | | 0.0 | 0.0 | 0.0 | 0.0 | | 0.0 | -------------------------------------------------------------------------------- | End | 4.3 | 6.8 | 0.0 | 0.0 | 14.9 | 0.5 | 26.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-12/2008 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 4.3 | 6.8 | 0.0 | 0.0 | 16.0 | | 27.0 | -------------------------------------------------------------------------------- | Dividends | | | | | -1.1 | | -1.1 | | paid | | | | | | | | -------------------------------------------------------------------------------- | Net income | | | | | | -1.4 | -1.4 | -------------------------------------------------------------------------------- | Other changes | | 0.0 | 0.3 | 0.0 | 0.3 | | 0.6 | -------------------------------------------------------------------------------- | End | 4.3 | 6.8 | 0.4 | 0.0 | 15.2 | -1.4 | 25.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CASH FLOWS | | | | -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Net income | -3.5 | 0.5 | -1.4 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | -Depreciation | 2.6 | 1.9 | 9.2 | -------------------------------------------------------------------------------- | -Financial income and expenses | 1.4 | 0.7 | 3.8 | -------------------------------------------------------------------------------- | -Taxes | -0.9 | 0.2 | -0.3 | -------------------------------------------------------------------------------- | -Other adjustments | 0.0 | 0.0 | -0.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in working capital | 0.1 | -0.9 | -1.0 | -------------------------------------------------------------------------------- | Interests paid | -1.5 | -0.7 | -5.2 | -------------------------------------------------------------------------------- | Interests received | 0.0 | 0.1 | 1.4 | -------------------------------------------------------------------------------- | Taxes paid | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | OPERATIONS | -1.8 | 1.7 | 6.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | INVESTMENTS | -1.2 | -1.0 | 8.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | -------------------------------------------------------------------------------- | Loans withdrawn | 3.4 | 1.6 | 13.1 | -------------------------------------------------------------------------------- | Loans repaid | 0.0 | -1.5 | -5.9 | -------------------------------------------------------------------------------- | Increase in equity | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Sale of treasury shares | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Payment of financial | | | | -------------------------------------------------------------------------------- | leasing debts | -0.7 | -0.6 | -3.2 | -------------------------------------------------------------------------------- | Dividends paid | 0.0 | 0.0 | -1.1 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | FINANCING | 2.7 | -0.4 | 2.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN LIQUID FUNDS | -0.3 | 0.3 | 0.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid funds, beginning | 1.5 | 1.0 | 1.0 | -------------------------------------------------------------------------------- | Foreign exchange gains/losses | 0.0 | 0.0 | -0.2 | -------------------------------------------------------------------------------- | Liquid funds, end | 1.2 | 1.3 | 1.5 | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS Transactions with holding companies exercising significant influence -------------------------------------------------------------------------------- | (Meur) | 1-3/09 | 1-3/08 | 1-12/08 | -------------------------------------------------------------------------------- | Sales to closely | | | | -------------------------------------------------------------------------------- | related parties | 5.4 | 14.4 | 52.5 | -------------------------------------------------------------------------------- | Purchases from closely | | | | -------------------------------------------------------------------------------- | related parties | 1.5 | 3.5 | 12.7 | -------------------------------------------------------------------------------- CONSOLIDATED CONTINGENT LIABILITIES (MEUR) -------------------------------------------------------------------------------- | | 3/09 | 3/08 | 12/08 | -------------------------------------------------------------------------------- | For own debt: | | | | -------------------------------------------------------------------------------- | Mortgages on real estate | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Corporate mortgages | 9.4 | 9.4 | 9.4 | -------------------------------------------------------------------------------- | Pantatut osakkeet | 3.2 | 0 | 3.2 | | (kirjanpitoarvo) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other own commitments: | | | | -------------------------------------------------------------------------------- | Leasing commitments | 0.7 | 0.7 | 0.7 | -------------------------------------------------------------------------------- | Repurchase commitments | 0.8 | 0.8 | 0.8 | -------------------------------------------------------------------------------- No pledges or other contingent liabilities have been given on behalf of management, shareholders or affiliated companies. INCOME STATEMENT BY QUARTER -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3 | 10-12 | 7-9 | 4-6 | 1-3 | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2008 | 2008 | 2008 | -------------------------------------------------------------------------------- | NET SALES | 20.5 | 30.3 | 31.0 | 34.3 | 31.6 | -------------------------------------------------------------------------------- | Change in finished goods | | | | | | -------------------------------------------------------------------------------- | and inventories | -0.3 | 1.3 | 0.0 | -1.7 | 1.8 | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | income | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | -------------------------------------------------------------------------------- | Materials and services | -9.5 | -17.0 | -16.4 | -18.3 | -20.2 | -------------------------------------------------------------------------------- | Personnel expenses | -7.8 | -8.7 | -7.0 | -7.7 | -6.5 | -------------------------------------------------------------------------------- | Depreciation | -2.6 | -2.7 | -2.7 | -1.9 | -1.9 | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | expenses | -3.3 | -4.7 | -3.8 | -3.8 | -3.4 | -------------------------------------------------------------------------------- | OPERATING PROFIT | -3.0 | -1.5 | 1.2 | 1.0 | 1.4 | -------------------------------------------------------------------------------- | Financial expenses | | | | | | -------------------------------------------------------------------------------- | (net) | -1.4 | -2.0 | -0.7 | -0.4 | -0.7 | -------------------------------------------------------------------------------- | INCOME BEFORE TAXES | -4.4 | -3.4 | 0.4 | 0.5 | 0.7 | -------------------------------------------------------------------------------- | Income taxes | 0.9 | 0.7 | -0.1 | -0.1 | -0.2 | -------------------------------------------------------------------------------- | INCOME FOR THE PERIOD | -3.5 | -2.7 | 0.4 | 0.4 | 0.5 | -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | -------------------------------------------------------------------------------- | euros | -0.83 | -0.63 | 0.08 | 0.10 | 0.11 | -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | -------------------------------------------------------------------------------- | euros, diluted | - | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | 3/2009 | 3/2008 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, Meur | 20.5 | 31.6 | 127.2 | -------------------------------------------------------------------------------- | Operating profit, Meur | -3.0 | 1.4 | 2.0 | -------------------------------------------------------------------------------- | % of net sales | -14.5 | 4.3 | 1.6 | -------------------------------------------------------------------------------- | Income before taxes, Meur | -4.4 | 0.7 | -1.8 | -------------------------------------------------------------------------------- | % of net sales | -21.6 | 2.2 | -1.4 | -------------------------------------------------------------------------------- | Equity/share, euros | 5.12 | 6.25 | 5.94 | -------------------------------------------------------------------------------- | Equity/assets, % | 20.7 | 30.7 | 23.6 | -------------------------------------------------------------------------------- | Return on equity, % p.a. | -60.4 | 7.3 | -5.4 | -------------------------------------------------------------------------------- | Return on investment, % p.a. | -12.0 | 9.0 | 4.5 | -------------------------------------------------------------------------------- | Gross investments, Meur | 1.0 | 1.0 | 8.2 | -------------------------------------------------------------------------------- | Personnel, | | | | -------------------------------------------------------------------------------- | average | 648 | 537 | 604 | -------------------------------------------------------------------------------- | Personnel, | | | | -------------------------------------------------------------------------------- | end of period | 638 | 544 | 648 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER DATA | 3/09 | 3/08 | 12/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book, Meur | 15.6 | 24.4 | 13.6 | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | average | 4236 | 4234 | 4235 | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | diluted, average | - | - | - | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | end of period | 4236 | 4236 | 4236 | -------------------------------------------------------------------------------- Treasury shares are deducted from equity. DELISTING OF ROCLA SHARE'S FROM THE OFFICIAL LIST OF NASDAQ OMX HELSINKI EXCHANGE Rocla's parent company, Mitsubishi Caterpillar Forklift Europe B.V. (MCFE), has initiated proceedings to redeem the remaining minority shares in accordance with the Finnish Companies Act. MCFE is expected to gain title to all shares in Rocla, excluding treasury shares held by Rocla, immediately after the oral hearing on the matter. Rocla has decided to apply for the termination of trading in the Rocla shares and for the delisting of the company's share from the official list of NASDAQ OMX Helsinki as soon as possible upon MFCE having gained title to all the shares in Rocla, excluding treasury shares owned by Rocla. Consequently, the company will not publish Interim Reports, subsequent to this Report for January-March 2009. Järvenpää, 29 April 2009 ROCLA OYJ Board of Directors Tapio Rummukainen President and CEO For additional information, please contact: Tapio Rummukainen, President and CEO, tel. +358 20 778 1370 Hilkka Webb, CFO, tel. +358 20 778 1316 Distribution: Nasdaq OMX Helsinki, key media