PKC Group Oyj INTERIM REPORT 6 May 2010 8.15 a.m.
PKC GROUP'S INTERIM REPORT 1-3/2010
Consolidated net sales grew 13.2% on the comparison period, totalling
EUR 60.8
million (EUR 53.8 million).
The total amount of depreciation was EUR 2.8 million (EUR 2.7 million).
Consolidated operating profit was EUR 2.8 million (EUR 0.1 million), 4.6% (0.2%)
of net sales. Operating profit without non-recurring items was EUR 3.4 million,
5.8% of net sales.
Profit for the report period amounted to EUR 0.2 million (EUR -3.3 million).
Earnings per share were EUR 0.01(EUR -0.20).
Cash flows after investments were EUR -2.8 million (EUR 23.4 million).
Gearing was 40.4% (48.3%).
Net liabilities were EUR 32.1 million (EUR 34.8 million).
PKC Group clarifies its outlook for the future.
KEY FIGURES
--------------------------------------------------------------------------------
| | 1-3/10 | 1-3/09 | Change % | 1-12/09 |
--------------------------------------------------------------------------------
| Net sales, EUR 1,000 | 60,835 | 53,751 | +13.2% | 201,814 |
--------------------------------------------------------------------------------
| Operating profit, EUR 1,000 | 2,827 | 95 | +2,875.8% | 682 |
--------------------------------------------------------------------------------
| % of net sales | 4.6 | 0.2 | | 0.3 |
--------------------------------------------------------------------------------
| Report period profit, EUR | 246 | -3,252 | | 2,349 |
| 1,000 | | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS), EUR | 0.01 | -0.20 | | 0.13 |
--------------------------------------------------------------------------------
| ROI,% | 17.4 | 15.4 | +13.0% | 6.4 |
--------------------------------------------------------------------------------
| Net liabilities, EUR 1,000 | 32,064 | 34,775 | -7.8% | 28,245 |
--------------------------------------------------------------------------------
| Gearing, % | 40.4 | 48.3 | -16.4% | 35.9 |
--------------------------------------------------------------------------------
| Average number of personnel | 4,291 | 5,216 | -17.7% | 4,478 |
--------------------------------------------------------------------------------
HARRI SUUTARI, PRESIDENT AND CEO:
”The manufacture of commercial vehicles continued its growth in our key market
areas in Europe and Latin America. Deliveries to the commercial vehicle industry
increased approximately 14% on the previous quarter (10-12/2009). Wiring harness
deliveries for recreational vehicles also grew in North America correspondingly.
The supply of electronics design and manufacturing services remained on the
level of the previous quarter.
Orders received by our commercial vehicle customers during the first quarter in
Europe and Brazil exceeded the number of deliveries during the same time by over
a fourth. This indicates growth in production quantities during the current year
from the present level.
The negative development of cash flows during the first quarter is due to the
restructuring of the sales of receivables financing related to the
reorganisation of operations carried out during the end of last year. The sales
receivables financing shall normalise by the end of the year.
We continued the strengthening of our geographical business units and
streamlining of cost structures as planned. Currently already approximately 96%
of wiring harness personnel are working in so called low cost countries.
PKC Group is well-positioned for increasing deliveries. We are capable of
increasing our capacities significantly without considerable increase of fixed
costs. Our competitive cost structure and global services enable, on their part,
winning new customer relationships as well. In line with our strategy we aim, in
addition to organic growth, also to grow through acquisitions."
OPERATING ENVIRONMENT
Wiring Harness business
Registrations of heavy-duty trucks declined in Europe approximately 29% compared
to the first quarter of the previous year. As a result of strong March, however,
the number of registrations clearly rose by comparison with the registrations of
the first quarter of the year to the previous quarter (Q4/2009).
The fact that the truck orders received by our main customers during the first
quarter in Europe and Latin America exceeded the number of deliveries during the
same time can be regarded as an indication of recovery in the markets.
It is generally estimated that the sales of heavy-duty trucks shall grow
approximately 10% in Europe this year on the previous year. Due to the
exceptionally high stock sales during the comparison year, production quantities
should increase in Europe by one-fourth at minimum for the anticipated growth in
sales to be realized.
Sales of agricultural tractors and construction machines are expected to
continue to decline from the year 2009 sales. On the other hand, sales of
forestry equipment are expected to rise after an exceptionally weak comparison
year.
Deliveries and new orders of heavy-duty trucks in Latin America increased
significantly on the corresponding quarter the previous year.
It is estimated that truck registrations in Latin America shall grow during the
current year by about one-third from last year's exceptionally weak level.
In North America, where PKC's market share is modest, the registration
quantities of heavy-duty commercial vehicles have continued their growth with
each consecutive month as of the beginning of the year. Due to free transport
capacity, it is estimated that the overall market shall nevertheless remain on
the level of the previous year.
In North America, deliveries of our clients' recreational vehicles have seen an
increase during the beginning of the year.
Electronics business
The moderate improvement of the world economy was reflected in the Electronics
business as a slight growth in the demand, especially at the end of the quarter.
Particularly within the industrial electronics segment, a small positive
development was noted in client orders and forecasts. Even so, industrial
investments are still on a low level, and this is also seen in the slow rise in
demand for electronic products.
Successful acquisition of new customers and new product projects together with
the slight growth in markets brought significant increase in the electronics
business by comparison to the equivalent period last year. Electronics business
has further strengthened its design and product development services especially
in China, but demand for design services in Finland has also increased as a
result of the development of a successful know-how and service concept.
NET SALES AND FINANCIAL PERFORMANCE
January-March 2010
Consolidated net sales for the report period amounted to EUR 60.8 million (EUR
53.8 million ) up 13.2% on the same period a year earlier. The consolidated
operating profit totalled EUR 2.8 million (EUR 0.1 million), accounting for
4.6% (0.2%) of net sales. The operating profit is encumbered by non-recurring
costs of approximately EUR 0.6 million, caused by rationalization. The total
amount of depreciation was EUR 2.8 million (EUR 2.7 million). Financial items
totalled EUR -2.5 million (EUR -2,0 million). A translation difference of EUR
1.2 million related to the translation of subsidiaries' financial statements as
well as exchange rate losses totalling EUR 0.8 million have been entered into
the financial items. Profit before taxes totalled EUR 0.4 million (EUR -1.9
million). Profit for the report period totalled EUR 0.2 million (EUR -3.3
million). Diluted earnings per share were EUR 0.01 (EUR -0.20).
Net sales generated by the Wiring harness business during the report period
totalled EUR 45.7 million (EUR 41.7 million), i.e. 9.7% more than for the
comparison period. The segment's share of consolidated net sales was 75.2%
(77.6%). The operating profit totalled EUR 2.0 million (EUR -0.6 million), or
4.4% (-1,4%) of the segment's net sales. The operating profit is encumbered by
non-recurring costs of approximately EUR 0.6 million, caused by rationalisation.
Electronics business segment's net sales grew 25.4% and totalled EUR 15.1
million (EUR 12.1 million). The segment's share of the consolidated net sales
was 24.8% (22.4%). The operating profit amounted to EUR 1.3 million (EUR -0.7
million), or 8.6% (5.7%) of the segment's net sales.
BALANCE SHEET AND FINANCING
Consolidated total assets at 31 March 2010 amounted to EUR 172.4 million (EUR
168.1 million). At the close of the report period, interest-bearing liabilities
totalled EUR 41.6 million(EUR 56.3 million). The Group's equity ratio was 46.1%
(42.9%). Net liabilities were EUR 32.1 million (EUR 34.8 million) and the
gearing was 40.4% (48.3%).
Inventories amounted to EUR 39.9 million (EUR 41.5 million). Current receivables
totalled EUR 55.9 million (EUR 46.8 million). Cash flows after investments
during the report period were EUR -2.8 million (EUR 23.4 million). The weakened
cash flows are due to the increase in receivables caused by the temporary
interruption of sales of receivables financing connected to the reorganisation
of the Group structure. Cash in hand and at bank amounted to EUR 9.5 million
(EUR 21.5 million). In order to ensure financing flexibility, PKC has available
financing and credit facilities.
CAPITAL EXPENDITURE
During the report period, the Group's gross capital expenditure totalled EUR 1.3
million (EUR 1.9 million), which is 2.2% (3.6%) of net sales. The capital
expenditure went mainly to production machines and equipment.
RESEARCH & DEVELOPMENT
Research and development costs totalled EUR 1.4 million (EUR 1.5 million), which
is 2.4% (2.7%) of the consolidated net sales. At the end of the report period,
113 (106) people worked in product development.
PERSONNEL
The total number of personnel in the Group during the report period was, on
average, 4,291 (5,216). At the end of the report period, the total number of
Group's personnel was 4,492 (4,879), of whom 4,031 (4,260) worked abroad and 461
(619) in Finland.
Personnel cuts have been implemented in the Group's various units. Non-recurring
costs arising from layoffs were recorded during the first quarter to the total
amount of EUR 0.6 million.
As a result of the co-determination negotiations concluded in March 2010, it was
decided to lay off a total of 45 persons from PKC Wiring Systems Oy.
QUALITY AND THE ENVIRONMENT
The Group's Wiring Harness business is, with the exception of the unit in
Poland, certified in accordance with the ISO/TS 16949 quality standard for the
automotive industry. All wiring harness business units are certified in
accordance with the requirements of the ISO 9001 quality standard as well as of
the ISO 14001 environmental standard. The Curitiba production unit located in
Brazil also has certification in accordance with the OHSAS 18001 occupational
health and safety management system standard. The building of the ISO/TS 16949
system in Poland is progressing according to plan. The first stage in the
certification process has been completed and certification audit will take place
in Poland in June.
The Group's Electronic business is certified in accordance with the requirements
of the ISO 9001 and ISO 14001 standards. In addition, the Raahe factory is
certified in conformity with the ISO/TS 16949 automotive industry quality
standard. With regard to the units in China and Kostomuksha, preparation for
certification of the ISO/TS 16949 quality system has continued according to
plan, and the certification process shall be completed during the current year.
Best Quality Practices are a part of PKC's strategy, and they enable the close
participation of each employee in daily quality work and the continuous
improvement of quality. Selected Best Practices are tried and tested quality
tools and procedures that aid the development and standardisation of production
processes, methods and products, ensuring that they are as uniform as possible,
regardless of production site. Best quality practices also include Six Sigma,
which is used in the Wiring Harness business in the implementation of
strategically important development projects. The realisation of Quality Best
Practices is actively monitored in meetings of the Group's Executive Board and
handled as part of the external system audits.
MANAGEMENT
The Annual General Meeting held on 31 March 2010,re-elected Outi Lampela, Endel
Palla, Olli Pohjanvirta, Matti Ruotsala and Jyrki Tähtinen as Board members, and
Matti Hyytiäinen as a new member. In the Board's organisation meeting, Matti
Ruotsala was elected as Chairman of the Board with Jyrki Tähtinen as
Vice-Chairman.
Outi Lampela was elected chairman of the Audit Committee with Matti Hyytiäinen
and Olli Pohjanvirta as its members. The Board of Directors also established a
Nomination Committee, which shall prepare the matters pertaining to the
nomination and remuneration of directors and elected Matti Ruotsala as chairman
of the Nomination Committee and Endel Palla and Jyrki Tähtinen as members.
Authorised public accounting firm KPMG Oy Ab, which has announced Virpi Halonen,
APA, to be the Auditor with principal responsibility, was selected as auditor.
After Harri Ojala started as managing director of PKC Wiring Systems Oy on 15
March 2010, the Group's Executive Board has consisted of the following persons:
Harri Suutari, Chairman (President and CEO); Harri Ojala (President, Wiring
Harnesses); Jarmo Rajala (President, Electronics); Sanna Raatikainen (General
Counsel); Marja Sarajärvi (CFO); and Jarkko Kariniemi (Director, HR and Risk
Management) (with Mr Ojala having started in his position, Jyri Kontio's, Vice
President, Wiring Harnesses, membership on the Executive Board ended while his
employment continued).
DIVIDEND FOR 2009
The Annual general meeting held on 31 March 2010 resolved to pay a dividend of
EUR 0.40 per share: i.e. a total of about EUR 7.1 million. The dividend was paid
out on 14 April 2010.
SHARE TURNOVER AND SHAREHOLDERS
PKC Group Oyj's share turnover On NASDAQ OMX Helsinki Ltd from 1 January to 31
March 2010, totalled 3,685,529 (1,946,791) shares, representing 20.7% (10.9%) of
the average number of shares. The shares were traded to a total value of EUR
32.4 million (EUR 6.7 million). The low during the report period was EUR 6.55
(EUR 2.70) and the high was EUR 10.60 (EUR 4.44). The closing price on the last
trading day of the report period was EUR 10.60 (EUR 2.70), and the average price
of the period was EUR 8.74 (EUR 3.42). The company's market capitalisation at 31
March 2010 was EUR 188.5 million(EUR 48.0 million).
Flaggings:
The share of votes and share capital in PKC Group Oyj held by Ilmarinen Mutual
Pension Insurance Company (Business ID 0107638-1) has exceeded the limit of 5%
on 18 February 2010, after which Ilmarinen Mutual Pension Insurance Company
owned 969,685 shares i.e. 5.45% of shares and votes.
The share of votes and share capital in PKC Group Oyj held by corporations in
which OP-Pohjola Group Central Cooperative (0242522-1) exercises influence, its
subsidiaries and funds managed by its subsidiaries (OP-Suomi Pienyhtiöt,
OP-Pohjola Pienyhtiöt, OP-Focus) has exceeded the limit of 5% on 23 February
2010, after which they owned a total of 908,467 shares i.e. 5.11% of shares and
votes.
After the end of the report period the share of votes and share capital in PKC
Group Oyj held by Jorma Takanen has fallen below the limit of one twentieth
(1/20) on 23 April 2010, after which Jorma Takanen owned 807,598 shares i.e.
4.54% of shares and votes.
Shares owned by Board members and their closely associated persons and
corporations in which they have a controlling interest, accounted for 0.7%
(0.7%) of the total number of shares at the end of the report period. PKC Group
Oyj had a total of 7,088 (7,640) shareholders at the end of the report period.
The shares owned by foreigners and by way of nominee registrations totalled
14.5% (24.0%) of share capital at the close of the report period.
THE BOARD'S AUTHORISATIONS
The Board of Directors was granted authorisation by the Annual General Meeting
on 29 March 2007 to decide on one or more share issues and the granting of
special rights as defined in Chapter 10, Section 1 of the Companies Act and on
all the terms and conditions thereof. A maximum total of 3,500,000 shares may be
issued or subscribed for on the basis of the authorisation. This authorisation
includes the right to decide on a directed share issue. The authorisation will
remain in force for five years from the date of the resolution of the Annual
General Meeting. The authorisation may be used at the Board's discretion for
financing corporate acquisitions, for carrying out inter-company co-operation or
similar arrangements, or for strengthening the company's financing and capital
structure.
The Board of Directors does not have a valid authorisation to acquire the
company's own shares, and the company does not hold any own shares (treasury
shares).
STOCK OPTION SCHEMES
The stock option scheme initiated in 2006, comprises a total of 697,500 options
divided into A, B and C warrants. At the close of report period, the key
personnel held a total of 202,500 2006A warrants, 185,360 2006B warrants and
211,840 2006C warrants, in addition to which the Board has on 31 March 2010
resolved to distribute the rest of the distributable 2006 B and C options to the
key personnel.
The share subscription price for stock options is the volume-weighted average
price of the PKC Group Oyj share on NASDAQ OMX Helsinki, with dividend
adjustments, as defined in the stock option terms (at present, EUR 10.09 for the
2006A, 2006B and 2006C warrants). Through the exercise of the 2006 stock
options, the share capital of PKC Group Oyj may be increased by a maximum total
of 697,500 new shares and EUR 234,673.67. The share subscription period is for
stock option 2006A 1 April 2009 - 30 April 2011, for stock option 2006B 1 April
2010 - 30 April 2012, and for stock option 2006C 1 April 2011 - 30 April 2013.
The 2006 stock options are subject to a share ownership plan. Key personnel are
obliged to subscribe for or purchase the company's shares with 20% of the gross
income earned from stock options and to own these shares for two years. The
company's President and CEO is obliged to own these shares for the duration of
his managerial contract.
The Annual General Meeting on 27 March 2009 decided to issue stock options to
key personnel in the company and its subsidiaries. The maximum total number of
stock options issued will be 600,000 and they are divided into A, B and C
options. At the close of the report period, the group's key personnel held a
total of 147,500 2009A warrants, in addition to which the Board has on 31 March
2010 resolved to distribute the rest of the distributable 2009 A and B options
to the key personnel.
The subscription price for shares through the exercise of the 2009 stock options
will be the volume-weighted average price of the PKC Group Oyj share on NASDAQ
OMX Helsinki for April 2009, 2010 and 2011 + 20% with dividend adjustments, (at
present, EUR 3.45 for the 2009A warrants). The subscription price for shares
will be recorded in the invested non-restricted equity fund. The stock options
entitle their owners to subscribe to a maximum total of 600,000 new shares in
the company or existing shares held by the company. The share subscription
period for 2009A warrants will be 1 April 2012 — 30 April 2014, for 2009B
warrants 1 April 2013 — 30 April 2015 and for 2009C warrants 1 April 2014 — 30
April 2016. The 2009 stock options are subject to a share ownership plan. Key
personnel are obliged to subscribe for or purchase the company's shares with 20%
of the gross income earned from stock options and to own these shares for two
years. The company's President and CEO is obliged to own these shares for the
duration of his managerial contract.
SHORT-TERM RISKS AND UNCERTAINTIES
The development of investments in the near future in Europe has especially
significant effect on PKC's result. The start of growth requires positive and
stable increase of Pan European national income. The common currency of Europe,
the euro, is at this particular moment subject to considerable pressures due to
the high indebtedness of member nations' public economies. The potential
weakening in the value of the euro may raise PKC's euro-denominated processing
and component costs and increase financial expenses caused by translation
differences. Component availability-related problems have increased in the
beginning of the year and may continue during the end of the year.
The principles, objectives and organisation of the company's risk management as
well as key risk areas are described in the risk management section of the
Corporate Governance guidelines, which are available on the company's website at
www.pkcgroup.com.
OUTLOOK FOR THE FUTURE
There is cautious optimism in the European truck market. Signs of recovery in
the market are reflected in the fact that in the first quarter there was a
significant increase in orders for new trucks received by our main customers in
Europe and Latin America in comparison to the same period a year earlier.
We estimate that demand for electronics design and manufacturing services in the
market will strengthen compared with last year.
We predict that the full-year net sales will increase and that the operating
profit before non-recurring items will improve substantially on the previous
year. We also estimate that net sales and operating profit before non-recurring
items during the latter part of the year shall further improve from the level of
the first quarter.
PKC's balance sheet, liquidity and good customer relationships will enable
improvement in PKC's relative competitive position.
The quarterly figures have not been audited. This interim report has been
prepared in accordance with IAS 34 standard. The interim report has been
prepared in accordance with the same principles as the annual financial
statements for 2009. The year 2010 IFRS standard changes have not had any
effect.
TABLES
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF COMPREHENSIVE | 1-3/10 3 | 1-3/09 3 | 1-12/09 12 |
| INCOME (EUR 1,000) | mon. | mon. | mon. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | 60,835 | 53,751 | 201,814 |
--------------------------------------------------------------------------------
| Other operating income | 556 | 582 | 2,253 |
--------------------------------------------------------------------------------
| Increase (+) / decrease (-) in stocks of | -318 | -6,555 | -9,319 |
| finished goods and work in progress | | | |
--------------------------------------------------------------------------------
| Materials and services | 34,886 | 26,643 | 106,346 |
--------------------------------------------------------------------------------
| Employee benefits expenses | 14,468 | 13,279 | 53,384 |
--------------------------------------------------------------------------------
| Depreciation | 2,767 | 2,700 | 10,982 |
--------------------------------------------------------------------------------
| Other operating expenses | 6,125 | 5,061 | 23,355 |
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS | 2,827 | 95 | 682 |
--------------------------------------------------------------------------------
| Financial income | 2,467 | 5,612 | 8,078 |
--------------------------------------------------------------------------------
| Financial expenses | -4,942 | -7,606 | -7,657 |
--------------------------------------------------------------------------------
| PROFIT/LOSS BEFORE TAXES | 352 | -1,899 | 1,103 |
--------------------------------------------------------------------------------
| Income tax | -105 | -1,353 | 1,246 |
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE REPORT PERIOD | 246 | -3,252 | 2,349 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income: | | | |
--------------------------------------------------------------------------------
| Exchange differences on translating | 7,597 | -607 | 443 |
| foreign operations | | | |
--------------------------------------------------------------------------------
| Total comprehensive income for the | 7,844 | -3,859 | 2,792 |
| period: | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| From profit/loss attributable to | | | |
| shareholders of the parent company | | | |
--------------------------------------------------------------------------------
| Basic earnings per share (EPS), EUR | 0.01 | -0.18 | 0.13 |
--------------------------------------------------------------------------------
| Diluted earnings per share (EPS), EUR | 0.01 | -0.20 | 0.14 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL | 3/10 | 3/09 | 12/09 |
| POSITION (EUR 1,000) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Goodwill | 15,372 | 8,116 | 13,794 |
--------------------------------------------------------------------------------
| Other intangible assets | 11,174 | 14,136 | 11,955 |
--------------------------------------------------------------------------------
| Tangible assets | 35,508 | 33,857 | 34,378 |
--------------------------------------------------------------------------------
| Deferred tax assets | 4,973 | 1,825 | 4,804 |
--------------------------------------------------------------------------------
| Other receivables | 65 | 223 | 64 |
--------------------------------------------------------------------------------
| Non-current assets total | 67,092 | 58,157 | 64,995 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSSETS | | | |
--------------------------------------------------------------------------------
| Inventory | 39,906 | 41,526 | 36,066 |
--------------------------------------------------------------------------------
| Receivables | | | |
--------------------------------------------------------------------------------
| Trade receivables | 45,440 | 35,647 | 35,170 |
--------------------------------------------------------------------------------
| Other receivables | 10,428 | 11,195 | 8,291 |
--------------------------------------------------------------------------------
| Receivables total | 55,868 | 46,843 | 43,460 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 9,538 | 21,524 | 15,326 |
--------------------------------------------------------------------------------
| Current assets total | 105,312 | 109,893 | 94,852 |
--------------------------------------------------------------------------------
| ASSETS TOTAL | 172,404 | 168,050 | 159,847 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital | 5,983 | 5,983 | 5,983 |
--------------------------------------------------------------------------------
| Share premium account | 4,846 | 4,862 | 4,862 |
--------------------------------------------------------------------------------
| Reserve fund | 370 | 370 | 370 |
--------------------------------------------------------------------------------
| Translation difference | 657 | -2,305 | -1,253 |
--------------------------------------------------------------------------------
| Share-based payments | 1,126 | 831 | 1,052 |
--------------------------------------------------------------------------------
| Retained earnings | 66,187 | 65,557 | 65,263 |
--------------------------------------------------------------------------------
| Profit/loss for the report period | 246 | -3,252 | 2,349 |
--------------------------------------------------------------------------------
| EQUITY TOTAL | 79,414 | 72,046 | 78,626 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 32,817 | 38,413 | 34,630 |
--------------------------------------------------------------------------------
| Provisions | 449 | 216 | 376 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 2,409 | 3,515 | 3,103 |
--------------------------------------------------------------------------------
| Non-current liabilities total | 35,675 | 42,143 | 38,110 |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 8,785 | 17,886 | 8,940 |
--------------------------------------------------------------------------------
| Trade payables | 21,990 | 17,915 | 16,059 |
--------------------------------------------------------------------------------
| Other non-interest-bearing liabilities | 26,540 | 18,059 | 18,112 |
--------------------------------------------------------------------------------
| Current liabilities total | 57,315 | 53,861 | 43,111 |
--------------------------------------------------------------------------------
| Liabilities total | 92,990 | 96,004 | 81,221 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES TOTAL | 172,404 | 168,050 | 159,847 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CASH FLOWS | 1-3/10 3 | 1-3/09 3 | 1-12/09 12 |
| (EUR 1,000) | mon. | mon. | mon. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from operating activities | | | |
--------------------------------------------------------------------------------
| Cash receipts from customers | 50,504 | 65,501 | 210,096 |
--------------------------------------------------------------------------------
| Cash receipts from other operating | -734 | 1,122 | 2,693 |
| activities | | | |
--------------------------------------------------------------------------------
| Cash paid to suppliers and employees | -48,811 | -41,835 | -162,586 |
--------------------------------------------------------------------------------
| Cash flows from operations before | 959 | 24,788 | 50,203 |
| financial income and expenses and | | | |
| taxes | | | |
--------------------------------------------------------------------------------
| Interest paid | -402 | 3,404 | 2,461 |
--------------------------------------------------------------------------------
| Translation difference | -1,219 | 1,269 | -434 |
--------------------------------------------------------------------------------
| Interest received and other | 22 | -4,561 | -7,629 |
| financial income | | | |
--------------------------------------------------------------------------------
| Income taxes paid | -917 | 433 | -2,817 |
--------------------------------------------------------------------------------
| Net cash from operating activities | -1,557 | 25,332 | 41,784 |
| (A) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from investing activities | | | |
--------------------------------------------------------------------------------
| Purchase of tangible and intangible | -1,374 | -1,566 | -3,989 |
| assets | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of tangible and | 114 | 129 | 253 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Investments | 0 | -485 | -453 |
--------------------------------------------------------------------------------
| Loans granted | -1 | -1 | -2 |
--------------------------------------------------------------------------------
| Amortisations of loan received | 0 | 1 | 38 |
--------------------------------------------------------------------------------
| Net cash flow from investing | -1,260 | -1,922 | -4,153 |
| activities (B) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows after investments | -2,817 | 23,411 | 37,632 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing activities | | | |
--------------------------------------------------------------------------------
| Drawing of credits | 23 | 0 | 0 |
--------------------------------------------------------------------------------
| Amortisations of credits | -2,279 | -14,387 | -32,723 |
--------------------------------------------------------------------------------
| Dividends paid | 0 | -27 | -2,709 |
--------------------------------------------------------------------------------
| Net cash used in financing | -2,256 | -14,414 | -35,432 |
| activities (C) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net increase (+) or decrease (-) in | -5,073 | 8,996 | 2,199 |
| cash and equivalents | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents in the | 14,611 | 12,528 | 11,743 |
| beginning of the period | | | |
--------------------------------------------------------------------------------
| Translation difference in cash and | 698 | -60 | 691 |
| cash equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents in the end | 9,538 | 21,524 | 15,326 |
| of the period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FINANCIAL INDICATORS | 1-3/10 3 | 1-3/09 3 | 1-12/09 12 |
| | mon. | mon. | mon. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, EUR 1,000 | 60,835 | 53,751 | 201,814 |
--------------------------------------------------------------------------------
| Operating profit/loss, EUR 1,000 | 2,827 | 95 | 682 |
--------------------------------------------------------------------------------
| % of net sales | 4.6 | 0.2 | 0.3 |
--------------------------------------------------------------------------------
| Profit/loss before taxes, EUR 1,000 | 352 | -1,899 | 1,103 |
--------------------------------------------------------------------------------
| % of net sales | 0.6 | -3.5 | 0.5 |
--------------------------------------------------------------------------------
| Net profit/loss for the period, EUR 1,000 | 246 | -3,252 | 2,349 |
--------------------------------------------------------------------------------
| % of net sales | 0.4 | -6.0 | 1.2 |
--------------------------------------------------------------------------------
| Return on equity (ROE), % | 1.2 | -17.3 | 3.0 |
--------------------------------------------------------------------------------
| Return on investments (ROI), % | 17.4 | 15.4 | 6.4 |
--------------------------------------------------------------------------------
| Net liabilities, EUR 1,000 | 32,064 | 34,775 | 28,245 |
--------------------------------------------------------------------------------
| Gearing, % | 40.4 | 48.3 | 35.9 |
--------------------------------------------------------------------------------
| Equity ratio, % | 46.1 | 42.9 | 49.2 |
--------------------------------------------------------------------------------
| Current ratio | 1.8 | 2.0 | 2.2 |
--------------------------------------------------------------------------------
| Gross capital expenditure, EUR 1,000 | 1,342 | 1,937 | 3,894 |
--------------------------------------------------------------------------------
| % of net sales | 2.2 | 3.6 | 1.9 |
--------------------------------------------------------------------------------
| R&D expenditures, EUR 1,000 | 1,443 | 1,459 | 5,518 |
--------------------------------------------------------------------------------
| % of net sales | 2.4 | 2.7 | 2.7 |
--------------------------------------------------------------------------------
| Personnel average | 4,291 | 5,216 | 4,478 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PER-SHARE KEY INDICATORS | 1-3/10 3 | 1-3/09 3 | 1-12/09 12 |
| | mon. | mon. | mon. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS), EUR | 0.01 | -0.18 | 0.13 |
--------------------------------------------------------------------------------
| Earnings per share (EPS),diluted, EUR | 0.01 | -0.20 | 0.14 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 4.47 | 4.05 | 4.42 |
--------------------------------------------------------------------------------
| Share price at close of period, EUR | 10.60 | 2.70 | 6.60 |
--------------------------------------------------------------------------------
| Lowest share price, EUR | 6.55 | 2.70 | 2.70 |
--------------------------------------------------------------------------------
| Highest share price, EUR | 10.60 | 4.44 | 6.83 |
--------------------------------------------------------------------------------
| Average share price, EUR | 8.74 | 3.42 | 4.38 |
--------------------------------------------------------------------------------
| Turnover in shares, 1,000 shares | 3,686 | 1,947 | 8,655 |
--------------------------------------------------------------------------------
| Turnover in shares per (share issue | 20.7 | 10.9 | 48.7 |
| adjusted) share capital, % | | | |
--------------------------------------------------------------------------------
| Average number of shares, 1,000 shares | 17,782 | 17,782 | 17,782 |
--------------------------------------------------------------------------------
| Average number of shares, diluted, 1,000 | 17,778 | 16,358 | 16,690 |
| shares | | | |
--------------------------------------------------------------------------------
| Shares at end of period, 1,000 shares | 17,782 | 17,782 | 17,782 |
--------------------------------------------------------------------------------
| Market capitalisation, EUR 1,000 | 188,484 | 48,010 | 117,358 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1. SEGMENT INFORMATION | | | | |
--------------------------------------------------------------------------------
| 1.1.-31.3.2010 (EUR | Wiring | Electronics | Unallocated | Group |
| 1,000) | Harness | | and | Total |
| | | | eliminations | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales to external | 45,730 | 15,105 | | 60,835 |
| customers | | | | |
--------------------------------------------------------------------------------
| Sales to other segments | 318 | 54 | -371 | 0 |
--------------------------------------------------------------------------------
| Net sales, EUR 1,000 | 46,047 | 15,159 | -371 | 60,835 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit /loss | 2,649 | 1,303 | -479 | 3,474 |
| before non-recurring | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| % of net sales | 5.8 | 8.6 | | 5.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-recurring employee | 646 | 0 | | 646 |
| benefits expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit/loss | 2,003 | 1,303 | -479 | 2,827 |
--------------------------------------------------------------------------------
| % of net sales | 4.4 | 8.6 | | 4.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segments assets | 119,498 | 37,468 | 10,465 | 167,431 |
--------------------------------------------------------------------------------
| Unallocated assets *) | | | 4,973 | 4,973 |
--------------------------------------------------------------------------------
| Assets total | 119,498 | 37,468 | 15,438 | 172,404 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| * Segments assets do not include deferred taxes |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1.1.-31.3.2009 (EUR | Wiring | Electronics | Unallocated | Group |
| 1,000) | Harness | | and | Total |
| | | | eliminations | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales to external | 41,704 | 12,048 | | 53,752 |
| customers | | | | |
--------------------------------------------------------------------------------
| Sales to other segment | 17 | 10 | -27 | 0 |
--------------------------------------------------------------------------------
| Net sales, EUR 1,000 | 41,721 | 12,058 | -27 | 53,752 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit/loss | -589 | 684 | 0 | 95 |
--------------------------------------------------------------------------------
| % of net sales | -1.4 | 5.7 | | 0.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segments assets | 130,316 | 39,971 | -4,062 | 166,225 |
--------------------------------------------------------------------------------
| Unallocated assets *) | | | 1,825 | 1,825 |
--------------------------------------------------------------------------------
| Assets total | 130,316 | 39,971 | -2,237 | 168,050 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| * Segments assets do not include deferred taxes |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES BY GEOGRAPHICAL SEGMENTS | 1-3/10 3 | 1-3/09 3 | 1-12/09 12 |
| (EUR 1,000) | mon. | mon. | mon. |
--------------------------------------------------------------------------------
| Finland | 10,819 | 10,552 | 40,494 |
--------------------------------------------------------------------------------
| Other Europe | 29,339 | 28,904 | 99,928 |
--------------------------------------------------------------------------------
| North America | 4,916 | 4,860 | 18,870 |
--------------------------------------------------------------------------------
| South America | 11,855 | 5,253 | 26,526 |
--------------------------------------------------------------------------------
| Other Countries | 3,906 | 4,183 | 15,995 |
--------------------------------------------------------------------------------
| Total | 60,835 | 53,751 | 201,814 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2. RECONCILIATION OF | | | | | | |
| EQUITY (EUR MILLION) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| A = Share Capital | | | | | | |
--------------------------------------------------------------------------------
| B = Share premium account | | | | | | |
--------------------------------------------------------------------------------
| C = Fair value and other | | | | | | |
| reserves | | | | | | |
--------------------------------------------------------------------------------
| D = Retained earnings | | | | | | |
--------------------------------------------------------------------------------
| E = Minority interest | | | | | | |
--------------------------------------------------------------------------------
| F = Total equity | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | A | B | C | D | E | F |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity | 6.0 | 4.9 | 0.4 | 67.1 | 0.3 | 78.6 |
| 1.1.2009 | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the | 0.0 | 0.0 | 0.0 | -3.3 | 0.0 | -3.3 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Dividends | 0.0 | 0.0 | 0.0 | -2.7 | 0.0 | -2.7 |
--------------------------------------------------------------------------------
| Comprehensive income for | 0.0 | 0.0 | 0.0 | -0.6 | 0.0 | -0.6 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Other changes | 0.0 | 0.0 | 0.0 | 0.3 | -0.3 | 0.0 |
--------------------------------------------------------------------------------
| Shareholders' equity | 6.0 | 4.9 | 0.4 | 60.8 | 0.0 | 72.1 |
| 31.3.2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity | 6.0 | 4.9 | 0.4 | 67.4 | 0.0 | 78.6 |
| 1.1.2010 | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.2 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Dividends | 0.0 | 0.0 | 0.0 | -7.1 | 0.0 | -7.1 |
--------------------------------------------------------------------------------
| Share-based payments | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 |
--------------------------------------------------------------------------------
| Comprehensive income for | 0.0 | 0.0 | 0.0 | 7.5 | 0.0 | 7.5 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | 6.0 | 4.9 | 0.4 | 68.1 | 0.0 | 79.4 |
| 31.3.2010 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 3. TANGIBLE ASSETS (EUR 1,000) | 3/10 | 3/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1. | 73,772 | 75,526 |
--------------------------------------------------------------------------------
| +/- Translation difference 1.1. | 1,800 | -14 |
--------------------------------------------------------------------------------
| + Increases | 1,292 | 1,436 |
--------------------------------------------------------------------------------
| - Decreases | -360 | -891 |
--------------------------------------------------------------------------------
| Acquisition cost 31.3. | 76,504 | 76,058 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation 1.1. | 39,395 | 40,595 |
--------------------------------------------------------------------------------
| +/- Translation difference 1.1. | 0 | -23 |
--------------------------------------------------------------------------------
| - Accumulated depreciation of decreases | -277 | -222 |
--------------------------------------------------------------------------------
| + Depreciation | 1,878 | 1,851 |
--------------------------------------------------------------------------------
| Poistot 31.3. | 40,996 | 42,201 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 31.3. | 35,508 | 33,856 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4. OTHER INTANGIBLE ASSETS | | |
--------------------------------------------------------------------------------
| Acquisition cost 1.1. | 37,167 | 32,227 |
--------------------------------------------------------------------------------
| +/- Translation difference 1.1. | 1,635 | -2,729 |
--------------------------------------------------------------------------------
| + Increases | 51 | 501 |
--------------------------------------------------------------------------------
| - Decreases | -62 | -42 |
--------------------------------------------------------------------------------
| Acquisition cost 31.3. | 38,791 | 29,957 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation 1.1. | 11,418 | 6,855 |
--------------------------------------------------------------------------------
| - Accumulated depreciation of decreases | -62 | 0 |
--------------------------------------------------------------------------------
| + Depreciation | 889 | 849 |
--------------------------------------------------------------------------------
| Poistot 31.3. | 12,245 | 7,704 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 31.3. | 26,546 | 22,253 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 5. CONTINGENT LIABILITIES AT END | 3/10 | 3/09 | 12/09 | |
| OF PERIOD (EUR 1,000) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing liabilities | 2,803 | 10,124 | 3,027 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities for derivate | | | | |
| instruments | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominal values | | | | |
--------------------------------------------------------------------------------
| Currency derivates | | | | |
--------------------------------------------------------------------------------
| Forward agreements | 0 | 3,068 | 0 | |
--------------------------------------------------------------------------------
| Raw material derivates | | | | |
--------------------------------------------------------------------------------
| Forward agreements | 1,362 | 739 | 1,187 | |
--------------------------------------------------------------------------------
| Total | 1,362 | 3,807 | 1,187 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair values | | | | |
--------------------------------------------------------------------------------
| Currency derivates | | | | |
--------------------------------------------------------------------------------
| Forward agreements | 0 | -18 | 0 | |
--------------------------------------------------------------------------------
| Raw material derivates | | | | |
--------------------------------------------------------------------------------
| Forward agreements | 83 | 0 | 83 | |
--------------------------------------------------------------------------------
| Total | 83 | -18 | 83 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency and raw material derivates are used only in hedging currency and |
| copper risks. PKC Group does not apply hedge accounting to derivate |
| instruments in accordance with IAS 39. Fair values of the derivates are |
| entered directly in the income statement. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 6. QUARTERLY KEY | 10-12/0 | 1-3/09 | 4-6/09 | 7-9/09 | 10-12/09 | 1-3/10 |
| INDICATORS, | 8 3 | 3 mon. | 3 mon. | 3 mon. | 3 mon. | 3 mon. |
| CONSOLIDATED | mon. | | | | | |
--------------------------------------------------------------------------------
| Net sales, EUR | 64.7 | 53.8 | 45.8 | 46.8 | 55.4 | 60.8 |
| million | | | | | | |
--------------------------------------------------------------------------------
| Operating | -3.9 | 0.1 | -5.6 | 3.5 | 2.6 | 2.8 |
| profit/loss, EUR | | | | | | |
| million | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | -6.1 | 0.2 | -12.2 | 7.6 | 4.8 | 4.6 |
--------------------------------------------------------------------------------
| Profit/loss | -7.4 | -1.9 | -4.5 | 5.7 | 1.8 | 0.4 |
| before taxes, EUR | | | | | | |
| million | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | -11.5 | -3.5 | -9.9 | 12.2 | 3.3 | 0.6 |
--------------------------------------------------------------------------------
| Equity ratio, % | 41.9 | 42.9 | 42.5 | 46.7 | 49.2 | 46.1 |
--------------------------------------------------------------------------------
| Earnings per | -0.53 | -0.20 | -0.25 | 0.39 | 0.19 | 0.01 |
| share (EPS), | | | | | | |
| diluted (EUR) | | | | | | |
--------------------------------------------------------------------------------
| Shareholders | 4.41 | 4.05 | 3.83 | 4.20 | 4.42 | 4.47 |
| equity per share, | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY KEY | | | | | | |
| INDICATORS, | | | | | | |
| WIRING HARNESSESS | | | | | | |
--------------------------------------------------------------------------------
| Net sales, EUR | 50.8 | 41.7 | 33.1 | 34.2 | 40.3 | 45.7 |
| million | | | | | | |
--------------------------------------------------------------------------------
| Operating | 0.0 | -0.6 | -6.3 | 2.0 | 1.0 | 2.0 |
| profit/loss, EUR | | | | | | |
| million | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | -12.2 | -1.4 | -19.0 | 5.9 | 2.4 | 4.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY KEY | | | | | | |
| INDICATORS, | | | | | | |
| ELECTRONICS | | | | | | |
--------------------------------------------------------------------------------
| Net sales, EUR | 13.9 | 12.0 | 12.7 | 12.7 | 15.1 | 15.1 |
| million | | | | | | |
--------------------------------------------------------------------------------
| Operating | 2.3 | 0.7 | 0.7 | 1.5 | 1.7 | 1.3 |
| profit/loss, EUR | | | | | | |
| million | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 16.4 | 5.7 | 5.4 | 12.2 | 12.2 | 8.6 |
--------------------------------------------------------------------------------
CALCULATION OF INDICATORS
Return on equity (ROE), %
= 100 x (Profit/loss) / Shareholders' equity (average)
Return on investments (ROI), %
= 100 x (Profit before taxes + financial expenses (adjusted 12 months)) /
Shareholders' equity + interest-bearing liabilities (average)
Gearing, %
= 100 x (Interest-bearing liabilities - cash in hand and at bank and
investments) / Shareholders' equity + minority interest
Equity ratio, %
= 100 x (Shareholders' equity + minority interest) / Balance sheet total -
advance payments received
Quick ratio
= Receivables and cash in hand and at bank / Current liabilities - advance
payments received
Current ratio
Receivables and cash in hand and at bank + inventories / Current liabilities
Earnings per share (EPS), EUR
Profit/loss +/- minority interest / Average share issue-adjusted number of
shares
Shareholders' equity per share, EUR
Shareholders' equity / Share issue-adjusted number of shares on the balance
sheet date
Market capitalisation
Number of shares at the end of the financial period x the last trading price of
the financial period
All the future estimates and forecasts presented in this stock exchange release
are based on the best current knowledge of the company's management. The
estimates and forecasts contain certain elements of risk and uncertainty which,
if they materialise, may lead to results that differ from present estimates. The
main factors of uncertainty are related, among other things, to the general
economic situation, the trend in the operating environment and the sector as
well as the success of the Group's strategy.
PKC GROUP OYJ
Board of Directors
Harri Suutari
President and CEO
For additional information, contact:
Harri Suutari, President & CEO, PKC Group Oyj, +358 400 384 937
PRESS CONFERENCE
A press conference on the Interim Report will be arranged for analysts and
investors today, 6 May 2010, at 10.00 a.m., at the address World Trade Center,
Aleksanterinkatu 17, meeting room 4, 2nd floor, Helsinki.
DISTRIBUTION
NASDAQ OMX
Main media
www.pkcgroup.com
