PÖYRY PLC Stock Exchange Notice 22 April 2008 at
8.30 a.m.
The Pöyry Group's net sales for the period under review were EUR
196.2 million (167.0 million in the same period 2007). Profit before
taxes was EUR 22.6 (16.5) million.
The Group's consolidated balance sheet is healthy. The equity ratio
was 43.2 (46.0) per cent and the net debt/equity ratio (gearing)
-29.6 (-33.2) per cent.
Earnings per share were EUR 0.26 (0.19) and the return on investment
46.8 (39.5) per cent.
The order stock increased by EUR 11.5 million during the period under
review to EUR 574.3 million. The number of personnel increased,
amounting to 7417 at the end of the review period (7269 at the end of
2007).
Consolidated net sales will increase during 2008. Profit before taxes
will improve in 2008.
The interim report has been prepared in accordance with the IAS 34
following the same accounting principles as in the annual financial
statements for 2007. In the Financial Statements for 2008 the Group
will also adopt the new pronouncement "IFRIC 14 IAS 19 - The Limit on
a Defined Benefit Asset, Minimum Funding Requirements and their
Interaction". The pronouncement has no significant effect for the
Group.
The data in this interim report are unaudited.
Business groups
Energy
Net sales for the period under review were EUR 58.1 (51.4) million.
Operating profit was EUR 5.6 (5.3) million.
Demand for energy-related services has remained good in Europe. The
demand situation in other geographical market areas is stable.
Investments in the energy sector have grown strongly during the past
few years, resulting in a shortage of project implementation
capacity. This has also resulted in increased investment costs. These
factors have contributed to the delays in implementing certain
projects.
The order stock is good, amounting to EUR 205.8 million at the end of
the review period (212.7 at the end of 2007).
Forest Industry
Net sales for the period under review were EUR 76.8 (64.6) million.
Operating profit amounted to EUR 12.8 (7.8) million. The favourable
earnings development during the review period is due to good capacity
utilisation, the successful completion of some major projects, and
the good demand situation in Latin America.
New investments in the forest industry have mostly taken place in
emerging markets. Demand for chemical industry-related and local
services has remained stable, as has demand for management consulting
services.
The business group's order stock has increased and is on a good
level, amounting to EUR 135.6 million (123.8 at the end of 2007). The
most important new projects received during the review period were
the engineering contract with Propapier GmbH for their paper machine
project at a new site in Eisenhüttenstadt, Germany (EUR 10 million)
and the EPCM (Engineering, Procurement and Construction Management)
services contract with Roal Oy for an enzyme plant development
project in Rajamäki, Finland (EUR 3 million).
Infrastructure & Environment
Net sales for the period under review were EUR 60.9 (50.8) million.
Operating profit was EUR 4.4 (3.7) million.
Demand for infrastructure and environment-related services has
remained stable. The business group continued to strengthen its
position in local and international markets.
The order stock amounted to EUR 232.5 million (226.3 at the end of
2007), which is a good level. The most important new projects were
the extension to the existing consultancy engineering contract with
Metro de Maracaibo C.A., Venezuela (EUR 5.5 million), the consultancy
assignments for three water projects in Nigeria, West Africa,
financed by the World Bank (EUR 3 million), the consultancy
assignment in a water sector project in Vietnam, financed by the
World Bank (EUR 2.5 million) and the engineering contract with the
Ministry of Transport of Bulgaria for the rehabilitation of the
railway line between Sofia and Plovdiv (EUR 1.3 million).
Group structure
Forest Industry
During the period under review, Pöyry acquired the remaining 30 per
cent of the shares of ZAO "Giprobum-Pöyry" (formerly ZAO Giprobum
Engineering), based in St. Petersburg, Russia. Pöyry now owns the
company's entire share capital. The company was consolidated into
Pöyry 100 per cent in 2007. The company is Russia's leading forest
industry engineering firm, which employs about 250 experts.
Infrastructure & Environment
IDP Consult Incorporated in the Philippines, which was acquired in
2007, has been consolidated into Pöyry as of the beginning of 2008.
The company has a staff of 30 and annual net sales of about EUR 1.0
million.
Pöyry is expanding its transportation business and market presence in
the infrastructure sector by acquiring 100 per cent of the shares of
Consilier Construct Srl, Romania. The closure of this transaction is
subject to a number of conditions that are expected to be fulfilled
during April 2008.
Established in 1995, Consilier Construct is today a leading
engineering consulting firm, employing about 220 experts. The company
focuses on the transportation market, in particular on the road and
rail sectors. Consilier Construct has a strong position in the
transportation sector but is also active in the water and environment
and the building sectors. In 2007 the company's net sales amounted to
about EUR 10 million.
The acquisition represents an important step in developing Pöyry's
transportation sector activities in the Eastern European market,
which is expected to benefit substantially from the integration of
Romania and the other new EU member states into the European Union.
Consilier Construct will also play an active role in expanding other
Pöyry Group activities in Eastern Europe. Consilier Construct will be
consolidated into Pöyry as of 1 May 2008 if the transaction has been
concluded.
Order stock
The Group's order stock is good. It increased by EUR 11.5 million
during the period under review, totalling EUR 574.3 million at the
end of March. At the end of 2007 the order stock was EUR 562.8
million.
Personnel
The number of personnel in the Group has increased, amounting to 7417
(7269 at the end of 2007).
Balance sheet structure and financial position
The Group's consolidated balance sheet is healthy. The equity ratio
at the end of the review period was 43.2 (50.7 at the end of 2007)
per cent. The Group's liquidity is good. The net debt/equity ratio
(gearing) was -29.6 (-47.4 at the end of 2007) per cent.
Capital expenditure
The Group's capital expenditure for the period under review totalled
EUR 2.8 (2.0) million, of which EUR 2.6 (2.0) million was invested
mainly in IT hardware, software and systems. Capital expenditure due
to share investments was EUR 0.2 (0.0) million.
Risks and uncertainties
No such new major risks or uncertainties were identified during the
reporting period which, if realised, could be estimated to have a
significant impact on the Group. A detailed report on the Group's
risks and risk management is given in the Financial Statements of
2007.
Share capital and shares
The total number of shares at the end of 2007 was 58 652 614. During
the period under review there were no changes in the number of
shares.
Option programme 2004
Pöyry PLC issued in 2004 stock options to the management of the Group
as well as to a wholly-owned subsidiary of Pöyry PLC. The number of
stock options is 550 000, entitling to subscription of four shares
each, i.e. a total of 2 200 000 shares in Pöyry PLC.
The share subscription periods are the following: for stock options
2004A (660 000 shares) between 1 March 2007 and 31 March 2010, for
2004B (660 000 shares) between 1 March 2008 and 31 March 2011, and
for 2004C (880 000 shares) between 1 March 2009 and 31 March 2012.
All stock options have been issued and their receipt confirmed.
During 2007 173 768 new shares were subscribed with 43 442 stock
options 2004A. During the period under review no subscriptions were
made. After the period under review a total amount of 69 600 new
shares were subscribed with 10 000 stock options 2004A and 7 400
stock options 2004B. The shares will be registered in the Trade
Register after the period under review. Following the registration of
the subscribed shares the number of shares totals 58 722 214.
Performance share plan 2008-2010
In December 2007 the Board of Directors of Pöyry PLC has approved a
new share-based incentive plan for key personnel of Pöyry.
The plan comprises three earning periods, which are the calendar
years 2008, 2009 and 2010. The rewards will be paid partly in the
company's shares and partly in cash in 2009, 2010 and 2011.
The shares must be held for an approximate period of two years from
the transfer date. No rewards shall be paid if the person or the
company gives notice of termination before the end of an earning
period. The paid reward must be returned to the company if the person
or the company gives notice of termination within two years from the
end of the earning period.
In the first earning period 2008, the incentive plan will include
approximately 300 persons. The value of the plan for the earning
period 2008 will correspond to the value of 270 000 shares if the
performance of the Group is in line with the earnings criteria for
target performance set by the Board of Directors. If the Group's
performance exceeds the target and reaches maximum performance, as
defined by the Board, the value of the plan can reach up to the value
of 540 000 shares for the earning period 2008. The potential reward
from the plan for the first earning period 2008 will be based on the
Group's earnings per share (EPS) and net sales growth.
During the period under review 35.7 per cent of the maximum rewards
for the earning period 2008 have been granted. After the period under
review 55.1 per cent of the rewards have been granted, so 90.8 per
cent of the maximum grantable shares for the earning period 2008 have
been granted.
The fair value of the reward is expensed until the target group is
entitled to the reward and the shares are freely transferable. The
fair value of the share is the share price on the date at which the
target group has agreed to the conditions of the plan reduced by the
estimated dividends. The fair value of the cash proportion is
remeasured at each reporting date based on the share price at the
reporting date.
Authorisation to issue shares
The Annual General Meeting (AGM) on 10 March 2008 authorised the
Board of Directors to decide to issue new shares and to convey the
company's own shares held by the company in one or more tranches. The
share issue can be carried out as a share issue against payment or
without consideration on terms to be determined by the Board of
Directors and in relation to a share issue against payment at a price
to be determined by the Board of Directors.
A maximum of 11 600 000 new shares can be issued. A maximum of
5 800 000 own shares held by the company can be conveyed.
The authorisation is in force for three years from the decision of
the AGM.
The decision made by the AGM was published in its entirety in a stock
exchange notice on 10 March 2008.
The Board has not exercised the authorisation during the period under
review.
Authorisation to acquire the company's own shares
The AGM on 10 March 2008 authorised the Board of Directors to decide
to acquire the company's own shares with distributable funds on the
terms given below. The acquisition of shares reduces the company's
distributable shareholders' equity.
A maximum of 5 800 000 shares can be acquired. The company's own
shares can be acquired in accordance with the decision of the Board
of Directors either through public trading or by public offer at
their market price at the time of purchase.
The authorisation is in force for 18 months from the decisions of the
AGM.
The decision made by the AGM was published in its entirety in a stock
exchange notice on 10 March 2008.
The AGM on 5 March 2007 authorised the Board of Directors to decide
to acquire a maximum of 5 800 000 own shares of the company. On 10
December 2007 the Board of Directors resolved to exercise the
authorisation for the implementation of the Performance share plan
2008-2010 described above. 237 557 own shares were acquired during
the period 6 February to 7 March 2008. On 10 March 2008 the Board of
Directors resolved to exercise the authorisation given by the Annual
General Meeting 2008 and to continue the share buy back. By the end
of March 2008, 43 529 own shares have been acquired based on this
authorisation. The average price of the shares acquired on the basis
of the said authorisations was EUR 15.01. Furthermore a subsidiary of
Pöyry PLC owns 8 914 Pöyry PLC shares and thus the total amount of
own shares held by the company on 31 March 2008 was 290 000
representing 0.5 per cent of all shares and 0.5 per cent of all
votes.
Dividend
The Annual General Meeting decided that a dividend of EUR 0.65 be
distributed per outstanding share for 2007 (EUR 0.50 for 2006),
totalling EUR 38.0 million. The dividend was paid on 20 March 2008.
Share price
The company's shares are quoted on the OMX Nordic Exchange in
Helsinki. The average trading price during the period under review
was EUR 14.55, with a high of EUR 17.44 and a low of EUR 11.79. A
total of 6.6 million of the company's shares were traded, equalling
11.3 per cent of the total number of shares and corresponding to a
turnover of EUR 95.7 million.
Prospects
Energy
The economic development in China, Russia and Latin America, combined
with the expansion of the EU, create the basis for the demand for
energy-related services. The EU's expanding energy legislation will
continue to increase demand for management consulting services in the
energy sector. In addition, environmental legislation, focused in
particular on combating climate change, will boost demand for
services related to renewable energy and power plant modernisation.
The price of crude oil is not expected to decline much, which creates
new business opportunities in the oil and gas sectors. In the thermal
power sector, clients' actions will focus on diversifying the
structure of their energy supply to secure the continued availability
of energy. Nuclear power will acquire greater importance in
diversifying the energy supply. Because of the partly overheated
investment situation in the energy sector the implementation of
certain projects may be postponed. The business group has a strong
market position and a good order stock. The business group's
operating profit will improve in 2008.
Forest Industry
Overall demand for engineering services is not expected to change
much during 2008. Chemical pulp mill investments will mostly take
place in South America, Asia and Russia. The focus of paper machine
investments will be in the emerging markets of Asia and in some
economies in transition. Because of overcapacity and cost pressures
the challenging situation in the European and North American forest
industry will continue. Demand for project implementation and local
services will be promoted by new investments in biofuels and chemical
industry. To improve the competitiveness of the forest industry, new
solutions and actions will be needed to improve the efficiency of
operations and overall productivity. Possible forest industry
restructuring measures may result in increased demand for management
consulting and investment banking services. The global market
position of the business group is good and its order stock has
increased.
The business group's operating profit will improve in 2008.
Infrastructure & Environment
Transportation system investments will increase in Eastern Europe,
Asia and Latin America. The investment growth is supported by inputs
in this sector by various financial institutions. Transportation
system investments in Western Europe will remain stable. Climate
change and environmental problems create a need for services in the
water and environment sector. The strong growth of construction will
continue in Russia. The volume growth in the Finnish construction
market is levelling off during 2008. The business group's
comprehensive service packages and its focus on specific competence
areas will improve its competitiveness. The business group's order
stock has increased and its market position is good. The business
group's operating profit will improve clearly in 2008.
Group
The Group has a strong market position in all of its business areas.
The order stock is good and has increased by EUR 11.5 million during
the period under review. Consolidated net sales will increase in
2008. Profit before taxes will improve in 2008. The repercussions in
other national economies of the uncertainty in the US economy may
have a negative impact on investment demand during 2008.
Vantaa, Finland, 21 April 2008
PÖYRY PLC
Board of Directors
PÖYRY PLC
Erkki Pehu-Lehtonen
President and CEO
Teuvo Salminen
Deputy to President and CEO
Additional information by:
Erkki Pehu-Lehtonen, President and CEO, Pöyry PLC
tel. +358 10 33 22999, +358 400 468 084
Teuvo Salminen, Deputy to President and CEO, Pöyry PLC
tel. +358 10 33 22872, +358 400 420 285
www.poyry.com
DISTRIBUTION:
OMX Nordic Exchange Helsinki
Major media
PÖYRY GROUP
Consol-
idated
statement
of income 1-3/2008 1-3/2007 1-12/2007
EUR
million
NET
SALES 196.2 167.0 718.2
Other
operating
income 0.1 0.7 2.5
Share of
associated
companies'
results 0.1 0.1 0.4
Materials
and
supplies -4.1 -3.8 -14.3
External
charges,
subconsulting -23.6 -18.7 -89.5
Personnel
expenses -107.0 -91.1 -375.9
Depreciation -2.0 -2.1 -8.4
Other
operating
expenses -37.7 -36.1 -159.2
OPERATING
PROFIT 22.0 16.0 73.8
Proportion
of net
sales, % 11.2 9.6 10.3
Financial
income 1.3 0.8 4.3
Financial
expenses -0.4 -0.3 -1.3
Exchange
rate
differences -0.3 0.0 -0.2
Value
decrease
on
non-
current
investment 0.0 0.0 -0.1
PROFIT
BEFORE
TAXES 22.6 16.5 76.5
Proportion
of net
sales, % 11.5 9.9 10.7
Income
taxes -7.1 -5.3 -23.7
NET
PROFIT
FOR THE
PERIOD 15.5 11.2 52.8
Attribut-
able to:
Equity
holders
of the
parent
company 15.1 10.9 51.3
Minority
interest 0.4 0.3 1.5
Earnings
per
share,
EUR 0.26 0.19 0.88
Corrected
with
dilution
effect 0.25 0.18 0.86
Consol-
idated
balance
sheet 31 Dec-
EUR 31 March 31 March ember
million 2008 2007 2007
ASSETS
NON-
CURRENT
ASSETS
Goodwill 95.0 61.0 95.6
Intangible
assets 5.4 7.3 6.6
Tangible
assets 18.3 17.1 17.8
Shares in
associated
companies 5.1 5.0 5.2
Other
shares 2.4 6.7 2.4
Loans
receivable 0.1 1.0 0.1
Deferred
tax
receivables 5.9 5.4 5.7
Pension
receivables 0.7 2.8 0.6
Other 4.4 8.6 4.9
137.3 114.9 138.9
CURRENT
ASSETS
Work in
progress 82.5 68.4 64.5
Accounts
receivable 136.3 120.1 141.9
Loans
receivable 0.7 0.0 0.6
Other
receivables 12.3 13.9 15.6
Prepaid
expenses
and
accrued
income 10.5 11.2 10.9
Cash
and
cash
equivalents 88.2 67.7 98.7
330.5 281.3 332.2
TOTAL 467.8 396.2 471.1
EQUITY
AND
LIABILITIES
EQUITY
Equity
attributable
to the
equity
holders
of the
parent
company
Share
capital 14.6 14.5 14.6
Share
premium
reserve 32.4 31.5 32.4
Legal
reserve 19.5 19.1 19.5
Invested
free
equity
reserve 4.6 0.0 4.6
Translation
difference -17.0 -11.0 -13.9
Retained
earnings 98.6 84.5 125.4
152.7 138.6 182.6
Minority
interest 7.3 6.2 6.9
160.0 144.8 189.5
LIABI-
LITIES
Non-
current
liabi-
lities
Interest
bearing
non-
current
liabi-
lities 21.7 3.9 1.9
Pension
obliga-
tions 6.7 6.7 6.6
Deferred
tax
liability 5.8 3.4 3.3
Other
non-
current
liabi-
lities 8.0 2.9 9.4
42.2 16.9 21.2
Current
liabi-
lities
Amorti-
sations
of
interest
bearing
non-
current
liabi-
lities 2.6 2.6 2.6
Interest
bearing
current
liabilities 16.5 13.1 4.4
Provi-
sions 3.8 2.9 5.0
Project
advances 97.3 81.3 97.3
Accounts
payable 21.1 21.2 22.9
Other
current
liabi-
lities 39.0 39.0 38.3
Current
tax
payable 1.9 1.5 13.7
Accrued
expenses
and
deferred
income 83.4 72.9 76.2
265.6 234.5 260.4
TOTAL 467.8 396.2 471.1
State-
ment
of
changes
in
financial
position 1-3/2008 1-3/2007 1-12/2007
EUR
million
FROM
OPERA-
TING
ACTI-
VITIES
Net
profit
for
the
period 15.5 11.2 52.8
Depre-
ciation
and value
decrease 2.0 2.1 8.4
Gain on
sale
of fixed
assets 0.0 -0.7 -2.3
Share
of
associ-
ated
compa-
nies'
results -0.1 -0.1 -0.4
Fina-
ncial
income
and
expen-
ses -0.6 -0.5 -2.8
Income
taxes 7.1 5,3 23.7
Change
in work
in
prog-
ress -18.0 -15.7 -11.7
Change
in
accounts
and
other
recei-
vables 9.7 11.9 -5.6
Change
in
advances
received 0.0 11.3 27.4
Change
in pay-
ables
and
other
liabi-
lities -3.6 -3.7 13.1
Rec-
eived
financial
income 1.3 0.8 4.3
Paid
financial
expenses -0.9 -0.3 -1.5
Paid
income
taxes -6.6 -4.1 -19.1
Total
from
operating
activities 5.8 17.5 86.4
CAPITAL
EXPEN-
DITURE
Invest-
ments
in shares
in subsidi
-aries
deducted
with cash
acquired -2.5 -1.7 -23.4
Sales
of shares
in subsi-
diaries 0.0 0.0 0.3
Invest-
ments
in other
shares 0.0 0.0 0.0
Invest-
ments in
fixed
assets -2.6 -2.0 -9.9
Sales of
shares in
associated
companies 0,0 0.0 1.8
Sales of
other
shares 0.0 0.6 2.2
Sales of
fixed
assets 0.0 0.3 1.2
Capital
Expen-
diture
total, net -5.1 -2.8 -27.8
Net cash
before
financing 0.7 14.7 58.6
FINAN-
CING
New
loans 20.5 0.0 0.0
Repay-
ments of
loans -0.5 -0.5 -2.6
Change
in current
financing 11.9 6.8 -2.2
Change
in non-
current
invest-
ments 0.0 0.0 0.5
Dividends -36.8 -28.2 -30.0
Acquis-
ition of
own
shares -4.0 0.0 0.0
Share
subs-
cription 0.0 0.0 0.9
Net
cash
from
financing -8.9 -21.9 -33.4
Change
in cash
and cash
equiv-
alents -8.2 -7.2 25.2
Cash
and cash
equiv-
alents
at the
beginning
of period 98.7 74.9 74.9
Impact
of trans-
lation
differ-
ences
in
exchange
rates -2.3 -1.4
Cash
and cash
equi-
valents
at the
end of
period 88.2 67.7 98.7
Statement of
changes in
equity
Share In-
pre- vested Trans- Re- Minor-
mium Legal free lation tained ity
EUR Share re- re- equity differ- earn- inter- Total
million capital serve serve reserve ences ings Total est equity
Equity
1 Jan.
2007 14.5 31.5 19.1 0.0 -10.9 102.6 156.8 6.1 162.9
Net
income
recorded
direct
to
equity 0.0 0.0 0.0
Trans-
lation
differ-
ences -0.1 -0.1 -0.1
Net
profit
for the
period 10.9 10.9 0.3 11.2
Income
and
expenses
for the
period -0.1 10.9 10.8 0.3 11.1
Share
issue 0.0 0.0
Shares
subs-
cribed
with
stock
options 0.0 0.0
Payment
of dividend -29.1 -29.1 -0.2 -29.3
Expenses
from
incentive
prog-
ramme 0.1 0.1 0.1
Other
changes 0.0 0.0 0.0 0.0 0.0 -29.0 -29.0 -0.2 -29.2
Equity 31
March
2007 14.5 31.5 19.1 0.0 -11.0 84.5 138.6 6.2 144.8
Equity 1
Jan.
2007 14.5 31.5 19.1 0.0 -10.9 102.6 156.8 6.1 162.9
Net
income
recorded
direct
to equity 0.0 0.0 0.0
Trans-
lation
differ-
ences -2.9 -2.9 -2.9
Net
profit
for the
period 51.3 51.3 1.5 52.8
Income
and
expenses
for the
period -2.9 51.3 48.4 1.5 49.9
Share
issue 4.6 0.4 5.0 5.0 Shares
subscribed
with stock
options 0.1 0.9 1.0 1.0
Payment of
dividend -29.1 -29.1 -0.7 -29.8
Transfer,
retained
earnings 0.4 -0.4 0.0 0.0
Expenses
from
incentive
programme 0.5 0.5 0.5
Other
changes 0.1 0.9 0.4 4.6 0.0 -28.5 -22.6 -0.7 -23.4
Equity
31 Dec.
2007 14.6 32.4 19.5 4.6 -13.9 125.4 182.6 6.9 189.5
Equity
1 Jan.
2008 14.6 32.4 19.5 4.6 -13.9 125.4 182.6 6.9 189.5
Net
income
recorded
direct to
equity 0.0 0.0 0.0
Trans-
lation
differ-
ences -3.1 -3.1 -3.1
Net
profit
for the
period 15.1 15.1 0.4 15.5
Income
and
expenses
for
the
period -3.1 15.1 12.0 0.4 12.4
Acquisition
of own
shares -4.0 -4.0 -4.0
Shares
subscribed
with stock
options 0.0 0.0 0.0
Payment
of
dividend -38.0 -38.0 -38.0
Expenses
from
incentive
programme 0.1 0.1 0.1
Other
changes 0.0 0.0 0.0 0.0 0.0 -41.9 -41.9 0.0 -41.9
Equity 31
March
2008 14.6 32.4 19.5 4.6 -17.0 98.6 152.7 7.3 160.0
Contingent
Liabi-
lities
EUR 31 March 31 March 31 December
million 2008 2007 2007
For own
debt 0.0 0.0 0.0
Other
obligations
Pledged
assets 0.4 0.4 0.3
Other
obligations 40.2 44.5 40.4
For
others
Pledged
assets 0.1 0.1 0.1
Other
obliga-
tions 0.1 0.0 0.1
Rent and
lease
obligations 112.0 106.1 113.6
Derivative
instruments
Foreign
exchange
forward
contracts,
notional
values 14.4 25.3 16.9
Foreign
exchange
forward
contracts, 0.3 0.3 0.4
fair
values -0.1 -0.2 0.0
Interest
rate
swaps,
fair
values 0.0 0.0 0.0
Pöyry PLC has made interest rate
swaps for EUR 3.0 million external loans.
Related party transactions
The transactions with the associated
companies are determined on an arm's length basis.
Sales to
associated
companies 0.1 0.0 0.1
Loans receivable
from associated
companies 0.1 0.6 0.1
Accounts receivable
from associated
companies 0.1 0.0 0.0
Shareholding and option
rights of related parties
The members of the Board of Directors,
the President and CEO, the Deputy to the
President and CEO and the members of the
Group Executive Committee owned on 31 March
2008 a total of 165 187 shares and 229 975
stock options (on 31 December 2007 a total
of 207 107 shares, and 236 975 stock options
2004).
With the stock options the shareholding can be
increased by 919 900 shares equalling 1.6 per
cent of the total number of shares and votes.
The stock option programme is described in the
Financial Statements 2007.
Performance share plan 2008-2010
In December 2007 the Board of Directors of Pöyry PLC
approved a new share-based incentive plan for key
personnel. The plan includes three earning periods,
which are the calendar years 2008, 2009 and 2010.
The rewards will be paid partly in the company's
shares and partly in cash in 2009, 2010 and 2011.
Shares must be held for a period of two years
from the transfer date.
During the period under review 57 000 grants have
been awarded to the President and CEO, to the Deputy
to the President and CEO and to the members of the
Group Executive Committee, corresponding to the
value of not more than 57 000 shares.
The Performance share plan is described in the
verbal part of the Interim report.
Key
figures 1-3/2008 1-3/2007 1-12/2007
Earnings/
share, EUR 0.26 0.19 0.88
Corrected
with dilution
effect 0.25 0.18 0.86
Equity
attributable
to equity
holders of
the parent
company/
share, EUR 2.62 2.38 3.11
Return on
investment,
% p.a. 46.8 39.5 41.7
Return on
equity,
% p.a. 35.5 29.1 30.0
Equity
ratio, % 43.2 46.0 50.7
Equity/assets
ratio, % 34.2 36.6 40.2
Net debt/
equity ratio
(gearing), % -29.6 -33.2 -47.4
Net debt,
EUR million -47.4 -48.1 -89.9
Consulting
and
engine-
ering,
EUR
million 568.5 553.1 551.4
EPC,
EUR
million 5.8 14.5 11.4
Order
stock
total,
EUR
million 574.3 567.6 562.8
Capital
expenditure,
operating,
EUR
million 2.6 2.0 9.1
Capital
expen-
diture
in shares,
EUR
million 0.2 0.0 44.2
Personnel
in Group
companies
on average 7368 6451 6852
Personnel
in Group
companies
at the end
of the
period 7417 6483 7269
Personnel
in
associated
companies
at the end
of the
period 295 257 277
Change in
intangible
assets
EUR
million
Book
value at
beginning
of period 6.6 7.9 7.9
Acquired
companies 0.0 0.0 0.9
Capital
expen-
diture 0.2 0.1 1.4
Decreases -0.6 0.0 0.0
Depre-
ciation
and
expensed -0.6 -0.7 -3.5
Translation
difference -0.2 0.0 -0.1
Book value
at end
of period 5.4 7.3 6.6
Change in
tangible
assets
Book
value
at
beginning
of period 17.8 17.0 17.0
Acquired
companies 0.0 0.0 0.6
Capital
expenditure 2.4 2.0 7.1
Decreases -0.1 -0.3 -0.8
Depreciation -1.4 -1.6 -6.0
Translation
difference -0.4 0.0 -0.1
Book value
at end of
period 18.3 17.1 17.8
Segment
information 1-3/2008 1-3/2007 1-12/2007
EUR
million
NET
SALES
Energy 58.1 51.4 217.5
Forest
Industry 76.8 64.6 276.9
Infrastructure &
Environment 60.9 50.8 222.5
Unallocated 0.4 0.2 1.3
Total 196.2 167.0 718.2
OPERA-
TING
PROFIT
AND
NET
PROFIT
FOR THE
PERIOD
Energy 5.6 5.3 21.0
Forest
Industry 12.8 7.8 39.0
Infra-
structure& Environment 4.4 3.7 16.8
Unallocated -0.8 -0.8 -3.0
Operating
profit
total 22.0 16.0 73.8
Financial
income and
expenses 0.6 0.5 2.7
Profit before
taxes 22.6 16.5 76.5
Income
taxes -7.1 -5.3 -23.7
Net
profit
for the
period 15.5 11.2 52.8
Profit
attributable to:
Equity
holders of
the parent
company 15.1 10.9 51.3
Minority
interest 0.4 0.3 1.5
OPERA-
TING
PROFIT %
Energy 9.6 10.3 9.7
Forest
Industry 16.6 12.1 14.1
Infra-
structure &
Environment 7.3 7.3 7.5
Total 11.2 9.6 10.3
ORDER
STOCK
Energy 205.8 214.8 212.7
Forest
Industry 135.6 154.1 123.8
Infra-
structure &
Environment 232.5 198.4 226.3
Unallocated 0.4 0.3 0.0
Total 574.3 567.6 562.8
Consulting
and
engineering 568.5 553.1 551.4
EPC 5.8 14.5 11.4
Total 574.3 567.6 562.8
NET SALES
BY AREA
The Nordic
countries 56.9 47.9 201.1
Europe 85.5 70.9 307.8
Asia 18.6 17.3 67.3
North America 8.5 8.5 34.2
South America 19.9 17.1 82.2
Other 6.8 5.3 25.6
Total 196.2 167.0 718.2
Segment
information 1-3/06 4-6/06 7-9/06 10-12/06
EUR
million
NET
SALES
Energy 42.8 45.6 49.1 59.9
Forest
Industry 52.8 57.0 54.8 60.3
Infra-
structure& Environment 48.3 50.7 48.7 54.1
Unallocated 0.1 0.6 0.4 -1.9
Total 144.0 153.9 153.0 172.4
OPERA-
TING
PROFIT AND
NET
PROFIT
FOR THE
PERIOD
Energy 3.2 3.3 3.7 4.4
Forest
Industry 4.4 4.6 6.4 7.5
Infra-
structure &
Environment 3.3 2.8 3.4 3.5
Unallocated -0.7 -0.4 -0.3 0.8
Operating
profit total 10.2 10.3 13.2 16.2
Financial
income
and
expenses 0.3 0.1 0.0 -0.1
Profit
before
taxes 10.5 10.4 13.2 16.1
Income
taxes -3.5 -3.2 -4.2 -4.5
Net
profit
for the
period 7.0 7.2 9.0 11.6
Profit
attributable
to:
Equity
holders
of the
parent
company 6.9 6.9 8.6 11.2
Minority
interest 0.1 0.3 0.4 0.4
OPERA-
TING
PROFIT %
Energy 7.5 7.2 7.5 7.3
Forest
Industry 8.3 8.1 11.7 12.4
Infra-
structure &
Environment 6.8 5.5 7.0 6.5
Total 7.1 6.7 8.6 9.4
ORDER
STOCK
Energy 220.0 237.1 222.6 204.9
Forest
Industry 111.4 109.1 111.0 111.4
Infra-
structure &
Environment 187.6 185.3 183.7 191.0
Unallocated 0.1 0.0 0.0 0.3
Total 519.1 531.5 517.3 507.6
Consulting
and
engineering 496.9 514.0 502.1 500.8
EPC 22.2 17.5 15.2 6.8
Total 519.1 531.5 517.3 507.6
Segment
information 1-3/07 4-6/07 7-9/07 10-12/07
EUR
million
NET
SALES 51.4 51.8 51.6 62.7
Energy 64.6 67.4 65.2 79.7
Forest
Industry 50.8 53.4 55.6 62.7
Infra-
structure &
Environment 0.2 0.4 0.3 0.4
Unallocated 167.0 173.0 172.7 205.5
Total
OPERATING
PROFIT
AND NET
PROFIT
FOR THE
PERIOD
Energy 5.3 4.6 5.7 5.4
Forest
Industry 7.8 8.6 9.9 12.7
Infra-
structure &
Environment 3.7 3.5 4.4 5.2
Unallocated -0.8 -0.4 -0.7 -1.1
Operating
profit
total 16.0 16.3 19.3 22.2
Financial
income and
expenses 0.5 0.5 0.6 1.1
Profit
before
taxes 16.5 16.8 19.9 23.3
Income
taxes -5.3 -5.4 -6.3 -6.7
Net profit
for the
period 11.2 11.4 13.6 16.6
Profit
attributable
to: 10.9 11.0 13.5 15.9
Equity
holders of
the parent
company 0.3 0.4 0.1 0.7
Minority
interest
OPERA-
TING
PROFIT % 10.3 8.9 11.0 8.6
Energy 12.1 12.8 15.2 15.9
Forest
Industry 7.3 6.6 7.9 8.3
Infra-
structure &
Environment 9.6 9.4 11.2 10.8
Total
ORDER
STOCK 214.8 233.8 223.7 212.7
Energy 154.1 140.2 143.3 123.8
Forest
Industry 198.4 204.6 216.7 226.3
Infra-
structure &
Environment 0.3 0.3 0.0 0.0
Unallocated 567.6 578.9 583.7 562.8
Total
553.1 558.1 566.2 551.4
Consulting
and
engineering 14.5 20.8 17.5 11.4
EPC 567.6 578.9 583.7 562.8
Total
