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:
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| 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 |
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| Order book at the end | | | | |
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| of the period | 15.6 | 24.4 | -36.2 % | 13.6 |
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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.
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| 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 |
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| 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 | | | | |
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| INCOME BEFORE | | | | |
--------------------------------------------------------------------------------
| TAXES | -4.4 | 0.7 | -742.8 % | -1.8 |
--------------------------------------------------------------------------------
| Income taxes | 0.9 | -0.2 | -538.4 % | 0.3 |
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| NET INCOME | | | | |
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| FOR THE PERIOD | -3.5 | 0.5 | -828.0 % | -1.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | |
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| euros | -0.83 | 0.11 | | -0.33 |
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| Earnings per share, | | | | |
--------------------------------------------------------------------------------
| euros (diluted) | - | - | | - |
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--------------------------------------------------------------------------------
| 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 |
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--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 34.6 | 25.9 | 35.0 |
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| 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 |
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--------------------------------------------------------------------------------
| ASSETS TOTAL | 106.6 | 87.6 | 107.5 |
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--------------------------------------------------------------------------------
| 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 |
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| 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 |
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| 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 |
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RELATED PARTY TRANSACTIONS
Transactions with holding companies exercising significant influence
--------------------------------------------------------------------------------
| (Meur) | 1-3/09 | 1-3/08 | 1-12/08 |
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| Sales to closely | | | |
--------------------------------------------------------------------------------
| related parties | 5.4 | 14.4 | 52.5 |
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| Purchases from closely | | | |
--------------------------------------------------------------------------------
| related parties | 1.5 | 3.5 | 12.7 |
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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 | - | - | - | - | - |
--------------------------------------------------------------------------------
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| 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 |
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| 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