The Pöyry Group's net sales for the period under review increased by
18.6 per cent, amounting to EUR 608.1 million (512.7 million in the
same period 2007). Profit before taxes increased by 43.4 per cent to
EUR 76.3 (53.2) million.
The Group's consolidated balance sheet is healthy. The equity ratio
was 47.9 (46.2) per cent and the net debt/equity ratio (gearing)
-28.8 (-35.0) per cent.
Earnings per share improved by 42.6 per cent to EUR 0.87 (0.61) and
the return on investment by 48.7 (38.3) per cent.
The order stock has increased and was EUR 594.5 million (562.8 at the
end of 2007). The margin level of the order stock is normal. The
number of personnel increased by 8.5 per cent and was 7886 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 clearly in 2008.
At the beginning of 2008 the Group announced that the profit before
taxes for 2008 was expected to improve compared to 2007. In June the
Group specified its 2008 earnings estimate, stating that the profit
before taxes is estimated to improve clearly in 2008. The improvement
in the projected profit was caused by the Forest Industry business
group's favourable earnings development during January-May, and by
orders received during the spring, which create a good work load also
for the rest of the year in the Forest Industry business group.
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 177.0 (154.8) million.
Operating profit was EUR 20.2 (15.6) 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 recent turmoil in financial markets has not had any
impact on investment demand in the energy sector so far.
The order stock is good, amounting to EUR 216.1 million at the end of
the review period (212.7 at the end of 2007). The order stock has
improved in all business areas during the third quarter 2008 with
mostly medium-size new orders. The most important new projects were
the engineering services contract for a new 750 MW combined cycle
power plant in Vietnam with PetroVietnam Nhon Trach 2 Power JS
Company (EUR 3.8 million), the implementation engineering services
contracts with Stora Enso Oyj for combined heat and power plant
projects in Belgium and Germany (EUR 3 million), the engineering
services contract for a new 2x30 MW coal-fired power plant project in
Kalimantan, Indonesia with PT Makmur Sejahtera Wisesa (EUR 2
million), the engineering and installation contract for the new
national control centre of the Austrian transmission network with
Verbund Austrian Power Grid in Austria (EUR 2.4 million), the
engineering contract with SOFINEL S.A., a subsidiary of the EDF Group
and AREVA NP, for a nuclear power plant in China (EUR 2.8 million),
the services contract with Glow Energy Public Co., Ltd for a
cogeneration expansion project in Thailand (EUR 1.85 million) and the
frame agreement with Técnicas Reunidas, Spain for the engineering of
several EPC projects (EUR 15 million). The last-mentioned agreement
is included in the order stock as at 30 September 2008.
Forest Industry
Net sales for the period under review were EUR 239.6 (197.2) million.
Operating profit amounted to EUR 43.8 (26.3) 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 financial performance and 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. Because of the limited availability of pulpwood and the
recent events in financial markets the investment volume in Latin
America will decline clearly in 2009. The order stock of North
American operations is stable.
The business group's order stock has declined slightly, amounting to
EUR 122.4 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), the EPCM
(Engineering, Procurement and Construction Management) services
contract with Roal Oy for an enzyme plant development project in
Rajamäki, Finland (EUR 3 million), engineering services for the
rebuild of Mondi's Syktyvkar pulp mill in Russia (EUR 10 million),
Amcor's new B9 linerboard machine project at the Botany Mill in
Austria and the pulp mill engineering project for Vietnam Paper
Corporation in Vietnam.
Infrastructure & Environment
Net sales for the period under review were EUR 190.1 (159.8) million.
Operating profit was EUR 13.8 (11.6) million.
Demand for infrastructure and environment related services has
remained stable, with the exception of office and commercial building
construction in Finland and Russia. The business group continued to
strengthen its position in local and international markets.
The order stock has increased, amounting to EUR 255.6 million (226.3
at the end of 2007). 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 sector projects in Nigeria, West Africa,
financed by the World Bank (EUR 3 million), the railway engineering
services contract for the Gotthard Base Tunnel project with the Swiss
Transtec Gotthard Consortium (EUR 10 million), the assignment in the
Ring Rail Link project in Helsinki, Finland with the Finnish Rail
Administration (EUR 7.5 million) the contract for the Melamchi water
supply project with the Melamchi Water Supply Development Board in
Nepal (EUR 7 million), the contract for a bus mass transit system
with Instituto de Desarrollo Urbano in Colombia (EUR 3.0 million), an
extension to the existing contract with Metro de Maracaibo C.A. for a
metro mass transit system in Venezuela (EUR 5.2 million) and the
contract with the Government River Board Corporation for the
preparation of a large flood protection scheme in the Czech Republic
(EUR 4 million).
Group structure
As of 1 January 2009, Pöyry PLC will split its Infrastructure &
Environment business group into three parts: Transportation, Water
and Environment, and Construction Services.
The Infrastructure & Environment business group has consisted of
three business areas with partly different client bases, markets and
growth areas. The business areas will now be reorganized as separate
business groups. The reorganization will create a clearer connection
between Pöyry's long-term growth strategy and business structure. At
the same time, it will enable investors to understand better the
different segments of Pöyry's infrastructure and environment
business.
Current business structure
Until now, Pöyry has conducted its operations through three business
groups: Energy, Forest Industry, and Infrastructure & Environment.
The structure of the Energy business group will remain unchanged. The
business group is Europe's leading provider of energy-related
consulting and engineering services.
The Forest Industry business group will also remain unchanged, except
that the Civil Engineering business unit with a staff of 250 will
become a part of the Construction Services business group. The Forest
Industry business group is global market leader both in consulting
and engineering.
New business groups
Transportation
The Transportation business group will focus on rail transportation
systems and on road, tunnelling and bridge projects, as well as on
other transportation-related engineering and expert services. The
2008 net sales of the business group are estimated to be about EUR
107 million.
Water and Environment
The Water and Environment business group will offer comprehensive
engineering and expert services related to water and environmental
technologies. The 2008 net sales of the businesses forming the new
business group are estimated to be about EUR 84 million.
Construction Services
The Construction Services business group will offer comprehensive
engineering and project management services for commercial building
and industrial projects. The 2008 net sales of the Construction
Services business group are estimated at EUR 93 million.
Financial targets and comparable figures
The profitability target of Pöyry's business groups is a minimum
operating profit of 8 per cent in the medium term. The long-term
profitability target of the business groups is 10 per cent. The
comparable figures according to the new business group structure will
be released in connection with the publishing of the annual accounts
for 2008.
A separate stock exchange notice concerning the new Group structure
and financial targets was published on 7 October, 2008.
Acquisitions
Forest Industry
In March 2008 Pöyry acquired the remaining 30 per cent of the shares
of CJSC "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, employing 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 has expanded its transportation business and market presence in
the infrastructure sector by acquiring 100 per cent of the shares of
Consilier Construct S.R.L, Romania in May 2008. Established in 1995,
Consilier Construct is 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 has been consolidated into Pöyry as of 1 June 2008.
Pöyry has expanded its architectural design operations by acquiring
the entire share capital of Arket Oy, Espoo, Finland. Employing nine
architects, the company had net sales of EUR 0.8 million in 2007.
Arket Oy will be merged with Pöyry Architects Oy. Founded in 1988,
Arket Oy provides architectural design services for health care,
office, retail and industrial buildings. The company also has
extensive experience of total design and construction management
services projects.
Pöyry has expanded the services of its Infrastructure & Environment
business group by acquiring 100 per cent of the shares of Geopale Oy,
Jyväskylä, Finland. The company specialises in bedrock core
drillings. Employing 14 experts, the company's net sales in 2007
amounted to EUR 1.1 million. Founded in 1995, Geopale Oy has a
clientele of exploration and mining companies, and its operations are
concentrated to Eastern and Northern Finland. Geopale Oy will be
merged with Pöyry Environment Oy.
Pöyry has expanded its real estate consulting and engineering
operations in China by acquiring in August the entire stock of
Shanghai Kang Hong Construction Ltd. Based in Shanghai, the company
employs 29 experts. Its net sales for 2008 are estimated at EUR 1
million and growth prospects are good. The closure of the transaction
is subject to approval by the Chinese authorities. Shanghai Kang Hong
Construction is primarily engaged in project management for
industrial and commercial real estate development and construction
projects. In addition, the company provides a comprehensive range of
complementary consulting services, ranging from site search and
feasibility analysis services to the management of engineering
design.
Pöyry has expanded its transportation business and market presence in
the infrastructure sector by acquiring the entire share capital of
ETT Proyectos S.A, Spain. Employing 45 experts, the Madrid-based
company had net sales of EUR 3.2 million in 2007. Founded in 2002,
ETT Proyectos provides engineering and consultancy services in the
rail sector, including both conventional rail systems as well as
high-speed rail systems. The company has also carried out a number of
assignments in the area of logistics infrastructure. This acquisition
supports Pöyry's strategy of expanding its transportation activities
into the Spanish market, while at the same time providing synergies
for Pöyry's established position in Latin America. ETT Proyectos will
be integrated into the Transportation systems business area of the
Infrastructure & Environment business group. The company's management
and personnel will continue in Pöyry's employment after the
acquisition. ETT Proyectos has been consolidated into Pöyry as from 1
October 2008.
President and CEO
Heikki Malinen, M.Sc. (Econ), MBA, has taken up his position as new
President and CEO of Pöyry PLC on 1 June 2008.
Order stock
The Group's order stock has increased, amounting to EUR 594.5 million
at the end of September. The margin level of the order stock is
normal. 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 7886
(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 47.9 (50.7 at the end of 2007)
per cent. The Group's liquidity is good. The net debt/equity ratio
(gearing) was -28.8 (-47.4 at the end of 2007) per cent.
Capital expenditure
The Group's capital expenditure for the period under review totalled
EUR 13.1 (42.3) million, of which EUR 7.8 (6.0) million was invested
mainly in IT hardware, data systems and software. Capital expenditure
on shares amounted to 5.3 (36.3) million.
Risks and uncertainties
The following new major risks or uncertainties were identified during
the reporting period which, if realised, could have a significant
impact on the Group.
The global financial crisis. As a result of the global financial
crisis which began at the end of the review period, several national
economies are experiencing a downturn or plunging into recession. The
depth and duration of the impacts of the crisis are difficult to
foresee. The crisis has a negative impact both on consumer and
investment demand, and if lasting over a longer period, it could
substantially affect also the business of the Pöyry Group.
Forest industry investments in Latin America. Because of the limited
availability of pulpwood and the recent events in financial markets,
the forest industry investments in Latin America will decline
clearly. This will have an impact on the Group, which is, however,
reduced by the possibility to use Latin American based staff in the
projects of the Group's other business areas in Latin America.
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 161 088 new shares were subscribed with stock
options 2004A and 2004B pursuant to the stock option programme 2004
of Pöyry PLC. Following the registration of the subscribed shares the
total number of shares increased to 58 813 702.
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 a total amount of
161 088 new shares were subscribed with 15 090 stock options 2004A
and 25 182 stock options 2004B.
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 90.8 per cent of the maximum rewards
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 September 2008, 148 529 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 15.27. Furthermore a
subsidiary of Pöyry PLC owns 8914 Pöyry PLC shares and thus the total
amount of own shares held by the company on 30 September 2008 was
395 000 representing 0.7 per cent of all shares and 0.7 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 NASDAQ OMX in Helsinki. The
average trading price during the period under review was EUR 15.23,
with a high of EUR 18.34 and a low of EUR 11.79. A total of 12.9
million of the company's shares were traded, equalling 21.9 per cent
of the total number of shares and corresponding to a turnover of
EUR 196.1 million.
Prospects
Energy
Changes within the global economic landscape coupled with energy
legislation, particularly in the EU, are expected to drive demand for
strategic management consulting services. Long lead time in projects
in the hydropower sector may be affected in some markets in the short
term but prospects in the medium term specifically in the Latin
American and Asian markets remain strong. Environmental legislation
focused on combating climate change will continue to drive demand for
renewable energy and energy efficiency related services. The
continued demand for energy, particularly in Russia, China, Asia, the
Middle East and Southern Africa, is not expected to slow down
significantly but client's investments in the short to medium term
are expected to be driven by long term energy supply diversity and
fuel security. Cooling of the previously overheated thermal power
sector is expected in the medium term which will have a positive
effect by lowering equipment supply costs and delivery times. With a
strong project pipeline the power & heat sector is expected to see
improved growth. The nuclear power renaissance is clearly picking up
speed not only within the European markets but also in new markets,
such as the Middle East and Asia. Volatility in the price of crude
oil is expected to continue in the short term but with a softening
price trend. The drive to secure new reserves by oil companies will
continue to create new business opportunities in the oil & gas sector
in the Asia-Pacific, Middle East and North Sea markets. The business
group's order stock has increased and it has maintained a strong
market position. The business group's operating profit will improve
clearly in 2008.
Forest Industry
The business group's market position is good. The order stock has
declined slightly during the period. The financing for big new pulp
and paper mill projects has suffered from the global financial
crisis. Pre-studies for new investment projects continue in Russia,
but in Latin America the investment volume will decline clearly
during 2009. The order stock for chemical industry projects is
stable. Demand for local services, which currently focuses on other
sectors than the forest industry, has remained stable. Demand for
management consulting services has weakened and is more and more
directed to improving forest industry companies' competitiveness,
including operations improvement and energy-saving services. The
business group's operating profit will improve clearly during 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 volume of commercial and office
building construction is expected to decline, whereas infrastructure
construction will remain stable. 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 clearly and its market position is good. Certain long-term
construction projects are balancing the economic fluctuation of the
business. 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 has improved during the period under review.
Consolidated net sales will increase in 2008. Profit before taxes
will improve clearly in 2008.
Originating in the USA, the financial crisis has spread throughout
the global economy. The crisis has a negative impact both on consumer
and investment demand, but its depth and duration are difficult to
foresee. Seen from Pöyry's viewpoint, investment demand is estimated
to remain comparatively stable in the Energy and Infrastructure &
Environment business groups, with the exception of the commercial and
office construction sector, where investments will decline. Redundant
capacity in this area will be utilised as far as possible in
different infrastructure projects for which demand remains good. In
the Forest Industry business group negative impacts will mainly be
seen in big pulp and paper mill projects, which will suffer from
financing problems. Redundant capacity in this sector can be partly
allocated to chemical industry and energy projects, minor renovation
and maintenance investments, and local services.
The Group has launched an action programme designed to maintain its
profitability during the current recession at as high a level as
possible. The programme focuses on sales, resources, cost structure
and investments. Every effort will be made to strengthen the Group's
good financial and liquidity position further, because the recession
creates new opportunities for restructuring, in which Pöyry aims to
play an active role.
The Group's order stock provides a visibility for about six months
into the future. The impacts of the financial crisis in 2009 are
difficult to foresee at present. Prospects for 2009 will be reported,
as in previous years, in connection with the publishing of the annual
accounts for 2008.
Vantaa, Finland, 23 October 2008
PÖYRY PLC
Board of Directors
PÖYRY PLC
Heikki Malinen Teuvo Salminen
President and CEO Deputy to President and CEO
Additional information by:
Heikki Malinen, President and CEO, Pöyry PLC
tel. +358 10 33 21307, +358 400 464 276
Teuvo Salminen, Deputy to President and CEO, Pöyry PLC
tel. +358 10 33 22872, +358 400 420 285
www.poyry.com
DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
PÖYRY GROUP
Consolidated statement of income
EUR million 7-9/2008 7-9/2007 1-9/2008 1-9/2007 1-12/2007
NET SALES 193.9 172.7 608.1 512.7 718.2
Other operating
income 0.2 1.0 0.5 1.9 2.5
Share of associated
companies' results 0,9 0.2 2.2 0.4 0.4
Materials and
supplies -3.7 -3.2 -11.6 -8.9 -14.3
External charges,
subconsulting -22.3 -23.4 -72.2 -63.8 -89.5
Personnel expenses -100.1 -88.0 -320.2 -272.0 -375.9
Depreciation -2.2 -2.1 -6.4 -6.2 -8.4
Other operating
expenses -44.8 -37.9 -126.5 -112.5 -159.2
OPERATING PROFIT 21.9 19.3 73.9 51.6 73.8
Proportion of net
sales, % 11.3 11.2 12.2 10.1 10.3
Financial income 1.7 1.2 4.0 2.9 4.3
Financial expenses -0.7 -0.5 -1.7 -1.2 -1.3
Exchange rate
differences 0.3 -0.1 0.1 -0.1 -0.2
Value decrease on non-
current investment 0,0 0,0 0.0 0.0 -0.1
PROFIT BEFORE TAXES 23.2 19.9 76.3 53.2 76.5
Proportion of net
sales, % 12.0 11.5 12.5 10.4 10.7
Income taxes -7.5 -6.3 -24.0 -17.0 -23.7
NET PROFIT FOR THE
PERIOD 15.7 13.6 52.3 36.2 52.8
Attributable to:
Equity holders of the
parent company 15.4 13.5 51.0 35.4 51.3
Minority interest 0.3 0.1 1.3 0.8 1.5
Earnings per share,
EUR 0.26 0.23 0.87 0.61 0.88
Corrected with
dilution
effect 0.25 0.22 0.85 0.59 0.86
Consolidated balance sheet 30 September 30 September 31 December
EUR million 2008 2007 2007
ASSETS
NON-CURRENT ASSETS
Goodwill 95.6 90.5 95.6
Intangible assets 6.4 7.1 6.6
Tangible assets 18.6 17.6 17.8
Shares in associated companies 7.0 4.1 5.2
Other shares 1.7 6.1 2.4
Loans receivable 0.6 1.1 0.1
Deferred tax receivables 6.0 5.3 5.7
Pension receivables 0.4 2.1 0.6
Other 5.5 8.8 4.9
141.8 142.7 138.9
CURRENT ASSETS
Work in progress 81.6 74.7 64.5
Accounts receivable 138.4 127.6 141.9
Loans receivable 0.2 0.2 0.6
Other receivables 18.6 17.6 15.6
Prepaid expenses and accrued
income 12,7 13.5 10.9
Cash and cash equivalents 88.1 89.8 98.7
339.6 323.4 332.2
TOTAL 481.4 466.1 471.1
EQUITY AND LIABILITIES
EQUITY
Equity attributable to the
equity
holders of the parent company
Share capital 14.6 14.6 14.6
Share premium reserve 32.4 32.1 32.4
Legal reserve 20.2 19.3 19.5
Invested free equity reserve 5.4 4.6 4.6
Translation difference -16.0 -12.2 -13.9
Retained earnings 132.5 109.5 125.4
189.1 167.9 182.6
Minority interest 7.4 6.1 6.9
196.5 174.0 189.5
LIABILITIES
Non-current liabilities
Interest bearing non-current
liabilities 21.2 2.6 1.9
Pension obligations 6.9 6.9 6.6
Deferred tax liability 5.8 4.1 3.3
Other non-current liabilities 7.9 10.0 9.4
41.8 23.6 21.2
Current liabilities
Amortisations of interest
bearing
non-current liabilities 1.7 2.9 2.6
Interest bearing current
liabilities 8.6 23.4 4.4
Provisions 4.1 2.5 5.0
Project advances 71.1 89.7 97.3
Accounts payable 22.7 23.2 22.9
Other current liabilities 37.0 39.6 38.3
Current tax payable 11.3 10.8 13.7
Accrued expenses and deferred
income 86.6 76.4 76.2
243.1 268.5 260.4
TOTAL 481.4 466.1 471.1
Statement of changes in financial 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
position 2008 2007 2008 2007 2007
EUR million
FROM OPERATING ACTIVITIES
Net profit for the period 15.7 13.6 52.3 36.2 52.8
Depreciation and value decrease 2.2 2.1 6.4 6.2 8.4
Gain on sale of fixed assets 0.0 0.0 0.0 -0.7 -2.3
Share of associated companies'
results -0.9 -0,2 -2.2 -0.4 -0.4
Financial income and expenses -1.3 -0.6 -2.4 -1.6 -2.8
Income taxes 7.5 6.3 24.0 17.0 23.7
Change in work in progress -3.5 -2.9 -17.1 -20.8 -11.7
Change in accounts and other
receivables 2.0 4.3 -2.0 5.4 -5.6
Change in advances received -9.6 3.2 -26.2 19.1 27.4
Change in payables and other
liabilities 2.2 -0,4 14.1 6.0 13.1
Received financial income 1.7 1.2 4.0 2.9 4.3
Paid financial expenses -0.6 -0.5 -1.6 -1.2 -1.5
Paid income taxes -10.1 -3.6 -24.7 -14.4 -19.1
Total from operating activities 5.3 22.5 24.6 53.7 86.4
CAPITAL EXPENDITURE
Investments in shares in subsidiaries
deducted with cash acquired -0.4 -6.8 -5.3 -20.4 -23.4
Sales of shares in subsidiaries 0.0 0.0 0.0 0.0 0.3
Investments in other shares 0.0 0.0 0.0 0.0 0.0
Investments in fixed assets -1.9 -2.1 -7.8 -5.9 -9.9
Sales of shares in associated
companies 0,0 0.0 0.0 0.0 1.8
Sales of other shares 0.0 0.0 0.7 0,6 2,2
Sales of fixed assets 0.5 0.4 1.1 0.7 1.2
Capital expenditure total, net -1.8 -8.5 -11.3 -25.0 -27.8
Net cash before financing 3.5 14.0 13.3 28.7 58.6
FINANCING
New loans 0.0 0.0 20.5 0.0 0.0
Repayments of loans -0.5 -0.4 -1.8 -1.8 -2.6
Change in current financing -4.3 6.7 3.9 16.8 -2.2
Change in non-current investments 0.0 0.0 0.0 0.0 0.5
Dividends -0.6 0.0 -39.1 -29.5 -30.0
Acquisition of own shares -1.0 0.0 -5.9 0.0 0.0
Share subscription 0.4 0.6 0.8 0.7 0.9
Net cash from financing -6.0 6.9 -21.6 -13.8 -33.4
Change in cash and cash equivalents -2.5 20.9 -8.3 14.9 25.2
Cash and cash equivalents at the
beginning of period 92.4 68.9 98.7 74.9 74.9
Impact of translation differences in
exchange rates -1.8 0.0 -2.3 0.0 -1.4
Cash and cash equivalents at the end of
period 88.1 89.8 88.1 89.8 98.7
Statement of changes in equity
Share Inves-
pre- ted Trans- Re- Minor-
Share mium Legal free lation tained ity
cap- re- re- equity differ- earn- inter- Total
EUR million ital serve serve reserve ences ings Total est equity
Equity 1 July
2007 14.5 31.6 19.1 0.0 -10.7 95.8 150.3 6.5 156.8
Net income recorded
direct to equity 0.0 0.0 0.0
Translation
differences -1.5 -1.5 -1.5
Net profit
for the
period 13.5 13.5 0.1 13.6
Income and expenses
for the period -1.5 13.5 12.0 0.1 12.1
Share issue 4.6 4.6 4.6
Shares sub-
cribed with
stock
options 0.1 0.5 0.6 0.6
Payment of
dividend 0.0 -0.5 -0.5
Transfer,
retained earnings 0.2 -0.2
Expenses
from
incentive
programme 0.4 0.4 0,4
Other changes 0.1 0.5 0.2 4.6 0.0 0.2 5.6 -0.5 5.1
Equity 30
September
2007 14.6 32.1 19.3 4.6 -12.2 109.5 167.9 6.1 174.0
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
Translation
differences -1.3 -1.3 -1.3
Net profit
for the
period 35.4 35.4 0.8 36.2
Income and expenses
for the period -1.3 35.4 34.1 0.8 34.9
Share issue 4.6 4.6 4.6
Shares
subscribed
with
stock
options 0.1 0.6 0.7 0.7
Payment of
dividend -29.1 -29.1 -0.8 -29.9
Transfer,
retained
earnings 0.2 -0.2
Expenses
from
incentive
programme 0.8 0.8 0,8
Other changes 0.1 0.6 0.2 4.6 0.0 -28.5 -23.0 -0.8 -23.8
Equity 30
September
2007 14.6 32.1 19.3 4.6 -12.2 109.5 167.9 6.1 174.0
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
Translation
differences -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 sub-
scribed
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 July
2008 14.6 32.4 20.3 5.0 -16.6 117.4 173.1 7.5 180.6
Net income recorded
direct to equity 0.0 0.0 0.0
Translation
differences 0.6 -0.1 0.5 0.5
Net profit
for the
period 15.4 15.4 0.3 15.7
Income and expenses
for the period 0.6 15.3 15.9 0.3 16.2
Acquisition of
own shares -0.8 -0.8 -0.8
Shares sub-
scribed
with
stock
options 0.4 0.4 0.4
Payment of
dividend 0.0 0.0 -0.4 -0.4
Transfer,
retained
earnings -0.1 0.1 0.0 0.0
Expenses
from
incentive
programme 0.5 0.5 0,5
Other changes 0.0 0.0 -0.1 0.4 0.0 -0.2 0.1 -0.4 -0.3
Equity 30
September
2008 14.6 32.4 20.2 5.4 -16.0 132.5 189.1 7.4 196.5
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
Translation
differences -2.1 -0.1 -2.2 -2.2
Net profit
for
the period 51.0 51.0 1.3 52.3
Income and expenses
for the period -2.1 50.9 48.8 1.3 50.1
Acquisition of
own shares -5.9 -5.9 -5.9
Shares
subscribed
with
stock
options 0.8 0.8 0.8
Payment of
dividend -38.0 -38.0 -0.8 -38.8
Transfer,
retained
earnings 0.7 -0.7 0.0 0.0
Expenses
from
incentive
programme 0.8 0.8 0,8
Other changes 0.0 0.0 0.7 0.8 0.0 -43.8 -42.3 -0.8 -43.1
Equity 30
September
2008 14.6 32.4 20.2 5.4 -16.0 132.5 189.1 7.4 196.5
Contingent liabilities 30 September 30 September 31 December
EUR million 2008 2007 2007
For own debt 0.0 0.3 0.0
Other obligations
Pledged assets 0.1 0.6 0.3
Other obligations 48.6 45.5 40.4
For others
Pledged assets 0.1 0.0 0.1
Other obligations 0.1 0.2 0.1
Rent and lease obligations 112.2 111.6 113.6
Derivative instruments
Foreign exchange forward
contracts, notional values 38.2 18.7 16.9
Foreign exchange forward
contracts, 0.2 0.7 0.4
fair values -1.2 -0.1 0.0
Interest rate swaps, fair
values 0.1 0.0 0.0
Pöyry PLC has made interest rate swaps for EUR 12.0 million external
loans.
Related party transactions
The transactions with the associated companies are determined on an
arm's length basis.
Sales to associated companies 0.3 0.1 0.1
Loans receivable from associated
companies 0.0 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 30 September 2008 a total of 167 437
shares and 161 679 stock options (on 31 December 2007 a total of
207 107 shares, and stock options 2004).
With the stock options the shareholding can be increased by 646
716 shares equalling 1.1 per cent of the total number of shares
and 1.1 per cent of the total 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 49 500 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 49 500 shares.
The Performance share plan is described in the verbal part of the
Interim report.
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
Key figures 2008 2007 2008 2007 2007
Earnings / share, EUR 0.26 0.23 0.87 0.61 0.88
Corrected with dilution
effect 0.25 0.19 0.85 0.59 0.86
Equity attributable to equity holders of
the parent company/share, EUR 3.24 2.86 3.11
Return on investment, % p.a. 48.7 38.3 41.7
Return on equity, % p.a. 36.1 28.6 30.0
Equity ratio, % 47.9 46.2 50.7
Equity / Assets ratio, % 40.8 37.3 40.2
Net debt / Equity ratio (gearing), % -28.8 -35.0 -47.4
Net debt, EUR million -56.5 -60.9 -89.9
Consulting and engineering, EUR million 592.5 566.2 551.4
EPC, EUR million 2.0 17.5 11.4
Order stock total, EUR million 594.5 583.7 562.8
Capital expenditure, operating, EUR
million 1.9 2.2 7.8 6.0 9.1
Capital expenditure in shares, EUR
million 0.0 24.4 5.3 36.3 44.2
Personnel in Group companies on average 7648 6714 6852
Personnel in Group companies
at the end of the period 7886 7246 7269
Personnel in associated companies
at the end of the period 326 278 277
Change in intangible assets
EUR million
Book value at beginning of period 6,6 7.1 6.6 7.9 7.9
Acquired companies 0.0 0.6 0.0 0.7 0.9
Capital expenditure 0.4 0.4 1.8 0.8 1.4
Decreases 0.0 0.0 0.0 0.0 0.0
Depreciation and expenses -0.6 -1.0 -1.8 -2.3 -3.5
Translation difference 0.0 0.0 -0.2 0.0 -0.1
Book value at end of period 6.4 7.1 6.4 7.1 6.6
Change in tangible assets
Book value at beginning of period 19,4 17.3 17.8 17.0 17.0
Acquired companies 0.0 0.3 0.7 0.6 0.6
Capital expenditure 1.5 1.8 6.0 5.2 7.1
Decreases -0.5 -0.4 -1.1 -0.7 -0.8
Depreciation -1.6 -1.4 -4.6 -4.5 -6.0
Translation difference -0.2 0.0 -0.2 0.0 -0.1
Book value at end of period 18.6 17.6 18.6 17.6 17.8
Segment information 1-9/2008 1-9/2007 1-12/2007
EUR million
NET SALES
Energy 177.0 154.8 217.5
Forest Industry 239.6 197.2 276.9
Infrastructure & Environment 190.1 159.8 222.5
Unallocated 1.4 0.9 1.3
Total 608.1 512.7 718.2
OPERATING PROFIT AND NET PROFIT FOR
THE PERIOD
Energy 20.2 15.6 21.0
Forest Industry 43.8 26.3 39.0
Infrastructure & Environment 13.8 11.6 16.8
Unallocated -3.9 -1.9 -3.0
Operating profit total 73.9 51.6 73.8
Financial income and expenses 2.4 1.6 2.7
Profit before taxes 76.3 53.2 76.5
Income taxes -24.0 -17.0 -23.7
Net profit for the period 52.3 36.2 52.8
Profit attributable to:
Equity holders of the parent company 51.0 35.4 51.3
Minority interest 1.3 0.8 1.5
OPERATING PROFIT %
Energy 11.4 10.1 9.7
Forest Industry 18.3 13.3 14.1
Infrastructure & Environment 7.3 7.3 7.5
Total 12.2 10.1 10.3
ORDER STOCK
Energy 216.1 223.7 212.7
Forest Industry 122.4 143.3 123.8
Infrastructure & Environment 255.6 216.7 226.3
Unallocated 0.4 0.0 0.0
Total 594.5 583.7 562.8
Consulting and engineering 592.5 566.2 551.4
EPC 2.0 17.5 11.4
Total 594.5 583.7 562.8
NET SALES BY AREA
The Nordic countries 175.4 142.5 201.1
Europe 265.1 218.4 307.8
Asia 53.1 50.5 67.3
North America 21.7 25.3 34.2
South America 69.0 58.2 82.2
Other 23.8 17.8 25.6
Total 608.1 512.7 718.2
Segment information 10-12/06 1-3/07 4-6/07 7-9/07
EUR million
NET SALES
Energy 59.9 51.4 51.8 51.6
Forest Industry 60.3 64.6 67.4 65.2
Infrastructure & Environment 54.1 50.8 53.4 55.6
Unallocated -1.9 0.2 0.4 0.3
Total 172.4 167.0 173.0 172.7
OPERATING PROFIT AND NET PROFIT FOR THE
PERIOD
Energy 4.4 5.3 4.6 5.7
Forest Industry 7.5 7.8 8.6 9.9
Infrastructure & Environment 3.5 3.7 3.5 4.4
Unallocated 0.8 -0.8 -0.4 -0.7
Operating profit total 16.2 16.0 16.3 19.3
Financial income and expenses -0,1 0.5 0.5 0.6
Profit before taxes 16.1 16.5 16.8 19.9
Income taxes -4.5 -5.3 -5.4 -6.3
Net profit for the period 11.6 11.2 11.4 13.6
Profit attributable to:
Equity holders of the parent company 11.2 10.9 11.0 13.5
Minority interest 0.4 0.3 0.4 0.1
OPERATING PROFIT %
Energy 7.3 10.3 8.9 11.0
Forest Industry 12.4 12.1 12.8 15.2
Infrastructure & Environment 6.5 7.3 6.6 7.9
Total 9.4 9.6 9.4 11.2
ORDER STOCK
Energy 204.9 214.8 233.8 223.7
Forest Industry 111.4 154.1 140.2 143.3
Infrastructure & Environment 191.0 198.4 204.6 216.7
Unallocated 0.3 0.3 0.3 0.0
Total 507.6 567.6 578.9 583.7
Consulting and engineering 500.8 553.1 558.1 566.2
EPC 6.8 14.5 20.8 17.5
Total 507.6 567.6 578.9 583.7
Segment information 10-12/07 1-3/08 4-6/08 7-9/08
EUR million
NET SALES
Energy 62.7 58.1 62.1 56.8
Forest Industry 79.7 76.8 88.4 74.4
Infrastructure & Environment 62.7 60.9 67.1 62.1
Unallocated 0.4 0.4 0.4 0.6
Total 205.5 196.2 218.0 193.9
OPERATING PROFIT AND NET PROFIT FOR THE
PERIOD
Energy 5.4 5.6 8.3 6.3
Forest Industry 12.7 12.8 17.7 13.3
Infrastructure & Environment 5.2 4.4 5.4 4.0
Unallocated -1.1 -0.8 -1.4 -1.7
Operating profit total 22.2 22.0 30.0 21.9
Financial income and expenses 1.1 0.6 0.5 1.3
Profit before taxes 23.3 22.6 30.5 23.2
Income taxes -6.7 -7.1 -9.4 -7.5
Net profit for the period 16.6 15.5 21.1 15.7
Profit attributable to:
Equity holders of the parent company 15.9 15.1 20.5 15.4
Minority interest 0.7 0.4 0.6 0.3
OPERATING PROFIT % 8.6 9.6 13.4 11.1
Energy 15.9 16.6 20.0 17.9
Forest Industry 8.3 7.3 8.0 6.4
Infrastructure & Environment 10.8 11.2 13.8 11.3
Total
ORDER STOCK
Energy 212.7 205.8 195.8 216.1
Forest Industry 123.8 135.6 126.7 122.4
Infrastructure & Environment 226.3 232.5 232.8 255.6
Unallocated 0.0 0.4 0.4 0.4
Total 562.8 574.3 555.7 594.5
Consulting and engineering 551.4 568.5 551.5 592.5
EPC 11.4 5.8 4.2 2.0
Total 562.8 574.3 555.7 594.5
Calculation of key figures
Return on investment, ROI %
profit before taxes + interest and other financial expenses
100
x ---------------------------------------------------------
balance sheet total - non-interest bearing liabilities
(average)
Return on equity, ROE %
net profit
100
x ---------------------
equity (average)
Equity ratio %
equity
100
x -----------------------------------------------
balance sheet total - advance payments received
Equity/assets ratio %
equity
100
x ---------------------
balance sheet total
Net debt/equity ratio, gearing %
interest-bearing liabilities - cash and cash equivalents
100
x ----------------------------------------------------
equity
Earnings/share, EPS
net profit attributable to the equity holders of the parent
company
------------------------------------------------------------
issue-adjusted average number of shares for the fiscal year
Equity attributable to the equity holders of the parent company/share
equity attributable to the equity holders of the parent
company
-------------------------------------------------------------
issue-adjusted number of shares at the end of the fiscal year
Acquisitions during 2008
Acquisition Acquired
Name and business date interest %
Arket Oy 7 May 2008 100
The company specialises in architectural
design services for healthcare, office,
retail and industrial buildings. The
company is based in Espoo, Finland
employing nine persons.
Geopale Oy 12 May 2008 100
The company specialises in bedrock core
drillings. The company is based in
Jyväskylä, Finland employing 14 persons.
Consilier Construct S.R.L. 27 May 2008 100
The company focuses on the transportation
market in particular on the road and rail
sector. The company is based in Bucharest
in Romania and has a staff of 220.
1 October
ETT Proyectos S.A. 2008 100
The company provides engineering and
consultancy services in the rail sector,
including both conventional rail systems as
well as high-speed rail systems. The
company is based in Madrid, Spain and has a
staff of 45. The company will be
consolidated into Pöyry as from 1 October
2008.
Shanghai Kang Hong Construction
Ltd
The company is primarily engaged in project
management for industrial and commercial
real estate development and construction
projects.
The companys is based in Shanghai, China
and has a staff of 29. The acquisition is
subject to approval by the Chinese
authorities.
Acquisitions during 2007
Acquisition Acquired
Name and business date interest %
Rakennuslaskenta NHL Oy 25 May 2007 100
(Merged into Pöyry Building Services Oy
31 December 2007)
The company specialises in quantity and
cost calculations, building consulting
and condition assessment services. The
company is based in Turku, Finland and
has a staff of 23.
CJSC "Giprobum-Pöyry" (former ZAO 15 June 2007 70
Giprobum Engineering) 19 March 2008 30
The company specialises in investment
studies, services related to permitting
and agreements with authorities,
various sectors of plant engineering,
and construction management in the forest industry. The company is based
in St. Petersburg, Russia and has a
staff of 260.
Pöyry Evata Oy (former Evata Worldwide
Oy) 27 June 2007 70
The company specialises in
architectural and interior design,
workplace design, office property
consulting and services related to real
estate development. The company is
based in Helsinki, Finland and has a
staff of 100.
Econ Pöyry AS (former ECON Analyse AS) 27 August 2007 100
The company provides research, analysis
and strategic advice relating to the
interaction of markets and policies. In
addition to consulting assignments, the
company offers a set of subscription
services related to energy and carbon
markets as well as manages multi-client
and scenario studies. The company is
based in Oslo and Stavanger, Norway and
Stockholm, Sweden and Copenhagen,
Denmark, and has a staff of 85.
Insinööritoimisto Pöysälä & Sandberg
Oy 5 September 2007 100
(Merged into Pöyry Civil Oy 31 March
2008)
The company specialises in industrial
building construction and structural
engineering of office and commercial
buildings. The company is based in
Helsinki, Kuopio and Oulu in Finland
and has a staff of 100.
Ingenieurgemeinschaft Witzenhausen
Fricke & Turk GmbH (IGW) 5 October 2007 100
The company specialises in waste
management, especially in mechanical
and biological waste treatment. The
company is based in Germany and has a
staff of 20.
Perforex Inc. 21 November 2007 100
The company specialises in management
consulting services in forest industry.
The company's main operational bases
are in Toronto, Canada and in Atlanta
and Portland (Oregon), USA. The company
has a staff of 35.
Quatrocon Oy 30 November 2007 100
(Merged into Pöyry Building Services Oy
31 May 2008)
The company specialises in HVAC design.
The company is based in Espoo, Finland
and has a staff of 14.
IDP Consult Incorporated 18 December 2007 67
The company is serving international
donors in technical assistance projects
in the water sector. The company is
based in Manila, Philippines and has a
staff of 30.
Aggregate figures for the above acquisitions 2008 2007
EUR million
Purchase price
Fixed price, paid 4.8 30.2
Fixed price, unpaid 0.3 0.3
Additional 30%, estimate 3.0
Earnout estimate 5.4
Share issue 5.0
Order intake estimate 0.0
Fees 0.2 0.2
Total 5.3 44.2
Price allocation
Equity 3.8 10.5
Fair value adjustments:
Client relationship 0.0 0.0
Order stock 0.0 0.3
Other 0.0 0.0
Total 3.8 10.8
Goodwill (remaining) 1.5 33.4
Market leadership, experienced management and staff,
and earnings expectations are factors contributing
to the amount booked as goodwill.
Impact on the Pöyry Group's income statement
Operating profit from acquisition date to end of
September 2008 / December 2007 0.3 2.0
Sales volume on a 12-month calendar year basis 13.3 50.1
Operating profit on 12-month calendar year basis 2.1 5.3
Impact on the Pöyry Group's number of personnel 273 637
Impact on the Pöyry Group's assets and liabilities
EUR million 2008 2007
Book Book
values values
at Fair Adjus- at Fair Adjus-
acqui- value ted acqui- value ted
sition adjust- IFRS sition adjust- IFRS
date ments values date ments values
Intangible
assets 0.0 0.0 0.8 0.2 1.0
Tangible assets 0.7 0.7 0.5 0.5
Shares 0.0 0.0 0.1 0.1 0.2
Deferred tax
receivables 0.0 0.0 0.0 0.0
Work in
progress 0.5 0.5 1.6 1.6
Accounts
receivable 3.5 3.5 6.5 6.5
Other
receivables 1.3 1.3 1.7 1.7
Cash and cash
equivalents 2.2 2.2 8.8 -0.2 8.6
Assets total 8.2 0.0 8.2 20.0 0.1 20.1
Deferred tax
liability 0.0 0.0 0.0 0.0
Provisions 0.0 0.0 0.0 0.0
Interest
bearing
liabilities 0.0 0.0 0.4 0.4
Project
advances 0.0 0.0 0.6 0.6
Accounts
payable 1.2 1.2 1.1 1.1
Other current
liabilities 3.2 3.2 7.4 -0.2 7.2
Liabilities
total 4.4 0.0 4.4 9.5 -0.2 9.3
Net
identifiable
assets
and liabilities 3.8 0,0 3.8 10.5 0.3 10.8
Total cost of
business
combinations 5.3 44.2
Goodwill 1.5 33.4
Consideration
paid,
satisfied in
cash 4.7 30.4
Cash acquired 2.2 8.6
Net cash
outflow 2.5 21.8
Based on the purchase agreements the companies acquired during the
period under review are consolidated 100% into the Pöyry Group as
of the end of the month when acquired.
The figures are preliminary. Acquisitions after the period under
review have not been included.
