Pöyry PLC's notice concerning annual accounts for 2010
(Thomson Reuters ONE) -
PÖYRY PLC Financial Statement Release 8 February 2011 at 8:30 a.m.
A YEAR OF LOW INVESTMENTS BY CLIENTS AND RESTRUCTURING - OUTLOOK FOR 2011
IMPROVING
KEY FIGURES
+------------------------------------+------+------+-------+-----+-----+-------+
| |10-12/|10-12/|Change,|1-12/|1-12/|Change,|
|Pöyry Group |2010 |2009 |% |2010 |2009 |% |
+------------------------------------+------+------+-------+-----+-----+-------+
|Order stock at end of period, EUR | | | | | | |
|million |526.2 |485.7 |8.3 |526.2|485.7|8.3 |
+------------------------------------+------+------+-------+-----+-----+-------+
|Net sales total, EUR million |186.0 |161.5 |15.2 |681.6|673.5|1.2 |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit excl. | | | | | | |
|restructuring costs, | | | | | | |
|EUR million |13.5 |1.8 |n.a. |17.3 |22.5 |-23.1 |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin excluding | | | | | | |
|restructuring costs, % |7.3 |1.1 | |2.5 |3.3 | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit, | | | | | | |
|EUR million |6.1 |0.7 |n.a. |5.8 |11.6 |-50.0 |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin, % |3.3 |0.4 | |0.9 |1.7 | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Profit before taxes, | | | | | | |
|EUR million |6.4 |1.2 |n.a. |4.3 |12.4 |-65.3 |
+------------------------------------+------+------+-------+-----+-----+-------+
|Earnings per share, basic, EUR |0.08 |0.02 |n.a. |0.00 |0.11 |n.a. |
+------------------------------------+------+------+-------+-----+-----+-------+
|Earnings per share, diluted, EUR |0.08 |0.02 |n.a. |0.00 |0.11 |n.a. |
+------------------------------------+------+------+-------+-----+-----+-------+
|Gearing, % | | | |3.5 |-10.5| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Return on investment, % (R12M) |- |- | |2.6 |5.3 | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Dividend per share (*BoD proposal) |- |- | |0.10 |0.10 | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Dividend pay-out ratio, % (*BoD | | | | | | |
|proposal) |- |- | | |90.9 | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Average number of personnel during | | | | | | |
|period, calculated as full time | | | | | | |
|equivalents (FTE) |- |- | |6,611|7,052|-6.3 |
+------------------------------------+------+------+-------+-----+-----+-------+
JANUARY-DECEMBER 2010 HIGHLIGHTS
Figures in brackets, unless otherwise stated, refer to the same period the
previous year.
- The Group's order stock at the end of the reporting period totalled EUR 526.2
million (485.7) representing growth of 8.3 percent compared with the year
before. The order stock increased especially in the Industry business group.
- The gradual upturn in the world economy during 2010 did not yet turn into
larger implementation projects in Pöyry's key sectors, which was reflected in
the Group's net sales. The consolidated net sales in 2010 were relatively stable
compared with the year before and came in at EUR 681.6 million (673.5). Fourth-
quarter net sales increased by 15.2 percent from the year before and amounted to
EUR 186.0 million (161.5).
- Lack of larger projects and continued low capacity utilisation levels burdened
profitability. In addition to this, the company's operational efficiency program
resulted in significant restructuring costs.
- Operating profit excluding restructuring costs was EUR 17.3 million (22.5)
corresponding to 2.5 percent (3.3) of sales. The improved operating profit in
the fourth quarter mainly relates to profit recognition in a long-running major
project of the Urban & Mobility business group based on certificates issued by
the client confirming the acceptance of the services and the related receivable.
- Restructuring costs during the reporting period totalled EUR 11.5 million. The
bulk of the restructuring costs, EUR 7.4 million, were recorded in the fourth
quarter of 2010 and they related mainly to the efficiency improvement measures
in the Group's Finnish operations.
- The consolidated operating profit for the reporting period, including
restructuring costs, totalled EUR 5.8 million (11.6). The consolidated operating
margin declined to 0.9 percent from 1.7 percent of net sales the year before.
- Net cash before financing activities was EUR -29.2 million (-25.6). The cash
flow includes a net amount of EUR -9.7 million (-10.6) from acquisitions. The
cash flow at EUR 26.6 million (24.7) was strong during the fourth quarter
reflecting the typical seasonal pattern of the business.
- The cash flow reflects the continued delay in some major project payments. The
accounts receivable include receivables of EUR 30.9 million which relates to
certain public sector infrastructure projects in Venezuela, where the client is
a public authority.
- In 2010 Pöyry reinforced its nuclear power segment by acquiring 98.9 percent
of the largest privately owned power sector consulting engineering company in
Hungary, ETV-Eröterv.
- Operational Excellence Programme was announced in October and is proceeding
according to plan. At the year-end 2010 about two thirds of the measures that
aim at the annual operating profit improvement of about EUR 15 million were
completed. The targeted operating profit improvement is expected to be fully
captured by the end of 2011.
PROPOSED DIVIDEND
- Pöyry Group's parent company Pöyry PLC's net profit for
2010 was EUR 12,145,936.80 and retained earnings EUR 89,681,088.17, so
the total amount of distributable earnings was EUR 101,827,024.97.
- The Board of Directors of Pöyry PLC proposes to the Annual General Meeting on
10 March 2011 that a dividend of EUR 0.10 (0.10) per share be paid for the year
2010.
- The number of outstanding shares is 59,011,650 and the total amount of
dividends thus EUR 5,901,165.00.
- The Board of Directors proposes that the dividend be paid on 22 March 2011.
MATERIALS TO THE AGM
The financial statements, the report by the Board of Directors, the Corporate
Governance Statement as well as other documents presented to the Annual General
Meeting will be available on the company's website at www.poyry.com on 17
February at the latest.
OUTLOOK FOR THE FIRST HALF OF 2011
Pöyry's businesses are predominantly driven by clients' new capital investments
and most of the businesses are also inherently late in the cycle. It is
difficult to predict the timing of clients' new investment decisions and project
start-ups. Due to these uncertainties Pöyry makes a forecast only for the first
half of 2011. The Group net sales for the first half of 2011 are expected to
improve from the corresponding period in 2010. The Group's comparable operating
profit in the first half of 2011 is expected to improve significantly from the
operating profit, excluding restructuring costs, in the corresponding period in
2010, taking into consideration the small numbers in the reference period. Pöyry
will update the forecast as soon as more accurate information is available.
Outlook by the business group for the first half of 2011:
The preconditions for net sales growth are strongest in Energy and Management
Consulting business groups. Net sales in the Industry business group are also
expected to improve. The net sales in the Urban & Mobility and Water &
Environment business groups are expected to remain stable. Operating profit in
the Energy, Industry, and Management Consulting business groups is estimated to
improve significantly taking into consideration the small numbers in the
reference period. The operating profit in the Water & Environment business group
is expected to improve, and remain stable in the Urban & Mobility business
group.
COMMENTS FROM HEIKKI MALINEN, PRESIDENT AND CEO:
"At the outset of the year 2010 we were cautiously optimistic that investment
recovery in the geographic markets we serve would gradually begin recovering.
Looking back at various events it is clear that many of our clients' projects
were postponed due to near-term uncertainty in demand, unclear regulatory
frameworks or simply lack of competitive financing. The competitive situation in
many markets intensified in 2010 due to overcapacity in engineering. For Pöyry
this meant that we were not able to achieve the targeted activity level. The
outcome of this can be seen in our non-satisfactory financial result which was
further impacted by the need to restructure and incur significant one-time
costs.
Following the launch of the new vision we completed our strategic review in the
summer of 2010. Our aim is to achieve profitable growth through increased focus
on core businesses and geographies, investments in developing our large projects
capabilities and active management of the business portfolio. As part of the
strategy implementation we initiated an Operational Excellence Program in
October. The first major implementation milestone relating to the programme was
reached in December when Pöyry announced decisions to adapt capacity and to
improve its operational model in Finland with targeted annual operating profit
improvement of about EUR 15 million. Therefore, we were forced to reduce our
capacity by approximately 400 persons. Pöyry remains clearly the largest
consulting engineer in the Finnish market with a strong regional office network.
As we start the new fiscal year we are seeing encouraging signs of gradual
recovery, in particular, in industry and energy markets. The first new pulp
investment in Brazil, Eldorado, is moving into implementation phase.
Furthermore, we are pleased to have won an important reference project for MWV
Rigesa Ltda, in Três Barras, Brazil. The assignment consists of contracts for
EPC Open Book of the Balance of Plant (BOP) together with the associated EPCM
services, and Project Management services for the overall project support to the
client. The total value of Pöyry's contracts is about BRL 325 million (about EUR
144 million). The Rigesa project strengthens Pöyry's position as the market
leader in delivering EPCM/EPC-type engineering and project management services
to pulp and paper clients."
PÖYRY PLC
Additional information from:
Heikki Malinen, President and CEO
tel. +358 10 33 21307
Johan Brink, CFO (acting)
tel. +358 10 33 22183
Sanna Päiväniemi, Director, Investor Relations
tel. +358 10 33 23002
INVITATION TO CONFERENCES TODAY 8 FEBRUARY 2011
The full year 2010 result will be presented by CEO Heikki Malinen at the news
conferences today as follows:
- A conference for analysts, investors and press in Finnish will be arranged at
12 p.m. Finnish time at Restaurant Savoy, Eteläesplanadi 14, Helsinki, Finland.
- An international conference call and webcast in English will begin at 5:00
p.m. Finnish time (EET).
10:00 a.m. US EDT (New York)
3:00 p.m. GMT (London)
4:00 p.m. CET (Paris)
5:00 p.m. EET (Helsinki)
The webcast may be followed online on the company's website www.poyry.com. A
replay can be viewed on the same site the following day.
To attend the conference call please dial
US: +1 877 491 0064
Other countries: +44 20 7162 0025
Conference id: 886734
Due to the live webcast, we kindly ask those attending the international
conference call to dial in 5 minutes prior to the start of the event.
Pöyry is a global consulting and engineering company dedicated to balanced
sustainability and responsible business. With quality and integrity at our core,
we deliver best-in-class management consulting, total solutions, and design and
supervision. Our in-depth expertise extends to the fields of energy, industry,
urban & mobility and water & environment. Pöyry has 7,000 experts and the local
office network in about 50 countries. Pöyry's net sales in 2010 were EUR 682
million and the company's shares are quoted on NASDAQ OMX Helsinki. (Pöyry PLC:
POY1V).
DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.poyry.com
FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER 2010
Figures in brackets, unless otherwise stated, refer to the same period the
previous year. All figures and sums have been rounded off from the exact figures
which may lead to minor discrepancies upon addition or subtraction.
The annual figures in this financial statement release are audited.
MARKET REVIEW
The growth in exports and industrial production stimulated the gradual upturn in
the world economy during 2010. The growth in Western Europe, especially in
Germany, was even more positive than expected and economic growth in, for
example, China and Brazil was robust. In the US, the industrial production
increased well even though in the second half of the year at a slower pace than
in the first part.
The positive projections on the future recovery in the world economy and
improving industrial activity led to increasing prices in certain commodities
and raw materials. Although the increase in pulp prices eased up during the
third quarter, the price level could still be considered above trend levels. In
2010, the quarterly price of crude oil recovered, supported by the growing oil
demand, especially towards the end of the year. The general price development of
metals and minerals has been robust during the year
Despite these positive signs new investments did not start on a larger scale in
the sectors and geographies primarily served by Pöyry. Compared with the
previous year, demand for various pre-investment and pre-engineering services
did, however, increase.
Growth in demand for energy continues in emerging markets and the ageing power
generation assets in mature markets are expected to lead to future investments
in medium term. Unfortunately, uncertainty regarding the regulatory framework
for low carbon energy created uncertainty and led to investment delays.
Challenges in obtaining financing at favourable terms postponed investment
decisions, in particular, among project developers.
The improving market situation in various industrial sectors, and especially in
the emerging markets, was reflected in increasing investment planning, even
though the actual investment decisions did not materialise during 2010.
Investments in the transportation sector remained strong. The activity in the
construction sector decreased during the year, particularly in the commercial
and industrial sectors, and settled at this lower level towards the end of the
year. The financial stringency has been affecting public investment activity in
the water supply and sanitation segment, especially within Finnish
municipalities. The improving economic environment has started to increase
demand for management consulting services.
ORDER STOCK
+---------------------------------------+-------+-------+-------+
|Order stock, EUR million, end of period|12/2010|12/2009|Change,|
| | | | %|
+---------------------------------------+-------+-------+-------+
|Consulting and engineering | 521.1| 483.6| 7.8|
+---------------------------------------+-------+-------+-------+
|EPC | 5.1| 2.1| n.a.|
+---------------------------------------+-------+-------+-------+
|Total | 526.2| 485.7| 8.3|
+---------------------------------------+-------+-------+-------+
The Group's order stock at the end of the reporting period totalled EUR 526.2
million (485.7) representing growth of 8.3 percent compared with the year
before. The order stock increased especially in the Industry business group. The
breakdown by business group for the order stock at the end of the reporting
period was as follows: Energy EUR 183.2 million (35 percent of the total order
stock), Industry EUR 66,0 million (13 percent), Urban & Mobility EUR 187,6
million (36 percent), Water & Environment EUR 66,5 million (13 percent) and
Management Consulting EUR 22,9 million (4 percent).
ORDER INTAKE
The Group's order intake in January-December 2010 was supported by the gradually
improving economic activity and increased from 2009. However, no major large
projects were booked during the year and the order inflow mainly consisted of
smaller and mid-sized assignments. Orders received during the fourth quarter
increased both from the fourth quarter of 2009 and from the third quarter of
2010.
GROUP NET SALES
+--------------------+------+------+-------+-----+-----+-------+---------------+
| | | | | | | | Share of total|
| | | | | | | | sales,|
|Net sales by | | | | | | | % 1-|
|business group, |10-12/|10-12/|Change,|1-12/|1-12/|Change,| 12/2010|
|EUR million | 2010| 2009| %| 2010| 2009| %| |
+--------------------+------+------+-------+-----+-----+-------+---------------+
|Energy | 43.0| 44.0| -2.3|171.2|173.9| -1.6| 25.1|
+--------------------+------+------+-------+-----+-----+-------+---------------+
|Industry | 46.7| 33.6| 39.0|159.8|162.0| -1.4| 23.4|
+--------------------+------+------+-------+-----+-----+-------+---------------+
|Urban & Mobility | 55.1| 46.7| 18.0|197.2|184.5| 6.9| 28.9|
+--------------------+------+------+-------+-----+-----+-------+---------------+
|Water & Environment | 21.2| 22.9| -7.4| 79.3| 86.5| -8.3| 11.6|
+--------------------+------+------+-------+-----+-----+-------+---------------+
|Management | 19.9| 17.8| 11.8| 73.6| | 7.4| 10.8|
|Consulting | | | | | 68.5| | |
+--------------------+------+------+-------+-----+-----+-------+---------------+
|Unallocated | 0.1| -3.5| n.a.| 0.5| -1.9| n.a.| 0.1|
+--------------------+------+------+-------+-----+-----+-------+---------------+
|Total | 186.0| 161.5| 15.2|681.6|673.5| 1.2| 100.0|
+--------------------+------+------+-------+-----+-----+-------+---------------+
The gradual upturn in the world economy during 2010 did not turn into larger
implementation projects in Pöyry's key sectors, which was reflected in the
Group's net sales. The consolidated net sales in 2010 were relatively stable
compared with the year before and came in at EUR 681.6 million (673.5).
Fourth-quarter net sales increased by 15.2 percent from the year before and
amounted to EUR 186.0 million (161.5). The Group's net sales in the fourth
quarter increased by 15.4 percent from the seasonally low third quarter of 2010.
January-December 2010 net sales were significantly higher in both North and
South America compared with the year before. Net sales in the Nordic countries
and in other European countries were relatively stable but declined in Asia.
Business groups (operating segments)
The business group split is based on the structure which has been effective
since 1 January 2010. All figures for 2009 have been restated (pro forma)
accordingly. All personnel numbers are calculated as full-time equivalents
(FTE).
Energy
+------------------------------------+------+------+-------+-----+-----+-------+
| |10-12/|10-12/|Change,|1-12/|1-12/|Change,|
| | 2010| 2009| %| 2010| 2009| %|
+------------------------------------+------+------+-------+-----+-----+-------+
|Order stock, EUR million | 183.2| 171.0| 7.1|183.2|171.0| 7.1|
+------------------------------------+------+------+-------+-----+-----+-------+
|Net sales, EUR million | 43.0| 44.0| -2.3|171.2|173.9| -1.6|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit excl. restructuring| | | | | | |
|costs, | | | | | | |
|EUR million | 3.6| 1.2| n.a.| 6.4| 7.8| -17.9|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin excl. restructuring| | | | | | |
|costs, % | 8.4| 2.7| | 3.7| 4.5| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit, | | | | | | |
|EUR million | 2.6| 0.8| n.a.| 4.4| 5.9| -25.4|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin, % | 6.0| 1.9| | 2.5| 3.4| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Personnel at end of period | 1,463| 1,402| 4.4|1,463|1,402| 4.4|
+------------------------------------+------+------+-------+-----+-----+-------+
1-12/2010
The order stock at the end of the reporting period increased by 7.1 percent from
the year before and totalled EUR 183.2 million (171.0). The order stock remained
stable also compared with the third quarter of 2010. In March the business group
signed EPC contracts for two renewable energy projects in the Philippines with a
total value of EUR 46 million. The projects were not included in the 2010 order
stock due to the continued postponement of the financial closure of the
projects.
January-December 2010 net sales were fairly stable at EUR 171.2 million (173.9).
The net sales during the reporting period were supported by the solid
development of the order stock especially in the hydropower business area. Pöyry
has also been awarded several smaller assignments in the renewables and power &
fuels business areas. The impacts of the global financial crises have delayed
major investment decisions in the energy sector.
January-December 2010 operating profit before EUR 2.0 million restructuring
costs amounted to EUR 6.4 million (7.8). Operating margin remained at an
unsatisfactory level at 3.7 percent of net sales (4.5). Low profitability in the
oil & gas and renewables segments burdened the overall profitability, but the
actions to adjust capacity to demand and streamline operations have started to
yield results during the fourth quarter of 2010. Operating profit after the
restructuring costs was EUR 4.4 million (5.9) or 2.5 percent of net sales (3.4).
In 2010 Pöyry reinforced its nuclear power segment by acquiring 98.9 percent of
the largest privately owned power sector consulting engineering company in
Hungary, ETV-Eröterv. ETV-Eröterv has been consolidated in Pöyry's reporting as
of 1 July 2010 (balance sheet as at 30 June 2010).
10-12/2010
Order inflow in the fourth quarter increased from the low third quarter of 2010
and was at the same level as in the fourth quarter of 2009. During the fourth
quarter Pöyry was awarded, for example, contracts totalling EUR 15 million for
power plant projects in Thailand. The first projects were started during 2010
and the rest will be commenced during early 2011.
Net sales for the fourth quarter of 2010 at EUR 43.0 million (44.0) were
relatively stable compared with the year before. Net sales decreased slightly
from EUR 44.3 million in the third quarter of 2010.
The fourth quarter 2010 operating profit before EUR 1.0 million restructuring
costs was EUR 3.6 (1.2) and the operating margin was 8.4 percent of net sales
(2.7). The profitability increased among other things due to the successful
restructuring measures in certain poorly performing business areas and segments.
Operating profit after restructuring costs was EUR 2.6 million (0.8) or 6.0
percent of net sales (1.9).
Industry
+------------------------------------+------+------+-------+-----+-----+-------+
| |10-12/|10-12/|Change,|1-12/|1-12/|Change,|
| | 2010| 2009| %| 2010| 2009| %|
+------------------------------------+------+------+-------+-----+-----+-------+
|Order stock, EUR million | 66.0| 39.3| 67.9| 66.0| 39.3| 67.9|
+------------------------------------+------+------+-------+-----+-----+-------+
|Net sales, EUR million | 46.7| 33.6| 39.0|159.8|162.0| -1.4|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit excl. restructuring| | | | | | |
|costs, | | | | | | |
|EUR million | 0.1| -5.3| n.a.| -6.3| -3.5| n.a.|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin excl. restructuring| | | | | | |
|costs, % | 0.2| -15.8| | -3.9| -2.2| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit, | | | | | | |
|EUR million | -5.0| -5.2| n.a.|-11.8|-10.1| n.a.|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin, % | -10.7| -15.5| | -7.4| -6.2| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Personnel at end of period | 2,083| 1,790| 16.4|2,083|1,790| 16.4|
+------------------------------------+------+------+-------+-----+-----+-------+
1-12/2010
The order stock at the end of the reporting period increased by 67.9 percent
from the year before and totalled EUR 66.0 million (39.3). The order stock
decreased 9.0 percent from the end of the third quarter of 2010 reflecting the
lack of larger orders but also high net sales during the fourth quarter.
The January-December 2010 net sales at EUR 159.8 million (162.0) remained fairly
stable compared with the year before. The good development in the order stock
during the first part of the year supported the net sales towards the end of the
year.
The January-December 2010 operating profit before restructuring costs of EUR
5.5 million was EUR -6.3 million (-3.5) and the operating margin was -3.9
percent of net sales (-2.2). The lack of larger projects was reflected in low
activity levels and profitability. The restructuring costs mainly relate to the
major efficiency improvement measures decided on in Finland in late 2010 as part
of the Group's Operational Excellence Programme. The ramp-up of engineering
centres (Finland, Poland, Brazil, China) serving especially larger projects for
industrial clients resulted in the decision to consolidate the Finnish
engineering centre operations in Kouvola. It was also decided to cluster the
office network in Finland under a regional model with wider scope of services
and improved cost efficiency. Operating profit after restructuring costs was EUR
-11.8 million (-10.1) or -7.4 percent of net sales (-6.2).
10-12/2010
Order inflow in the fourth quarter was significantly higher than in the
corresponding period the year before and increased also clearly from the low
third quarter of 2010. The order inflow was mainly supported by smaller
assignments as clients did not launch larger investments during the period.
Net sales for the fourth quarter of 2010 were EUR 46.7 million (33.6)
representing an increase of 39.0 percent compared with the year before. Net
sales also increased by 25.5 percent from the seasonally low third quarter.
The fourth quarter 2010 operating profit before EUR 5.1 million restructuring
costs was at EUR 0.1 million (-5.3) and the operating margin was 0.2 percent of
net sales (-15.8). The restructuring costs relate to the major restructuring
measures decided in Finland during the quarter. The increased net sales and
increased activity levels improved profitability during the quarter. Operating
profit after restructuring costs was EUR
-5.0 million (-5.2) or -10.7 percent of net sales (-15.5).
Urban & Mobility
+------------------------------------+------+------+-------+-----+-----+-------+
| |10-12/|10-12/|Change,|1-12/|1-12/|Change,|
| | 2010| 2009| %| 2010| 2009| %|
+------------------------------------+------+------+-------+-----+-----+-------+
|Order stock, EUR million | 187.6| 194.8| -3.7|187.6|194.8| -3.7|
+------------------------------------+------+------+-------+-----+-----+-------+
|Net sales, EUR million | 55.1| 46.7| 18.0|197.2|184.5| 6.9|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit excl. restructuring| | | | | | |
|costs, | | | | | | |
|EUR million | 10.0| 4.2| na.| 18.5| 15.5| 19.4|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin excl. restructuring| | | | | | |
|costs, % | 18.1| 9.0| | 9.4| 8.4| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit, | | | | | | |
|EUR million | 9.4| 4.0| na.| 17.8| 14.9| 19.5|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin, % | 17.0| 8.6| | 9.0| 8.1| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Personnel at end of period | 1,724| 1,858| -7.2|1,724|1,858| -7.2|
+------------------------------------+------+------+-------+-----+-----+-------+
1-12/2010
The order stock at the end of the reporting period was somewhat lower than the
year before and the end of the third quarter of 2010 and totalled EUR 187.6
million (194.8).
Supported by the solid order stock and strong net sales during the fourth
quarter, the January-December 2010 net sales increased by 6.9 percent from the
year before and totalled EUR 197.2 million (184.5).
The January-December 2010 operating profit before restructuring costs of EUR
0.7 million was EUR 18.5 million (15.5) and the operating margin was 9.4 percent
of net sales (8.4). The improved operating profit in the fourth quarter mainly
relates to profit recognition in a long-running major project based on
certificates issued by the client confirming the acceptance of the services and
the related receivable. The increased net sales and the profit recognition
mentioned above during the fourth quarter were reflected in the good operating
profit for the full year 2010. Operating profit after restructuring costs was
EUR 17.8 million (14.9) or 9.0 percent of net sales (8.1).
10-12/2010
Order inflow in the fourth quarter increased from the low third quarter of 2010
and was relatively stable compared with the fourth quarter of 2009. During the
fourth quarter Pöyry was awarded , for example, an extension to its existing
railway engineering assignment in Romania. The value of the contract is EUR 6.9
million.
The net sales for the fourth quarter at EUR 55.1 million (46.7) increased
compared with the year before. Net sales also increased clearly from the third
quarter of 2010.
The fourth quarter 2010 operating profit before EUR 0.6 million restructuring
costs was EUR 10.0 million (4.2) and the operating margin was 18.1 percent of
net sales (9.0). The improved operating profit in the fourth quarter mainly
relates to profit recognition in a long-running major project based on
certificates issued by the client confirming the acceptance of the services and
the related receivable. Operating profit after restructuring costs was EUR 9.4
million (4.0) or 17.0 percent of net sales (8.6).
Water & Environment
+------------------------------------+------+------+-------+-----+-----+-------+
| |10-12/|10-12/|Change,|1-12/|1-12/|Change,|
| | 2010| 2009| %| 2010| 2009| %|
+------------------------------------+------+------+-------+-----+-----+-------+
|Order stock, EUR million | 66.5| 62.3| 6.7| 66.5| 62.3| 6.7|
+------------------------------------+------+------+-------+-----+-----+-------+
|Net sales, EUR million | 21.2| 22.9| -7.4| 79.3| 86.5| -8.3|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit excl. restructuring| 0.6| 1.6| -62.5| 1.9| 5.1| -62.7|
|costs, | | | | | | |
|EUR million | | | | | | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin excl. restructuring| 2.8| 7.0| | 2.4| 6.0| |
|costs, % | | | | | | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit, | 0.0| 1.5| n.a.| 1.3| 4.9| -73.5|
|EUR million | | | | | | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin, % | 0.2| 6.7| | 1.7| 5.7| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Personnel at end of period | 891| 908| -1.9| 891| 908| -1.9|
+------------------------------------+------+------+-------+-----+-----+-------+
1-12/2010
The order stock at the end of the reporting period increased by 6.7 percent from
the year before and totalled EUR 66.5 million (62.3). The order stock decreased
by 5.8 percent from the end of the third quarter of 2010 reflecting the
continued challenging market environment.
The January-December 2010 net sales decreased by 8.3 percent from the year
before and totalled EUR 79.3 million (86.5) reflecting the difficult market
environment especially in Finland.
The January-December 2010 operating profit before restructuring costs of EUR
0.6 million was EUR 1.9 million (5.1) and the operating margin was 2.4 percent
of net sales (6.0). Profitability was burdened during the year mainly by the
difficult business environment in the municipal sector and low activity level in
Finland where actions were taken to adjust capacity to demand. Operating profit
after restructuring costs was EUR 1.3 million (4.9) or 1.7 percent of net sales
(5.7).
10-12/2010
Order inflow in the fourth quarter remained at the same level as in the
corresponding period the year before and in the third quarter of 2010. This
reflects the continuing difficult business environment in the main markets.
Net sales for the fourth quarter of 2010 were EUR 21.2 million (22.9)
representing a fall of 7.4 percent compared with the year before. Net sales
increased by 12.2 percent from the third quarter of 2010.
The fourth quarter 2010 operating profit before EUR 0.6 million restructuring
costs was EUR 0.6 million (1.6) and the operating margin was 2.8 percent of net
sales (7.0). Profitability remained low due to the difficult market situation in
Finland.
Management Consulting
+------------------------------------+------+------+-------+-----+-----+-------+
| |10-12/|10-12/|Change,|1-12/|1-12/|Change,|
| | 2010| 2009| %| 2010| 2009| %|
+------------------------------------+------+------+-------+-----+-----+-------+
|Order stock, EUR million | 22.9| 18.0| 27.2| 22.9| 18.0| 27.2|
+------------------------------------+------+------+-------+-----+-----+-------+
|Net sales, EUR million | 19.9| 17.8| 11.8| 73.6| 68.5| 7.4|
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit excl. restructuring| 1.6| 1.2| 33.3| 1.7| 1.2| 41.7|
|costs, | | | | | | |
|EUR million | | | | | | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin excl. restructuring| 8.0| 6.7| | 2.3| 1.8| |
|costs, % | | | | | | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating profit, | 1.8| 0.7| n.a.| -0.5| -0.4| n.a.|
|EUR million | | | | | | |
+------------------------------------+------+------+-------+-----+-----+-------+
|Operating margin, % | 9.2| 3.6| | -0.6| -0.7| |
+------------------------------------+------+------+-------+-----+-----+-------+
|Personnel at end of period | 498| 451| 10.4| 498| 451| 10.4|
+------------------------------------+------+------+-------+-----+-----+-------+
1-12/2010
The order stock at the end of the reporting period increased by 27.2 percent
from the year before and totalled EUR 22.9 million (18.0), reflecting the
improving demand for consulting services. The order stock also increased by 8.5
percent from the end of the seasonally quiet third quarter of 2010.
The January-December 2010 net sales at EUR 73.6 million were 7.4 percent higher
than the year before (68.5) reflecting the gradually improving market situation
as well as the impact of the measures taken to develop the business.
The January-December 2010 operating profit before restructuring costs of EUR
2.2 million was EUR 1.7 million (1.2) and the operating margin was 2.3 percent
of net sales (1.8). In the second quarter, an action programme was started to
reorganise the Management Consulting business group into a more unified and
integrated unit which resulted in notable restructuring costs. The
reorganisation was successfully completed during 2010. Operating profit after
restructuring costs was EUR -0.5 million (-0.4) or -0.6 percent of net sales (-
0.7).
10-12/2010
Order inflow in the fourth quarter was clearly higher than in the corresponding
period the year before and in the third quarter of 2010 reflecting the slightly
improving market environment especially in the energy sector as well as the
internal actions to enhance sales.
The net sales for the fourth quarter of 2010 were EUR 19.9 million (17.8)
representing an increase of 11.8 percent and reflecting the good development in
the order stock. Net sales increased by 10.6 percent compared with the third
quarter of 2010.
The fourth quarter 2010 operating profit amounted to EUR 1.8 million (EUR 1.2
million excluding and
EUR 0.7 million including restructuring costs) and the operating margin was 9.2
percent of net sales (6.7 excluding and 3.6 including restructuring costs).
Group overhead
Unallocated costs in January-December 2010 were EUR 5.4 million (3.6),
representing 0.8 percent of net sales (0.5).
GROUP FINANCIAL RESULT
Lack of larger projects and continued low capacity utilisation levels burdened
profitability and the operating profit was EUR 17.3 million (22.5), excluding
restructuring costs. Operating margin was 2.5 percent (3.3) of sales.
Actions to improve efficiency resulted in significant restructuring costs. The
consolidated operating profit for the reporting period, including restructuring
costs of EUR 11.5 million, totalled EUR 5.8 million (11.6). The consolidated
operating margin declined to 0.9 percent from 1.7 percent of net sales the year
before.
Profitability challenges were high in the business groups that operate mainly in
the investment driven private sector, i.e. the Energy and Industry business
groups. Their low activity levels were caused by, for example, delays in the
start-up of awarded major projects. The Energy and Industry business groups also
recorded substantial restructuring costs during the year. The Urban & Mobility
business group's improved operating profit in the fourth quarter mainly relates
to profit recognition in a long-running major project based on certificates
issued by the client confirming the acceptance of the services and the related
receivable. The business group recorded only minor restructuring costs. The
Water & Environment business group suffered from the poor financial position of
the municipal sector especially in Finland, where actions were taken to
reorganise the business with some related restructuring costs. The Management
Consulting business group's operating profit was slightly negative. The business
group recorded substantial restructuring costs and also made investments in
developing the business model in the very challenging market environment.
Net financial items were EUR -1.5 million (0.8).
Profit before taxes totalled EUR 4.3 million (12.4).
Income taxes were EUR -3.9 million (-4.4).
Net profit was EUR 0.4 (8.0) million.
Earnings per share were EUR 0.00 (0.11).
BALANCE SHEET
The consolidated balance sheet is strong. The consolidated balance sheet
amounted to EUR 532.5 million at the end of the reporting period, which is EUR
17.1 million higher than at year-end 2009 (515.4) and EUR 21.6 million higher
than at the end of September 2010. Total equity at the end of the reporting
period was EUR 187.1 million (184.0). Total equity attributable to equity
holders of the parent company was EUR 179.9 million (176.0) or EUR 3.03 per
share (2.98).
The return on equity (ROE) was 0.2 percent (4.1). The return on investment (ROI)
was 2.6 percent (5.3).
CASH FLOW AND FINANCING
The Group's liquidity is good. At the end of the reporting period, the Group's
cash and cash equivalents and other liquid assets amounted to EUR 99.0 (142.0)
million. In addition to these, the Group had unused long-term overdraft
facilities amounting to EUR 93.9 million.
Net cash from operating activities in the reporting period was EUR -13.1 million
(-10.4), representing EUR -0.22 per share. Net cash before financing activities
was EUR -29.2 million (-25.6). The cash flow includes a net amount of EUR -9.7
million (-10.6) from acquisitions. The cash flow at EUR 26.6 million (24.7) was
strong during the fourth quarter reflecting the typical seasonal pattern of the
business.
The cash flow reflects the continued delay in some major project payments. The
accounts receivable include receivables of EUR 30.9 million, which relate to
certain public sector infrastructure projects in Venezuela, where the client is
a public authority. The client has certified the debt in full. In December
2010, the Venezuelan Parliament passed the National Debt Law, which approved
external debt for the projects concerned. The client is arranging financing for
the payment of the said project receivables. It is still possible that the
payments will also be made directly from the national budget. Several project
suppliers have significant receivables in these projects. These accounts
receivable contain uncertainties. It is possible that the client is not able to
arrange the financing or even if it materialised, there could be further delays
in the payments or parts of them. During the more than a decade that Pöyry has
participated in public sector projects in Venezuela the country has always met
its payment obligations in spite of delays.
Net debt at the end of the reporting period totalled EUR 6.5 million (-19.3).
The net debt/equity ratio (gearing) was 3.5 percent (-10.5). Net debt was
decreased by EUR 30.7 million after the end of September 2010. The equity ratio
was 40.1 percent (40.9).
Pöyry paid its shareholders dividends amounting to EUR 5.9 million or EUR 0.10
per share in March 2010.
Calculation of key figures is presented on the Calculation of key figures page
of this financial statement release.
CAPITAL EXPENDITURE AND ACQUISITIONS
During the reporting period, the Group's capital expenditure totalled EUR 18.6
million, of which EUR 6.8 million consisted mainly of computer software, systems
and hardware, and EUR 11.8 million was due to acquisitions.
+------------------------------+------+------+-----+-----+
|Capital expenditure, |10-12/|10-12/|1-12/|1-12/|
|EUR million | 2010| 2009| 2010| 2009|
+------------------------------+------+------+-----+-----+
|Capital expenditure, operative| 2.0| 1.0| 6.8| 4.8|
+------------------------------+------+------+-----+-----+
|Capital expenditure, shares | 0.7| 0.8| 11.8| 5.0|
+------------------------------+------+------+-----+-----+
|Capital expenditure, total | 2.7| 1.8| 18.6| 9.8|
+------------------------------+------+------+-----+-----+
HUMAN RESOURCES
+----------------------------------------------------------+-----+-----+-------+
|Personnel (FTE) by business group, at the end of the |1-12/|1-12/|Change,|
|period | 2010| 2009| %|
+----------------------------------------------------------+-----+-----+-------+
|Energy |1,463|1,402| 4.4|
+----------------------------------------------------------+-----+-----+-------+
|Industry |2,083|1,790| 16.4|
+----------------------------------------------------------+-----+-----+-------+
|Urban & Mobility |1,724|1,858| -7.2|
+----------------------------------------------------------+-----+-----+-------+
|Water & Environment | 891| 908| -1.9|
+----------------------------------------------------------+-----+-----+-------+
|Management Consulting | 498| 451| 10.4|
+----------------------------------------------------------+-----+-----+-------+
|Group staff and shared resources | 142| 121| 17.4|
+----------------------------------------------------------+-----+-----+-------+
|Personnel, total |6,801|6,530| 4.2|
+----------------------------------------------------------+-----+-----+-------+
+----------------------------------------------------------+-----+-----+-------+
|Personnel (FTE) by geographic area, at the end of the |1-12/|1-12/|Change,|
|period | 2010| 2009| %|
+----------------------------------------------------------+-----+-----+-------+
|Nordic countries |2,467|2,510| -1.7|
+----------------------------------------------------------+-----+-----+-------+
|Other Europe |2,859|2,826| 1.2|
+----------------------------------------------------------+-----+-----+-------+
|Asia | 538| 529| 1.7|
+----------------------------------------------------------+-----+-----+-------+
|North America | 215| 198| 8.6|
+----------------------------------------------------------+-----+-----+-------+
|South America | 615| 344| 78.8|
+----------------------------------------------------------+-----+-----+-------+
|Other areas | 107| 123| -13.0|
+----------------------------------------------------------+-----+-----+-------+
|Personnel, total |6,801|6,530| 4.2|
+----------------------------------------------------------+-----+-----+-------+
Personnel structure
The Group had an average of 6,611 (7,052) employees (FTEs) during the reporting
period, which is 6.3 percent less than the year before. The number of personnel
at the end of the reporting period was 6,801 (6,530).
To support projected order inflow in the Industry business group, staff have
been recruited in Brazil, Poland and China.
The statutory employee negotiations initiated as part of the Operational
Excellence Programme in October 2010 in Pöyry's Finnish operations resulted in
the decision to reduce capacity by about 400 persons. Including the reductions
mentioned above, the estimate for the total need for capacity reductions in
Finland is 450-500 persons. The improved operational model is expected to be
implemented by the end of the second quarter of 2011.
The Pöyry Way
In 2010 many Pöyry employees contributed to defining the Pöyry way of working.
This process culminated in the renewed value base being captured and launched as
the "Pöyry Way". The key concepts and principles were communicated to the staff
in the autumn of 2010. The Pöyry Way combines the best of the company's past
with its aspirations for the future.
Organisational capabilities
To ensure that Pöyry Group's organisational capabilities will develop in
accordance with changing business needs, the principles and actions for
development are defined as a part of the annual strategy process. The new vision
sets a clear agenda for the development focus areas and will provide exciting
career opportunities for our staff.
Personnel expenses
+------------------------------------+-----+-----+-------+
| |1-12/|1-12/|Change,|
|Personnel expenses, EUR million | 2010| 2009| %|
+------------------------------------+-----+-----+-------+
|Wages and salaries |319.0|319.9| -0.3|
+------------------------------------+-----+-----+-------+
|Bonuses | 10.6| 6.9| 53.2|
+------------------------------------+-----+-----+-------+
|Expenses from share-based incentives| 1.9| 2.2| -15.0|
+------------------------------------+-----+-----+-------+
|Social expenses | 73.0| 72.4| 0.8|
+------------------------------------+-----+-----+-------+
|Personnel expenses, total |404.5|401.5| 0.8|
+------------------------------------+-----+-----+-------+
Wages and salaries as well as bonuses in the Pöyry Group are determined on the
basis of local collective and individual agreements, individual employees'
performances and the required qualification level. Supplementing the base
salary, the Group has implemented bonus schemes which are primarily aimed at the
Group companies' line management, but which will be increasingly directed at
individual experts, such as staff in project work.
Performance share plan 2008-2010
In December 2007, the Board of Directors of Pöyry PLC approved a
share-based incentive plan for the key personnel. The plan comprises three
earning periods, which are the calendar years 2008, 2009 and 2010. The rewards
will be paid partly (50 percent) in the company's shares and partly (50 percent)
in cash in 2009, 2010 and 2011.
For the earning period 2010 the payout will correspond to the value of 263,220
shares. The payout from the plan is based on the Group's earnings per share
before restructuring costs (EPS) and net sales as well as the condition of
service or employment not having been terminated prior to reward payment. If the
service or employment ends prior to vesting 1 January 2013, the received shares
must be returned to the Company gratuitously. The incentive plan included about
300 persons in the year 2010. The payments will be made to the participants in
April 2011, after the AGM has adopted the financial statements.
The total payout for the three earning periods of the performance share plan
2008-2010 correspond to the value of 696,674 shares. This payout is 54 percent
as an average of the target level budget of the whole plan.
More detailed information about the incentive plan has been released in the
Company Announcement of 11 December 2007.
Performance share plan 2011-2013
In February 2011 the Board of Directors of Pöyry PLC approved a new share-based
incentive plan for the Pöyry Group key personnel.
The plan includes earning periods which commence at the beginning of years
2011, 2012 and 2103. The first earning period is calendar years 2011-2013. The
Board of Directors will annually decide on the details of the earning periods
commencing in 2012 and 2013.
The potential reward from the plan for the earning period 2011-2013 will be
based on the Group's Earnings per Share before restructuring costs (EPS) and Net
Sales, as well as on the continuance of employment or service. The rewards
earned on the basis of earnings period 2011-2013 will be paid partly in the
Company's shares and partly in cash in 2014.
The incentive plan is directed to approximately 300 people. The rewards to be
paid on the basis of the earnings period 2011-2013 will correspond to a maximum
total of 475,000 Pöyry PLC shares if the target performance set by the Board of
Directors is met. If the Company's performance exceeds the target and reaches
maximum performance, as defined by the Board of Directors, the rewards to be
paid on the basis of the earning period 2011-2013 will correspond to a maximum
total of 950,000 Pöyry PLC shares. These numbers of shares include also the
proportion of reward to be paid in cash.
RESEARCH AND DEVELOPMENT
The key cornerstone in Pöyry's business is the ability to provide clients with a
full range of innovative and value-adding consulting engineering services
covering the entire lifecycle of their investment projects.
To be able to help clients truly improve their businesses, Pöyry is continuously
engaged in numerous research and development projects. The projects are
conducted both on Pöyry's own initiative and in partnership with clients and
research institutions. In 2010 Pöyry was involved in a number of development
projects that are related to climate change, the development of new products and
services, operations improvement and methodology and software. As the R&D
expenses are mainly embedded in client projects, they have not been accounted
for separately.
When approaching the end of its Vision period in 2020 Pöyry's aim is to be able
to offer increasingly sophisticated services and comprehensive management
consulting. To enable this Pöyry has defined four key Growth Enablers: Thought
Leadership, Large Projects, Way of Working and Marketing & Sales. Internal
development programmes to improve the company's execution capabilities in these
areas have been launched. In 2010 Pöyry appointed the core team for the Large
Project Function and proceeded with the Marketing & Sales programme. The renewed
value base "Pöyry Way" was launched and the operational mode and process
development has started as part of the Operational Excellence Programme.
GOVERNANCE
Annual General Meeting 2010
The Annual General Meeting of Pöyry PLC was held on 11 March 2010. The AGM
adopted Pöyry PLC's financial statements and consolidated statements and granted
the members of the Board of Directors, the company's President and CEO, and the
Deputy to the President and CEO discharge from liability for the financial
period 1 January to 31 December 2009.
The AGM resolved that a dividend of EUR 0.10 be distributed per outstanding
share for the financial year 2009. The dividend was paid on 23 March 2010.
The AGM resolved that the Board of Directors consist of seven (7) ordinary
members. The AGM re-elected the following members to the Board of Directors:
Henrik Ehrnrooth, Pekka Ala-Pietilä, Alexis Fries, Heikki Lehtonen, Michael
Obermayer and Karen de Segundo. The AGM elected Georg Ehrnrooth as a new member
of the Board. Harry Piehl gave notice that he was not available for re-election.
The AGM resolved that the annual fees of the members of the Board of Directors
be EUR 40,000 for a member, EUR 50,000 for the Vice Chairman and EUR 60,000 for
the Chairman of the Board, and that the annual fee of the members of the
committees of the Board of Directors be EUR 15,000. In addition, the AGM
authorised the Board of Directors to decide about an additional fee of not more
than EUR 15,000 per annum for each of the foreign residents of the Board of
Directors and an additional fee of not more than EUR 5,000 per annum for each of
the foreign residents of the committees. The authorisation shall be in force
until the next AGM.
In its assembly meeting immediately following the AGM, the Board of Directors
elected Henrik Ehrnrooth as Chairman and Heikki Lehtonen as Vice Chairman.
Heikki Lehtonen, Alexis Fries and Georg Ehrnrooth were elected members of the
Audit Committee. Henrik Ehrnrooth, Heikki Lehtonen, Karen de Segundo and
Pekka Ala-Pietilä were elected members of the Nomination and Compensation
Committee. In accordance with the authorisation by the AGM the Board resolved to
pay an additional fee of EUR 15,000 per annum to the foreign residents of the
Board of Directors and an additional fee of EUR 5,000 per annum to the foreign
residents of the committees.
KPMG Oy Ab, Authorised Public Accountants, continues as Pöyry PLC's auditors
based on the resolution made in the AGM on 6 March 2002. Sixten Nyman,
Authorised Public Accountant, continues as responsible auditor.
Authorisations
Pöyry PLC's Annual General Meeting on 11 March 2010 authorised the Board of
Directors to decide on the acquisition of the company's own shares with
distributable funds. A maximum of 5,800,000 shares can be acquired. This
authorisation was not used by the end of the reporting period.
The AGM also authorised the Board of Directors to decide on making a donation of
a maximum of EUR 300,000 to the Aalto University in Finland. In December 2010
Pöyry signed a cooperation agreement with Aalto University. As part of the
agreement and in accordance with the decision made at the 2010 Annual General
Meeting, Pöyry has approved EUR 300,000 to be donated to Aalto University's
foundation.
Group executive management
The Group Executive Committee consisted of nine (9) members at the end of 2010:
Heikki Malinen, President and Chief Executive Officer
Ari Asikainen, Executive Vice President (EVP) and President, Energy business
group
Martin Kuzaj, EVP and President, Industry business group
Andy Goodwin, EVP and President, Urban & Mobility business group
Martin Bachmann, EVP and President, Water & Environment busines
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2011 - 07:32 Uhr
Sprache: Deutsch
News-ID 51179
Anzahl Zeichen: 65591
contact information:
Town:
Vantaa
Kategorie:
Business News
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