Pöyry Oyj : Pöyry PLC : Pöyry PLC's notice concerning annual accounts for 2012

Pöyry Oyj : Pöyry PLC : Pöyry PLC's notice concerning annual accounts for 2012

PÖYRY PLC Financial Statement Release 6 February 2013 at 8:30 a.m.



Pöyry Group                          10-12/ 10-12/ Change, 1-12/ 1-12/ Change,
                                       2012   2011       %  2012  2011       %
Order stock at end of period, EUR     547.7  694.4   -21.1 547.7 694.4   -21.1
Net sales total, EUR million          190.7  226.9   -16.0 775.0 796.1    -2.7
Operating profit excl.                 -3.4    6.3    n.a.   7.1  30.4   -76.6
restructuring costs,
EUR million
Operating margin excluding             -1.8    2.8           0.9   3.8
restructuring costs, %
Operating profit,                     -15.1   -0.5    n.a. -17.9  20.0    n.a.
EUR million
Operating margin, %                    -7.9   -0.2          -2.3   2.5
Profit before taxes,                  -16.3   -0.8         -20.8  17.1    n.a.
EUR million
Earnings per share, basic, EUR        -0.26  -0.03    n.a. -0.41  0.13    n.a.
Earnings per share, diluted, EUR      -0.26  -0.03    n.a. -0.41  0.13    n.a.
Gearing, %                                -      -          51.3  28.2
Return on investment, % (R12M)           -      -          -5.0   7.4    n.a.
Dividend per share (*BoD proposal)        -      -             -  0.20
Dividend pay-out ratio, % (*BoD           -      -             -  n.a.
Average number of personnel during        -      -         6,695 6,864    -2.5
period, calculated as full time
equivalents (FTE)

All figures and sums have been rounded off from the exact figures
which may lead to minor discrepancies upon addition or subtraction.

Figures in brackets, unless otherwise stated, refer to the same period the
previous year.

- The Group's order stock totalled EUR 547.7 million (694.4) at the end of the
reporting period. EUR 52 million of the decrease comes from divestments
concluded in 2012.
- Consolidated net sales decreased by 2.7 per cent compared with the year
before to EUR 775.0 million (796.1).
- Operating profit excluding restructuring costs was EUR 7.1 million (30.4)
corresponding to 0.9 per cent (3.8) of sales.
- Operating profit declined in all business groups.
- Restructuring costs in the reporting period totalled EUR 25.0 million.
Fourth quarter restructuring costs amounted to EUR 11.7 million, and were
related to addressing low-performing units, outsourcing of support functions
and streamlining administrative processes.
- Unallocated costs in January-December 2012 amounted to EUR 27.1 million.
This includes EUR 17.0 million restructuring costs of which EUR 7.5 million
related to divestments concluded in 2012 and EUR 9.5 million to actions to
outsourcing of support functions and streamlining administrative processes.
The remaining unallocated costs of EUR 10.1 million include extraordinary
personnel expenses and an impairment of intangible rights.
- The accounts receivable includes positions, which relate to certain public
sector infrastructure projects in Venezuela. While the outstanding receivables
are undisputed, uncertainty remains about the exact timing and amount of the
expected payments. This fact is reflected in their current valuation estimated
to approximately EUR 17 million following an impairment of EUR 4.8 million.
- On 6 February 2013 Pöyry announced that it is improving its organisation by
introducing Regional operations, thereby increasing its focus on domestic
markets in order to strengthen long-term growth and profitability. Actions
that target at EUR 40-50 million combined run-rate cost savings by the end of
2014 are on-going. Pöyry aims at reaching net sales amounting to EUR 1,000
million with a corresponding operating profit margin of 8-9% by the end of
- From the beginning of the first quarter 2013, Pöyry's financial reporting
will be based on the following four Business Segments: Management Consulting
business group; Industry business group; Energy business group; and Regional
Operations. The pro forma figures reflecting these changes will be
communicated along with the first quarter 2013 interim report.

- The Group's parent company Pöyry PLC's net profit for 2012 amounted to EUR
-20,500,624.05 and retained earnings were EUR 82,943,199.90. The total
distributable earnings were EUR 62,442,575.85.
- Considering the unsatisfactory performance, the Board of Directors will
propose to the Annual General Meeting on 7 March 2013 that no dividend will be
paid for the year 2012.

Pöyry has updated its disclosure procedures in line with the applicable
Finnish Securities Act. Hence, in 2013, Pöyry will publish its full year
market outlook and financial forecast in its financial statement release.
Furthermore, any corresponding updates to the outlook and financial forecast
will be made in accordance with the on-going disclosure obligation. Pöyry will
also cease publishing a financial forecast for its business groups.

Pöyry's businesses are predominantly driven by clients' new capital
investments and are mostly late in the economic cycles. It is difficult to
predict the timing of clients' new investment decisions and project start-ups.
The uncertainty around the general economic outlook remains high, which may
impact upon investment activity in business segments that are relevant to
Pöyry's operations.

The Group's net sales in 2013 are expected to increase compared with 2012 and
operating profit in 2013 is expected to increase compared with the operating
profit excluding restructuring costs in 2012.

Pöyry will publish its Corporate Governance Statement 2012 and its Financial
Statements 2012 including the Board of Directors' report in week 7. The
Corporate Governance Statement will be published separately from the Board of
Directors' report and financial statements, and will be published on the
company's website at www.poyry.com.

The financial statements, the Board of Directors' report, the corporate
governance statement as well as other documents presented to the Annual
General Meeting will be published on the company's website at www.poyry.com on
14 February 2013.

"2012 turned out to be particularly challenging year for Pöyry. Amid difficult
market environments and the prolonged global economic uncertainty the Group
was again faced with disappointing operational results. The Group's order
intake was below the previous year. Order stock declined as large projects
received in the Industry Business Group in 2011 were being delivered and
totalled EUR 548 million at the end of the year (694). Net sales were EUR 775
million (796) and operating profit before restructuring costs were EUR 7
million (30) or 0.9 per cent (3.8) of net sales. Extensive restructuring costs
which amounted to EUR 25 million burdened the net result and the earnings per
share were EUR -0.41.

Our priority is to restore profitability by refocusing. Pöyry enjoys clear
leadership positions in its industrial and its energy sectors. A major portion
of the Group's business, however, originates from a large number of medium and
small sized domestic projects, which generate a steady flow of new orders
across a wide range of client sectors. Hence, we have today announced an
improved organisation enhancing our focus on domestic client business.

Actions resulting in important cost savings by the end of 2014 are on-going.
Pöyry aims at reaching the net sales of EUR 1,000 million with a corresponding
operating profit margin of 8-9% by the end of 2017.

As to the shorter-term outlook, the Group's net sales in 2013 are expected to
increase compared with 2012 and operating profit in 2013 is expected to
increase compared with the operating profit excluding restructuring costs in

This is a summary of the January-December 2012 financial statement release.
The complete report is published as an enclosure to this company announcement
and is available in full on the company's web site at www.poyry.com. Investors
are advised to review the complete financial statement release with tables.


Additional information from:
Sanna Päiväniemi, Director, Investor Relations
tel. +358 10 33 23002

Pöyry's January-December 2012 result will be presented at the news conferences
as follows:

- A conference for analysts, investors and press will be arranged at 12 p.m.
Finnish time at Restaurant Savoy, Eteläesplanadi 14, Helsinki, Finland. The
event will be hosted by Alexis Fries, President and CEO and Jukka Pahta, CFO.

- An international conference call and webcast in English will begin at 5:00
p.m. Finnish time (EET). The event will be hosted by Jukka Pahta, CFO.

10:00 a.m. US EST (New York)
3:00 p.m. GMT (London)
4:00 p.m. CET (Paris)

The webcast may be followed online on the company's website www.poyry.com. A
replay can be viewed on the same site the next working day.

To attend the conference call, please dial

Finland: +358 (0)9 2313 9201
UK: +44 (0)20 7162 0077
US: +1 334 323 6201
Other countries: +44 (0)20 7162 0077
Conference ID: 927769

Due to the live webcast, we kindly ask those attending the international
conference call and webcast to dial in 5 minutes prior to the start of the

Pöyry is an international consulting and engineering company. We serve clients
globally across the energy and industrial sectors and locally in our core
markets. We deliver strategic advisory and engineering services, underpinned
by strong project implementation capability and expertise. Our focus sectors
are power generation, transmission & distribution, forest industry, chemicals
& biorefining, mining & metals, transportation, water and real estate sectors.
Pöyry has an extensive local office network employing about 7,000 experts.
Pöyry's net sales in 2012 were EUR 775 million and the company's shares are
quoted on NASDAQ OMX Helsinki (Pöyry PLC: POY1V).

Major media

Financial Statement Release January-December 2012


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Pöyry Oyj via Thomson Reuters ONE
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