P? PLC's notice concerning annual accounts for 2009
(Thomson Reuters ONE) - P?RY PLC Financial Statement Release 2 February 2010 at 8:30 a.m.DIFFICULT MARKET ENVIRONMENT REFLECTED IN THE RESULT; 2010 OUTLOOK MORE POSITIVEKEY FIGURES P? Group Q4/2009 Q4/2008 2009 2008 Change, % 2009/2008 Order stock at end of period, EUR million 485.7 539.1 485.7 539.1 -9.9 Net sales total, EUR million 161.5 213.6 673.5 821.7 -18.0 Operating profit excluding restructuring costs, EUR million 1.7 26.7 22.5 100.6 -77.6 Operating margin excluding restructuring costs, % 1.1 12.5 3.3 12.2 Operating profit, EUR million 0.7 26.7 11.6 100.6 -88.5 Operating margin, % 0.4 12.5 1.7 12.2 Profit before taxes, EUR million 1.2 26.9 12.4 103.2 -88.0 Earnings per share, basic, EUR 0.02 0.34 0.11 1.21 -90.9 Earnings per share, diluted, EUR 0.02 0.34 0.11 1.19 -90.8 Gearing, % -10.5 -38.5 Return on investment %, 5.3 45.4 Dividend, EUR (*BoD proposal) 0.10* 0.65 Average number of personnel during period, calculated as full time equivalents (FTE) - - 7052 7702 -8.4Figures in brackets, unless otherwise stated, refer to the same period theprevious year.FOURTH QUARTER HIGHLIGHTS- The market environment continued to be difficult but initial signs ofgradually increasing study activity in various customer sectors began to appear.- Sales at EUR 161.5 million were clearly below the previous year (213.6) butimproved from EUR 150.2 million in the third quarter of 2009.- Profitability remained at a very low level. Operating profit excludingrestructuring costs was EUR 1.7 million (26.7) corresponding to 1.1 percent(12.5) of sales.- Restructuring costs in the fourth quarter totalled EUR 1.0 million.- Cash flow after capital expenditure was healthy at EUR 24.7 million.FULL YEAR 2009 HIGHLIGHTS- The year was marked by a very challenging market environment.- The Group's order stock reduced, but remained on a reasonable level overall.- The clients' low investment activity impacted sales that fell by 18.0 percentto EUR 673.5 million (821.7).- Profitability was burdened by the lack of large projects and low capacityutilisation. Additionally, bad debt provisions totalling EUR 6.5 million werebooked in 2009. Operating profit excluding restructuring costs fell to EUR 22.5million (100.6) and operating margin to 3.3 percent (12.2).- Profit before taxes was EUR 12.4 million- The cost savings programme proceeded according to plan. Restructuring costsfor 2009 totalled EUR 10.9 million.- Cash flow after capital expenditure improved considerably towards the end ofthe year but was still negative at EUR -25.6 million.- Balance sheet continues to be strong.PROPOSED DIVIDEND- The Board will propose to the AGM on 11 March 2010 a dividend of EUR 0.10(0.65) per share.THE FINANCIAL STATEMENT RELEASE- This financial statement release has been prepared in accordance with the IAS34 following the same accounting principles as in the annual financial statementfor 2008. From the beginning of 2009, the Group adopted the amended IAS 1Presentation of the Financial Statements standard and IFRS 8 Operating Segmentsstandard. The amended standards have no significant impact on the presentationof the interim report. The annual figures in this financial statement releaseare audited. The Auditor's report is dated 1 February 2010.- The annual report including the Report of the Board of Directors, theFinancial Statements and the Corporate Governance Statement will be available onthe company's website at www.poyry.com in week 6.FUTURE PROSPECTSGroup sales for the full year 2010 are expected to grow. The Group's operatingprofit is expected to improve from 2009 even after inclusion of incrementalbusiness development expenses necessary to accelerate growth in line with thevision.Heikki Malinen, President and CEO:"The past year was challenging for P? in many respects. The Group's net salesfell by 18 percent compared with 2009 and were EUR 673.5 million. Compared withthe previous year, the results for our Forest Industry and Energy businessgroups were disappointing. In Construction services, weakened demand also led todecreased volumes; however, considering the challenging market situation, theprofitability of the business group remained good. The demand for services inour Transportation business group increased, and P?'s position was furtherstrengthened among both locally and internationally. In the Water & Environmentbusiness group the second half order intake was lower than expected, but thedemand for water sector services, in particular, continued stable. Lack of largeprojects as well as low capacity utilisation decreased our profitability andoperating margin, excluding restructuring costs, fell to 3.3 per cent.In order to maintain our competitive position we launched in late 2008 an actionprogramme to improve the efficiency of our operations, streamline the ways ofworking and adapt the capacity to prevailing market conditions. By the end of2009 we had cut our capacity by 18 percent compared with 2008. We have achievedsavings of EUR 15 million in fixed costs excluding one-off items. The actionplan is proceeding to plan and we expect to achieve the targeted EUR 30 millionsavings in full, on a comparable basis, during 2010, whilst boosting ourspending on business development and growth.In December 2009, we released our new vision: P?'s vision is to be the globalthought leader in engineering balanced sustainability for a complex world. Wewant to be an agenda setter in the sectors we serve and to become one of theworld's leading consulting engineering companies by 2020. We see significantgrowth potential for our engineering and consulting offerings. We are targetingannual long-term growth of 15 per cent, and our operating margin target for eachbusiness group is a minimum of 8 per cent in the medium term and a minimum of10 per cent in the long term. We will systematically accelerate profitablegrowth both organically and through acquisitions. Our balance sheet offers usthe ability to survive even a prolonged recession and invest in the developmentof operations. The new business group structure implemented at the beginning of2010 is aligned with our new vision, enabling us to better take advantage of thesynergies between business groups.The new year has started on a slightly more positive note than last year. Ourclients are again planning new projects. Nevertheless, developing plans intoprojects takes time, and according to our estimates, we will see more actualproject implementation in late 2010 and 2011. In 2010, we will implement our newbusiness group structure, continue intensive sales efforts, improve our capacityto execute large projects, strengthen management consulting and continuepursuing attractive business acquisitions."P?RY PLCAdditional information by:Heikki Malinen, President and CEOtel. +358 10 33 21307Esa Ik?imonen, CFOtel. +358 10 33 21586Sanna P??emi, Director, Investor Relationstel. +358 10 33 23002ENCLOSURESBoard of Directors' Report, 1 January - 31 December 2009Consolidated statement of income, balance sheet, statement of changes infinancial position, changes in equity and liabilities, related partytransactions, key figures and acquisitionsINVITATION TO CONFERENCES TODAY, 2 FEBRUARY 2010A conference in Finnish will be arranged at 12 p.m. Finnish time at RestaurantSavoy, Etel?planadi 14, Helsinki, Finland.An international conference call and webcast in English will begin at 3.30 p.m.Finnish time (EET).8.30 a.m. US EDT (New York)1.30 p.m. GMT (London)2.30 p.m. CET (Paris)3.30 p.m. EET (Helsinki)The webcast may be followed online on the company's website www.poyry.com. Areplay can be viewed on the same site later the same day.To attend the conference call, please dialUS: +1 334 420 4950Other countries: +358 9 2313 9202Conference id: 855853We kindly ask those attending the international conference call to dial in 5minutes prior to the start of the event.P? is a global consulting and engineering company dedicated to balancedsustainability. We offer our clients integrated management consulting, totalsolutions for complex projects, best-in-class design and supervision. Ourin-depth expertise extends to the fields of energy, industry, urban & mobilityand water & environment. Locally and globally our 7000 experts serve ourclients in about 50 countries. P?'s net sales in 2009 were EUR 674 millionand the company's shares are quoted on NASDAQ OMX Helsinki (P? PLC: POY1V).DISTRIBUTION:NASDAQ OMX HelsinkiMajor mediawww.poyry.comBOARD OF DIRECTORS' REPORT 1 JANUARY - 31 DECEMBER 2009MARKET REVIEWAfter collapsing rapidly in late 2008, global industrial activity continued tobe low throughout 2009. Initial signals of a possible recovery started to appearduring the second half of the year. The first positive signs did not, however,have any immediate impact on demand for consulting engineering services.Clients' reluctance to make investment decisions was also reflected in P?'smajor businesses, most notably in the forest industry, although there were areaswhere the market environment continued to be relatively good.Activity within the energy sector was fairly stable in Europe during the firsthalf of the year but weakened towards the end of the year. In other regionsdemand was at a low level throughout the year. The global recession resulting inlow and volatile commodity prices, especially oil, together with the financialstringency caused by the credit crunch, were reflected in the low investmentactivity and prolonged decision making times in energy related projects.Large investments within the pulp and paper sector have been few globally forsome time and activity also remained low during 2009. The profitabilitychallenges facing pulp and paper companies have also led to falling demand forconsulting services. Also in the chemical industry the investment activity wasvery low.Investments within the transportation sector remained at a high level,especially in large concession type projects, and demand for road and rail-boundtransportation systems was particularly strong.Demand for services for water and environmental infrastructure were relativelystable during the year except for Finland, where demand by the public sectordeclined clearly. Although new orders remained modest, towards the end of theyear also industrial companies started to show an increasing interest inenvironmental services regarding preparation of new investment projects. Demandin emerging and developing countries for water related infrastructure projectsincreased.The weak economic situation has clearly impacted the office and commercialbuilding sectors where demand in P?'s main markets in Finland, the Balticstates and Russia was very low. On the other hand, activity in the infra andenergy sectors as well as demand for consultancy and small engineering projectsremained relatively good.Note: Unless otherwise stated, the figures in brackets in the sections belowrefer to the same period in the previous year.ORDER STOCK Order stock, EUR million 2009 2008 Change, % Consulting and engineering 483.6 538.6 -10.2 % EPC 2.1 0.5 na Total 485.7 539.1 -9.9 %The Group's order stock at the end of 2009 totalled EUR 485.7 million (539.1).The order stock fell by 9.9 per cent. The drop was largest in the ForestIndustry business group where the order stock almost halved compared with end2008. The order stock declined also in the Energy, Construction Services andWater & Environment business groups. In the Transportation business group thegood demand continued and the business group's order stock increased by 21.0 percent from the previous year. The quality of the order stock is good. The valueof the order stock fell by 5.5 percent from EUR 513.9 million at the end of thethird quarter 2009.GROUP SALES Net sales by business group, Q4/2009 Q4/2008 2009 2008 Share of EUR million (pro (pro total sales, % forma) forma) FY 2009 Energy 54.5 64.3 215.6 241.3 32 Forest Industry 38.1 72.5 175.8 294.5 26 Transportation 30.2 29.0 118.5 105.5 17 Water & Environment 22.9 25.4 86.5 87.6 13 Construction Services 19.3 23.9 79.0 92.8 12 Unallocated -3.5 -1.5 -1.9 0.0 - Total 161.5 213.6 673.5 821.7 100 Net sales by region, EUR million Q4/2009 Q4/2008 2009 2008 Share of total sales, % FY 2009 Nordic countries 50.3 58.9 194.4 234.3 29 Other Europe 74.5 98.0 323.7 363.1 48 Asia 14.7 19.5 54.7 72.6 8 North America 4.8 6.0 20.0 27.7 3 South America 9.8 20.5 50.3 89.5 7 Other 7.4 10.7 30.4 34.5 5 Total 161.5 213.6 673.5 821.7 100Consolidated net sales in 2009 fell by 18.0 per cent compared with the previousyear to EUR 673.5 million (821.7). Sales decreased most in the Forest Industrybusiness group as a result of very low investment activity among the clients.Sales decreased also in the Energy and Construction Services business groups,and were fairly stable in Water & Environment. Activity in the transportationsystems sector continued to be good and the Transportation business group'ssales increased clearly in 2009.Regionally, the situation was most challenging in South and North America wherethe high exposure to the forest industry had a clearly negative impact on sales.In Asia the 2008 comparison figure was high due to large projects. In additionto this, some of the restructuring measures were implemented in the region. Allthe other regions were supported by the more diversified business portfolio.In the fourth quarter of 2009, net sales totalled EUR 161.5 million (213.6)which were 24.0 per cent less than a year ago. The Transportation businessgroup's sales increased slightly from the fourth quarter of 2008, whereas salesfell in all other business groups. All geographical regions also reporteddecrease in sales for the fourth quarter compared with the previous year.However, the net sales increased by 7.5 per cent from EUR 150.2 million in thethird quarter of 2009 and all business groups contributed to the increase. Ofthe regions, sales increased clearly in the Nordic countries, Asia and NorthAmerica compared with the third quarter of 2009.Business Groups (Operating segments)The Business Group split is based on the structure which was effective 1 January- 31 December 2009. All figures for the previous years have been restated (proforma) accordingly. All personnel numbers are calculated as full timeequivalents (FTE).Energy Q4/ Q4/ Change, 2009 2008 Change, 2009 2008 % % Order stock, EUR million 181.9 196.4 -7.4 181.9 196.4 -7.4 Sales, EUR million 54.5 64.3 -15.2 215.6 241.3 -10.7 Operating profit excl. restructuring costs, EUR million 2.3 11.8 -80.5 11.2 32.0 -65.0 Operating margin excl. restructuring costs, % 4.2 18.3 5.2 13.2 Operating profit, EUR million 1.9 11.8 -83.9 9.1 32.0 -71.6 Operating margin, % 3.5 18.3 4.2 13.2 Personnel at end of period 1621 1870 -13.3 1621 1870 -13.3Full year 2009The year end order stock decreased to EUR 181.9 million (196.4), which was 7.4per cent less than a year before. The fall in order stock reflects the slow-downin decision making on investment projects during the year which had a negativeimpact on the order intake. Net sales for 2009 were EUR 215.6 (241.3) million,representing a fall of 10.7 per cent. Operating profit before restructuringcosts of EUR 2.1 million amounted to EUR 11.2 (32.0) million and the operatingmargin was 5.2 per cent of sales (13.2). Operating profit was burdened by thelack of large orders as well as a lower capacity utilisation rate compared withthe previous year. The comparison figure includes EUR 6 million non-recurringincome from the sale of Polartest Oy in the fourth quarter of 2008. In 2009, theEnergy business group also booked EUR -4.7 million due to bad debt provisions.The capacity adjustment measures were having a positive effect towards the endof the year but were not able to compensate for the low activity rates withinthe business group. The capacity adjustment in the Energy business group waskept at a level that will not significantly impact the ability to continuegrowing when the recession is over. During the year the number of personneldecreased by 249 (FTEs) or by 13.3 per cent. Operating profit, afterrestructuring costs, was EUR 9.1 million or 4.2 per cent of sales.Q4/2009Net sales for the fourth quarter were EUR 54.5 (64.3) million and showed someimprovement from EUR 48.7 in the third quarter of 2009. Operating profit beforerestructuring costs of EUR 0.4 million amounted to EUR 2.3 (11.8) million andthe operating margin was 4.2 per cent of sales (18.4, including Polartest Oy EUR6 million capital gain). As the cost savings programme was proceeding, thebusiness group's profitability improved from the third quarter of 2009 but wasstill on an unsatisfactory level. Operating profit after the restructuring costsin the fourth quarter was EUR 1.9 million or 3.5 per cent of sales.Forest Industry Q4/ Q4/ Change, 2009 2008 Change, 2009 2008 % (pro % forma) Order stock, EUR million 45.3 86.3 -47.5 45.3 86.3 -47.5 Sales, EUR million 38.1 72.5 -47.4 175.8 294.5 -40.3 Operating profit excl. restructuring costs, EUR million -5.3 9.5 -155.8 -7.0 50.8 -113.9 Operating margin excl. restructuring costs, % -13.9 13.1 -4.0 17.2 Operating profit, EUR million -5.7 9.5 -160,0 -14.7 50.8 -128.9 Operating margin, % -15.0 13.1 -8.4 17.2 Personnel at end of period 1887 2917 -35.3 1887 2917 -35.3Full year 2009The Forest Industry business group has been most affected by the economicrecession. The development of new large projects came to a halt and a lot ofexisting capacity was also closed down. Overall, demand fell more significantlythan at any time since the recession in the early 1990s. As a result of this,the business group's order stock fell by 47.5 per cent to EUR 45.3 million fromEUR 86.3 million the previous year. Net sales for 2009 were EUR 175.8 (294.5)million, representing a fall of 40.3 per cent. Operating profit beforerestructuring costs of EUR 7.7 million amounted to EUR -7.0 (50.8) million andthe operating margin was -4.0 per cent of sales (17.2). The fall inprofitability was due to greatly reduced activity rates. In 2009, the ForestIndustry business group also booked EUR -1.1 million due to bad debt provisions.During the year the number of personnel decreased by 1030 (FTEs) or by 35.3 percent in order to balance the capacity and cost base to demand but, at the sametime, not to jeopardise future growth. Operating profit after restructuringcosts was EUR ?14.7 million and -8.4 per cent of sales.Q4/2009Net sales for the fourth quarter were EUR 38.1 (72.5) million showing a slightincrease compared with the EUR 35.2 million in the third quarter. Operatingprofit before restructuring costs of EUR 0.4 million amounted to EUR -5.3 (9.5)million and the operating margin was -13.9 per cent of sales (13.1).Profitability continued to decrease as the activity rates remained low.Operating profit after restructuring costs was EUR -5.7 million or -15.0 percent of sales.Transportation Q4/ Q4/ Change, 2009 2008 Change, 2009 2008 % (pro % forma) Order stock, EUR million 158.4 130.9 21.0 158.4 130.9 21.0 Sales, EUR million 30.2 29.0 4.1 118.5 105.5 12.3 Operating profit excl. restructuring costs, EUR million 2.3 3.3 -30.3 9.4 9.2 2.2 Operating margin excl. restructuring costs, % 7.6 11.3 7.9 8.7 Operating profit, EUR million 2.3 3.3 -30.3 9.4 9.2 2.2 Operating margin, % 7.6 11.3 7.9 8.7 Personnel at end of period 1162 1073 8.3 1162 1073 8.3Full year 2009Demand for services in the transportation sector continued to grow at a steadyrate during 2009, with the demand for road and rail-bound transportation systemsparticularly strong. Demand was mainly supported by the public sector spending.There was also increasing activity in large concession type projects beingcarried out by contractors. Backed up by the good market situation, the orderstock increased by 21.0 per cent to EUR 158.4 million from EUR 130.9 million theprevious year. The full year net sales increased by 12.3 per cent and were EUR118.5 (105.5) million. Operating profit amounted to EUR 9.4 (9.2) million andthe operating margin was 7.9 per cent of sales (8.7). To better meet theincreasing demand the number of personnel was increased by 89 (FTEs) or by 8.3per cent in 2009.Q4/2009Net sales for the fourth quarter were EUR 30.2 (29.0) million. Operating profitwas on a good level and amounted to EUR 2.3 (3.3) million. Operating margin was7.6 per cent of sales (11.3).Water & Environment Q4/ Q4/ Change, 2009 2008 Change, 2009 2008 % (pro % forma) Order stock, EUR million 62.3 76.8 -18.9 62.3 76.8 -18.9 Sales, EUR million 22.9 25.4 -9.8 86.5 87.6 -1.3 Operating profit excl. restructuring costs, EUR million 1.5 1.8 -16.7 5.1 4.2 21.4 Operating margin excl. restructuring 4.8 costs, % 6.6 7.3 5.9 Operating profit, EUR million 1.5 1.8 -16.7 4.9 4.2 16.7 Operating margin, % 6.6 7.3 5.7 4.8 Personnel at end of period 908 976 -7.0 908 976 -7.0Full year 2009Demand for engineering in the environmental infrastructure sector, especially inthe water sector, remained relatively stable during the year. However, the orderintake was weak especially during the second half of the year, resulting in adecrease of the order stock. The order stock fell by 18.9 per cent to EUR 62.3million from EUR 76.8 million the previous year. Net sales for 2009 were fairlystable at EUR 86.5 (87.6) million. Operating profit before restructuring costsof EUR 0.2 million increased by 21.4 per cent to EUR 5.1 (4.2) million.Operating margin was 5.9 per cent of sales (4.8). Operating profit afterrestructuring costs was EUR 4.9 million and the operating margin was 5.7 percent of sales. During the year the number of personnel decreased by 68 (FTEs) orby 7.0 per cent.Q4/2009Net sales for the fourth quarter were EUR 22.9 (25.4) million. This was 11.2 percent more than the EUR 20.6 million in the third quarter of 2009. Operatingprofit was EUR 1.5 million and 6.6 per cent of sales.Construction Services Q4/ Q4/ Change, 2009 2008 Change, 2009 2008 % (pro % forma) Order stock, EUR million 37.5 48.3 -22.4 37.5 48.3 -22.4 Sales, EUR million 19.3 23.9 -19.2 79.0 92.8 -14.9 Operating profit excl. restructuring costs, EUR million 2.0 1.9 5.3 7.3 9.9 -26.3 Operating margin excl. restructuring costs, % 10.4 8.1 9.2 10.7 Operating profit, EUR million 1.8 1.9 -5.3 6.5 9.9 -34.3 Operating margin, % 9.3 8.1 8.3 10.7 Personnel at end of period 831 971 -14.4 831 971 -14.4Full year 2009Investment activity, especially in the office and commercial constructionsectors, remained very weak during the year. The order stock fell by 22.4 percent to EUR 37.5 million from EUR 48.3 million the previous year. Net sales for2009 were EUR 79.0 (92.8) million. Operating profit before restructuring costsof EUR 0.8 million amounted to EUR 7.3 (9.9) million and the operating marginwas 9.2 per cent of sales (10.7). Considering the very difficult marketsituation, Construction Services was able to maintain its profitability andcapacity utilisation rates on a good level even if there were clear signs oftougher price competition as well as a lack of larger projects. During the yearthe number of personnel decreased by 140 (FTEs) or by 14.4 per cent. Operatingprofit after restructuring costs was EUR 6.5 million or 8.3 per cent of sales.Q4/2009Net sales for the fourth quarter were EUR 19.3 (23.9) million. Sales increasedby 14.9 per cent compared with the EUR 16.8 million in the third quarter of2009. Operating profit before restructuring costs of EUR 0.2 million amounted toEUR 2.0 (1.9) million and the operating margin was 10.4 per cent of sales (8.1).Operating profit after restructuring costs was EUR 1.8 million or 9.3 per centof sales.Group OverheadUnallocated costs in 2009 were EUR 3.6 million (5.5), representing 0.5 per centof sales (0.7).GROUP FINANCIAL RESULTThe full year 2009 consolidated operating profit totalled EUR 11.6 million(100.6, including EUR 6 million capital gain) which was EUR 89 million less thana year ago. The fall was mainly due to profitability challenges in Energy andForest Industry business groups. The good performance in the Transportation,Water & environment and Construction Services business groups was not able tocompensate for the drop in Energy and Forest Industry. Operating profit inConstruction Services declined clearly compared to 2008 but profitabilityremained on a good level considering the difficult market situation in thesector. The Group's operating profit includes restructuring costs of EUR 10.9million which relate to the cost savings programme that was launched in late2008. Operating profit also includes a booking of EUR -6.5 million due to baddebt provisions. The consolidated operating margin including restructuring costsfell to 1.7 per cent (12.2).The consolidated operating profit in the fourth quarter was EUR 0.7 million(26.7) or 0.4 per cent of sales (12.5). Profitability decreased in all businessgroups. The activity rates continued low in especially Forest Industry andEnergy, and the capacity adjustment measures were not sufficient to compensatefor this. The fourth quarter operating profit includes EUR 1.0 million ofrestructuring costs.The full year net financial items showed an income of EUR 0.8 million (2.6).Profit before taxes totalled EUR 12.4 (103.2).Income taxes were EUR 4.4 million (30.6). The actual effective tax rate for theyear 2009 was 35.5 per cent which is high due to profits in higher-tax countriesand some losses in entities for which no deferred tax asset was recognized.Net profit for the period was EUR 8.0 (72.6) million of which EUR 6.5 millionwas attributable to equity holders of the parent company and EUR 1.5 million tominority interests.Earnings per share were EUR 0.11 (1.21 basic; 1.19 diluted).BALANCE SHEETThe consolidated balance sheet is healthy. The year-end consolidated balancesheet amounted to EUR 515.4 million, which was EUR 64.9 million lower than atyear-end 2008 and EUR 3.4 million lower than at end September 2009. Total equityat the end of the report period was EUR 184.0 million (211.1). Total equityattributable to equity holders of the parent company at year-end 2009 was EUR176.0 million (203.4) or EUR 2.98 per share (3.45).Return on equity (ROE) was 4.1 per cent (38.7). Return on investment (ROI) was5.3 per cent (45.4).CASH FLOW AND FINANCINGNet cash from operating activities in the full year 2009 was EUR -10.4 million(56.6), representing EUR -0.18 per diluted share (0.95). Net cash beforefinancing activities was EUR -25.6 million (45.7). In the fourth quarter, netcash before financing activities was EUR 24.7 million (32.4).Year-end net cash totalled EUR 19.3 (81.2) million which was EUR 15.7 millionmore than at end September 2009. The net debt/equity ratio (gearing) was -10.5(-38.5) per cent. The equity ratio was 40.9 per cent (41.7).The Group's liquidity is good. At the end of the year, the Group's cash and cashequivalents and other liquid assets amounted to EUR 142.0 (203.7) million. Inaddition to these, the Group had unused long-term overdraft facilities amountingto EUR 92.6 million.P? paid its shareholders dividends amounting to EUR 38.0 million or EUR0.65 per share in March 2009.Calculation of key figures is presented on the Key Figures pages of theFinancial Statements.CAPITAL EXPENDITURE AND ACQUISITIONSThe Group's capital expenditure totalled EUR 9.8 million, of which EUR 4.8million consisted mainly of computer software, systems and hardware and EUR 5.0million was due to acquisitions. Capital expenditure, EUR million 2009 2008 Capital expenditure, operative 4.8 10.7 Capital expenditure, shares 5.0 8.9 Capital expenditure, total 9.8 19.6HUMAN RESOURCES Personnel (FTE) 2009 2008, pro forma Energy 1621 1870 Forest Industry 1887 2917 Transportation 1162 1073 Water & Environment 908 976 Construction Services 831 971 Group staff and shared resources 121 117 Personnel at end of period, total 6530 7924 Personnel on average, total 7052 7702Personnel structureCapacity adjustment measures led to a fall in the total number of personnel inthe Group in 2009. The Group had an average of 7052 (7702) employees (FTEs)during the year, which is 8.4 per cent less than in 2008. The number ofpersonnel at the end of the year was 6530 (7924). By end 2009, 25 per cent ofthe capacity reductions were implemented as temporary lay-offs. Altogether 265(391) employees have a fixed-term contract.Personnel expenses Personnel expenses, EUR million 2009 2008 Wages and salaries 319.9 337.6 Bonuses 6.9 18.4 Expenses from share-based incentive programmes 2.2 1.8 Social expenses 72.5 76.0 Personnel expenses, total 401.5 433.8Wages and salaries as well as bonuses in the P? Group are determined on thebasis of local collective and individual agreements, individual employees'performances and the required qualification level. Supplementing the basesalary, the Group has implemented bonus schemes which are primarily aimed atGroup companies' line management, but which will be increasingly directed atindividual experts, for example staff in project work.Performance share plan 2008-2010In December 2007, the Board of Directors of P? PLC approved a share-basedincentive plan for the key personnel. The plan comprises three earning periods,which are the calendar years 2008, 2009 and 2010. The rewards will be paidpartly (50 per cent) in the company's shares and partly (50 per cent) in cash in2009, 2010 and 2011. The criteria for the reward payouts for the years 2008 and2009 were the Group's earnings per share (EPS) and net sales.For the earning period 2008, the payout ratio was 180.89 per cent correspondingto a value of 433 454 shares. The payments were made to the participants inApril 2009 and a total of 215 641 shares were transferred to the recipients. Thenumber of shares transferred to the recipients as at 26 January 2010 is 206 957taking into account the returns of shares. The incentive plan for the earningperiod 2008 included approximately 300 persons.In February 2009 the Board of Directors of P? PLC resolved that the value ofthe plan for the earning period 2009 will correspond to 400 000 shares, if thetarget performance set by the Board of Directors is met. Due to significant dropin the Group's result in 2009, the pay-out for the earning period 2009 is zero.Human resources managementThe year under review was overshadowed by the recession. To make the bestpossible use of its resources for project work and to maintain good capacityutilisation, the company intensified the sharing of resources both acrossbusiness unit and geographical borders. Despite these measures, lay-offs wereunavoidable and significant capacity reductions were made especially in Finland,Brazil, Russia, Sweden and North America.To ensure that the P? Group's capabilities will develop in accordance withchanging business needs, the principles and actions for competence developmentare defined as a part of the annual strategy process. Developing managerialskills and encouraging job mobility within the organisation were major focusareas, as in the previous year. However the cost saving programme naturally alsoimpacted the development activities leading to reduced training opportunities.Our new vision creates exciting professional opportunities and is a welcomedenergiser for the employees after a tough year. We will continue to haveincreased job mobility, which is an important step in the development towards aneven more multi-skilled and diverse leadership pool. The new vision furthersupports building a strong community with shared goals and a uniform P?identity.RESEARCH AND DEVELOPMENTThe key cornerstone in P?'s business is the ability to provide clients with afull range of innovative and value-adding consulting engineering servicescovering the entire lifecycle of their investment projects.To be able to help clients truly improve their businesses, P? is continuouslyengaged in numerous research and development projects. The projects areconducted both on P?'s own initiative and in partnership with clients andresearch institutions. In 2009 P? was involved in a number of developmentprojects that are related to climate change, development of new products andservices, operations improvement and methodology and software. As the R&Dexpenses are mainly embedded in client projects, they have not been accountedfor separately.In order to better utilise the competence capital within the Group, a KnowledgeManagement tool was developed in 2009 and launched at the beginning of 2010.P?'s organisation has an abundance of expertise and talent and this toolhelps to put all this information systematically at the disposal of the entireglobal office network. The tool provides a platform for discussing andexchanging knowledge with experts, which can be used to compile, organise andanalyse the special expertise, knowledge and data available in different partsof the organisation. A longer-term objective of the Knowledge Managementdevelopment programme is to launch new projects, which may be related to widelydifferent focus areas.GOVERNANCEAnnual General MeetingThe Annual General Meeting (AGM) of P? PLC was held on 10 March 2009. The AGMadopted P? PLC's financial statements and the consolidated statements andgranted 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 thefinancial period 1 January to 31 December 2008.The AGM approved the proposal of the Nomination and Compensation Committee thatthe Board of Directors should consist of seven (7) ordinary members. The AGMre-elected the following members to the Board of Directors: Henrik Ehrnrooth,Pekka Ala-Pietil?Alexis Fries, Heikki Lehtonen, Harri Piehl and Karen deSegundo. In addition, the AGM elected Michael Obermayer, Ph.D., as a new memberof the Board. Franz Steinegger gave notice that he was not available forre-election.The Board of Directors elected Henrik Ehrnrooth as Chairman and Heikki Lehtonenas Vice Chairman. Heikki Lehtonen, Harri Piehl and Alexis Fries were electedmembers of the Audit Committee. Henrik Ehrnrooth, Heikki Lehtonen, Karen deSegundo, Pekka Ala-Pietil?as well as Georg Ehrnrooth as an external member,were elected members of the Nomination and Compensation Committee.KPMG Oy Ab, Authorised Public Accountants, continues as P? PLC's auditorsbased on the resolution by the AGM on 6 March 2002. Sixten Nyman, AuthorisedPublic Accountant, continues as Auditor in Charge.Changes in executive managementIn March, Esa Ik?imonen took over as CFO and member of the Group ExecutiveCommittee. In addition to the Group's financial operations, the CFO'sresponsibilities were widened to cover also group-wide IT development andoperations, real estate management and investor relations. In the sameconnection, Lars Rautamo moved from his position as CFO to lead the Group'sInternal Audit function, and his membership in the Group Executive Committeeended.In April, the President and CEO of P? PLC, Heikki Malinen, took over theduties of the President of the Forest Industry business group in addition to hisown position. At the same time, John Lindahl, President of the Forest Industrybusiness group, was appointed Senior Vice President, Key Account Management ofthe Forest Industry business group, and his membership in the Group ExecutiveCommittee ended.In September, Martin Kuzaj was appointed Executive Vice President of P? PLCand President of the Forest Industry business group as well as a member of theGroup Executive Committee. Dr Kuzaj began in his duties in October 2009.In September, Teuvo Salminen, Deputy to the President and CEO of P? PLC,announced that he will, at his own request, step down from his present positionfrom the beginning of 2010. His membership in the Group Executive Committeeended on 31 December 2009.In December, P? announced its new business structure and appointments inmanagement which came into effect as of 1 January 2010. The new business groupsare Energy, Industry, Urban & Mobility, Water & Environment and ManagementConsulting. In addition, a function was established for group strategic growth,and group level commercial transactions were combined with the group legalaffairs and risk management function. The following appointment to the GroupExecutive Committee were made:- Heikki Malinen, President and Chief Executive Officer- Ari Asikainen, Executive Vice President (EVP) and President, Energy businessgroup- Martin Kuzaj, EVP and President, Industry business group- Andy Goodwin, EVP and President, Urban and Mobility business group- Bernd Kordes, EVP and President, Water & Environment business group (alsoacting President, Management Consulting business group)- Esa Ik?imonen, Chief Financial Officer- Richard Pinnock, EVP, Group Strategic Growth- Camilla Gr?lm, EVP, Human Resources- Anne Viitala, EVP, Legal and CommercialBernd Kordes announced on 12 January 2010 that he will leave P? and hismembership in the Group Executive Committee ended on the same day. On 1 February2010 P? announced two appointments to the Group Executive Committee: Dr.Norbert Gorny, 46, was appointed Executive Vice President of P? PLC andPresident of the Management Consulting business group, and Martin Bachmann, 42,was appointed Executive Vice President of P? PLC and President of the Water &Environment business group.P? publishes its Corporate Governance Statement separately from the Report ofthe Board of Directors and the Financial Statements in connection with itsAnnual Report.AUTHORISATIONSThe AGM on 10 March 2009 authorised the Board of Directors to decide on theacquisition of a maximum of 5 800 000 of the company's own shares withdistributable funds. The authorisation shall remain in force for 18 months fromthe decision of the AGM. The authorisation is explained in more detail in therelease covering the resolutions of the AGM, which is available on the company'swebsite at www.poyry.com.In March 2009, the Board of Directors of P? decided to exercise the authoritygiven by the AGM to acquire the company's own shares. Between 18 March and 14May P? repurchased 64 818 shares at the average share price of EUR 8.88. Atthe end of 2009, P? had 377 157 of its own shares in its possession,corresponding to 0.6 per cent of total shares.The AGM on 10 March 2008 authorised the Board of Directors to decide on theissue of a maximum of 11 600 000 new shares and to convey a maximum of5 800 000 of the company's own shares held by the company in one or moretranches. The authorisation shall remain in force for three years from thedecision of the AGM 2008, i.e. until 2011. Details of the authorisation areexplained in more detail in the release covering the resolutions of the AGM,which is available on the company's website at www.poyry.com.In March 2009, the Board of Directors of P? resolved on a directed shareissue on the basis of the authorisation given by the AGM 2008. The directedshare issue is part of the share-based incentive plan 2008-2010 for keypersonnel of the company. More detailed information about the incentive plan wasreleased in the company announcement on 11 December 2007.A total of 216 727 of the company's own shares were conveyed withoutconsideration to the target group of the incentive plan's earning period 2008 inaccordance with the terms and conditions of the incentive plan. In addition tothis, the Board of Directors resolved on a directed share issue and conveyedwithout consideration a total of 10 000 of the company's own shares to a numberof employees in accordance with the terms and conditions of their incentiveplans. The directed share issue does not affect the company's share capital orthe company's total number of shares. After the directed share issue the maximumnumber of shares that may be conveyed is 5 573 273 shares.SHARE CAPITAL AND SHARESThe share capital of P? PLC at year-end 2009 totalled EUR 14 588 478. Thetotal number of shares including treasury shares totalled 58 971 398 at the endof 2009.Between March and May 2009 P? repurchased 64 818 of the company's own shareson the basis of the authorisation given by the AGM 2009 and the decision of theBoard of Directors of P? PLC in 2009. In early 2009 P? repurchased139 000 of the company's own shares on the basis of the authorisation given bythe AGM 2008.In addition to this, P? PLC purchased from its subsidiary the8914 P? PLC's shares it held. In total, EUR 1.9 million was used for sharerepurchases in 2009.On 31 December 2009, P? held a total of 377 157 treasury shares, whichcorresponds to 0.6 per cent of the total number of shares and which at that datehad a market value of EUR 4.2 million.SHARES SUBSCRIBED FOR UNDER THE OPTION PROGRAMMEPursuant to P?'s stock option plans, 92 796 new shares were subscribed forand registered in the Finnish Trade Register in 2009, of which 72 688 during thefourth quarter. As a result of these subscriptions, the total number of P?'sshares including treasury shares increased to 58 971 398 shares.The stock options issued under P? PLC's ongoing stock option plans atyear-end 2009 entitle holders to subscribe for a total of 1 707 448 shares,which would increase the total number of P?'s shares (including treasuryshares) to 60 678 846. The option programmes include approximately 40 keypersons.All shares carry one vote per share and equal rights to dividends. The terms andconditions of the stock option programme are available on P?'s website atwww.poyry.com.MARKET CAP AND TRADINGThe closing price of P?'s shares on 31 December 2009 was EUR 11.17. Thevolume weighted average share price for January-December was EUR 9.78, thehighest quotation being EUR 13.17 and the lowest EUR 7.55. The share priceincreased 43 per cent from the end of 2008. In January-December approximately20.6 million P? shares were traded on the NASDAQ OMX Helsinki, correspondingto a turnover of approximately EUR 201.1 million. The average daily tradingvolume was about 82 000 shares or EUR 0.8 million.On 31 December 2009, the total market value of P?'s shares was EUR 654.5million excluding treasury shares held by the company and EUR 658.7 millionincluding treasury shares.OWNERSHIP STRUCTUREDuring 2009, the number of registered shareholders rose from 4724 at the end of2008 to 6933 at the end of 2009, representing growth of 47 per cent. The numberof Finnish retail investors increased by more than 48 per cent.Corbis S.A. continued to be the largest shareholder with 31.57 per cent of thevoting rights on 31 December 2009. The Chairman of the Board of Directors ofP?, Henrik Ehrnrooth, holds indirectly with his brothers Georg Ehrnrooth andCarl-Gustaf Ehrnrooth a controlling interest in Corbis S.A.At the end of 2009 a total of 18.86 per cent (24.26) of the voting rights wereowned by nominee-registered shareholders. Total ownership outside Finland,including Corbis, together with nominee-registered shareholders was in total51.5 per cent (56.5) of the voting rights.FLAGGINGSP? PLC was informed in November 2009 that the shareholding of IlmarinenMutual Pension Insurance Company, Finland had fallen to below 1/20 of the sharecapital and voting rights in P? PLC.On 11 November, the shareholding of Ilmarinen was 3.43 per cent of the sharecapital, entitling it to 3.46 per cent of the voting rights in P? PLC.No other disclosures of changes in holdings were received by the time of therelease of this report.IMPORTANT EVENTS DURING 2009Capacity reductionsThe global financial crisis sparked off an economic downturn that was reflectedin the operations of P?. In January 2009 P? announced that clearly reduceddemand and lower capacity utilisation was expected to significantly reduce theGroup's profit before taxes for 2009 compared with 2008 and started adapting itscapacity to demand.During 2009, P? implemented significant adaptation measures in theFinland-based units of its Forest Industry business group. The capacity was alsodownsized in the Brazilian unit as well as in other countries where the ForestIndustry business group operates. As part of these actions, the company alsochanged the Forest Industry business group's organisation and operating model.In order to improve its cost competitiveness the business group's detailengineering services was decided to be consolidated in the offices at Kouvola inFinland, Sao Paulo in Brazil, Lodz in Poland and Jinan in China.Capacity was adjusted also in other business groups and in various locations.The total decrease in capacity calculated on FTE basis was 18 percent comparedwith the end of 2008.Important contractsDespite the economic downturn and low overall investment activity, P? wasawarded a number of important contracts during the year.In March, the Energy business group was awarded an EPC contract by the StyrianUtility Steweag/Steg for rehabilitation of the 110 kV substationNeudorf/Werndorf in Austria. The contract will be executed in a consortium withSiemens Austria. P?'s share of the contract amounts to about EUR 6.5 million.The project was started in March 2009 and will be completed by mid 2011.In April, the Energy business group was awarded an owner's engineering servicescontract by OMV Power International GmbH for an 800 MW combined-cycle powerplant project in Haiming, Germany. The project is being undertaken by the OMVKraftwerk Haiming GmbH, an affiliated company of OMV Power International GmbH inAustria. P? will assist the customer in the permitting process, preparationof tender documents for the EPC turnkey contract and the long-term serviceagreement contract. The value of the assignment is about EUR 6 million.In June, the Forest Industry business group was commissioned to providepermitting engineering services for the Investlesprom's Segezha pulp mill inRussia. The services include project management and permitting engineeringservices for all disciplines extended over the whole pulp mill, which will havea production capacity of about 850 000 t/a. The total value of the assignmentexceeds EUR 6 million. The assignment was started immediately and will becompleted by mid 2010.In September, the Energy business group signed a comprehensive EPCM(Engineering, Procurement and Construction Management) services contract withVantaa Energy Ltd for a waste-to-energy plant to be built in Vantaa, Finland.The contract covers a wide range of project services including projectmanagement, procurement, design, engineering, construction management, sitesupervision and commissioning services. The new plant will process 320,000 t/aof municipal waste, and produce 67 MW of electric power and 100 MW of districtheat. The value of the assignment is about EUR 8 million. The plant is scheduledto start operation in 2014.In October, the Transportation business group was awarded the design contractfor the new airport rail link in Katowice, Poland, by PKP Polskie Linie KolejoweS.A. P? is leading the design consortium with DB International in theproject, which includes 38 km of railway line and 28 new structures such asbridges. P?'s share of the total assignment is EUR 7.5 million. The designphase will last from October 2009 to May 2011 and will also include a completeenvironmental impact assessment and obtaining the relevant environmentalpermits. The project is financed by the EU Cohesion Fund and the Polish Statebudget.THE COST SAVINGS PROGRAMMEP? launched in late 2008 an action programme designed to maintain itsprofitability at an acceptable level throughout the current recession. Theprogramme focuses on sales, resources, cost structure and investments aimed atoptimising the balance between short-term profitability and long-termcapabilities and growth.The cost saving target for fixed expenses on an annual basis was set at aboutEUR 30 million compared with the 2008 cost base excluding one-off restructuringexpenses. At the end of the year, cost savings of some EUR 15 million wereachieved in line with plans. Capacity reduction measures during 2009 exceededthe 12 per cent target. By the end of the year group-wide capacity was reducedby 18 per cent by both permanent and temporary lay-offs.STRATEGY DEVELOPMENT AND IMPLEMENTATIONP? started a vision and strategy process at the end of 2008, preparing theguidelines for P?'s growth into a truly global multinationalcompany during the next decade. In December 2009, the new vision according towhich P? is to become "the global thought leader in engineering balancedsustainability for a complex world" was launched.The new vision is driven by the major challenges within P?'s customersectors. Urbanization and population growth, the shift in economic balance,environmental degradation and redirection of technological innovation will havea major impact on global demand and clients' businesses.P? sees growth opportunities being created by these drivers and it intends tobe an agenda setter in this respect in the sectors it serves. The company willsharpen its focus on larger projects, management consulting, cost-effectivenessin detail engineering and core geographical markets.In connection with the new vision P? realigned its business structure tobetter enable the implementation of the vision. The new business structure andrelated appointments in the Group Executive Committee have been effective since1 January 2010.P? aims to be one of the world's leading consulting engineering companies by2020. To achieve this, the Group set a new 15 per cent annual over the cyclelong-term growth target in connection with the vision launch. The Group's otherfinancial targets are unchanged as follows:- operating profit margin target for each business group is a minimum of 8 percent in the medium term and a minimum of 10 per cent in the long term- return on investment 20 per cent or higher- earnings/share, annual growth 15 per cent or higher- gearing below 30 per cent- dividend/earnings ratio 50 per cent or higherIMPORTANT EVENTS AFTER THE END OF THE REPORTING PERIODIn January 2010, the member of the P? Group's Executive Committee andPresident of the Water & Environment business group, Bernd Kordes, announcedthat he will leave P? to join another company. Mr Kordes will carry on hisduties as President of the Water & Environment business group as well as actingPresident of the Management Consulting business group over a transition periodbut his membership in the Group Executive Committee ended on 12 January 2010.P? appointed on 1 February 2010 two new members to its Group ExecutiveCommittee. Dr. Norbert Gorny, 46, was appointed Executive Vice President ofP? PLC and President of the Management Consulting business group. MartinBachmann, 42, was appointed Executive Vice President of P? PLC and Presidentof the Water & Environment business group. They both report to Heikki Malinen,President and CEO of P? PLC.MOST SIGNIFICANT RISKS AND BUSINESS UNCERTAINTIESThe major risks relate to the potential prolongation and further deteriorationof the world economy. The fall in demand for P?'s services may lead tofalling sales volumes and thus a fall in profits.The impacts of the economic downturn have been most clearly reflected in theoperations of P?'s Forest Industry, Energy, and Construction Servicesbusiness groups, and currently it is difficult to predict exactly when thedemand will recover for either of these business groups.In response to these risks P? has launched an action programme to keep theGroup's profitability at as high a level as possible. The programme's focus ison sales, resources, cost structure, investments and financing.P?'s financial position is solid and its strong balance sheet supportssecuring its liquidity. Difficulties in project financing may cause problems forP?'s clients, which may lead them to postpone projects or even to cancelexisting orders. In such cases there is an increased risk of credit losses.The financial crisis has hampered the availability of loan financing. P? hascountered this by significantly strengthening its already strong financialposition and liquidity.MARKET OUTLOOK FOR 2010The outlook for the market segments is presented according to P?'s newbusiness structure.Environmental legislation focused on combating climate change will continue todrive demand for renewable energy and energy efficiency related services. Inemerging markets there is also continued growth in demand for energy. In theshorter term, clients decision making processes are still expected to beprolonged, which will lead to compressed activity and tight competition amongenergy projects in the near future.The economic downturn has clearly hit the industrial projects in two of P?'smain client sectors, i.e. forest and chemical industries. The large majority ofplanned projects in the forest industry have been stopped and many of thelargest chemical industry projects have also been put on hold. Preliminaryengineering work for new investment projects and other pre-investment activityare showing strengthening signals of recovery in certain areas, most notably inRussia, China and Brazil. Uncertainty regarding the timing of new investmentprojects remains and investment activity in these areas is not expected torecover markedly over the short to medium term.Increasing urbanization, mobility and the need for transportation solutionscontinue to have a positive impact on future investments. In the shorter term,investments in the transportation sector are anticipated to continue actively.Within the construction sector low investment activity, particularly in thecommercial and also in the industrial sector, is expected to continue, but torecover during the second half of the year. Demand for engineering in energy andinfrastructure related projects is expected to continue as relatively stable, orslightly improve.The demand for services in water supply, sanitation, solid waste and overalladaptation to climate change, remains promising and the global economic downturnhas had limited effects on this sector as these projects are largely publiclyfinanced. There are also signs of an increase in demand for environmentalservices for industrial clients.Further complexities faced by customers, such as making business decisions,changes in legislation, the need for a new and broader approach onsustainability as well as customers' increasing focus on improving businessperformance, are expected to drive demand for management consulting services.THE GROUP'S FUTURE PROSPECTSUncertainty still prevails in the economic environment. The longer term growthtrends are expected to remain valid within P?'s customer sectors but it isstill difficult to forecast demand over the shorter term.Based on the current order stock and outlook for new orders, Group sales for thefull year 2010 are expected to grow. The preconditions for sales growth arestrongest in Management Consulting, Energy and Urban & Mobility. In Energy,prolonged postponement of projects may, however, continue to have a negativeimpact on sales. Investment activity in the forest and chemical industry sectorsis not expected to recover significantly over the short to medium term, whichputs pressure on the Industry business group's sales growth, especially in2010. Sales in the Water & Environment business group are expected to remainstable.The Group's operating profit is expected to improve from 2009 even afterinclusion of incremental business development expenses necessary to accelerategrowth in line with the Vision. The Energy business group's operating profit isestimated to improve. The Industry business group's operating profit isestimated to be stable excluding one-time costs. The Urban & Mobility businessgroup's operating profit is expected to remain stable. The Water & Environmentbusiness group's operating profit is expected to remain stable. The ManagementConsulting business group's operating profit is expected to improve.Acquisitions are a central part of P?'s strategy. Acquisitions will be madein cases where the target company offers strategic advantages and supportsP?'s objectives.BOARD OF DIRECTORS' PROPOSAL FOR DISPOSAL OF DISTRIBUTABLE FUNDSP? Group's parent company P? PLC's net profit for 2009 was EUR68 740 331.90 and retained earnings EUR 26 808 970.11, so the total amount ofdistributable earnings was EUR 95 549 302.01. The Board of Directors of P?PLC proposes to the Annual General Meeting on 11 March 2010 that a dividend ofEUR 0.10 (0.65) per share be paid for the year 2009. The number of outstandingshares is 58 589 537 and the total amount of dividends thus EUR 5 858 953.70.The proposed dividend corresponds to 90.9 (53.7) per cent of the earnings pershare for the financial year. The Board of Directors proposes that the dividendbe paid on 23 March 2009.The Auditor's report is dated 1 February 2010.Vantaa, 1 February 2010P? PLCBoard of Directors P?RY GROUP STATEMENT OF COMPREHENSIVE INCOME 10-12/ 10-12/ 1-12/ 1-12/ EUR million 2009 2008 2009 2008 NET SALES 161.5 213.6 673.5 821.7 Other operating income 0.3 6.1 0.8 6.6 Share of associated companies' results -0.1 0.0 0.5 2.2 Materials and supplies -2.2 -3.7 -7.0 -15.3 External charges, subconsulting -26.8 -28.8 -90.6 -101.0 Personnel expenses -93.3 -113.6 -401.5 -433.8 Depreciation -2.0 -2.6 -8.2 -9.0 Other operating expenses -36.7 -44.3 -155.9 -170.8 OPERATING PROFIT 0.7 26.7 11.6 100.6 Proportion of net sales, % 0.4 12.5 1.7 12.2 Financial income 0.8 2.3 5.0 6.3 Financial expenses -1.3 -1.8 -5.6 -3.5 Exchange rate differences 1.0 -0.2 1.4 -0.1 Value decrease on non-current investment 0.0 -0.1 0.0 -0.1 PROFIT BEFORE TAXES 1.2 26.9 12.4 103.2 Proportion of net sales, % 0.7 12.6 1.8 12.6 Income taxes 0.2 -6.6 -4.4 -30.6 NET PROFIT FOR THE PERIOD 1.4 20.3 8.0 72.6 OTHER COMPREHENSIVE INCOME Translation differences 2.2 -6.4 4.2 -8.5 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3.6 13.9 12.2 64.1 Net profit attributable to: Equity holders of the parent company 1.0 19.8 6.5 70.8 Minority interest 0.4 0.5 1.5 1.8 Total comprehensive income attributable to: Equity holders of the parent company 3.2 13.4 10.7 62.3 Minority interest 0.4 0.5 1.5 1.8 Earnings/share, attributable to the equity holders of the parent company, EUR 0.02 0.34 0.11 1.21 Corrected with dilution effect 0.02 0.34 0.11 1.19 STATEMENT OF FINANCIAL POSITION EUR million 31 Dec. 2009 31 Dec. 2008 ASSETS NON-CURRENT ASSETS Goodwill 101.3 95.9 Intangible assets 5.4 6.2 Tangible assets 16.6 18.8 Shares in associated companies 5.5 5.8 Other shares 1.9 1.7 Loans receivable 1.5 0.1 Deferred tax receivables 9.5 6.2 Pension receivables 0.3 0.3 Other 7.5 5.0 Total 149.5 140.0 CURRENT ASSETS Work in progress 78.8 69.3 Accounts receivable 127.3 143.5 Loans receivable 0.1 0.8 Other receivables 7.5 10.3 Prepaid expenses and accrued income 10.2 12.7 Financial assets at fair value through profit and loss 27.9 0.0 Cash and cash equivalents 114.1 203.7 Total 365.9 440.3 TOTAL 515.4 580.3 EQUITY AND LIABILITIES EQUITY EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT COMPANY Share capital
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