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Good progress in Hiab and Kalmar

18/07/2019

Frequently asked questions and answers about Cargotec's January-June 2019 half year report

Kalmar Q2 comparable EBIT increased by 49%, why? 

Higher sales was the main reason. 

Why did Hiab’s comparable EBIT increase by 29% y-o-y in Q2? 

Hiab’s operating profit increased  due to higher sales. 

Kalmar Q2 orders received decreased 24% y-o-y, what was the reason for that? 

Comparison period included large automation order (EUR 80 million). Orders were lower also in mobile equipment, also there the comparison period orders were exceptionally high.

Why did MacGregor comparable operating profit decrease significantly?  

Comparable operating profit declined due to lower sales, cost overruns in certain offshore projects and low capacity utilisation in offshore. 

Are there any changes on the market? 

No major changes on the market, of course customers’ situations vary. Visibility is weak, and the market continues to be weak in Macgregor. 

How was the development in services in Q2? 

Solid development in services: Service orders received grew 8%.

Q2 2019 service sales +5%

  • Kalmar +2%

    • +6% in comparable FX and adjusted for divestments

  • Hiab +14%

  • MacGregor -1%

Total service sales +6% in comparable FX and adjusted for acquisitions and divestments

What was included in items affecting comparability?

In Q2/19, items affecting comparability totalled EUR 11.3 million. Mostly these were restructuring costs (11M€). Rest 0.3M€ were acquisition (TTS) related costs.

How is the supply chain developing? When can we expect that the problems will be solved?

We have seen gradual improvement. The component availability situation has been improving throughout Q2/19 and the number of component codes having shortages is smaller than in Q4/18. As the volumes are on high level, we still have capacity issues in form of labour availability or certain assembly bottlenecks, like testing capacity. Also the installation capacity has been in some countries a bottleneck. Most of the issues are related to our Polish operations, where also the high personnel turnover is making things more difficult. So there are multiple issues and therefore it will take time to fix all these issues. We are clearly heading in a better direction.