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Stock Exchange Release

Cargotec's Financial statements review 2011: Orders grew 18 percent and earnings per share doubled



The figures in this financial statements review are based on Cargotec Corporation's audited 2011 Financial statements.

October-December 2011 in brief

·         Orders received grew 18 percent and totalled EUR 842 (716) million.
·         Order book amounted to EUR 2,426 (31 Dec 2010: 2,356) million at the end of the year.
·         Sales grew 11 percent and totalled EUR 828 (747) million.
·         Operating profit was EUR 48.0 (38.5) million, representing 5.8 (5.2) percent of sales.
·         Cash flow from operating activities before financial items and taxes totalled EUR 88.3 (99.5) million.
·         Net income for the period amounted to EUR 34.8 (23.8) million.
·         Earnings per share was EUR 0.56 (0.39).

Year 2011 in brief

·         Orders received grew 18 percent and totalled EUR 3,233 (2,729) million.
·         Sales grew 22 percent to EUR 3,139 (2,575) million.
·         Research and product development expenditure was EUR 60.0 (37.1) million.
·         Operating profit was EUR 207.0 (131.4) million, representing 6.6 (5.1) percent of sales.
·         Cash flow from operations before financial items and taxes totalled EUR 166.3 (292.9) million.
·         Net income for the financial period amounted to EUR 149.3 (78.0) million
·         Earnings per share was EUR 2.42 (1.21)
·         The Board of Directors proposes a dividend of EUR 0.99 per class A share and EUR 1.00 per class B share outstanding be paid. 

Outlook for 2012

Cargotec expects its 2012 sales to grow and operating profit margin to improve compared to 2011.

Cargotec key figures


MEUR Q4/11 Q4/10 Change Q1-Q4/11 Q1-Q4/10 Change
Orders received 842 716 18% 3,233 2,729 18%
Order book, end of period 2,426 2,356 3% 2,426 2,356 3%
Sales 828 747 11% 3,139 2,575 22%
Operating profit 48.0 38.5 25% 207.0 131.4 58%
Operating profit, % 5.8 5.2 6.6 5.1
Income before taxes 43.7 30.2 191.9 101.4
Cash flow from operations 88.3 99.5 166.3 292.9
Net income for the period 34.8 23.8 149.3 78.0
Earnings per share, EUR 0.56 0.39 2.42 1.21
Net debt, end of period 299 171 299 171
Gearing, % 25.4 16.0 25.4 16.0
Personnel, end of period 10,928 9,954 10,928 9,954

Cargotec's President and CEO Mikael Mäkinen:

In many respects, 2011 was eventful for Cargotec. In Industrial & Terminal segment, demand for solutions was brisk, and in the autumn we received several large terminal project orders. We reinforced our automation expertise with the Navis acquisition, and decided to establish a joint venture with our long-term Chinese partner. Once again, Marine segment achieved record sales and operating profit. Development and implementation of the company-wide ERP system and related processes progressed according to plan. Orders, sales and operating profit grew markedly. Although we are not fully satisfied with the development in Industrial & Terminal, Cargotec's operating profit margin for 2011 rising to 6.6 percent shows that we are moving in the right direction. We will continue working towards our target of 10 percent. Uncertainty in general economic trends is impeding us from seeing ahead. At the end of the year, we announced a change in our operating model, from the beginning of 2012, in order to further accelerate the implementation of strategic initiatives. Prior merging of business activities and centralisation of support operations have brought the planned benefits to our production facilities, sourcing activities and support functions. However, now is the time to differentiate, in order to secure the required development possibilities for each area.

Press conference for analysts and media

A press conference for analysts and media, combined with a live international telephone conference, will be arranged on the publishing day at 1:30 pm EET at Cargotec's head office, Sörnäisten rantatie 23, Helsinki. The event will be held in English. The report will be presented by President and CEO Mikael Mäkinen. The presentation material will be available at by 1:30 pm EET.

The telephone conference, during which questions may be presented, can be accessed using the following numbers ten minutes before the beginning of the event: US callers +1 334 323 6203, non-US callers +44 20 7162 0125, access code Cargotec/909847.

The event can also be viewed as a live webcast at An on-demand version of the conference will be published at Cargotec's website later during the day.

A replay of the conference call will be available until midnight 9 February 2012 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 909847.

For further information, please contact:

Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084

Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.1 billion in 2011 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV.


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