Cargotec's January-June 2012 interim report: Second quarter orders grew 17 percent. Priority in improving profitability.
CARGOTEC CORPORATION, INTERIM REPORT, 19 JULY 2012 AT 12 P.M. EEST
April-June 2012 in brief
- Orders received grew 17 percent and totalled EUR 892 (761) million.
- Order book amounted to 2,413 (31 Dec 2011: 2,426) million at the end of the period.
- Sales grew 7 percent to EUR 850 (795) million.
- Operating profit was EUR 41.2 (54.0) million, representing 4.8 (6.8) percent of sales.
- Cash flow from operations before financial items and taxes totalled EUR -25.6 (35.4) million.
- Net income for the period amounted to EUR 29.3 (42.5) million.
- Earnings per share was EUR 0.48 (0.69).
- Strategic foundation in Asia established.
January-June 2012 in brief
- Orders received totalled EUR 1,629 (1,580) million.
- Sales grew 6 percent to EUR 1,643 (1,558) million.
- Operating profit was EUR 78.7 (104.6) million, representing 4.8 (6.7) percent of sales.
- Cash flow from operations before financial items and taxes totalled EUR -27.8 (71.6) million.
- Net income for the period amounted to EUR 55.5 (78.7) million.
- Earnings per share was EUR 0.90 (1.28).
Outlook for 2012 (published 12 June 2012)
Cargotec's 2012 operating profit margin is expected to be approximately 6 percent. Sales are expected to grow from 2011.
Cargotec's key figures
|Order book, end of period||2,413||2,306||5%||2,413||2,306||5%||2,426|
|Operating profit, %||4.8||6.8||4.8||6.7||6.6|
|Income before taxes||39.0||50.5||73.7||96.9||191.9|
|Cash flow from operations||-25.6||35.4||-27.8||71.6||166.3|
|Net income for the period||29.3||42.5||55.5||78.7||149.3|
|Earnings per share, EUR||0.48||0.69||0.90||1.28||2.42|
|Net debt, end of period||497||335||497||335||299|
|Personnel, end of period||10,608||10,925||10,608||10,925||10,928|
Cargotec's President and CEO Mikael Mäkinen:
The market situation is challenging due to global economic uncertainty, which is also reflected in a tight competitive situation. Nevertheless, Terminals second quarter orders grew by 57 percent from the comparison period. Since profitability remained at the level of the first quarter, its improvement in Terminals and Load Handling is our priority.
We are building a factory for the Rainbow-Cargotec Industries joint venture and in July we announced our plans to establish a joint venture with China's leading heavy truck manufacturer. Hence, we have reached our desired strategic foundation in Asia in both Terminals and Load Handling. We continue to evaluate listing Marine on Singapore Exchange and growth opportunities in offshore.
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 EEST at Cargotec's head office, Sörnäisten rantatie 23, Helsinki. The event will be held in English. The interim report will be presented by President and CEO Mikael Mäkinen. The presentation material will be available at www.cargotec.com by 1:30 pm EEST.
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/914115.
The event can also be viewed as a live webcast at www.cargotec.com. 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 21 July 2012 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 914115.
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 10,500 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com