Cargotec's Capital Markets Day to focus on short and mid-term performance of businesses, and will include assessment of operating profit development in 2014
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 2 DECEMBER 2013, AT 12.30 PM EET
Cargotec will host a Capital Markets Day today, 2 December 2013, in Helsinki, Finland. Cargotec's senior management will discuss short-term profit improvement actions as well as mid-term outlook of the businesses in its presentations.
Operating profit development in 2014
Cargotec will in conjunction of business area presentations provide the following update on expected operating profit development in 2014:
- MacGregor's 2014 operating profit margin excluding restructuring costs is expected to fall short from 2013, with gains from acquisitions being offset by slow recovery in merchant marine markets due to the long cycle nature of the business as well as an unfavourable delivery mix and M&A related integration costs. The favourable order intake trend that began in 2013 is expected to continue in 2014, with the largest impact occurring in 2015 and beyond.
- Kalmar's and Hiab's operating profit excluding restructuring costs is expected to improve from 2013 due to earlier announced improvement actions that are expected to result in a run-rate improvement of EUR 40 million by the end of 2014 in both business areas.
Corporate-level financial guidance for 2014 will be given in connection to the Financial statements review 2013 on 4 February 2014.
Cargotec confirms the following two long-term financial targets to remain valid for the corporation going ahead:
- Gearing below 50 percent
- Dividend 30-50 percent of earnings per share
Following the announced acquisitions strengthening MacGregor business area Cargotec will emphasise operative cash flow and net debt reduction activities. Cargotec will continue to focus on short-term ongoing turnaround and integration actions in its businesses, and will revert to longer term profitability and return targets during 2014.
Capital Markets Day 2013
Cargotec's Capital Markets Day will begin at 1.00 p.m. Finnish time/EET and finish by 6.00 p.m. English-language presentation material will be published on Cargotec's website at www.cargotec.com/investors after the event.
Mika Vehviläinen, President and CEO, tel. +358 20 777 4101
Eeva Sipilä, Executive Vice President, 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 brands MacGregor, Kalmar and Hiab 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 3.3 billion in 2012 and it employs approximately 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com