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Stock Exchange Release

Cargotec's financial statements review 2012: Challenging year behind, new operating model to improve profitability and cash flow

2/12/2013

CARGOTEC CORPORATION, FINANCIAL STATEMENTS REVIEW, 12 FEBRUARY 2013 AT 8.30 A.M. (EET)

The figures in this financial statements review are based on Cargotec Corporation's audited 2012 Financial statements.

October-December 2012 in brief

  • Orders received decreased 16 percent and totalled EUR 710 (842) million. 

  • Order book amounted to EUR 2,021 (31 Dec 2011: 2,426) million at the end of the period. 

  • Sales grew 7 percent to EUR 890 (828) million. 

  • Operating profit excluding restructuring costs was EUR 39.5 (48.0) million, representing 4.4 (5.8) percent of sales. 

  • Operating profit was EUR 13.8 (48.0) million, representing 1.5 (5.8) percent of sales. 

  • Cash flow from operations before financial items and taxes totalled EUR 90.6 (88.3) million. 

  • Net income for the period amounted to EUR 8.7 (34.8) million. 

  • Earnings per share was EUR 0.14 (0.56). 

January-December 2012 in brief

  • Orders received totalled EUR 3,058 (3,233) million. 

  • Sales grew 6 percent to EUR 3,327 (3,139) million. 

  • Operating profit excluding restructuring costs was EUR 157.2 (207.0) million, representing 4.7 (6.6) percent of sales. 

  • Operating profit was EUR 131.0 (207.0) million, representing 3.9 (6.6) percent of sales. 

  • Cash flow from operations before financial items and taxes totalled EUR 97.1 (166.3) million. 

  • Net income for the financial period amounted to EUR 89.2 (149.3) million. 

  • Earnings per share was EUR 1.45 (2.42). 

  • The Board of Directors proposes a dividend of EUR 0.71 per class A share and EUR 0.72 per class B share outstanding be paid. 

Outlook for 2013
Cargotec's sales are expected to be slightly below 2012 and operating profit excluding restructuring costs to be at 2012 level. Positive impact of efficiency improvement measures implemented will be weighted on the second half of the year.

Cargotec's key figures

MEUR Q4/12 Q4/11 Change Q1-Q4/12 Q1-Q4/11 Change
Orders received 710 842 -16% 3,058 3,233 -5%
Order book, end of period 2,021 2,426 -17% 2,021 2,426 -17%
Sales 890 828 7% 3,327 3,139 6%
Operating profit* 39.5 48.0 -18% 157.2 207.0 -24%
Operating profit, %* 4.4 5.8 4.7 6.6
Operating profit 13.8 48.0 -71% 131.0 207.0 -37%
Operating profit, % 1.5 5.8 3.9 6.6
Income before taxes 13.5 43.7 122.2 191.9
Cash flow from operations 90.6 88.3 97.1 166.3
Net income for the period 8.7 34.8 89.2 149.3
Earnings per share, EUR 0.14 0.56 1.45 2.42
Net debt, end of period 478 299 478 299
Gearing, % 38.8 25.4 38.8 25.4
Personnel, end of period 10,294 10,928 10,294 10,928

* excluding restructuring costs

Cargotec's interim President and CEO Tapio Hakakari:
In 2012, we sought to improve profitability and cash flow.  However, we did not achieve all our targets. The unavoidable consequence of this was employee cooperation negotiations. Unfortunately, as a result we were forced to let go of some employees. In addition, we launched a new operating model based on independent businesses. These changes are aimed at achieving streamlined operations, profitable growth and greater market share. We believe that we are in a strong position to turn the situation around, led by our new President and CEO as of 1 March 2013, Mika Vehviläinen.

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 10:00 a.m. EET at Cargotec's head office, Porkkalankatu 5, Helsinki. The event will be held in English. The report will be presented by Executive Vice President, CFO Eeva Sipilä. The presentation material will be available at www.cargotec.com by 10:00 a.m. 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 6201, non-US callers +44 20 7162 0025, access code Cargotec/927698.

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 14 February 2013 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 927698.

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 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 10,500 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com

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