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Stock Exchange Release

Cargotec's January-September 2013 interim report: operating profit margin and cash flow show positive signs

10/24/2013

CARGOTEC CORPORATION, INTERIM REPORT, 24 OCTOBER 2013 AT 12.30 PM EEST

July-September 2013 in brief

      ·         Orders received were at comparison period's level and totalled EUR 724 (719) million.

      ·         Order book amounted to EUR 2,048 (31 Dec 2012: 2,021) million at the end of the period.

      ·         Sales fell 5 percent to EUR 752 (794) million.

      ·         Operating profit excluding restructuring costs was EUR 35.4 (39.0) million, representing 4.7 (4.9) percent of sales.

      ·         Operating profit was EUR 31.2 (38.5) million, representing 4.2 (4.9) percent of sales.

      ·         Cash flow from operations before financial items and taxes totalled EUR 38.2 (34.2) million.

      ·         Net income for the period amounted to EUR 19.3 (24.9) million.

      ·         Earnings per share was EUR 0.31 (0.41).

 

January-September 2013 in brief

      ·         Orders received were at comparison period's level and totalled EUR 2,348 (2,348) million.

      ·         Sales fell 7 percent to EUR 2,267 (2,437) million.

      ·         Operating profit excluding restructuring costs was EUR 87.9 (117.6) million, representing 3.9 (4.8) percent of sales.

      ·         Operating profit was EUR 77.3 (117.2) million, representing 3.4 (4.8) percent of sales.

      ·         Cash flow from operations before financial items and taxes totalled EUR 47.0 (6.4) million.

      ·         Net income for the period amounted to EUR 47.7 (80.3) million.

      ·         Earnings per share was EUR 0.77 (1.30).

 

Outlook for 2013 (published 15 October 2013)

The sales and operating profit excluding restructuring costs for 2013 are expected to fall short of 2012. 


 

Cargotec's key figures

 

MEUR Q3/13 Q3/12 Change Q1-Q3/13 Q1-Q3/12 Change 2012
Orders received 724 719 1% 2,348 2,348 0% 3,058
Order book, end of period 2,048 2,312 -11% 2,048 2,312 -11% 2,021
Sales 752 794 -5% 2,267 2,437 -7% 3,327
Operating profit* 35.4 39.0 -9% 87.9 117.6 -25% 157.5
Operating profit, %* 4.7 4.9   3.9 4.8 4.7
Operating profit 31.2 38.5 -19% 77.3 117.2 -34% 131.4
Operating profit, % 4.2 4.9   3.4 4.8 3.9
Income before taxes 27.3 35.0   67.7 108.6 122.5
Cash flow from operations 38.2 34.2   47.0 6.4 97.1
Net income for the period 19.3 24.9   47.7 80.3 89.5
Earnings per share, EUR 0.31 0.41   0.77 1.30 1.45
Net debt, end of period 577 485   577 485 478
Gearing, % 48.9 39.2   48.9 39.2 39.2
Personnel, end of period 10,216 10,550   10,216 10,550 10,294

 

*excluding restructuring costs

 

 

Cargotec's President and CEO Mika Vehviläinen:

Market activity continued to be positive during the third quarter and our orders reached the comparison period level, although at MacGregor we did not reach the previous quarter level. Our sales declined five percent, as the delivery volumes remained lower than in the comparison period's level, mostly due to slippages at MacGregor.

 

The profitability development in Kalmar and Hiab has shown positive signs during the year. Continued project cost overruns in Kalmar and lower profitability than expected earlier this year in MacGregor have disappointed us.

 

A significant number of measures are being taken to improve Cargotec's profitability. During the last quarter of the year, we will focus on fulfilment of deliveries and releasing working capital.

 

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 2:30 p.m. EEST at Cargotec's head office, Porkkalankatu 5, Helsinki. The event will be held in English. The report will be presented by President and CEO Mika Vehviläinen and Executive Vice President, CFO Eeva Sipilä. The presentation material will be available at www.cargotec.com by 2:30 p.m. 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 6201, non-US callers +44 20 7162 0025, access code Cargotec/937150.

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 26 October 2013 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 937150.

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 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com

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