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MacGregor Kalmar Stock Exchange release

Cargotec's January-September 2014 interim report: Profit improvement progressed in Hiab and Kalmar, reorganisation launched in MacGregor

10/23/2014

CARGOTEC CORPORATION, INTERIM REPORT, 23 OCTOBER 2014 AT NOON EEST

Cargotec's January-September 2014 interim report: Profit improvement progressed in Hiab and Kalmar, reorganisation launched in MacGregor

July-September 2014 in brief

  • Orders received increased 15 percent and totalled EUR 829 (724) million.
  • Order book amounted to EUR 2,327 (31 Dec 2013: 1,980) million at the end of the period.
  • Sales grew 12 percent to EUR 840 (752) million.
  • Operating profit excluding restructuring costs was EUR 48.4 (35.4) million, representing 5.8 (4.7) percent of sales.
  • Operating profit was EUR 45.8 (31.2) million, representing 5.4 (4.2) percent of sales.
  • Cash flow from operations before financial items and taxes totalled EUR 63.4 (38.2) million.
  • Net income for the period amounted to EUR 27.8 (19.3) million.
  • Earnings per share was EUR 0.43 (0.31).

January-September 2014 in brief

  • Orders received increased 14 percent and totalled EUR 2,685 (2,348) million.
  • Sales grew 6 percent to EUR 2,395 (2,267) million.
  • Operating profit excluding restructuring costs was EUR 77.8 (87.9) million, representing 3.2 (3.9) percent of sales.
  • Operating profit was EUR 63.6 (77.3) million, representing 2.7 (3.4) percent of sales.
  • Cash flow from operations before financial items and taxes totalled EUR 120.3 (47.0) million.
  • Net income for the period amounted to EUR 31.4 (47.7) million.
  • Earnings per share was EUR 0.48 (0.77).

Outlook for 2014 unchanged
Cargotec's 2014 sales are expected to grow from 2013. Operating profit excluding restructuring costs for 2014 is expected to improve from 2013.


Cargotec's key figures

MEUR Q3/14 Q3/13 Change Q1-Q3/14 Q1-Q3/13 Change 2013
Orders received 829 724 15% 2,685 2,348 14% 3,307
Order book, end of period 2,327 2,048 14% 2,327 2,048 14% 1,980
Sales 840 752 12% 2,395 2,267 6% 3,181
Operating profit excluding restructuring costs 48.4 35.4 37% 77.8 87.9 -12% 126.5
Operating profit excluding restructuring costs, % 5.8 4.7   3.2 3.9   4.0
Operating profit/loss 45.8 31.2 47% 63.6 77.3 -18% 92.5
Operating profit/loss, % 5.4 4.2   2.7 3.4   2.9
Income before taxes 39.3 27.3   44.7 67.7   78.7
Cash flow from operations 63.4 38.2   120.3 47.0   180.9
Net income for the period 27.8 19.3   31.4 47.7   55.4
Earnings per share, EUR 0.43 0.31   0.48 0.77   0.89
Net debt, end of period 835 577   835 577   578
Gearing, % 68.3 48.9   68.3 48.9   46.7
Personnel, end of period 10,829 10,216   10,829 10,216   10,610

Cargotec's President and CEO Mika Vehviläinen:
Our profit improvement programme progressed as planned in Hiab and Kalmar during the third quarter, and its effects are already being seen in both businesses' operating profit figures. We are continuing our determined efforts to complete this programme. Hiab and Kalmar's market environment remained unchanged, however, uncertainty has increased. Third-quarter orders for both business areas were in line with the comparison period.

Uncertainty increased in MacGregor's market during the autumn. In order to safeguard improved profitability in such a market, we have decided to launch measures in several areas, such as sales, services and procurement, and have established a more customer-oriented organisation. The development of this business area will require the same determined efforts that are already bearing fruit at Hiab and Kalmar.

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 2:00 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 2:00 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 with access code Cargotec/948460:
FI: +358 9 2313 9201
SE: +46 8 5052 0110
UK: +44 207 1620 077
US: +1 334 323 6201

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 25 October 2014 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 948460.

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 shapes the cargo handling industry for the benefit of its customers and shareholders. Cargotec's business areas MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Their global network is positioned close to customers and offers extensive services that ensure a continuous, reliable and sustainable performance according to customers' needs. Cargotec's sales totalled approximately EUR 3.2 billion and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki Ltd under symbol CGCBV. www.cargotec.com

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