7/19/2007 12:00 PM|
Stock Exchange Release, July 19, 2007 at 12:00 p.m. Finnish time
• Orders received during the first half of 2007 totaled EUR 1,864 (1–6/2006: 1,591) million. During the second quarter, orders received were EUR 949 (4–6/2006: 786) million.
• The order book continued to grow and on June 30, 2007 totaled EUR 2,244 (December 31, 2006: 1,621) million.
• Sales in the first half of the year grew by 13 percent and amounted to EUR 1,437
(1–6/2006: 1,275) million. Close to half of the sales growth was organic. During the second quarter, sales were EUR 743 (4–6/2006: 661) million.
• Cargotec completed 12 acquisitions during January–June. The most important acquisitions were Norwegian Hydramarine and Singaporean Plimsoll, which together form the MacGREGOR Offshore division.
• Operating profit was EUR 104.1 (1–6/2006: 111.9) million with EUR 46.2
(4–6/2006: 61.0) million attributable to the second quarter.
• Cash flow from operating activities before financial items and taxes totaled EUR 83.4 (1–6/2006: 113.0) million.
• Net income for the reporting period was EUR 74.9 (1–6/2006: 74.7) million.
• Earnings per share were EUR 1.17 (1–6/2006: 1.16).
• The number of personnel at the end of the reporting period was 10,962
(June 30, 2006: 7,970). Acquisitions increased the number of personnel by 1,835 people.
• General market activity is expected to continue healthy and order intake to grow by close to 20 percent in 2007. Together with the strong order book this will enable Cargotec to clearly exceed its growth target this year. Sales growth for 2007 is estimated to be approximately 15 percent. Cargotec is, in accordance with its plans, focusing in 2007 on growth and efficiency related investments, which burden this year's result. The investments are expected to enable profitable growth as per the five year strategy. Cargotec's operating profit margin for the remainder of the year is expected to stay below 8 percent.
Cargotec's President and CEO Mikael Mäkinen:
"We are extremely pleased with the continued strong order intake. The focus on services continues to pay off as the business is growing at a rapid rate. Many of the development investments initiated are reflected as costs in the second quarter result. However, I believe that the coming two quarters will show improved profitability. We are firmly committed to building a geographically stronger and expanded presence for our business."
An Analyst and Press Conference:
An analyst and press conference (in Finnish) will be arranged on July 19, 2007 at 2:00 p.m. Finnish time at Cargotec's head office, Sörnäisten rantatie 23, Helsinki.
An international telephone conference for analysts and investors will be held at 4:00 p.m.
Finnish time. The presentation material will be available on the Company's internet pages by 2:00 p.m. Finnish time.
The conference call phone numbers are the following:
+1 866 966 5335 (if calling from the U.S.)
+44 20 3023 4412 (if calling from rest of world)
The telephone conference can also be viewed as a live audio webcast through the internet pages at www.cargotec.com starting at 4:00 p.m. Finnish time. The archived webcast will be available on the internet pages later the same day.
The entire Interim Report including tables is available in attached pdf file.
Senior Executive Vice President and CFO
SVP, Investor Relations and Communications
For further information, please contact:
Kari Heinistö, Senior Executive Vice President and CFO, tel. +358 204 55 4256
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 204 55 4281
Cargotec is the world's leading provider of cargo handling solutions whose products are used in the different stages of material flow in ships, ports, terminals, distribution centers and local transportation. Cargotec Corporation's brands, Hiab, Kalmar and MacGREGOR, are market leaders in their fields and well-known among customers all over the world. Cargotec's sales are EUR 2.8 billion. The company employs over 10,000 people and operates in close to 160 countries. Cargotec's class B shares are quoted on the Helsinki Stock Exchange.