Our businesses:


Stock Exchange Release

Cargotec Corporation’s Financial Statements Review 2007


Stock Exchange Release, January 31, 2008 at 8.00 a.m. Finnish time

• Orders received grew by over 40 percent and were EUR 4,106 (1–12/2006: 2,910) million. During the fourth quarter, orders received amounted to EUR 1,214 (10–12/2006: 716) million.
• The order book strengthened to EUR 2,865 (December 31, 2006: 1,621) million.
• Sales grew by 16 percent and was EUR 3,018 (1–12/2006: 2,597) million. Sales for the final quarter totalled a record of EUR 868 (10–12/2006: 697) million. Growth was strongest in Asia Pacific.
• Services sales in 2007 grew by 32 percent representing 25 percent of sales.
• Operating profit for 2007 excluding a one-off cost of EUR 18.0 million in Kalmar business area related to a container spreader inspection programme was EUR 221.1(1–12/2006: 222.6) million with EUR 64.3 (10–12/2006: 57.8) million attributable to the fourth quarter.
• Operating profit for 2007 including the one-off was EUR 203.1 (1–12/2006: 240.4) million with EUR 46.3 (10–12/2006: 57.7) million attributable to the fourth quarter.
• Cash flow from operating activities before financial items and taxes totalled EUR 235.1 (1–12/2006: 249.8) million.
• Net income for the period was EUR 138.4 (1–12/2006: 166.1) million.
• Earnings per share were EUR 2.17 (1–12/2006: 2.57) with EUR 0.45 (10–12/2006: 0.61) attributable to the fourth quarter.
• The number of personnel at the end of the reporting period was 11,187 (December 31, 2006: 8,516). Acquisitions during the year increased the number of personnel by close to 1,850.
• Board of Directors will propose at the Annual General Meeting that a dividend of EUR 1.04 per each class A class share and EUR 1.05 per each class B share be paid.
• Investments in the strategic development of Cargotec will continue and growth in services is expected to remain strong. Based on the record high order book at the beginning of the year management estimates sales growth in 2008 to be at the year 2007 level. General market activity and Cargotec’s orders received are expected to continue healthy although in MacGREGOR the achievement of the exceptionally high order intake level of 2007 is a stretch. Operating margin in 2008 is expected to improve from the 2007 level. The U.S. market continues weak without yet any signs of improvement.

The figures in this financial statements review are audited.

Cargotec’s President and CEO Mikael Mäkinen:

"The year 2007 provided both successes and challenges. Our sales growth clearly exceeded our financial target. We were extremely successful in two areas defined as key when sales in both services and Asia grew significantly. Despite various acquisitions our balance sheet remained strong. We are not satisfied with the profitability of our operations although it is partly explained by investments into Cargotec’s strategic development. Nevertheless, we begin this year with confidence, our persistent work continues."

Press Lunch

Cargotec will arrange a press lunch (in Finnish) on January 31, 2008 at 11.30 a.m. Finnish time at the Company’s head office, Sörnäisten rantatie 23, Helsinki with President and CEO Mikael Mäkinen. Please inform your registration to Ms. Tiina Aaltonen, tel. +358 204 55 4284.

Analyst Conference

A presentation for investors and analysts at Cargotec’s head office, Sörnäisten rantatie 23, Helsinki, will be combined with a live international telephone conference on the same day at 1:15 p.m. Finnish time. The whole combined event will be in English. The presentation material will be available on the Company’s internet pages by 1:15 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 conference can also be viewed as a live audio webcast through the internet pages at starting at 1:15 p.m. Finnish time. The archived webcast will be available on the internet pages later the same day.

The entire Financial Statements Review 2007 including tables is available in attached pdf file. 

Cargotec Corporation

Kari Heinistö
Senior Executive Vice President and CFO

Eeva Mäkelä
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 improves the efficiency of cargo flows by offering handling systems and the related services for the loading and unloading of goods. Cargotec’s brands, Hiab, Kalmar and MacGREGOR, are global market leaders in their fields and their solutions are used on land and at sea – wherever cargo is on the move. Extensive repair and maintenance services close to customers ensure the continuous usability of equipment. Cargotec is the technology leader in its field, its R&D focusing on innovative solutions that take environmental considerations into account. Cargotec’s sales are EUR 3 billion and the Company employs over 11,000 people. Cargotec’s class B shares are quoted on the OMX Nordic Exchange Helsinki.
What do you think of the site?