Cargotec’s Interim Report for January–June 2008
Stock Exchange Release, July 17, 2008 at 12.00 p.m. Finnish time
• Orders received during the first half of 2008 totalled EUR 2,168 (1,864) million. During the second quarter, orders received were EUR 1,013 (949) million.
• The order book continued to strengthen, reaching EUR 3,360 (December 31, 2007: 2,865) million.
• Sales for the first half grew by 13 percent, amounting to EUR 1,627 (1,437) million with services sales representing 25 (25) percent of total sales. Sales for the second quarter were EUR 901 (743) million.
• Operating profit for the first half rose to EUR 107.3 (104.3) million with EUR 63.1 (46.3) million attributable to the second quarter. Operating margin for January–June was 6.6 (7.3) percent and 7.0 (6.2) for the second quarter.
• Cash flow from operating activities before financial items and taxes totalled EUR 94.7 (83.4) million.
• Net income for the first half amounted to EUR 70.1 (74.9) million.
• Earnings per share for the first half were EUR 1.11 (1.17).
• The number of personnel totalled 12,097 (December 31, 2007: 11,187) at the end of June.
• Cargotec continues to expect full year sales growth in 2008 to be at the previous year’s growth level as a result of the strong order intake and record-high order book. Kalmar and MacGREGOR profitability is estimated to develop positively in line with earlier expectations. However, the uncertainty on the European market outlook for Hiab has considerably increased. Cargotec’s 2008 operating margin is still estimated to improve from previous year’s 7.3 percent, but the uncertainty in Hiab’s outlook and costs of the accelerated On the Move change programme are expected to result in the operating margin remaining below 8 percent.
Cargotec’s President and CEO Mikael Mäkinen:
"Cargotec's development proceeded during the second quarter of 2008 according to plans. I am especially pleased with the achievements in our new product development in the field of energy efficiency, an example being hybrid container handling equipment. We have an ambitious growth target for this year and we are well in line with the plans. The recent news on the European economy and specifically construction market gives us reason for caution regarding Hiab's outlook, although so far order intake has been satisfactory. We will accelerate the On the Move change programme and the development of our global supply footprint."
Analyst and Press Conference
An analyst and press conference will be combined with a live international telephone conference and arranged on July 17, 2008 at 2.00 p.m. Finnish time at Cargotec’s head office, Sörnäisten rantatie 23, Helsinki. The whole combined event will be held in English. The interim report will be presented by Cargotec’s President and CEO Mikael Mäkinen. 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:
+1 646 843 4608 (US callers)
+44 20 3023 4412 (non-US callers)
Access code: Cargotec Corporation
The telephone conference can also be viewed as a live audio webcast through the internet pages at www.cargotec.com. The archived webcast will be available on the internet pages later during the day.
The entire interim report including tables is available in attached pdf file.
For further information, please contact:
Eeva Mäkelä, CFO, tel. +358 204 55 4281
Paula Liimatta, IR Manager, tel. +358 204 55 4634
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 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 exceed EUR 3 billion and the Company employs approximately 12,000 people. Cargotec’s class B shares are quoted on the OMX Nordic Exchange Helsinki.