Cargotec’s Interim Report for January–March 2008
Stock Exchange Release, April 18, 2008 at 12:00 p.m. Finnish time
• Orders received during the first quarter totalled EUR 1,155 (1–3/2007: 915) million.
• The order book continued to strengthen during the first quarter reaching EUR 3,287 million (December 31, 2007: 2,865 million).
• Sales grew by 5 percent, amounting to EUR 727 (1–3/2007: 694) million. The share of Services sales grew to 26 (25) percent of total sales.
• Operating profit was EUR 44.2 (1–3/2007: 58.0) million. The operating margin was 6.1 (8.4) percent of sales. Kalmar booked a EUR 4 million project cost provision during the quarter.
• Cash flow from operating activities before financial items and taxes totalled EUR 50.1 (1–3/2007: 52.1) million.
• Net income for the period amounted to EUR 31.5 (1–3/2007: 39.4) million.
• Earnings per share were EUR 0.50 (1–3/2007: 0.62).
• The number of personnel totalled 11,524 (December 31, 2007: 11,187).
• Cargotec expects 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. Order intake in 2008 is expected to continue healthy but lower compared to the very strong first quarter. Cargotec expects operating margin to improve from the 2007 level and to be approximately 8 percent for the full year.
Cargotec’s President and CEO Mikael Mäkinen:
“Our strong order intake demonstrates that demand for cargo handling solutions has continued healthy, and gives us a confidence on reaching our sales growth target for 2008. The quarterly result is weak, especially in Kalmar where we are now taking actions with Kalmar’s new management to improve the underlying performance of the business. Focus in Cargotec this year is on strengthening organic growth and executing the On the Move change programme. The change programme is essential for our aim to achieve a 10 percent operating margin target.”
Analyst and Press Conference
An analyst and press conference will be combined with a live international telephone conference and arranged today at 1.00 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 1.00 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 the 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 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.