Cargotec Corporation’s Financial Statements Review 2008
Stock Exhange Release, February 2, 2009 at 12:00 p.m. Finnish time
• Orders received totalled EUR 3,769 (4,106) million. During the fourth quarter, orders received were EUR 633 (1,214) million.
• The order book was EUR 3,054 (2,865) million.
• Sales grew by 13 percent, amounting to EUR 3,399 (3,018) million. Sales for the fourth quarter were EUR 924 (868) million.
• Sales for services grew to EUR 871 (757) million, representing 26 (25) percent of total sales.
• Operating profit excluding restructuring costs was EUR 192.8 (203.1) million with EUR 35.9 (46.3) attributable to the fourth quarter. Operating margin excluding restructuring costs was 5.7 (6.7) percent and 3.9 (5.3) for the fourth quarter.
• Operating profit was EUR 173.7 (203.1) million with EUR 16.8 (46.3) million attributable to the fourth quarter. Operating profit includes EUR 19 million of costs from the restructuring program announced in September.
• Cash flow from operating activities before financial items and taxes totalled EUR 133.8 (235.1) million.
• Net income for the period amounted to EUR 120.8 (138.4) million.
• Earnings per share were EUR 1.91 (2.17) with EUR 0.14 (0.45) attributable to the fourth quarter.
• The number of personnel totalled 11,826 (11,187) at the end of the period.
• The Board of Directors will propose to the Annual General Meeting, that of the distributable profit, a dividend of EUR 0.59 per each class A share and EUR 0.60 per each class B share outstanding be paid.
• In the current uncertain economic situation it is difficult to estimate the demand for Cargotec’s products. This is further complicated by possible order cancellations and delays. The preconditions for sales growth exist in services and MacGREGOR. Sales of Hiab and Kalmar are expected to decline from 2008. Significant restructuring measures costing EUR 35 million were decided on during 2008 to create a new supply platform and improve profitability in Cargotec. Focus is on the rapid implementation of these measures. Approximately EUR 16 million of these costs remain for 2009.
The figures in this financial statements review are audited.
Cargotec’s President and CEO Mikael Mäkinen:
”We acted to last year’s signals of the economic slowdown spreading into Europe and initiated sizeable restructuring measures. However, the speed of the deterioration was unanticipated. This meant that our profitability suffered in the second half of 2008. Obviously, the unexpected problems in Kalmar were a disappointment. Despite these short-term issues we continue our actions to improve our efficiency and global footprint to build a stronger and more competitive Cargotec” states President and CEO Mikael Mäkinen.
Analyst and Press Conference
An analyst and press conference will be combined with a live international telephone conference and arranged on February 2, 2009 at 1.30 p.m. Finnish time at Cargotec’s head office, Sörnäisten rantatie 23, Helsinki. The whole combined event will be held in English. The financial statements will be presented by Cargotec’s President and CEO Mikael Mäkinen. The presentation material will be available on the Company’s internet pages by 1.30 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 report is available in the attached pdf file.
For further information, please contact:
Eeva Sipilä, 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 total EUR 3.4 billion and it employs approximately 12,000 people. Cargotec’s class B shares are quoted on the NASDAQ OMX Helsinki.