Cargotec’s Interim Report January-March 2009 – Restructuring of operations continued in a challenging market environment

Stock Exchange Release, April 28, 2009 at 9:35 EEST

Highlights

• Orders received totalled EUR 456 (1–3 /2008: 1,155) million.
• The order book was EUR 2,772 (December 31, 2008: 3,054) million at the end of the reporting period. 
• Sales declined 7 percent and were EUR 675 (1–3/2008: 727) million.
• Operating profit excluding restructuring costs was EUR 15.0 (44.2) million, representing 2.2 (6.1) percent of sales.
• Operating profit was EUR 6.2 (44.2) million. Operating profit includes EUR 8.8 million of costs from the restructuring programme announced in September 2008.
• Cash flow from operating activities before financial items and taxes totalled EUR 59.6 (50.1) million.
• Net income for the period amounted to EUR 1.5 (31.5) million.
• Earnings per share was EUR 0.01 (0.50).


Cargotec’s President and CEO Mikael Mäkinen:
“Our performance in the first quarter was in line with our expectations. Delivery volumes were still rather healthy, but order intake weakened clearly compared to the record-high level during the comparison period 2008. Cost savings from the restructuring measures initiated were not yet visible in the result, but we are on the right track and the results will start to show later this year. In order to further improve our efficiency and global footprint, we plan to close a loader crane factory in Meppel, Netherlands, and invest in a new multi-assembly unit in Poland. In addition, we are taking a big step in executing Cargotec’s One Company strategy with the planned combination of Hiab and Kalmar sales and services network in EMEA region” states President and CEO Mikael Mäkinen.

Press Conference for analysts and media
A press conference for analysts and media will be combined with a live international telephone conference and arranged at 11.00 am (EEST) at Cargotec’s head office, Sörnäisten rantatie 23, Helsinki. The event will be held in English. The interim report will be presented by President and CEO Mikael Mäkinen. The presentation material will be available on www.cargotec.com by 11.00 am (EEST).

The telephone conference, during which questions may be presented, may be accessed at the following numbers ten minutes before the beginning of the event: US callers +1 646 843 4608, non-US callers +44 20 3023 4412, access code Cargotec Corporation.

The event can also be viewed as a live webcast at www.cargotec.com. An on-demand audiocast of the conference will be published on Cargotec’s website later during the day.

A reply of the conference call will be available until April 30, 2009 noon (EEST), in the following numbers: US callers +1 866 583 1035, non-US callers +44 20 8196 1998, access code 136498#.

The entire report is available in the attached 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 totalled EUR 3.4 billion in 2008 and it employs approximately 11,000 people. Cargotec’s class B shares are quoted on the NASDAQ OMX Helsinki.

www.cargotec.com