Cargotec - Financial Statement Release

Cargotec's financial statements review 2014: Profit improvement measures enhanced operating profit; Q4 operating profit improved significantly

CARGOTEC CORPORATION, FINANCIAL STATEMENTS REVIEW, 10 FEBRUARY 2015 AT 8.30 AM
(EET)

Cargotec's financial statements review 2014: Profit improvement measures
enhanced operating profit; Q4 operating profit improved significantly


The figures in this financial statements review are based on Cargotec
Corporation's audited 2014 Financial statements.

October-December 2014 in brief
  * Orders received decreased 5 percent and totalled EUR 914 (958) million.
  * Order book amounted to EUR 2,200 (31 Dec 2013: 1,980) million at the end of
    the period.
  * Sales grew 5 percent to EUR 963 (914) million.
  * Operating profit excluding restructuring costs was EUR 71.5 (38.6) million,
    representing 7.4 (4.2) percent of sales.
  * Operating profit was EUR 63.0 (15.3) million, representing 6.5 (1.7) percent
    of sales.
  * Cash flow from operations before financial items and taxes totalled EUR
    84.0 (133.9) million.
  * Net income for the period amounted to EUR 40.6 (7.7) million.
  * Earnings per share was EUR 0.63 (0.12).

January-December 2014 in brief
  * Orders received increased 9 percent and totalled EUR 3,599 (3,307) million.
  * Sales grew 6 percent to EUR 3,358 (3,181) million.
  * Operating profit excluding restructuring costs was EUR 149.3 (126.5)
    million, representing 4.4 (4.0) percent of sales.
  * Operating profit was EUR 126.6 (92.5) million, representing 3.8 (2.9)
    percent of sales.
  * Cash flow from operations before financial items and taxes totalled EUR
    204.3 (180.9) million.
  * Net income for the period amounted to EUR 72.0 (55.4) million.
  * Earnings per share was EUR 1.11 (0.89).
  * The Board of Directors proposes a dividend of EUR 0.54 per class A share and
    EUR 0.55 per class B share be paid.


Outlook for 2015
Cargotec's 2015 sales are expected to grow from 2014 (3,358 MEUR). Operating
profit excluding restructuring costs for 2015 is expected to improve from 2014
(149.3 MEUR).

Cargotec's key figures

 MEUR                              Q4/14  Q4/13 Change Q1-Q4/14 Q1-Q4/13 Change
-------------------------------------------------------------------------------
 Orders received                     914    958    -5%    3,599    3,307     9%

 Order book, end of period         2,200  1,980    11%    2,200    1,980    11%

 Sales                               963    914     5%    3,358    3,181     6%

 Operating profit excluding
 restructuring costs                71.5   38.6    85%    149.3    126.5    18%

 Operating profit excluding
 restructuring costs, %              7.4    4.2             4.4      4.0

 Operating profit                   63.0   15.3   313%    126.6     92.5    37%

 Operating profit, %                 6.5    1.7             3.8      2.9

 Income before taxes                53.4   11.0            98.2     78.7

 Cash flow from operations          84.0  133.9           204.3    180.9

 Net income for the period          40.6    7.7            72.0     55.4

 Earnings per share, EUR            0.63   0.12            1.11     0.89

 Net debt, end of period             719    578             719      578

 Gearing, %                         59.2   46.7            59.2     46.7

 Personnel, end of period         10,703 10,610          10,703   10,610



Cargotec's President and CEO Mika Vehviläinen:
Our results for 2014 are a clear indication that our profit improvement
programmes have progressed well and that we are implementing the issues defined
in our strategy, one step at a time. Both fourth-quarter orders and sales grew
on the previous quarter. Operating profit improved across the business areas
towards the year-end with the fourth quarter clearly outperforming the previous
quarters. I am also delighted with the improvement in cash flow.

Even though the overall financial results for 2014 were below our expectations,
I am more convinced that we can meet our future targets. Our market position is
strengthened by several successful new product launches. In North America in
particular, market activity is expected to continue positive both for Hiab and
Kalmar. We face challenging markets in MacGregor, but there is still much room
for improvement in our own operations. In 2015, we will continue the profit
improvement programmes in Kalmar and Hiab and the development programmes
launched in MacGregor in order to improve the business area's profitability over
the cycle.


Press conference for analysts and media
A press conference for analysts and media, combined with a live international
telephone conference, will be arranged on the publishing day at 10:00 a.m. EET
at Cargotec's head office, Porkkalankatu 5, Helsinki. The event will be held in
English. The report will be presented by President and CEO Mika Vehviläinen and
Executive Vice President, CFO Eeva Sipilä. The presentation material will be
available at www.cargotec.com by 10:00 a.m. EET.

The telephone conference, during which questions may be presented, can be
accessed using the following numbers ten minutes before the beginning of the
event with access code Cargotec/950798:
FI: +358 9 2313 9201
SE: +46 8 5052 0110
UK: +44 207 1620 077
US: +1 334 323 6201

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

A replay of the conference call will be available until midnight 12 February
2015 in the following numbers: US callers +1 954 334 0342, non-US callers
+44 20 7031 4064, access code 950798.

For further information, please contact:
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084


Cargotec shapes the cargo handling industry for the benefit of its customers and
shareholders. Cargotec's business areas MacGregor, Kalmar and Hiab are
recognised leaders in cargo and load handling solutions around the world. Their
global network is positioned close to customers and offers extensive services
that ensure a continuous, reliable and sustainable performance according to
customers' needs. Cargotec's sales totalled approximately EUR 3.4 billion in
2014 and it employs approximately 11,000 people. Cargotec's class B shares are
quoted on NASDAQ OMX Helsinki Ltd under symbol CGCBV. www.cargotec.com

[HUG#1893072]

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Financial statements review 2014.pdf