2010-07-21 11:00:00 CEST
2010-07-21 11:01:20 CEST
REGULATED INFORMATION
Cargotec - Interim report (Q1 and Q3)
Cargotec's Interim Report January-June 2010 - Orders during the second quarter increased by 55 percent year on year
CARGOTEC CORPORATION, INTERIM REPORT, 21 JULY 2010 AT 12:00 PM (EEST)
Report highlights - April-June
· Orders received totalled EUR 732 (471) million, which was 55 percent
more than in the comparison period.
· Order book was EUR 2,433 (31 Dec 2009: 2,149) million at the end of the
reporting period.
· Sales were EUR 638 (678) million. The decline from the comparison
period was 6 percent.
· Operating profit excluding restructuring costs was EUR 38.8 (3.0)
million, representing 6.1 (0.4) percent of sales.
· Operating profit was EUR 37.2 (-10.0) million including EUR 1.6 (13.1)
million in restructuring costs.
· Cash flow from operating activities before financial items and taxes
totalled EUR 80.5 (47.2) million.
· Net income for the period amounted to EUR 21.2 (-7.3) million.
· Sales and operating profit guidance reiterated.
Report highlights - January-June
· Orders received were EUR 1,330 (928) million.
· Sales were EUR 1,193 (1,353) million.
· Operating profit was EUR 50.7 (-3.9) million, representing 4.2 (-0.3)
percent of sales.
· Cash flow from operating activities before financial items and taxes
totalled EUR 127.0 (106.8) million.
· Net income for the period amounted to EUR 31.0 (-5.8) million.
+------------------------------------------+--------+--------+--------+--------+
| |4-6/2010|4-6/2009|1-6/2010|1-6/2009|
+------------------------------------------+--------+--------+--------+--------+
|Orders received, MEUR | 732| 471| 1,330| 928|
+------------------------------------------+--------+--------+--------+--------+
|Sales, MEUR | 638| 678| 1,193| 1,353|
+------------------------------------------+--------+--------+--------+--------+
|Operating profit excl. restructuring | 38.8| 3.0| 54.6| 18.0|
|costs, MEUR | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Operating profit excl. restructuring | 6.1| 0.4| 4.6| 1.3|
|costs, % | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Operating profit, MEUR | 37.2| -10.0| 50.7| -3.9|
+------------------------------------------+--------+--------+--------+--------+
|Net income, MEUR | 21.2| -7.3| 31.0| -5.8|
+------------------------------------------+--------+--------+--------+--------+
|Earnings per share, EUR | 0.32| -0.12| 0.45| -0.11|
+------------------------------------------+--------+--------+--------+--------+
Cargotec's President and CEO Mikael Mäkinen:"The recovery in the market environment continued. We are delighted by the
number of new orders obtained by our Industrial and Marine businesses during the
second quarter while Terminal business was still rather sluggish. The value of
orders secured during the second quarter increased by 55 percent year on year -
a level we last achieved in the second half of 2008. Our investments in
technology provide new cargo handling solutions to the market, i.e. during the
second quarter we signed a major contract for the delivery of electric-driven
ship cranes. The profitability of Industrial & Terminal segment turned positive
during the second quarter, whilst the relative profitability of Marine continued
to be exceptionally high", affirms President and CEO Mikael Mäkinen.
Press conference for analysts and media
Cargotec Corporation will publish its January-June 2010 Interim Report on
Wednesday 21 July 2010 at 12:00 pm (EEST). The interim report will be available
on www.cargotec.com after publishing.
A press conference for analysts and media will be combined with an international
telephone conference and arranged on the publishing day at 1:00 pm (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
1:00 pm (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 +1 334 323 6201, non-US callers +44 20 7162 0025, access code
Cargotec/869769.
The event can also be viewed as a live webcast at www.cargotec.com. On-demand
version of the conference will be published on Cargotec's website later during
the day.
A replay of the conference will be available for two days until midnight on 23
July 2010, in the following numbers: US callers +1 888 365 0240, non-US callers
+44 20 7031 4064, access code 869769.
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 on land and at sea - wherever
cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are
recognised leaders in cargo and load handling solutions around the world.
Cargotec's global network is positioned close to customers and offers extensive
services that ensure the continuous, reliable and sustainable performance of
equipment. Cargotec's sales totalled EUR 2.6 billion in 2009 and it employs
approximately 9,500 people. Cargotec's class B shares are quoted on the NASDAQ
OMX Helsinki. www.cargotec.com
Operating environment
The recovery in demand for load handling equipment continued during the second
quarter. However, market pickup varied from region to region and from one
customer segment to another. In particular, demand for loader cranes,
truck-mounted forklifts and forklift trucks as well as tail lifts picked up
compared both to the previous quarter and the same period last year. This demand
was boosted by the revival of industrial production and private consumption.
Demand for container handling equipment in ports was still showing only
tentative signs of recovery, despite the increasing number of containers handled
in particular in the Asian ports, as well as the improved container traffic
forecasts for year 2010. Whilst the second quarter saw the first orders for
large equipment after several sluggish quarters, project demand still remained
rather modest, causing price pressure on the markets.
The market for marine cargo handling equipment picked up more than expected,
especially in terms of equipment for bulk and offshore vessels. In addition, the
increase in demand for RoRo equipment continued. The amount of order
cancellations for marine cargo handling equipment was low in the first half. In
addition, shipyards succeeded in reselling capacity freed up by cancellations,
which reflected positively in new orders received by equipment suppliers.
The services markets were fairly quiet at the beginning of the year, but signs
of recovery became visible during the second quarter, especially in spare parts.
However, an improvement in customers' capacity utilisation rates should feed
through into demand for cargo handling services.
Orders received and order book
Orders received during the second quarter totalled EUR 732 (471) million, which
was 55 percent more than in the comparison period. Previously received orders by
Marine for EUR 22 million were cancelled, and were removed from the order book.
Orders received in January-June totalled EUR 1,330 (928) million, 43 percent
higher than a year before. During the first half, order cancellations totalled
EUR 48 million in Marine.
At the end of the first half, the order book totalled EUR 2,433 (31 Dec
2009: 2,149) million, which was 13 percent higher than at the end of 2009.
Orders received by reporting segment
+------------------+--------+--------+------+--------+--------+------+---------+
|MEUR |4-6/2010|4-6/2009|Change|1-6/2010|1-6/2009|Change|1-12/2009|
+------------------+--------+--------+------+--------+--------+------+---------+
|Industrial & | 423| 317| 34%| 839| 677| 24%| 1,260|
|Terminal | | | | | | | |
+------------------+--------+--------+------+--------+--------+------+---------+
|Marine | 309| 155| 99%| 492| 251| 96%| 569|
+------------------+--------+--------+------+--------+--------+------+---------+
|Internal orders | 0| 0| | 0| 0| | -1|
+------------------+--------+--------+------+--------+--------+------+---------+
|Total | 732| 471| 55%| 1,330| 928| 43%| 1,828|
+------------------+--------+--------+------+--------+--------+------+---------+
Industrial & Terminal's orders received during the second quarter totalled EUR
423 (317) million, 34 percent higher than a year before. The value of orders
increased in particular in Industrial business in Americas. Orders secured
mainly included small individual orders. When comparing the total value of
orders secured during the second quarter with that of the first quarter, it
should be noted that a large individual order worth USD 110 million for rough
terrain container handlers was booked during the first quarter. Orders received
in January-June totalled EUR 839 (677) million.
During the second quarter, Industrial & Terminal received an order for two
ship-to-shore cranes from Turkey and an order for six zero emission E-One
rubber-tyred gantry cranes (RTG) from Vietnam. A Russian port operator ordered
six RTGs and 10 terminal tractors. In addition, an order worth more than EUR 10
million for truck-mounted forklifts was received from a company specialising in
home improvement.
During the first quarter, Industrial & Terminal received new orders worth USD
110 million for rough terrain container handlers from Tank-Automotive Armament
Command (TACOM), part of the US Department of Defence. The orders were received
under a five-year production contract signed in 2008. Orders received under this
contract now total approximately USD 350 million.
Industrial & Terminal's order book at the end of June totalled EUR 740 (31 Dec
2009: 546) million, which was 36 percent higher than at the end of 2009.
Marine's orders received during the second quarter accounted for EUR 309 (155)
million, 99 percent more than in the comparison period. The value of the orders
was higher than anticipated due to the fact that shipyards managed to resell
their capacity vacated due to cancellations and postponements, and to start
building new bulk ships with a short delivery time. Orders were received for
cranes and hatch covers for bulk ships in particular, as well as for offshore
cranes. Orders received during the first half totalled EUR 492 (251) million.
During the second half, Marine received a EUR 20 million order for subsea load
and module handling systems from Singapore as well as orders worth EUR 20
million for cranes and hatch covers for bulk carriers from a Chinese shipyard.
These orders comprise 68 cranes and design and key components for hatch covers
for 26 vessels. Moreover, Marine received a EUR 20 million order for
electric-drive cranes for six general cargo vessels from a Korean shipyard.
During the first quarter, Marine received an order for two knuckle-jib cranes
from Singapore. The value of this order was approximately EUR 12 million. Theseactive heave compensated cranes will be installed on an ultra-deepwater supply
vessel and self-propelled accommodation barge. In addition, Marine will deliver
an active heave compensated knuckle-jib crane for an offshore vessel being built
in the Netherlands.
Orders for container lashings, hatch covers and RoRo equipment were also
received during the reporting period. A Korean shipyard ordered lashings for 17
mega container ships. Lashings will also be delivered for 13 container ships
owned by a Canadian shipowner. Hatch covers for six bulk ships under
construction at a Korean shipyard will be delivered in 2011. This contract
follows an order from December 2009 for 24 cranes on the same vessels. Moreover,
a contract was signed for RoRo equipment for six vessels, and self-unloading
systems will be delivered for three cement carriers for an Indian customer. In
addition, an order was signed for a fuel receiving system for a Singaporean
power plant.
Marine's order book at the end of the first half totalled EUR 1,694 (31 Dec
2009: 1,604) million. Close to 70 percent of the order book is bulk, general
cargo and container ship-related. Offshore support vessels-related orders
comprise more than 10 percent of the order book. Orders cancelled in
January-June, EUR 48 million, were removed from the order book.
Services orders received in January-June increased by a quarter from the
comparison period. Although a large number of small contracts typical of the
service business were signed, customers further delayed decision-making related
to major contracts. Major service orders received during the period included
three-year full service contracts for RoRo equipment for 25 vessels from
Grimaldi Group and agreements for conversions of RoRo equipment on five Ropax
vessels from the Swedish Stena Line. In addition, a refurbishment project for a
cement ship unloader was received from a Singaporean cement terminal.
Sales
Second quarter sales declined 6 percent from the comparison period and totalled
EUR 638 (678) million. Sales grew from the first quarter by 15 percent.
January-June sales decreased 12 percent from the comparison period and amounted
to EUR 1,193 (1,353) million. In terms of sales, EMEA (Europe, Middle East,
Africa) was the largest market, its share being 42 (50) percent of consolidated
sales. The Americas' share of sales was 18 (16) and that of Asia Pacific 40 (33)
percent.
Sales by reporting segment
+------------------+--------+--------+------+--------+--------+------+---------+
|MEUR |4-6/2010|4-6/2009|Change|1-6/2010|1-6/2009|Change|1-12/2009|
+------------------+--------+--------+------+--------+--------+------+---------+
|Industrial & | 362| 421| -14%| 676| 878| -23%| 1,573|
|Terminal | | | | | | | |
+------------------+--------+--------+------+--------+--------+------+---------+
|Marine | 277| 257| 8%| 518| 475| 9%| 1,009|
+------------------+--------+--------+------+--------+--------+------+---------+
|Internal sales | 0| 0| | 0| -| | -1|
+------------------+--------+--------+------+--------+--------+------+---------+
|Total | 638| 678| -6%| 1,193| 1,353| -12%| 2,581|
+------------------+--------+--------+------+--------+--------+------+---------+
Industrial & Terminal's sales for the second quarter totalled EUR 362 (421)
million, which was 14 percent less than a year before. Sales grew from the first
quarter by 15 percent.
Industrial & Terminal's sales for January-June were EUR 676 (878) million, 23
percent lower than in the comparison period. At the beginning of the year, sales
were burdened by a low order book. In addition, changes in cranes required by
the EU Machinery Directive were executed at the beginning of the year in
parallel with transfers of production between assembly factories. Delivery
volumes grew during the second quarter as production was ramped up.
Marine's sales for the second quarter totalled EUR 277 (257) million,
representing 8 percent growth on the comparison period. Growth from the first
quarter was 15 percent. January-June sales for Marine were EUR 518 (475)
million, which was 9 percent more that in the comparison period. This sales
growth was the result of the strong order book and successful project
deliveries.
Services sales during the second quarter amounted to EUR 179 (166) million
starting to gradually reflect a recovery of the service market. Services sales
amounted to EUR 125 (113) million at Industrial & Terminal and at Marine EUR 54
(53) million.
In January-June, services sales amounted to EUR 337 (341) million, representing
28 (25) percent of total sales. Services sales amounted to EUR 238 (233) million
at Industrial & Terminal, representing 35 (27) percent of the reporting
segment's sales. Services sales at Marine amounted to EUR 98 (108) million,
which was 19 (23) percent of its sales.
Financial result
The operating profit for the second quarter increased clearly from the
comparison period totalling EUR 37.2 (-10.0) million. Operating profit includes
EUR 1.6 (13.1) million in restructuring costs, of which EUR 0.4 (12.2) million
are related to Industrial & Terminal, EUR 0.2 (-) million to Marine and EUR 1.0
(0.9) million to corporate functions.
Operating profit for the second quarter, excluding restructuring costs, was EUR
38.8 (3.0) million, representing 6.1 (0.4) percent of sales. Operating profit
for Industrial & Terminal, excluding restructuring costs, was EUR 7.4 (-6.3)
million and EUR 43.7 (23.3) million for Marine.
The consolidated operating profit for January-June totalled EUR 50.7 (-3.9)
million, representing 4.2 (-0.3) percent of sales. Operating profit includes EUR
3.9 (21.9) million in restructuring costs, of which EUR 2.0 (20.5) million are
related to Industrial & Terminal, EUR 0.3 (-) million to Marine and EUR 1.6
(1.4) million to corporate functions. Operating profit for January-June,
excluding restructuring costs, tripled compared to previous year and totalled
EUR 54.6 (18.0) million. Operating profit for Industrial & Terminal, excluding
restructuring costs, was EUR 0.1 (-0.7) million and EUR 78.0 (41.7) million for
Marine.
Industrial & Terminal's first half operating profit was burdened by low volumes.
In addition, profitability was hampered by additional costs related to
challenges in ramping-up production. Thanks to improved volumes, Industrial &
Terminal's profitability grew towards the end of the first half. Marine's
deliveries during the first half were still related to exceptionally high-margin
orders received in the earlier upturn. Restructuring measures executed also
improved profitability.
Net financing expenses were EUR -7.9 (-8.7) million for the second quarter and
EUR -14.6 (-14.0) million for the first half.
Net income for the second quarter was EUR 21.2 (-7.3) million and earnings per
share EUR 0.32 (-0.12). Net income for the first half totalled EUR 31.0 (-5.8)
million and earnings per share EUR 0.45 (0.11).
Balance sheet, cash flow and financing
The consolidated balance sheet total was EUR 2,913 (31 Dec 2009: 2,687) million
at the end of the first half. Equity attributable to the equity holders was EUR
950 (871) million, representing EUR 15.49 (14.20) per share. Tangible assets on
the balance sheet were EUR 310 (301) million and intangible assets EUR 830 (784)
million. The total equity/total assets ratio increased to 38.0 (37.5) percent.
Return on equity (ROE) for January-June was 6.8 (-1.4) percent and return on
capital employed (ROCE) 6.8 (-0.4) percent.
Cash flow from operating activities before financial items and taxes for the
first half was EUR 127.0 (106.8) million. Net working capital decreased and at
the end of June it was EUR 96 (31 Dec 2009: 123) million.
Cargotec's liquidity is healthy. The dividend payment totalled EUR 27.7 (37.1)
million in January-June.
Net debt on 30 June 2010 was EUR 308 (31 Dec 2009: 335) million, including EUR
613 (612) million in interest-bearing debt. Gearing fell to 32.3 (38.0) percent.
Cargotec's financing structure is healthy. Interest-bearing debt consists mainly
of long-term corporate bonds maturing from the year 2012. Cargotec had EUR 585
million of unused long-term credit facilities at the end of the reporting
period.
New products and product development
Research and product development expenditure in January-June was EUR 19.7 (19.3)
million, representing 1.7 (1.4) percent of sales.
During the reporting period, integration testing of automatic stacking cranes
with customer's terminal systems was finalised in the Hamburg CTB terminal and
the first three cranes were handed over to the customer. New products were
introduced to the market, such as a new empty container handler, which meets the
strictest requirements for energy efficiency and ergonomics, and a new
truck-mounted forklift with a telescopic boom that allows easier loading and
unloading. Cargotec also continued product development projects to meet the new
Machine Directive 2006/42/EC safety regulations. In addition, the launch of the
EcoService concept in February will aim at bringing new levels of cost
efficiency, productivity and reliability to terminal customers' operations.
Furthermore, three new hooklifts were introduced in the demountable product
family.
In March, Cargotec signed an agreement with the multinational Ros Roca
Environment, according to which Cargotec will undertake the representation of
Dennis Eagle and Ros Roca waste compactors for refuse collection vehicles in
Finland, Sweden and Norway. This cooperation comprises sales, marketing and
service.
Cargotec has designed an innovative vehicle transfer system for the US Navy to
transfer military vehicles including tanks between ships at sea. Sea trials were
successfully completed during the first quarter. The aim is to provide the US
military with the capability for large-scale logistics movements from sea to
shore without dependency on foreign ports.
Capital expenditure
Capital expenditure for the first half, excluding acquisitions and customer
financing, totalled EUR 28.0 (41.9) million. Investments in customer financing
were EUR 5.9 (13.7) million. Depreciation for the first half amounted to EUR
29.1 (27.5) million.
In 2009, Cargotec made the decision to invest in a multi-assembly unit (MAU) in
Stargard Szczecinski in Northern Poland. Production began in rented premises at
the end of the third quarter of 2009. Transfer from rented premises to
Cargotec's own premises at a new site began at the end of the second quarter of
2010, and finalising of the investment will continue during the third quarter.
The cash flow impact of the investment cost was EUR 9 million for the first
half.
Acquisitions and disposals
In March, Cargotec signed a letter of intent to acquire the remaining 25 percent
minority share holding in MacGREGOR-Kayaba Ltd in Japan. The transaction was
closed in May, and subsequent the transaction, Cargotec owns all the shares in
the company.
In January, Cargotec sold its US-based hydraulic cylinders manufacturing
business Waltco Hydraulics to Ligon Industries, LLC. Waltco Hydraulics, situated
in Ohio, was part of Waltco Lift Corp. belonging to the Industrial & Terminal
business area at Cargotec. Waltco Hydraulics employed 25 people.
Personnel
Cargotec employed 9,607 (31 Dec 2009: 9,606) people at the end of the second
quarter. Industrial & Terminal employed 7,009 (6,989) people, Marine 2,173
(2,286) and corporate-level support functions 425 (331). The average number of
employees for the first half was 9,509 (11,308).
At the end of the second quarter, 19 (19) percent of Cargotec's total employees
were located in Sweden, 11 (12) percent in Finland and 31 (31) percent in the
rest of Europe. North and South American personnel represented 11 (11) percent,
Asia Pacific 25 (26) percent and the rest of the world 3 (2) percent of total
employees.
Adjusting capacity to demand and other restructuring measures
Capacity adjustments and other restructuring measures that began in 2008 were
finalised during the first quarter 2010. As a result, the number of employees
fell by approximately 3,200: some 2,860 in Industrial & Terminal, 350 in Marine
and 10 in group administrative functions.
Restructuring initiatives, including structural capacity adjustment measures,
were estimated to create total annual cost savings exceeding EUR 150 million.
This savings estimate includes all cost structure streamlining actions announced
since the beginning of 2008. By end of the first quarter, the running rate of
savings achieved was EUR 150 million.
Changes in the organisation and management
Cargotec's governance model was further developed, resulting in changes in the
responsibilities of three Executive Board members as of 1 April 2010. Pekka
Vauramo was appointed Chief Operating Officer (COO) and will continue as Deputy
to CEO. In his new role, Mr Vauramo is responsible for Cargotec's three business
areas and three regions.
As of 1 April 2010 Cargotec's businesses was reorganised into three business
areas: Marine, Industrial & Terminal and Services. As announced earlier,
Cargotec's financial reporting is based on two reporting segments: Marine and
Industrial & Terminal. In financial reporting, the Services business is included
in the figures of these two reporting segments, while its sales will continue to
be reported as additional information.
The development of services in both Marine and Industrial & Terminal segments is
driven by a joint Services organisation. Stefan Gleuel was appointed Executive
Vice President, Services. Unto Ahtola was appointed to lead the Industrial &
Terminal business area as Executive Vice President.
Other members of the Cargotec Executive Board are: Mikael Mäkinen, President and
CEO; Olli Isotalo, Executive Vice President, Marine business area; Axel
Leijonhufvud, Executive Vice President, Supply; Eeva Sipilä, Executive Vice
President, Chief Financial Officer; Kirsi Nuotto, Executive Vice President, HR
and Communications; Matti Sommarberg, Executive Vice President, Chief Technology
Officer; Harald de Graaf, Executive Vice President, EMEA region; Ken Loh,
Executive Vice President, Asia Pacific region and Lennart Brelin, Executive Vice
President, Americas region.
Senior Executive Vice President, Kari Heinistö, and Executive Vice President of
Hiab business area, Pekka Vartiainen, left the Executive Board in January.
Annual General Meeting
Decision taken at Cargotec Corporation's Annual General Meeting
Cargotec Corporation's Annual General Meeting (AGM) was held on 5 March 2010 in
Helsinki. The AGM approved the financial statements and consolidated financial
statements and granted discharge from liability to the President and CEO and the
members of the Board of Directors for the accounting period 1 January-31
December 2009.
The AGM approved a dividend of EUR 0.39 per class A share and EUR 0.40 per class
B share outstanding be paid.
The number of the members of the Board of Directors was confirmed at seven.
Tapio Hakakari, Ilkka Herlin, Peter Immonen, Karri Kaitue, Antti Lagerroos and
Anja Silvennoinen were re-elected to the Board of Directors. Teuvo Salminen was
elected as a new member to the Board of Directors. The meeting decided that a
yearly remuneration of EUR 80,000 be paid for the Chairman, EUR 55,000 for the
Deputy Chairman and EUR 40,000 for the other Board members. In addition, it was
decided that members receive EUR 500 for attendance at Board and Committee
meetings and that 30 percent of the yearly remuneration will be paid in Cargotec
Corporation's class B shares and the rest in money.
Authorised public accountants Johan Kronberg and PricewaterhouseCoopers Ltd were
re-elected as auditors.
Stock options
The AGM confirmed that stock options will be issues to the key personnel of
Cargotec and its subsidiaries. The maximum total number of stock options issued
will be 1,200,000 and the stock options entitle their owners to subscribe for a
maximum total of 1,200,000 new class B shares in Cargotec or existing class B
shares held by the Company. The share subscription price will be based on the
volume weighted average price of the Company's class B share on the NASDAQ OMX
Helsinki Ltd. during two full weeks following the AGM in 2010, 2011 and 2012.
More information about stock options follows in the section "Shares and trading,
Stock options".
Authorisations granted by the Annual General Meeting
The AGM authorised the Board of Directors to decide on repurchasing of own
shares with non-restricted equity. The shares may be repurchased in order to
develop the capital structure of the Company, to finance or carry out possible
acquisitions, to implement the Company's share-based incentive plans, to be
transferred for other purposes or to be cancelled. Altogether no more than
6,400,000 own shares may be purchased, of which no more than 952,000 are class A
shares and 5,448,000 are class B class. The above mentioned amounts include the
2,959,487 class B shares repurchased during 2005-2008 in Company's possession on
the AGM date.
In addition, the AGM authorised the Board to decide on issuance of a maximum of
6,400,000 treasury shares, of which no more than 952,000 are class A shares and
5,448,000 are class B shares, in one or more lots. The share issue can be
directed and it is to be used to as compensation in acquisitions and in other
arrangements, to finance acquisitions or for personnel incentive purposes. The
Board of Directors has also the right to decide on the transfer of the shares in
public trading in the NASDAQ OMX Helsinki Ltd. according to its rules and
regulations. The Board of Directors was also authorised to decide on other
conditions of the share issue.
Both authorisations shall remain in effect for a period of 18 months from date
of decision of the AGM.
Organisation of the Board of Directors
The Board of Directors elected Ilkka Herlin to continue as Chairman of the Board
and Tapio Hakakari as Deputy Chairman. Outi Aaltonen, Senior Vice President,
Cargotec's General Counsel, was elected as Secretary to the Board of Directors.
The Board of Directors elected among its members Ilkka Herlin, Karri Kaitue,
Anja Silvennoinen and Teuvo Salminen (chairman) as members of the Audit
Committee. Board members Tapio Hakakari, Ilkka Herlin (chairman), Peter Immonen
and Antti Lagerroos were elected to the Nomination and Compensation Committee.
Shares and trading
Share capital
Cargotec's share capital on 30 June 2010 totalled EUR 64,304,880. There were no
changes in the share capital in January-June. On 30 June 2010, the number of
class B shares listed on the NASDAQ OMX Helsinki Ltd. was 54,778,791 while that
of unlisted class A shares totalled 9,526,089.
Own shares
At the end of the reporting period, Cargotec held a total of 2,959,487 own class
B shares. The shares were repurchased in 2005-2008.
The Board of Directors decided to exercise the authorisation conferred by the
AGM held on 5 March 2010, to acquire own shares. No own shares were repurchased
during the first half of 2010.
Share-based incentive programme
On 5 March 2010, the Board of Directors decided to establish a new share-based
incentive programme for Cargotec Executives. The programme includes three
earnings periods, each of them lasting for three calendar years, and they
commence in 2010, 2011 and 2012. The Board of Directors will decide on the
earnings criteria and on targets to be established for them, as well as the
maximum amount of the payable reward for each earning period. The earnings
criteria for the earning period 2010-2012 are Cargotec's operating profit margin
and sales of the fiscal year 2012.
The potential reward will be paid partly as Cargotec's class B shares and partly
in cash in 2013, 2014 and 2015. The proportion to be paid in cash is intended to
cover taxes and tax-related costs arising from the reward. The rewards to be
paid on the basis of the earning period 2010-2012 will correspond to the
approximate value of a maximum total of 100,000 Cargotec class B shares
(including also the proportion to be paid in cash).
The remaining earning periods 2010 and 2011 of the former share-based incentive
programme 2007-2011 were not commenced as the new programme replacing the
current programme was implemented as from the beginning of 2010. On the basis of
the former programme, a total of 31,356 class B shares were paid as reward to
key personnel for the first earning period 2007-2008. No rewards were paid for
the second earning period 2009 as the targets established for the earnings
criteria were not attained. A total of 387,500 series B shares were initially
reserved for the programme.
Stock options
The AGM confirmed that stock options will be issues to the key personnel of
Cargotec and its subsidiaries. The target group of the programme is
approximately 60 persons including the members of Cargotec Executive Board. The
share subscription period for stock options 2010A, will be 1 April 2013-30 April
2015, for stock options 2010B, 1 April 2014-30 April 2016 and for stock options
2010C, 1 April 2015-30 April 2017.
The beginning of the share subscription period requires attainment of targets
established for a performance criterion determined by the Board of Directors
annually. Those stock options, for which the targets have not been attained,
will expire. The Board of Directors has decided that if the operating profit of
the financial year 2010 is below EUR 100 million, the share subscription period
with stock options 2010A will not commence; if the operating profit of the
financial year 2010 is at least EUR 100 million but below EUR 120 million, the
share subscription period will commence with half of the stock options 2010A; if
the operating profit of the financial year 2010 is EUR 120 million or above, the
share subscription period will commence with all of the stock options 2010A. The
share subscription price for stock option 2010A is EUR 21.35/share.
Market capitalisation and trading
At the end of the second quarter, the total market value of class B shares was
EUR 1,117 million, excluding treasury shares held by the Company. The period-end
market capitalisation, in which unlisted class A shares are valued at the
average price of class B shares on the last trading day of the reporting period,
was EUR 1,324 million, excluding treasury shares held by the Company.
The class B share closed at EUR 21.55 on 30 June 2010. The volume weighted
average share price in January-June was EUR 21.78, the highest quotation being
EUR 26.27 and the lowest EUR 19.16. In January-June, approximately 24 million
class B shares were traded on the NASDAQ OMX Helsinki Ltd., corresponding to a
turnover of approximately EUR 529 million.
Short-term risks and uncertainties
Despite the signs of recovery in the world economy, its development is still
characterised by uncertainty. In particular, this uncertainty surrounds the pace
of the recovery in investments in port container handling equipment.
Improvements in the sales and profitability of Terminal business may be affected
by possible postponements of investments. During the year underway, developments
in customers' capacity utilisation rates will have an effect on demand and
development of services.
In view of the prevailing uncertainty, Cargotec monitors, and continues seeking
to proactively manage, both customer and supplier risks, which may have a
detrimental effect through credit losses or delivery chain problems.
Cargotec still estimates that approximately EUR 300 million of Marine's order
book involves a risk of cancellation. However, the likelihood of such
cancellations materialising decreased substantially during the second quarter,
and the risk mainly relates to deliveries in the coming years. Overcapacity in
shipping decreased during the first half, but there is still a risk of
shipowners reappraising the need to cancel ordered vessels or postpone
deliveries.
Outlook
Cargotec continues to estimate 2010 consolidated sales to be on 2009 level for
both Industrial & Terminal and Marine segments and consolidated operating profit
to exceed EUR 100 million. The recovery in the market environment and the
resulting growth in order volumes support growth in Industrial. The sales of
Terminal are expected to fall short of 2009 levels due to the slower recovery of
these markets, as second half orders will have a minor effect on full-year sales
due to delivery times. Based on the healthy first half development, strong order
book and new orders received still to be delivered during 2010, sales in Marine
will reach year 2009 level.
Financial calendar 2010
Interim Report January-September 2010, on Wednesday, 27 October 2010
Helsinki, 21 July 2010
Cargotec Corporation
Board of Directors
This interim report is unaudited.
Condensed consolidated statement of income
MEUR 4-6/2010 4-6/2009 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Sales 638.3 677.9 1,193.4 1,352.8 2,580.9
Cost of goods sold -502.4 -578.7 -950.9 -1,144.3 -2,158.7
--------------------------------------------------------------------------------
Gross profit 135.8 99.2 242.5 208.5 422.2
Gross profit, % 21.3 14.6 20.3 15.4 16.4
Costs and expenses -97.3 -96.1 -188.2 -190.5 -361.6
Restructuring costs -1.6 -13.1 -3.9 -21.9 -61.1
Share of associated
companies' and joint
ventures' net income 0.2 -0.1 0.3 0.0 0.8
--------------------------------------------------------------------------------
Operating profit 37.2 -10.0 50.7 -3.9 0.3
Operating profit, % 5.8 -1.5 4.2 -0.3 0.0
Financing income and
expenses -7.9 -8.7 -14.6 -14.0 -27.0
--------------------------------------------------------------------------------
Income before taxes 29.3 -18.8 36.2 -17.9 -26.7
Income before taxes, % 4.6 -2.8 3.0 -1.3 -1.0
Taxes -8.2 11.5 -5.1 12.1 33.9
--------------------------------------------------------------------------------
Net income for the period 21.2 -7.3 31.0 -5.8 7.1
Net income for the period,
% 3.3 -1.1 2.6 -0.4 0.3
Net income for the period attributable to:
Equity holders of the
Company 19.7 -7.6 27.5 -6.9 3.1
Non-controlling interest 1.5 0.4 3.5 1.1 4.0
--------------------------------------------------------------------------------
Total 21.2 -7.3 31.0 -5.8 7.1
Earnings per share for profit attributable to the equity holders of the Company:
Basic earnings per share,
EUR 0.32 -0.12 0.45 -0.11 0.05
Diluted earnings per
share, EUR 0.32 -0.12 0.45 -0.11 0.05
Consolidated statement of comprehensive income
MEUR 4-6/2010 4-6/2009 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Net income for the
period 21.2 -7.3 31.0 -5.8 7.1
Gain/loss on cash flow
hedges 1.4 21.1 9.0 -34.4 6.9
Gain/loss on cash flow
hedges transferred to
statement of income -5.2 14.0 -4.0 36.6 36.2
Translation differences 46.4 -17.4 94.9 -13.7 20.5
Taxes relating to
components of other
comprehensive income -3.6 -5.8 -20.1 2.1 -14.6
--------------------------------------------------------------------------------
Comprehensive income
for the period 60.1 4.7 110.8 -15.2 56.1
Comprehensive income for the period attributable to:
Equity holders of the
Company 57.5 4.1 105.7 -15.8 52.1
Non-controlling
interest 2.6 0.6 5.0 0.6 4.0
--------------------------------------------------------------------------------
Total 60.1 4.7 110.8 -15.2 56.1
Condensed consolidated statement of financial position
ASSETS, MEUR 30 Jun 2010 30 Jun 2009 31 Dec 2009
------------------------------------------------------------------------
Non-current assets
Intangible assets 830.1 765.1 784.3
Tangible assets 309.8 296.7 301.2
Loans receivable and other
interest-bearing assets 1) 8.6 7.4 7.4
Investments 10.6 8.5 9.0
Non-interest-bearing assets 164.0 119.8 131.0
------------------------------------------------------------------------
Total non-current assets 1,323.1 1,197.5 1,233.0
Current assets
Inventories 665.9 744.3 609.3
Loans receivable and other
interest-bearing assets 1) 4.2 1.5 2.9
Accounts receivable and
other non-interest-bearing
assets 623.4 651.7 575.6
Cash and cash equivalents
1) 291.5 148.1 266.6
------------------------------------------------------------------------
Total current assets 1,584.9 1,545.6 1,454.5
Assets held for sale 4.9 - -
------------------------------------------------------------------------
Total assets 2,912.9 2,743.1 2,687.4
EQUITY AND LIABILITIES, MEUR 30 Jun 2010 30 Jun 2009 31 Dec 2009
------------------------------------------------------------------------
Equity
Equity attributable to the
equity holders of the Company 950.1 803.0 870.8
Non-controlling interest 3.6 8.7 10.6
------------------------------------------------------------------------
Total equity 953.8 811.8 881.5
Non-current liabilities
Loans 1) 546.1 536.6 511.2
Deferred tax liabilities 29.3 36.5 29.7
Provisions 25.1 21.6 19.0
Pension obligations and
other non-interest-bearing
liabilities 81.6 119.7 94.7
------------------------------------------------------------------------
Total non-current liabilities 682.0 714.4 654.7
Current liabilities
Loans 1) 85.2 73.8 83.0
Provisions 47.4 71.9 66.2
Advances received 401.9 396.6 339.0
Accounts payable and other
non-interest-bearing
liabilities 742.6 674.6 663.0
------------------------------------------------------------------------
Total current liabilities 1,277.1 1,216.9 1,151.3
------------------------------------------------------------------------
Total equity and liabilities 2,912.9 2 ,743.1 2,687.4
1) Included in interest-bearing net debt. In addition, the calculation of the
interest-bearing net debt includes the hedging of cross-currency risk relating
to the USD 300 million Private Placement bond, totalling on 30 June 2010, EUR
-18.7 (30 Jun 2009: 13.5 and 31 Dec 2009: 17.5) million.
Consolidated statement of changes in equity
Attributable to the equity holders of the Company
| |
Trans- | Non-|
Share lation Fair |control-|
Share premium differ- value Retained | ling| Total
MEUR capital account ences reserves earnings Total|interest|equity
----------------------------------------------------------------+--------+------
Equity on 1 Jan | |
2009 64.3 98.0 -20.4 -54.6 768.0 855.3| 9.1| 864.4
| |
Comprehensive | |
income for | |
the period* -10.5 1.6 -6.9 -15.7| 0.6| -15.2
| |
Dividends | |
paid -36.7 -36.7| -0.4| -37.1
| |
Shares | |
subscribed | |
with options 0.0 0.0 0.0| | 0.0
| |
Share-based | |
incentives, | |
value of | |
received | |
services * 0.1 0.1| | 0.1 | |
Other changes | -0.5| -0.5
----------------------------------------------------------------+--------+------
Equity on | |
30 June 2009 64.3 98.0 -30.9 -52.9 724.5 803.0| 8.7| 811.8
| |
| |
----------------------------------------------------------------+--------+------
Equity on | |
1 Jan 2010 64.3 98.0 -1.1 -24.9 734.6 870.9| 10.6| 881.5
| |
Comprehensive | |
income | |
for the period* 75.4 2.8 27.5 105.7| 5.0| 110.8
| |
Dividends paid -24.4 -24.4| -1.8| -26.3
| |
Share-based | |
incentives, | |
value of | |
received | |
services * 0.2 0.2| | 0.2
| |
Other changes -2.2 -2.2| -10.2| -12.3
----------------------------------------------------------------+--------+------
Equity on 30 | |
June 2010 64.3 98.0 74.3 -22.1 735.6 950.1| 3.6| 953.8
| |
* Net of tax
Key figures
1-6/2010 1-6/2009 1-12/2009
---------------------------------------------------------------------
Equity/share EUR 15.49 13.09 14.20
Interest-bearing net debt MEUR 308.3 466.8 334.8
Total equity/total assets % 38.0 34.6 37.5
Gearing % 32.3 57.5 38.0
Return on equity % 6.8 -1.4 0.8
Return on capital employed % 6.8 -0.4 0.2
Condensed consolidated statement of cash
flows
MEUR 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Net income for the period 31.0 -5.8 7.1
Depreciation and impairments 29.1 27.5 60.0
Other adjustments 19.7 1.9 -7.6
Change in working capital 47.2 83.2 230.2
--------------------------------------------------------------------------------
Cash flow from operations 127.0 106.8 289.7
Cash flow from financial items and taxes* -32.0 -12.7 -25.5
--------------------------------------------------------------------------------
Cash flow from operating activities 95.0 94.1 264.2
Acquisitions -11.3 -2.9 -7.6
Cash flow from investing activities, other
items -23.5 -43.1 -79.6
--------------------------------------------------------------------------------
Cash flow from investing activities -34.9 -46.0 -87.2
Proceeds from share subscriptions 0.0 - 0.0
Acquisition of treasury shares 0.0 0.0 0.0
Proceeds from long term borrowings 0.0 96.8 100.6
Repayments of long term borrowings -3.2 -0.7 -4.2
Proceeds from short term borrowings 1.2 3.8 16.5
Repayments of short term borrowings -15.9 -42.3 -46.9
Dividends paid -27.7 -37.1 -37.4
--------------------------------------------------------------------------------
Cash flow from financing activities -45.6 20.3 28.6
--------------------------------------------------------------------------------
Change in cash 14.6 68.5 205.6
Cash, cash equivalents and bank overdrafts
at the beginning of period 252.5 45.9 45.9
Effect of exchange rate changes 0.0 0.6 0.9
--------------------------------------------------------------------------------
Cash, cash equivalents and bank overdrafts
at the end of period 267.0 115.0 252.5
Bank overdrafts at the end of period 24.5 33.1 14.2
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of
period 291.5 148.1 266.6
* Cash flow from financial items and taxes include EUR 0.2 (1-12/2009: 0.1)
million capitalised interests.
Segment reporting
Sales, MEUR 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Industrial & Terminal 676 878 1,573
Marine 518 475 1,009
Internal sales 0 0 -1
--------------------------------------------------------------------------------
Total 1,193 1,353 2,581
Operating profit, MEUR 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Industrial & Terminal 0.1 -0.7 -10.3
Marine 78.0 41.7 105.2
Corporate administration and support functions -23.6 -23.0 -33.5
--------------------------------------------------------------------------------
Operating profit excluding restructuring costs 54.6 18.0 61.3
Restructuring costs:
Industrial & Terminal 2.0 20.5 43.2
Marine 0.3 - 1.9
Corporate administration and support functions 1.6 1.4 15.9
--------------------------------------------------------------------------------
Total restructuring costs 3.9 21.9 61.1
--------------------------------------------------------------------------------
Total 50.7 -3.9 0.3
Operating profit, % 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Industrial & Terminal 0.0 * -0.1 * -0.7 *
Marine 15.1 * 8.8 10.4 *
Cargotec, operating profit excluding
restructuring costs 4.6 * 1.3 * 2.4 *
Cargotec 4.2 -0.3 0.0
* Excluding restructuring costs.Sales by geographical area, MEUR 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
EMEA 498 680 1,193
Americas 213 223 457
Asia Pacific 482 450 931
--------------------------------------------------------------------------------
Total 1,193 1,353 2,581
Sales by geographical area, % 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
EMEA 41.7 50.3 46.2
Americas 17.8 16.5 17.7
Asia Pacific 40.4 33.2 36.1
--------------------------------------------------------------------------------
Total 100.0 100.0 100.0
Orders received, MEUR 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Industrial & Terminal 839 677 1,260
Marine 492 251 569
Internal orders received 0 0 -1
--------------------------------------------------------------------------------
Total 1,330 928 1,828
Order book, MEUR 30 Jun 2010 30 Jun 2009 31 Dec 2009
--------------------------------------------------------------------------------
Industrial & Terminal 740 652 546
Marine 1,694 1,903 1,604
Internal order book - 0 0
--------------------------------------------------------------------------------
Total 2,433 2,555 2,149
Capital expenditure, MEUR 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
In fixed assets (excluding acquisitions) 28.0 41.6 86.9
In leasing agreements 0.0 0.3 0.9
In customer financing 5.9 13.7 19.0
--------------------------------------------------------------------------------
Total 34.0 55.6 106,8
Number of employees at the end of period 30 Jun 2010 30 Jun 2009 31 Dec 2009
--------------------------------------------------------------------------------
Industrial & Terminal 7,009 7,971 6,989
Marine 2,173 2,492 2,286
Corporate administration and support
functions 425 312 331
--------------------------------------------------------------------------------
Total 9,607 10,775 9,606
Average number of employees 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Industrial & Terminal 6,897 8,540 8,023
Marine 2,203 2,503 2,476
Corporate administration and support
functions 408 265 285
--------------------------------------------------------------------------------
Total 9,509 11,308 10,785
Notes
Taxes in income statement
MEUR 1-6/2010 1-6/2009 1-12/2009
--------------------------------------------------------------------------------
Current year tax expense 22.2 1.6 20.9
Change in deferred tax
assets and liabilities -15.9 -8.7 -44.5
Tax expense for previous
years -1.2 -5.0 -10.3
--------------------------------------------------------------------------------
Total 5.1 -12.1 -33.9
Commitments
MEUR 30 Jun 2010 30 Jun 2009 31 Dec 2009
--------------------------------------------------------------------------------
Guarantees 0.5 0.2 0.5
Dealer financing 0.0 0.1 0.1
End customer financing 7.4 10.1 10.3
Operating leases 49.2 57.0 49.1
Other contingent liabilities 3.6 3.9 3.7
--------------------------------------------------------------------------------
Total 60.7 71.3 63.7
Cargotec Corporation has guaranteed obligations of Cargotec companies, arising
from ordinary course of business, up to a maximum of EUR 538.6 (31 Dec
2009: 554.7) million.
Cargotec leases property, plant and equipment under non-cancellable operating
leases. The leases have varying terms and renewal rights. It is not anticipated
that any material liabilities will arise from trade finance commitments.
Fair values of derivative financial instruments
Positive Negative Net Net Net
fair value fair value fair value fair value fair value
30 Jun 30 Jun 30 Jun 30 Jun 31 Dec
MEUR 2010 2010 2010 2009 2009
--------------------------------------------------------------------------------
FX forward contracts,
cash flow hedges 51.3 86.4 -35.1 -81.5 -30.1
FX forward contracts,
non-hedge-
accounted 6.9 9.9 -2.9 0.7 1.6
Cross-currency and
interest rate swaps,
cash flow hedges 34.5 - 34.5 -2.1 -9.9
--------------------------------------------------------------------------------
Total 92.7 96.2 -3.5 -82.8 -38.5
Non-current portion:
FX forward contracts,
cash flow hedges 9.3 15.1 -5.7 -35.9 -9.4
Cross-currency and
interest rate swaps,
cash flow hedges 34.5 - 34.5 -2.1 -9.9
--------------------------------------------------------------------------------
Non-current portion 43.9 15.1 28.8 -38.0 -19.3
--------------------------------------------------------------------------------
Current portion 48.9 81.2 -32.3 -44.8 -19.2
Cross currency and interest rate swaps hedge the US Private Placement corporate
bond funded in February 2007.
Nominal values of derivative financial instruments
MEUR 30 Jun 2010 30 Jun 2009 31 Dec 2009
----------------------------------------------------------------------------
FX forward contracts 2,625.4 2,687.8 2,386.5
Cross-currency and interest rate swaps 225.7 225.7 225.7
----------------------------------------------------------------------------
Total 2,851.2 2,913.5 2,612.3
Acquisitions and disposals
In May, Cargotec acquired 25 per cent of the shares of Japanese MacGREGOR-Kayaba
Ltd. After the acquisition, Cargotec owns all shares in the company.
In January, Cargotec has sold its US-based hydraulic cylinders manufacturing
business Waltco Hydraulics to Ligon Industries, LLC. This transaction had no
material impact on Cargotec's result or cash flow.
Accounting principles
The interim report has been prepared according to the International Accounting
Standard 34: Interim Financial Reporting.
The accounting policies adopted are consistent with those of the annual
financial statements for 2009. All figures presented have been rounded and
consequently the sum of individual figures may deviate from the presented sum
figure.
Adoption of the new and revised IFRS standards as of January 1, 2010
Starting from January 1, 2010 Cargotec has adopted the following revised
standards published in 2008 and 2009 by the IASB:
- IFRS 3R, Business Combinations (revised). The adoption of the revised standard
has an impact on the accounting of business combinations.
- Amendment to IAS 27 Consolidated and Separate Financial Statements. The
amendment has an impact on accounting of the changes in ownership in
subsidiaries.
- Amendment to IAS 39, Financial Instruments: Recognition and Measurement:
Eligible Hedged Items. The amendment clarifies the guidance of the hedge
accounting.
Additionally, Cargotec has adopted the amendments related to the IFRS 2008 and
2009 Annual Improvements, which have been endorsed by EU. Aforementioned changes
have no material impact on the interim report.
Restatement of reporting segments' comparable figures
As of January 1, 2010 Cargotec has two reporting segments, Industrial & Terminal
and Marine. At the same time the definition of Services business was clarified.
Reporting segments' financial information for comparable periods has been
restated accordingly.
Calculation of key figures
Total equity attributable to the equity holders
of the Company
Equity / share = ____________________________________
Share issue-adjusted number of shares
at the end of period (excluding treasury shares)
Interest-bearing net
debt = Interest-bearing debt* - interest-bearing assets
Total equity
Total equity / total
assets (%) = 100 x _____________________________________
Total assets - advances received
Interest-bearing debt* - interest-bearing assets
Gearing (%) = 100 x _____________________________________
Total equity
Net income for period
Return on equity (%) = 100 x ______________________________________
Total equity (average for period)
Income before taxes + interest and other
financing expenses
Return on capital
employed (%) = 100 x _______________________________________________
Total assets - non-interest-bearing debt (average
for period)
Net income for the period attributable to the
equity holders of the Company
Basic earnings /
share = ___________________________________
Share issue-adjusted weighted average
number of shares during the
period (excluding treasury shares)
* Including cross currency hedging of the USD 300 million Private Placement
corporate bonds.
Quarterly figures
Cargotec Q2/2010 Q1/2010 Q4/2009 Q3/2009 Q2/2009
----------------------------------------------------------------------------
Orders received MEUR 732 598 464 437 471
Order book MEUR 2,433 2,239 2,149 2,371 2,555
Sales MEUR 638 555 669 559 678
Operating profit MEUR 38.8 * 15.8 * 31.7 * 11.6 * 3.0 *
Operating profit % 6.1 * 2.8 * 4.7 * 2.1 * 0.4 *
Basic earnings/share EUR 0.32 0.13 0.18 -0.02 -0.12
Industrial & Terminal Q2/2010 Q1/2010 Q4/2009 Q3/2009 Q2/2009
----------------------------------------------------------------------------
Orders received MEUR 423 415 304 278 317
Order book MEUR 740 637 546 586 652
Sales MEUR 362 314 364 331 421
Operating profit MEUR 7.4 * -7.3 * -2.3 * -7.3 * -6.3 *
Operating profit % 2.0 * -2.3 * -0.6 * -2.2 * -1.5 *
Marine Q2/2010 Q1/2010 Q4/2009 Q3/2009 Q2/2009
----------------------------------------------------------------------------
Orders received MEUR 309 183 160 158 155
Order book MEUR 1,694 1,602 1,604 1,785 1,903
Sales MEUR 277 241 305 229 257
Operating profit MEUR 43.7 * 34.3 * 40.5 22.9 23.3
Operating profit % 15.8 * 14.2 * 13.3 10.0 9.1
* Excluding restructuring costs
[HUG#1433141]
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