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2012-10-24 08:00:04 CEST 2012-10-24 08:00:15 CEST REGULATED INFORMATION Konecranes Oyj - Interim report (Q1 and Q3)KONECRANES PLC: OPERATING PROFIT AND CASH FLOW IMPROVED, NEW ORDERS STABLEKONECRANES PLC INTERIM REPORT October 24, 2012 at 9:00 a.m. OPERATING PROFIT AND CASH FLOW IMPROVED, NEW ORDERS STABLE Figures in brackets, unless otherwise stated, refer to the same period in the previous year. THIRD QUARTER HIGHLIGHTS - Order intake EUR 458.0 million (458.5), -0.1 percent; Service +15.6 percent and Equipment -4.0 percent. - Order book EUR 1,085.1 million (1,040.1) at end-September, 4.3 percent higher than a year ago, 3.4 percent lower than at end-June 2012. - Sales EUR 529.8 million (450.9), +17.5 percent; Service +11.6 percent and Equipment +23.1 percent. - Operating profit EUR 37.0 million (26.0), 7.0 percent of sales (5.8). - Earnings per share (diluted) EUR 0.43 (0.31). - Net cash flow from operating activities EUR 45.0 million (-1.6). - Net debt EUR 250.5 million (203.3) and gearing 55.9 percent (50.2). JANUARY-SEPTEMBER HIGHLIGHTS - Order intake EUR 1,546.3 million (1,422.2), +8.7 percent; Service +8.3 percent and Equipment +9.8 percent. - Sales EUR 1,565.1 million (1,298.2), +20.6 percent; Service +14.9 percent and Equipment +25.1 percent. - Operating profit EUR 95.7 million (69.7), 6.1 percent of sales (5.4). - Earnings per share (diluted) EUR 1.07 (0.70). - Net cash flow from operating activities EUR 74.3 million (-31.2). MARKET OUTLOOK Macroeconomic uncertainties have increased and there are more signs of a weakening global demand due to the continuing crisis within the Eurozone and slower economic growth in some emerging markets. This is taking its toll on new inquiries. FINANCIAL GUIDANCE Based on the order book, we forecast year 2012 sales and operating profit to be higher than in 2011. KEY FIGURES Third quarter January - September -------------------------------------------------------------------------------- 7-9/20 7-9/20 Change 1-9/201 1-9/201 Change R12M 2011 12 11 % 2 1 % -------------------------------------------------------------------------------- Orders 458.0 458.5 -0.1 1,546.3 1,422.2 8.7 2,020.2 1,896.1 received, MEUR -------------------------------------------------------------------------------- Order book 1,085.1 1,040.1 4.3 991.8 at end of period, MEUR -------------------------------------------------------------------------------- Sales total, 529.8 450.9 17.5 1,565.1 1,298.2 20.6 2,163.2 1,896.4 MEUR -------------------------------------------------------------------------------- EBITDA 47.2 35.5 32.8 125.7 97.0 29.6 182.9 154.3 excluding restructuri ng costs, MEUR -------------------------------------------------------------------------------- EBITDA 8.9 7.9 8.0 7.5 8.5 8.1 excluding restructuri ng costs, % -------------------------------------------------------------------------------- Operating 37.0 26.0 42.2 95.7 69.7 37.4 143.2 117.2 profit excluding restructuri ng costs, MEUR -------------------------------------------------------------------------------- Operating 7.0 5.8 6.1 5.4 6.6 6.2 margin excluding restructuri ng costs, % -------------------------------------------------------------------------------- EBITDA, MEUR 47.2 35.5 32.8 125.7 97.0 29.6 176.8 148.1 -------------------------------------------------------------------------------- EBITDA, % 8.9 7.9 8.0 7.5 8.2 7.8 -------------------------------------------------------------------------------- Operating 37.0 26.0 42.2 95.7 69.7 37.4 132.9 106.9 profit, MEUR -------------------------------------------------------------------------------- Operating 7.0 5.8 6.1 5.4 6.1 5.6 margin, % -------------------------------------------------------------------------------- Profit 37.1 26.3 41.2 90.3 60.1 50.2 125.9 95.8 before taxes, MEUR -------------------------------------------------------------------------------- Net profit 25.0 18.3 36.6 62.4 42.0 48.7 85.4 64.9 for the period, MEUR -------------------------------------------------------------------------------- Earnings per 0.43 0.31 41.1 1.08 0.71 51.9 1.48 1.11 share, basic, EUR -------------------------------------------------------------------------------- Earnings per 0.43 0.31 41.8 1.07 0.70 52.6 1.47 1.10 share, diluted, EUR -------------------------------------------------------------------------------- Gearing, % 55.9 49.7 50.5 -------------------------------------------------------------------------------- Return on 18.5 17.1 capital employed %, Rolling 12 Months (R12M) -------------------------------------------------------------------------------- Average 11,860 10,834 9.5 10,998 number of personnel during the period -------------------------------------------------------------------------------- President and CEO Pekka Lundmark: ”Although not yet at the goal, we are pleased with our results in third quarter. Service business is improving its performance and achieving the goal of prioritizing profitability over growth this year. Our maintenance contract base has developed well, which is a stabilizing element amid an uncertain economic environment. Equipment business is coping well with the challenging environment where fragmented market, overcapacity in the crane industry in some parts of the world and somewhat softening demand are all putting pressure on the sales margins. The development in different parts of the world is uneven. Our strongest performer this year has been North America along with certain emerging markets, such as the ASEAN countries. Western Europe, China and India are all experiencing weaker demand. Our funnel of new opportunities is still reasonably good, but the lack of structural reforms to tackle various economic problems in the world may negatively affect our market.“ DISCLOSURE PROCEDURE Konecranes follows the disclosure procedure enabled by Standard 5.2b published by the Finnish Financial Supervision Authority. This stock exchange release is a summary of Konecranes Plc's Interim Report January-September 2012. The complete report is attached to this release in pdf format and is also available on Konecranes' website at www.konecranes.com. ANALYST AND PRESS BRIEFING An analyst and press conference will be held at restaurant Savoy´s Salicabinet (address: Eteläesplanadi 14, 7th floor) at 11.00 a.m. Finnish time. The Interim Report will be presented by Konecranes' President and CEO Pekka Lundmark and CFO Teo Ottola. A live webcast of the conference will begin at 11.00 a.m. at www.konecranes.com. Please see the stock exchange release of October 9, 2012, for the conference call details. KONECRANES PLC Miikka Kinnunen Director, Investor Relations FURTHER INFORMATION Mr Pekka Lundmark, President and CEO, tel. +358 20 427 2000 Mr Teo Ottola, Chief Financial Officer, tel. +358 20 427 2040 Mr Miikka Kinnunen, Director, Investor Relations, tel. +358 20 427 2050 Mr Mikael Wegmüller, Vice President, Marketing and Communications, tel. +358 20 427 2008 Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2011, Group sales totaled EUR 1,896 million. The Group has 12,100 employees at 609 locations in 47 countries. Konecranes is listed on the NASDAQ OMX Helsinki (symbol: KCR1V). DISTRIBUTION NASDAQ OMX Helsinki Media www.konecranes.com |
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