2014-07-18 11:00:00 CEST
2014-07-18 11:01:01 CEST
REGULATED INFORMATION
Cargotec - Interim report (Q1 and Q3)
Cargotec's January-June 2014 interim report: Orders grew but operating profit was burdened by project cost overruns in Kalmar
CARGOTEC CORPORATION, INTERIM REPORT, 18 JULY 2014 AT NOON (EEST)
Cargotec's January-June 2014 interim report: Orders grew but operating profit
was burdened by project cost overruns in Kalmar
April-June 2014 in brief
* Orders received increased 19 percent and totalled EUR 993 (833) million.
* Order book amounted to EUR 2,285 (31 Dec 2013: 1,980) million at the end of
the period.
* Sales declined 4 percent to EUR 804 (836) million.
* Operating profit excluding restructuring costs was EUR 4.7 (37.5) million,
representing 0.6 (4.5) percent of sales, including EUR 39 (10) million in
project cost overruns in Kalmar.
* Operating profit was EUR -6.0 (32.9) million, representing -0.7 (3.9)
percent of sales.
* Cash flow from operations before financial items and taxes totalled EUR
24.4 (-12.4) million.
* Net income for the period amounted to EUR -9.3 (21.9) million.
* Earnings per share was EUR -0.15 (0.36).
January-June 2013 in brief
* Orders received increased 14 percent and totalled EUR 1,856 (1,624) million.
* Sales grew 3 percent to EUR 1,555 (1,515) million.
* Operating profit excluding restructuring costs was EUR 29.3 (52.5) million,
representing 1.9 (3.5) percent of sales.
* Operating profit was EUR 17.8 (46.1) million, representing 1.1 (3.0) percent
of sales.
* Cash flow from operations before financial items and taxes totalled EUR
56.9 (8.8) million.
* Net income for the period amounted to EUR 3.6 (28.4) million.
* Earnings per share was EUR 0.05 (0.46).
Outlook for 2014 unchanged
Cargotec's 2014 sales are expected to grow from 2013. Operating profit excluding
restructuring costs for 2014 is expected to improve from 2013.
Cargotec's key figures
MEUR Q2/14 Q2/13 Change Q1-Q2/14 Q1-Q2/13 Change 2013
-------------------------------------------------------------------------------
Orders received 993 833 19% 1,856 1,624 14% 3,307
Order book, end of period 2,285 2,147 6% 2,285 2,147 6% 1,980
Sales 804 836 -4% 1,555 1,515 3% 3,181
Operating profit
excluding restructuring
costs 4.7 37.5 -87% 29.3 52.5 -44% 126.5
Operating profit
excluding restructuring
costs, % 0.6 4.5 1.9 3.5 4.0
Operating profit/loss -6.0 32.9 -118% 17.8 46.1 -61% 92.5
Operating profit/loss, % -0.7 3.9 1.1 3.0 2.9
Income before taxes -12.9 29.6 5.4 40.4 78.7
Cash flow from operations 24.4 -12.4 56.9 8.8 180.9
Net income for the period -9.3 21.9 3.6 28.4 55.4
Earnings per share, EUR -0.15 0.36 0.05 0.46 0.89
Net debt, end of period 847 567 847 567 578
Gearing, % 71.9 48.9 71.9 48.9 46.7
Personnel, end of period 10,879 10,302 10,879 10,302 10,610
Financials include project cost overruns in Kalmar
Cargotec's President and CEO Mika Vehviläinen:
Market activity remained brisk, with our orders for the second quarter growing
in all business areas. Both Kalmar and Hiab had strong order intake compared to
the previous quarters. In MacGregor, recent acquisitions supported the growth in
orders compared to the comparison period.
Due to a previously announced cost overrun in Kalmar projects, operating profit
for the second quarter was unsatisfactory. As expected, MacGregor and Hiab saw
positive profit development.
The EUR 40 million profit improvement programme currently being implemented in
both Kalmar and Hiab is proceeding as planned, and is actually ahead of schedule
in Hiab. Unfortunately, due to project cost overruns, the effects of the
programme are yet to make a visible impact on Kalmar's operating profit. We are
continuing our determined efforts to see this programme through.
We have decided to reverse earlier plans to separately list MacGregor business.
We focus on delivering profitable growth within the new MacGregor as part of
the overall Cargotec portfolio.
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 1:30 p.m. EEST
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 1:30 p.m. EEST.
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/945648:
FI: +358 9 2313 9202
SE: +46 8 5052 0114
UK: +44 207 1620 177
US: +1 334 323 6203
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 20 July 2014 in
the following numbers: US callers +1 954 334 0342, non-US callers
+44 20 7031 4064, access code 945648.
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 3.2 billion and it
employs approximately 11,000 people. Cargotec's class B shares are quoted on
NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com
[HUG#1830610]
© 2024 Nasdaq, Inc. All Rights Reserved |