2010-07-20 11:30:00 CEST
2010-07-20 11:30:41 CEST
REGLAMENTUOJAMA INFORMACIJA
KONE Oyj - Interim report (Q1 and Q3)
KONE Corporation's Interim Report for January-June 2010
KONE Corporation, stock exchange release, July 20, 2010 at 12:30 p.m. EET
KONE's Q2: Overall strong development
April-June 2010
- In April-June 2010, orders received totaled EUR 1,043 (4-6/2009: 953.9)
million. Orders received increased by 9.3% at historical exchange rates and by
3.7% at comparable exchange rates.
- Net sales increased by 7.7% to EUR 1,259 (1,169) million. At comparable
exchange rates the increase was 2.6%.
- Operating income was EUR 175.7 (146.3) million or 14.0% (12.5%) of net sales
(4-6/2009 figures exclude a one-time cost of EUR 33.6 million related to the
fixed cost adjustment program).
- Cash flow from operations reached EUR 201.7 (201.1) million.
- KONE upgrades its outlook for 2010 due to strong orders received in the
Asia-Pacific region and favorable exchange rate movements. KONE's net sales is
estimated to be at approximately the same level as in 2009. The operating income
(EBIT) is expected to be in the range of EUR 630-660 million. KONE previously
estimated its net sales to decline by 0-5% compared to 2009. The previous
operating income (EBIT) outlook was EUR 580-620 million.
January-June 2010
- In January-June 2010, orders received totaled EUR 1,938 (1-6/2009: 1,852)
million. Orders received increased by 4.6% at historical exchange rates and by
1.5% at comparable exchange rates. The order book stood at EUR 3,934 (Dec
31, 2009: 3,309) million at the end of June 2010.
- Net sales increased by 3.3% to EUR 2,262 (2,190) million. At comparable
exchange rates it increased by 0.2%.
- Operating income was EUR 284.3 (237.5) million or 12.6% (10.8%) of net sales
(1-6/2009 figures exclude a one-time cost of EUR 33.6 million related to the
fixed cost adjustment program).
Key Figures
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2010 2009 2010 2009 2009
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Orders received MEUR 1,042.8 953.9 1,937.5 1,852.4 3,432.4
Order book MEUR 3,933.7 3,754.1 3,933.7 3,754.1 3,309.1
Sales MEUR 1,258.9 1,168.6 2,261.9 2,189.6 4,743.7
Operating income MEUR 175.7 146.3 1) 284.3 237.5 1) 600.3 1)
Operating income % 14.0 12.5 1) 12.6 10.8 1) 12.7 1)
Cash flow
from operations
before financing
items and taxes) MEUR 201.7 201.1 419.3 371.4 825.1
Net income MEUR 135.6 86.5 217.2 165.2 466.4
Total
comprehensive
income MEUR 174.1 79.4 284.9 159.6 449.5
Basic earnings
per share EUR 0.53 0.34 0.85 0.65 1.84
Interest-bearing
net debt MEUR -487.6 -167.1 -487.6 -167.1 -504.7
Total equity/
total assets % 43.5 38.8 43.5 38.8 47.0
Gearing % -37.4 -16.1 -37.4 -16.1 -37.7
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1) Excluding a EUR 33.6 million one-time restructuring cost related to the fixed
costs adjustment program, which was booked in the second quarter in 2009.
KONE President & CEO, Matti Alahuhta, in conjunction with the review:"The strong performance during the first half of the year demonstrates that our
overall approach during the past two years has been successful. The strong
development of our business in the Asia-Pacific region has largely compensated
for the significant decline in the new equipment markets in Europe and North
America. This progress in combination with the improvements in overall quality
and productivity as well as the active development of our service business has
resulted in a continuous growth in operating income. During the second quarter,
low sourcing costs and favorable exchange rates also contributed to the good
growth in operating income. I am very pleased with our business progress during
the second quarter. Our personnel continued to do a great job for which I want
to thank them.
As a result of the strong development during the first half of the year, we have
upgraded our full year outlook for the operating income to EUR 630-660 million,
even though our result this year will be less second half weighted than in prior
years.
The new equipment markets started to stabilize in Europe and North America as we
expected during the first half of the year. However, we believe that the overall
economy and our markets in these areas will remain uncertain and that their
recovery will be slow. We have good order book coverage for 2010. These
uncertainties will therefore not have any material impact on our financial
performance this year but they might reflect on periods thereafter.
In order to ensure that our development within our industry remains strong, we
have started to increase investments in actions that will further improve our
long-term competitiveness."
Analyst and media meeting and conference call
A meeting for the press, conducted in Finnish, will be held on Tuesday, July
20, 2010 at 2:15 p.m. Eastern European Time.
A telephone conference and a meeting for analysts, conducted in English, will
begin at 3:45 p.m. Eastern European Time. The meeting can also be followed as a
webcast on www.kone.com.
Both meetings will take place in the KONE Building, located at Keilasatama 3,
Espoo, Finland.
Telephone conference numbers:
Finnish callers: +358 923 101 527
US callers: +1 866 458 40 87
Other callers: +44 203 043 2436
Participant code: KONE
An on-demand version of the webcast will be available on www.kone.com later
during the same day.
About KONE
KONE is one of the global leaders in the elevator and escalator industry. The
company has been committed to understanding the needs of its customers for the
past century, providing industry-leading elevators, escalators and automatic
building doors as well as innovative solutions for modernization and
maintenance. The company's objective is to offer the best people flow experience
by developing and delivering solutions that enable people to move smoothly,
safely, comfortably and without waiting in buildings in an increasingly
urbanizing environment. In 2009, KONE had annual net sales of EUR 4.7 billion
and approximately 34,000 employees. KONE class B shares are listed on the NASDAQ
OMX Helsinki Ltd in Finland. Founded in 1910, KONE celebrates its centennial
anniversary in 2010.
www.kone.com
For further information please contact:
Henrik Ehrnrooth, CFO, tel. +358 (0) 204 75 4260
Sender:
KONE Corporation
Henrik Ehrnrooth
CFO
Anne Korkiakoski
Executive Vice President,
Marketing and Communications
Interim Report for January-June 2010
Accounting Principles
KONE Corporation's Interim Report for January-June 2010 has been prepared in
line with IAS 34, `Interim Financial Reporting´. KONE has applied the same
accounting principles in the preparation of this interim report as in its
financial statements for 2009, published on January 26, 2010. Additionally the
changes according to revised IAS/IFRS standards have been adopted. Out of these
relevant changes are IFRS 3 (revised) Business combinations and IAS 27 (revised)
Consolidated and separate financial statements. The information presented in
this Interim Report has not been audited.
April-June 2010 review
Operating environment in April-June
In the second quarter of 2010 overall market activity in the Europe, Middle East
and Africa (EMEA) and Americas markets remained challenging, while the
Asia-Pacific region continued to develop favorably. The activity level in major
projects increased. The pricing environment in the new equipment business was
intense in all regions. Modernization markets were overall quite stable.
Maintenance markets continued to develop favorably, but remained verycompetitive.
In the EMEA region, the business environment in new equipment markets was mixed
with the residential market developing positively in Northern Europe but with
most Southern European markets remaining weak. Growth was seen in residential
markets in Germany, the United Kingdom, Sweden, Finland and Poland. The
residential markets in France and Italy showed signs of stabilization at a low
level. The market continued to decline in Spain. The commercial segment was
still burdened by high vacancy rates in Southern Europe. Markets in the Middle
East, particularly in Abu Dhabi and Saudi Arabia, continued to develop
positively with emphasis on government-funded long-term planning and
infrastructure development. The modernization markets were at about last year's
level. The maintenance markets continued to develop well in the EMEA region, but
remained very competitive.
In the Americas region, the new equipment markets stabilized at low levels. Even
though the new equipment market showed signs of stabilization in the United
States, it remained challenging and uncertain. The tendering activity in
infrastructure and publicly funded projects improved and its share of the total
construction investment activity grew. Price competition, particularly in major
projects, remained intense in the United States. Modernization activity
increased somewhat. In Canada, the new equipment market continued to recover and
was rather active. The modernization market was stable. Mexico's recovery
progressed, albeit slowly. Maintenance markets in the Americas developed rather
well, but were very competitive.
In the Asia-Pacific region, activity in the new equipment markets continued to
grow strongly during the second quarter, but the pricing environment continued
to be intense. The Chinese public transportation and residential segments,
particularly affordable housing, continued to grow strongly. The commercial
segment was also quite active. Tendering activity continued to grow in India
with the residential segment, particularly affordable housing, being the main
growth segment, while the activity in the commercial segment was unchanged at a
low level. In Australia, where the new equipment markets developed favorably
during the beginning of the year, tendering activity decreased somewhat. This
was primarily due to increasing interest rates and funding constraints.
Tendering activity in the modernization market improved. Market activity in
Southeast Asia increased with the residential segment developing particularly
well. Maintenance markets in Asia-Pacific continued to develop favorably.
Financial performance in April-June
KONE's orders received increased by 9.3% as compared to April-June 2009, and
totaled EUR 1,043 (4-6/2009: 953.9) million. At comparable exchange rates,
orders received increased by 3.7%. KONE was particularly successful in the
volume business but also secured a number of important major project orders. The
performance in orders received was strongest in Asia-Pacific, with China and
India developing most positively. Maintenance contracts are not included in
orders received.
The largest orders received in April-June 2010 included an order to supply
elevators for the new Southmead Hospital in Bristol in the United Kingdom, an
order to supply elevators and escalators for phase 1 of the Centre 66
development project in Wuxi, China as well as an order to supply elevators and
escalators for phase 1 of the Hualongqiao B11 high-rise project in Chongqing,
China.
KONE's net sales increased by 7.7% as compared to April-June 2009, and totaled
EUR 1,259 (1,169) million. At comparable exchange rates, the increase was 2.6%.
New equipment sales accounted for EUR 593.5 (548.5) million of the total which
represented an increase of 8.2% over the comparison period. At comparable
currency rates, the increase was 2.3%.
Service sales (maintenance and modernization) increased by 7.3% and totaled EUR
665.4 (620.1) million. At comparable currency rates, the increase was 2.8%.
Maintenance sales continued to grow at the prior good rate, whereas
modernization sales declined slightly. The reasons for the decline were seasonal
fluctuations and a change in the business mix of modernization towards larger
modernizations and full replacements.
The operating income for the April-June 2010 period totaled EUR 175.7 (112.7) or
14.0% (9.6%) of net sales (the operating income in April-June 2009 excluding the
one-time cost of EUR 33.6 million related to the fixed cost adjustment program
was EUR 146.3 million or 12.5% of net sales). The good operating income was
primarily a result of strong sales growth in the Asia-Pacific region, improved
operational quality and productivity, favorable sourcing costs, lower fixed
costs as well as favorable movements in translation exchange rates due to the
weakening of the euro against most major currencies.
Sales by geographical regions, MEUR
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2010 % 2009 % 2010 % 2009 % 2009 %
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EMEA 1) 730.9 58 736.1 63 1,324.3 59 1,374.9 63 2,953.4 62
Americas 250.6 20 222.3 19 487.5 21 456.4 21 970.2 21
Asia-Pacific 277.4 22 210.2 18 450.1 20 358.3 16 820.1 17
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Total 1,258.9 1,168.6 2,261.9 2,189.6 4,743.7
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1) EMEA = Europe, Middle East, Africa
January-June 2010 review
KONE's Orders received and Order book in January-June
The overall market situation was demanding in new equipment throughout the
reporting period except in the Asia-Pacific region where all major markets grew.
Modernization markets grew slightly. The global maintenance market, which is by
nature less cyclical, continued to grow.
In January-June 2010, KONE's orders received increased by 4.6% and totaled EUR
1,938 (1-6/2009: 1,852) million. At comparable exchange rates, the increase was
1.5%. Maintenance contracts are not included in orders received.
The order book increased from the end of 2009 by 18.9% and stood at EUR 3,934
(Dec 31, 2009: 3,309) million at the end of June 2010. At comparable exchange
rates, the increase was 6.4%. The margin of the order book remained stable.
Cancellations of orders have remained at a very low level.
In the EMEA region, total orders received were at the same level as during
January-June 2009. KONE's orders received grew in the northern parts of Europe
and in the Middle East but declined in Southern Europe. In the Americas region,
orders received declined. In the Asia-Pacific region, orders received grew in
all of KONE's major countries and the growth was very strong in China and India.
Net sales
In January-June 2010, KONE's net sales increased by 3.3% as compared to last
year, and totaled EUR 2,262 (1-6/2009: 2,190) million. At comparable exchange
rates the increase was 0.2%.
New equipment sales accounted for EUR 1,023 (993.6) million of the total and
represented an increase of 3.0% over the comparison period in 2009. At
comparable exchange rates, however, new equipment sales declined by 0.5%.
Service (maintenance and modernization) sales increased by 3.6% and totaled EUR
1,239 (1,196) million. At comparable exchange rates, the increase was 0.8%.
Maintenance sales continued to grow at its prior good rate, whereas
modernization sales declined due to seasonal and business mix factors.
The geographical distribution of net sales was 59% (63%) EMEA, 21% (21%)
Americas and 20% (16%) Asia-Pacific.
Financial result
In January-June 2010, KONE's operating income was very strong at EUR 284.3
(1-6/2009: 203.9) or 12.6% (9.3%) of net sales (the operating income in
January-June 2009 excluding the one-time cost of EUR 33.6 million related to the
fixed cost adjustment program was EUR 237.5 million or 10.8% of net sales). The
growth in operating income was the result of good business progress in
Asia-Pacific, improved overall quality and productivity due to good progress in
KONE's development programs, favorable sourcing costs and reduced fixed costs as
well as favorable movements in translation exchange rates. Net financing items
were EUR 1.6 (15.6) million.
KONE's income before taxes for January-June 2010 was EUR 290.4 (221.1) million.
Taxes totaled EUR 73.2 (55.9) million, taking into account taxes proportionate
to the amount estimated for the financial year. This represents an effective tax
rate of 25.2%. Net income for the period under review was EUR 217.2 (165.2)
million.
Earnings per share was EUR 0.85 (0.65). Equity per share was EUR 5.10 (4.09).
Consolidated statement of financial position and Cash flow
KONE's financial position was strong and the company had a clearly positive net
cash position at the end of June. Cash flow generated from operations (before
financing items and taxes) in January-June 2010 was EUR 419.3 (1-6/2009: 371.4)
million.
The primary drivers of the strong cash flow were the growth in the operating
income and a substantial improvement in the net working capital. The progress in
net working capital was largely due to good payment terms and an improvement in
the ratio of advance payments received relative to inventories. At the end of
June 2010, net working capital was EUR -338.4 (December 31, 2009: -228.7)
million, including financing items and taxes.
Interest-bearing assets exceeded interest-bearing debts and the net cash
position totaled EUR 487.6 (December 31, 2009: 504.7) million. Gearing was
-37.4%, compared with -37.7% at the end of 2009. KONE's total equity/total
assets ratio was 43.5% (December 31, 2009: 47.0%) at the end of June.
Capital expenditure and acquisitions
KONE's capital expenditure, including acquisitions, totaled EUR 55.8 (1-6/2009:
48.4) million. Capital expenditure, excluding acquisitions, was mainly related
to facilities and equipment in R&D, IT and production. Acquisitions accounted
for EUR 32.9 (29.0) million of this figure.
During January-June 2010, KONE completed the acquisition of ASBA Mantenimientos
S.L., a Spanish elevator company based in Barcelona, to strenghten KONE's
maintenance and modernization operations in the Catalonia region. KONE also
acquired Reliant Elevator Company, the largest independent elevator service
company in Oregon, USA. Through this acquisition KONE strengthened its position
as one of the leading elevator and escalator companies in the Portland
metropolitan area and throughout Oregon. During the reporting period, KONE also
acquired ATPE-AMIB S.A., a French automatic door company. The Paris-based
company provides and maintains gates, garage doors, access control and intercom
installations in residential buildings.
Research and development
Research and development expenses totaled EUR 32.6 (1-6/2009: 30.9) million,
representing 1.4% (1.4%) of net sales. R&D expenses include the development of
new concepts and further development of existing products and services. KONE's
elevators and escalators are based on energy-efficient technology.
In January-June 2010, KONE released new offerings in all regions. The new and
improved elevator offering for the Asia-Pacific markets included a wide range of
updated products, a further improvement in the eco-efficiency offering and
option extensions as well as a new design collection. In Europe, KONE introduced
an enhanced offering for the medical segment. In addition, extended solutions
for the residential and office segments were offered with a focus on energy
efficiency. KONE also released an updated offering for modular elevator
modernization and full replacement. In the Americas, KONE launched updated car
and signalization design solutions for its mid- and high-rise elevators, along
with energy efficient lighting and improved functionality offerings. In January
2010, KONE released a new escalator dedicated especially to the Chinese retail
and commercial building segment. In January-June 2010, KONE also initiated the
introduction of a new regenerative drive family to expand the coverage of its
already wide offering of energy efficient solutions.
Other important events during the financial period
KONE announced in 2009 a program to reduce fixed costs due to the weak new
equipment markets. The plans for the program were communicated in connection
with the second quarter result in 2009. The annual impact of this fixed cost
reduction plan is expected to be at least EUR 40 million starting in 2010. The
total one-time restructuring cost relating to this program was EUR 33.6 million,
which was booked in the second quarter of 2009. The fixed cost adjustment
program progressed according to plan during the first half of 2010.
KONE announced in March 2010 that certain municipalities, public authorities and
companies in Austria had filed civil damage claims against leading elevator and
escalator companies. The claims have been served on KONE's Austrian subsidiary
KONE AG, and they relate to the 2007 decision of the Austrian Cartel Court
concerning practices prior to mid-2004. Some further claims have been served
since the announcement in March and the total capital amount claimed jointly and
severally from all of the defendants together amounted to EUR 145 million at the
end of the reporting period. KONE's position is that the claims are without
merit. No provision has been made.
Personnel
The objective of KONE's personnel strategy is to help the company meet its
business targets. The main goals of this strategy are to further secure the
availability, engagement, motivation and continuous development of its
personnel. All of KONE's activities are guided by ethical principles. The
personnel's rights and responsibilities include the right to a safe and healthy
working environment, personal wellbeing as well as the prohibition of any kind
of discrimination.
During January-June 2010, KONE continued to invest in and run leadership
training programs and launched a new leadership program for middle management as
well as a virtual induction program for new managers. KONE's annual employee
survey was conducted and the results were published with actions being
implemented during the second half of the year. Work on human resources systems
and tools continued.
KONE had 33,621 (December 31, 2009: 33,988) employees at the end of June. The
average number of employees was 33,626 (1-6/2009: 34,461).
The geographical distribution of KONE employees was 55% (December
31, 2009: 55%) in EMEA, 16% (17%) in the Americas and 29% (28%) in Asia-Pacific.
Environment
KONE published its second Corporate Responsibility Report during the reporting
period.
KONE's aim is to be the eco-efficiency leader in its industry. The development
of eco-efficient solutions focuses on stand-by energy saving solutions and
regenerative units for elevators. KONE set an ambitious target for 2010 with the
aim of reducing the electricity consumption of its volume elevators by 50% by
the end of 2010, compared to the 2008 base value. During 2010, the energy
consumption of KONE's new volume elevators will be reduced by a further 20% in
addition to the 30% reduction achieved in 2009.
KONE intends to minimize its carbon footprint and to ensure the compliance of
KONE's suppliers with the corresponding requirements and environmental targets.
KONE has set an annual 5% carbon footprint reduction target for its own
operations. The largest part of KONE's entire global impact relates to the
amount of electricity used by KONE equipment in their lifetime, underlining the
importance of energy-efficient innovations for elevators and escalators.
During January-June 2010, KONE elevators received energy efficiency ratings in
measurements performed by independent third parties. In Europe KONE's MonoSpace®
and MiniSpace(TM) elevators received an 'A label' as defined by VDI 4707, a
guideline published by the Association of German Engineers, which aims at
classifying elevators based on their energy consumption (the classification
ranges from A to G, from the most to the least energy efficient system).
Capital and risk management
KONE's business activities are exposed to risks, which may arise from its
operations or changes in the business environment. The risk factors listed below
can potentially have an adverse affect on KONE's business operations and
financial position and hence the shareholder value of the company. Other risks,
which are currently either unknown or considered immaterial to KONE, may,
however, become material in the future.
A continuing global economic slowdown or a renewed weakening of the global
economy after a short period of growth may bring about a further decrease in the
number of new equipment and modernization orders received, cancellation of
agreed deliveries, or delays in the commencement of projects. A significant part
of KONE's sales consists of services which are less susceptible to the effects
of economic cycles, but which are very labor-intensive. The profit development
of the Group could be adversely affected if the productivity targets in the
service business are not met or if it is not possible to efficiently reallocate
personnel resources in response to changing business opportunities and
environments.
A big proportion of KONE's new equipment sales take place in the form of major
construction projects in which KONE is a subcontractor. In these projects,
KONE's project management organization cooperates with the main contractors'
project organization. Supply chains, the high technology featured in components
and technologically demanding installation processes may make it more difficult
to achieve the quality, cost or schedule objectives set for the project. Common
project management methodology and tools together with related global training
programs are used for managing project risks.
KONE's business activities are dependent on the uninterrupted operation and
reliability of sourcing channels, production plants, logistics processes and the
IT systems used. These risks are controlled by analyzing and improving the fault
tolerance of processes and by increasing the readiness for transferring the
manufacturing of critical components from one production line to another. KONE
actively monitors the operations and financial strength of its key suppliers.
The aim is also to secure the availability of alternative sourcing channels for
critical components and services. Additionally, KONE has a global property
damage and business interruption insurance program in place.
A renewed economic downturn may affect the liquidity and payment schedules of
KONE's customers and lead to credit losses. KONE's 'tender to cash' process
defines the rules for tendering, authorizations and credit control. Advance
payments, documentary credits and guarantees are used in the payment terms to
minimize the risks related to accounts receivable. KONE proactively manages its
accounts receivable in order to minimize the risk of customer defaults. The
customer base of KONE consists of a large number of customers in several market
areas.
KONE operates internationally and is thus exposed to currency risks arising from
exchange rate fluctuations related to currency flows from sales and purchases
and from translation of statement of financial position items of foreign
subsidiaries into euros. The KONE Treasury function manages exchange rates and
other financial risks centrally on the basis of principles approved by the Board
of Directors.
Changes in raw material prices are reflected directly in the production costs of
components made by KONE, such as doors and cars, and indirectly in the prices of
purchased components. In order to reduce the fluctuation of raw material prices
and their impact on the price of components, KONE has for 2010 entered into
fixed price contracts for a substantial part of the most significant materials.
The maintenance business deploys a significant fleet of service vehicles, which
explains why oil price fluctuations have an effect on the cost of maintenance.
Decisions of the Annual General Meeting
KONE Corporation's Annual General Meeting was held in Helsinki on March
1, 2010. The meeting approved the financial statements and discharged the
responsible parties from liability for the January 1-December 31, 2009 financial
period.
The number of Members of the Board of Directors was confirmed as eight and it
was decided to elect one deputy Member. Re-elected as Members of the Board were
Matti Alahuhta, Anne Brunila, Reino Hanhinen, Antti Herlin, Sirkka
Hämäläinen-Lindfors, Juhani Kaskeala, Shunichi Kimura and Sirpa Pietikäinen and
as deputy Member Jussi Herlin.
At its meeting held after the Annual General Meeting, the Board of Directors
elected from among its members Antti Herlin as its Chair and Sirkka
Hämäläinen-Lindfors as Vice Chair.
Antti Herlin was elected as Chairman of the Audit Committee. Sirkka
Hämäläinen-Lindfors and Anne Brunila were elected as independent Members of the
Audit Committee.
Antti Herlin was elected as Chairman of the Nomination and Compensation
Committee. Reino Hanhinen and Juhani Kaskeala were elected as independent
Members of the Nomination and Compensation Committee.
The Annual General Meeting confirmed an annual compensation of EUR 54,000 for
the Chairman of the Board, EUR 42,000 for the Vice Chairman, EUR 30,000 for
Board Members and EUR 15,000 for the deputy Member. In addition, a compensation
of EUR 500 was approved for attendance at Board and Committee meetings.
The Annual General Meeting authorized the Board of Directors to repurchase
KONE's own shares. Altogether, no more than 25,570,000 shares may be
repurchased, of which no more than 3,810,000 may be class A shares and
21,760,000 class B shares, taking into consideration the provisions of the
Companies Act regarding the maximum amount of own shares that the Company is
allowed to possess. The minimum and maximum consideration for the shares to be
purchased is determined for both class A and class B shares on the basis of the
trading price for class B shares determined on the NASDAQ OMX Helsinki Ltd. on
the time of purchase. The authorization shall remain in effect for a period of
one year from the date of the decision of the General Meeting.
In addition, the Annual General Meeting authorized the Board of Directors to
decide on the issuance of options and other special rights entitling to shares
referred to in chapter 10 section 1 of the Companies Act. The authorization is
limited to a maximum of 3,810,000 class A shares and 21,760,000 class B shares.
The Board of Directors decides on all the conditions of the issuance of shares
and of special rights entitling to shares. The authorization concerns both the
issuance of new shares as well as the transfer of treasury shares, and the
issuance of shares and of special rights entitling to shares may be carried out
in deviation from the shareholders' pre-emptive rights. The authorization shall
remain in effect for a period of five years from the date of the decision of the
General Meeting.
The General Meeting decided to establish the KONE Corporation Centennial
Foundation. The purpose of the foundation is to advance and support
developmental, educational and cultural activities for children and youth around
the world. The General Meeting decided to distribute 100,000 treasury class B
shares of KONE Corporation without compensation to the KONE Corporation
Centennial Foundation to be established, and authorized the Board to later grant
no more than EUR 100,000 to the foundation. The General Meeting also decided to
authorize the Board to grant during 2010 no more than EUR 3,500,000 to support
the activities of universities and colleges.
Authorized public accountants Heikki Lassila and PricewaterhouseCoopers Oy were
re-nominated as the Company´s auditors.
Dividend for 2009
The Annual General Meeting approved the Board's proposal for dividends of EUR
1.295 for each of the 38,104,356 class A shares and EUR 1.30 for the
215,633,008 outstanding class B shares. Half of the dividend is an extra
dividend due to KONE's centennial year 2010. The date of record for dividend
distribution was March 4, 2010, and dividends were paid on March 11, 2010.
Share capital and Market capitalization
In 2005, KONE granted a conditional option program, 2005C. The 2005C stock
options were listed on the NASDAQ OMX Helsinki Ltd. as of April 1, 2008. Each
option right entitled its owner to subscribe for two (2) KONE Corporation class
B shares at a price of EUR 10.60 per share. As the 2005C options subscription
period ended on April 30, 2010, the remaining 522,000 series of C options held
by the subsidiary expired. The rest of the remaining 1,054,625 options had been
used and the shares were entered in the Finnish Trade Register in May 2010.
In 2007, KONE granted a conditional option program, 2007. The 2007 stock options
were listed on the NASDAQ OMX Helsinki Ltd. as of April 1, 2010. The total
number of stock options is 2,000,000 of which 888,000 are owned by a subsidiary
of KONE Corporation. Each option right entitles its owner to subscribe for two
(2) class B shares at a price of EUR 22.845 per share. At the end of June 2010,
the remaining 2007 options entitled their holders to subscribe 4,000,000 class B
shares as no shares were subscribed during January-June. The subscription period
for 2007 options will end on April 30, 2012.
On June 30, 2010, KONE's share capital was EUR 65,134,030.00, comprising
222,431,764 listed class B shares and 38,104,356 unlisted class A shares.
KONE´s market capitalization was EUR 8,376 million on June 30, 2010,
disregarding own shares in the Group's possession. Market capitalization is
calculated on the basis of both the listed B shares and the unlisted A shares
excluding treasury shares. Class A shares are valued at the closing price of the
class B shares at the end of the reporting period.
Repurchase of KONE shares
On the basis of the Annual General Meeting's authorization, KONE Corporation's
Board of Directors decided to commence the possible repurchasing of shares at
the earliest on March 9, 2010.
In March 2010, 100,000 treasury class B shares of KONE Corporation were
distributed without compensation to the KONE Corporation Centennial Foundation.
In April 2010, 311,375 KONE class B shares assigned to the share-based incentive
plan for the company's senior management were transferred due to achieved
targets for the financial year 2009. 290,639 of the shares were transferred by
KONE Corporation and 20,736 were transferred by KNEBV Incentive Oy, subsidiary
of KONE Corporation. In May 2010, KONE used its authorization to repurchase own
shares and and bought back 550,000 of its own class B shares.
At the end of June 2010, the Group had 4,848,867 class B shares in its
possession. The shares in the Group's possession represent 2.2% of the total
number of class B shares. This corresponds to 0.8% of the total voting rights.
Shares traded on the NASDAQ OMX Helsinki Ltd.
The NASDAQ OMX Helsinki Ltd. traded 79.0 million KONE Corporation's class B
shares in January-June 2010, equivalent to a turnover of EUR 2,449 million. The
daily average trading volume was 642,047 (1-6/2009: 759,261). The share price on
June 30, 2010 was EUR 32.76. The volume weighted average share price during the
period was EUR 31.03. The highest quotation during the period under review was
EUR 35.18 and the lowest EUR 27.72.
The number of registered shareholders was 22,304 at the beginning of the review
period and 27,740 at its end. The number of private households holding shares
totaled 25,201 at the end of the period, which corresponds to approximately 13%
of the listed B shares.
According to the nominee registers, 42.8% of the listed class B shares were
owned by foreigners as per June 30, 2010. Other foreign ownership at the end of
the period totaled 6.6%. Thus a total of 49.4% of KONE's listed class B shares
were owned by international investors, corresponding to approximately 18% of the
total votes in the company.
Market outlook 2010
KONE specifies its market outlook for 2010. The new equipment markets in
Asia-Pacific are expected to continue to grow, albeit at a lower rate than
during the first half of the year. In EMEA and North America, the markets have
started to stabilize, but the market environment remains uncertain and recovery
is expected to be slow. The modernization markets are expected to be at about
last year's level. The maintenance markets are expected to continue to develop
well, but remain very competitive.
Outlook 2010
KONE upgrades its outlook for 2010 due to strong orders received in the
Asia-Pacific region and favorable movements in translation exchange rates.
KONE's net sales is estimated to be at approximately the same level as in 2009.
The operating income (EBIT) is estimated to be in the range of EUR 630-660
million.
Previous outlook
KONE's net sales is estimated to decline by 0-5% compared to 2009.
The operating income (EBIT) is expected to be in the range of EUR 580-620
million.
Helsinki, July 20, 2010
KONE Corporation's Board of Directors
This Interim Report contains forward-looking statements that are based on the
current expectations, known factors, decisions and plans of the management of
KONE. Although management believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that such
expectations will prove to be correct. Accordingly, results could differ
materially from those implied in the forward-looking statements as a result of,
among other factors, changes in economic, market and competitive conditions,
changes in the regulatory environment and other government actions and
fluctuations in exchange rates.
Consolidated statement of income
MEUR 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2010 % 2009 % 2010 % 2009 % 2009 %
--------------------------------------------------------------------------------
Sa-
les 1,258.9 1,168.6 2 261.9 2,189.6 4,743.7
Costs
and
expen-
ses -1,067.2 -1,006.8 -1,946.0 -1,921.1 -4,081.2
Depre-
ciation -16.0 -15.5 -31.6 -31.0 -62.2
One-time
restruc-
turing
cost -33.6 - -33.6 -33.6
--------------------------------------------------------------------------------
Operating
income 175.7 14.0 112.7 9.6 284.3 12.6 203.9 9.3 566.7 11.9
Share
of
associated
companies'
net
income 3.8 1.5 4.5 1.6 8.1
Financing
income 2.2 3.0 7.2 21.7 28.8
Financing
expenses -0.8 -1.7 -5.6 -6.1 -9.0
--------------------------------------------------------------------------------
Income
before
taxes 180.9 14.4 115.5 9.9 290.4 12.8 221.1 10.1 594.6 12.5
Taxes -45.3 -29.0 -73.2 -55.9 -128.2
--------------------------------------------------------------------------------
Net
income 135.6 10.8 86.5 7.4 217.2 9.6 165.2 7.5 466.4 9.8
--------------------------------------------------------------------------------
Net
income
attribu-
table
to:
Share-
holders
of the
parent
company 135.3 86.1 216.6 164.7 465.6
Non-
control-
ling
interests 0.3 0.4 0.6 0.5 0.8
--------------------------------------------------------------------------------
Total 135.6 0.0 86.5 217.2 165.2 466.4
--------------------------------------------------------------------------------
Earnings per share for profit attributable to the shareholders of the parent
company, EUR
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2010 2009 2010 2009 2009
----------------------------------------------
Basic
earnings per
share, EUR 0.53 0.34 0.85 0.65 1.84
Diluted
earnings per
share, EUR 0.53 0.34 0.85 0.65 1.83
----------------------------------------------
Consolidated statement of comprehensive income
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
MEUR 2010 2009 2010 2009 % 2009
----------------------------------------------------
Net income 135.6 86.5 217.2 165.2 466.4
Other
comprehensive
income,
net of
tax:
Translation
differences 43.7 -7.1 77.4 1.5 -7.3
Hedging of
foreign
subsidiaries - 0.9 - -1.0 -1.0
Cash flow
hedges -5.2 -0.9 -9.7 -6.1 -8.6
----------------------------------------------------
Other
comprehensive
income,
net of
tax 38.5 -7.1 67.7 -5.6 -16.9
----------------------------------------------------
Total
comprehensive
income 174.1 79.4 284.9 159.6 449.5
----------------------------------------------------
Total
comprehensive
income
attributable
to:
Shareholders
of the parent
company 173.8 79.0 284.3 159.1 448.7
Non-controlling
interests 0.3 0.4 0.6 0.5 0.8
----------------------------------------------------
Total 174.1 79.4 284.9 159.6 449.5
Condensed consolidated statement of financial position
Assets
Jun 30, Jun 30, Dec 31,
MEUR 2010 2009 2009
----------------------------------------------------------
Non-current assets
Intangible assets 762.3 699.0 706.7
Tangible assets 212.1 209.5 200.5
Loans receivable and other
interest-bearing assets 1.9 1.8 1.6
Deferred tax assets 179.6 126.7 152.8
Investments 180.8 142.8 156.0
----------------------------------------------------------
Total non-current assets 1,336.7 1,179.8 1,217.6
Current assets
Inventories 920.6 936.9 784.6
Advance payments received -1,046.5 -926.9 -832.4
Accounts receivable and other
non interest-bearing assets 1,215.0 1,134.6 1,056.1
Current deposits and
loan receivables 405.7 177.0 421.2
Cash and cash equivalents 166.8 170.3 204.9
----------------------------------------------------------
Total current assets 1,661.6 1,491.9 1,634.4
----------------------------------------------------------
Total assets 2,998.3 2,671.7 2,852.0
----------------------------------------------------------
Equity and liabilities
Jun 30, Jun 30, Dec 31,
MEUR 2010 2009 2009
----------------------------------------------------------
Equity 1,304.4 1,036.6 1,339.2
Non-current liabilities
Loans 30.8 28.9 27.2
Deferred tax liabilities 46.6 39.5 42.4
Employee benefits 117.2 119.0 110.6
----------------------------------------------------------
Total non-current liabilities 194.6 187.4 180.2
Provisions 102.2 79.4 100.3
Current liabilities
Loans 56.0 153.1 95.8
Accounts payable and
other liabilities 1,341.1 1,215.2 1,136.5
----------------------------------------------------------
Total current liabilities 1,397.1 1,368.3 1,232.3
----------------------------------------------------------
Total equity and liabilities 2,998.3 2,671.7 2,852.0
----------------------------------------------------------
Consolidated statement of changes in equity
1) Share capital
2) Share premium account
3) Paid-up unrestricted equity reserve
4) Fair value and other reserves
5) Translation differences
6) Own shares
7) Retained earnings
8) Net income for the period
9) Non-controlling interests
10) Total equity
--------------------------------------------------------------------------
MEUR 1) 2) 3) 4) 5) 6) 7) 8) 9) 10)
--------------------------------------------------------------------------
Jan 1, 2010 64.6 100.4 13.0 0.4 -24.5 -80.1 1,264.6 0.8 1,339.2
--------------------------------------------------------------------------
Net income
for the
period 216.6 0.6 217.2
Other
comprehensive
income:
Translation
differences 77.4 77.4
Hedging of
foreign
subsidiaries -
Cash flow
hedges -9.7 -9.7
Transactions
with
shareholders
and non-
controlling
interests:
Profit
distribution 1.3 -334.0 -332.7
Issue
of shares
(option rights) 0.5 21.8 22.3
Purchase
of own
shares -16.9 -16.9
Sale
of own
shares -
Change in
non-
controlling
interests 0.0 0.0
Option and
share-based
compensation 4.3 3.3 7.6
--------------------------------------------------------------------------
Jun 30, 2010 65.1 100.4 34.8 -9.3 52.9 -91.4 933.9 216.6 1.4 1,304.4
--------------------------------------------------------------------------
------------------------------------------------------------------------
MEUR 1) 2) 3) 4) 5) 6) 7) 8) 9) 10)
------------------------------------------------------------------------
Jan 1, 2009 64.4 100.4 3.3 9.0 -16.2 -83.1 957.2 0.9 1,035.9
------------------------------------------------------------------------
Net income
for the
period 164.7 0.5 165.2
Other
comprehensive
income:
Translation
differences 1.5 1.5
Hedging of
foreign
subsidiaries -1.0 -1.0
Cash flow
hedges -6.1 -6.1
Transactions
with
shareholders
and non-
controlling
interests:
Profit
distribution -164.1 -164.1
Issue
of shares
(option rights) 0.0 0.9 0.9
Purchase
of own
shares -
Sale
of own
shares -
Change in
non-
controlling
interests -
Option and
share-based
compensation 3.0 1.3 4.3
------------------------------------------------------------------------
Jun 30, 2009 64.4 100.4 4.2 2.9 -15.7 -80.1 794.4 164.7 1.4 1,036.6
------------------------------------------------------------------------
--------------------------------------------------------------------------
MEUR 1) 2) 3) 4) 5) 6) 7) 8) 9) 10)
--------------------------------------------------------------------------
Jan 1, 2009 64.4 100.4 3.3 9.0 -16.2 -83.1 957.2 0.9 1,035.9
--------------------------------------------------------------------------
Net income
for the
period 465.6 0.8 466.4
Other
comprehensive
income:
Translation
differences -7.3 -7.3
Hedging of
foreign
subsidiaries -1.0 -1.0
Cash flow
hedges -8.6 -8.6
Transactions
with
shareholders
and non-
controlling
interests:
Profit
distribution -164.1 -164.1
Issue
of shares
(option rights) 0.2 9.7 9.9
Purchase
of own
shares -
Sale
of own
shares -
Change in
non-c
ontrolling
interests -0.9 -0.9
Option and
share-based
compensation 3.0 5.9 8.9
--------------------------------------------------------------------------
Dec 31, 2009 64.6 100.4 13.0 0.4 -24.5 80.1 799.0 465.6 0.8 1,339.2
--------------------------------------------------------------------------
Condensed consolidated statement of cash flows
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
MEUR 2010 2009 2010 2009 2009
------------------------------------------------------------
Operating income 175.7 112.7 284.3 203.9 566.7
Change in
working capital
before financial
items and
taxes 10.0 72.9 103.4 136.5 194.2
Depreciation and
impairment 16.0 15.5 31.6 31.0 64.2
------------------------------------------------------------
Cash flow
from
operations 201.7 201.1 419.3 371.4 825.1
Cash flow
from financing
items and
taxes -48.6 -49.9 -113.3 -65.6 -123.7
------------------------------------------------------------
Cash flow
from
operating
activities 153.1 151.2 306.0 305.8 701.4
------------------------------------------------------------
Cash flow
from investing
activities -33.9 -10.2 -50.2 -32.5 -90.6
------------------------------------------------------------
Cash flow
after investing
activities 119.2 141.0 255.8 273.3 610.8
------------------------------------------------------------
Purchase
and sale of
own shares -16.9 - -16.9 - -
Issue of
shares 22.3 0.6 22.3 0.9 9.9
Profit
distribution -25.6 -12.1 -332.7 -164.0 -164.0
Change in
deposits and
loans receivable,
net -97.3 -1.5 48.4 26.2 -220.9
Change in
loans payable 3.2 -133.1 -28.6 -114.2 -181.4
------------------------------------------------------------
Cash flow
from financing
activities -114.3 -146.1 -307.5 -251.1 -556.4
------------------------------------------------------------
------------------------------------------------------------
Change in
cash and
cash
equivalents 4.9 -5.1 -51.7 22.2 54.4
------------------------------------------------------------
Cash and
cash
equivalents
at end of
period 166.8 170.3 166.8 170.3 204.9
Translation
difference -4.7 -2.1 -13.6 -0.3 -2.7
Cash and
cash
equivalents
at beginning of
period 157.2 173.3 204.9 147.8 147.8
------------------------------------------------------------
Change in
cash and
cash
equivalents 4.9 -5.1 -51.7 22.2 54.4
------------------------------------------------------------
Change in interest-bearing net debt
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
MEUR 2010 2009 2010 2009 2009
-----------------------------------------------------------
Interest-bearing
net debt at
beginning of
period -360.0 -40.3 -504.7 -58.3 -58.3
Interest-bearing
net debt at
end of
period -487.6 -167.1 -487.6 -167.1 -504.7
-----------------------------------------------------------
Change in
interest-bearing
net debt -127.6 -126.8 17.1 -108.8 -446.4
-----------------------------------------------------------
Notes for the interim report
Key figures
1-6/ 1-6/ 1-12/
2010 2009 2009
----------------------------------------------------------
Basic earnings
per share EUR 0.85 0.65 1.84
Diluted earnings
per share EUR 0.85 0.65 1.83
Equity per share EUR 5.10 4.09 5.28
Interest-bearing
net debt MEUR -487.6 -167.1 -504.7
Total equity/total assets % 43.5 38.8 47.0
Gearing % -37.4 -16.1 -37.7
Return on equity % 32.9 31.9 39.3
Return on
capital employed % 31.2 26.9 34.0
Total assets MEUR 2,998.3 2,671.7 2,852.0
Assets employed MEUR 816.8 869.5 834.5
Working capital
(including financing and
tax items) MEUR -338.4 -181.8 -228.7
----------------------------------------------------------
Sales by geographical regions
1-6/ 1-6/ 1-12/
MEUR 2010 % 2009 % 2009 %
---------------------------------------------
EMEA(1)) 1,324.3 59 1,374.9 63 2,953.4 62
Americas 487.5 21 456.4 21 970.2 21
Asia-Pacific 450.1 20 358.3 16 820.1 17
---------------------------------------------
Total 2,261.9 2,189.6 4,743.7
---------------------------------------------
1) EMEA = Europe, Middle East, Africa
Quarterly figures
Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
2010 2010 2009 2009 2009 2009
------------------------------------------------------------------------
Orders received MEUR 1,042.8 894.7 813.5 766.5 953.9 898.5
Order book MEUR 3,933.7 3,638.5 3,309.1 3,603.4 3754.1 3,753.1
Sales MEUR 1,258.9 1,003.0 1,426.8 1,127.3 1168.6 1,021.0
Operating income MEUR 175.7 108.6 202.7 160.1 146.3 (1)) 91.2
Operating income % 14.0 10.8 14.2 14.2 12.5( 1)) 8.9
------------------------------------------------------------------------
Q4/ Q3/ Q2/ Q1/
2008 2008 2008 2008
-----------------------------------------------------
Orders received MEUR 845.2 892.4 1,092.4 1,117.5
Order book MEUR 3,576.7 4,002.8 3,838.7 3,617.4
Sales MEUR 1,431.6 1,123.8 1,142.1 905.3
Operating income MEUR 189.2 146.0 136.7 86.5
Operating income % 13.2 13.0 12.0 9.6
-----------------------------------------------------
Q4/ Q3/ Q2/ Q1/
2007 2007 2007 2007
----------------------------------------------------------
Orders received MEUR 901.9 926.3 944.4 902.1
Order book MEUR 3,282.3 3,473.6 3,318.0 3,105.7
Sales MEUR 1,294.2 971.6 1,001.9 811.2
Operating income MEUR 160.8 (2)) 126.7 116.4 69.3 (3))
Operating income % 12.4 (2)) 13.0 11.6 8.5 (3))
----------------------------------------------------------
Q4/ Q3/ Q2/ Q1/
2006 2006 2006 2006
-----------------------------------------------------
Orders received MEUR 712.1 742.0 821.9 840.3
Order book MEUR 2,762.1 2,951.0 2,818.0 2,654.0
Sales MEUR 1,145.6 879.8 840.4 735.0
Operating income MEUR 123.4 101.1 83.9 51.7
Operating income % 10.8 11.5 10.0 7.0
-----------------------------------------------------
1) Excluding a EUR 33.6 million one-time restructuring cost related to the fixed
cost adjustment program.
2) Excluding a EUR 22.5 million provision for the Austrian cartel court's fine
decision and a MEUR 12.1 sales profit from the sale of KONE Building.
3) Excluding a EUR 142.0 million fine for the European Commission's decision.
Orders received1-6/ 1-6/ 1-12/
MEUR 2010 2009 2009
--------------------------------
1,937.5 1,852.4 3,432.4
--------------------------------
Order book
Jun 30, Jun 30, Dec 31,
MEUR 2010 2009 2009
--------------------------------
3,933.7 3,754.1 3,309.1
--------------------------------
Capital expenditure
1-6/ 1-6/ 1-12/
MEUR 2010 2009 2009
-----------------------------------------
In fixed assets 15.1 16.3 40.9
In leasing agreements 7.8 3.1 5.6
In acquisitions 32.9 29.0 46.0
-----------------------------------------
Total 55.8 48.4 92.5
-----------------------------------------
R&D expenditure
1-6/ 1-6/ 1-12/
MEUR 2010 2009 2009
----------------------------------------------------------
32.6 30.9 62.0
----------------------------------------------------------
R&D Expenditure as percentage of sales 1.4 1.4 1.3
----------------------------------------------------------
Number of employees
1-6/ 1-6/ 1-12/
2010 2009 2009
-------------------------------------------------
Average 33,626 34,461 34,276
At the end of the period 33,621 34,285 33,988
-------------------------------------------------
Commitments
Jun 30, Jun 30, Dec 31,
MEUR 2010 2009 2009
----------------------------------------------------
Mortgages
Group and parent company - 0.7 -
Pledged assets
Group and parent company 2.0 1.9 1.9
Guarantees
Associated companies 4.2 3.6 3.5
Others 6.4 6.7 6.4
Operating leases 170.3 172.7 162.0----------------------------------------------------
Total 182.9 185.6 173.8
----------------------------------------------------
The future minimum lease payments under non-cancellable operating leases
Jun 30, Jun 30, Dec 31,
MEUR 2010 2009 2009
--------------------------------------------
Less than 1 year 45.8 41.6 41.0
1-5 years 94.2 98.7 91.6
Over 5 years 30.3 32.4 29.4
--------------------------------------------
Total 170.3 172.7 162.0
--------------------------------------------
Derivatives
Fair values of derivative financial instruments
Positive Negative Net Net Net
fair fair fair fair fair
value value value value value
Jun 30, Jun 30, Jun 30, Jun 30, Dec 31,
MEUR 2010 2010 2010 2009 2009
-------------------------------------------------------------------------
FX Forward contracts 5.2 16.3 -11.1 -1.5 -2.6
Currency options - - - 0.6 -
Cross-currency swaps,
due under one year - - - -11.2 -17.0
Cross-currency swaps,
due in 1-3 years - 20.2 -20.2 - -
Electricity derivatives 0.6 0.7 -0.1 -0.8 -0.4
-------------------------------------------------------------------------
Total 5.8 37.2 -31.4 -12.9 -20.0
-------------------------------------------------------------------------
Nominal values of derivative financial instruments
Jun 30, Jun 30, Dec 31,
MEUR 2010 2009 2009
---------------------------------------------------
FX Forward contracts 669.6 472.8 488.4
Currency options - 99.8 -
Cross-currency swaps,
due under one year - 136.7 113.1
Cross-currency swaps,
due in 1-3 years 139.3 - -
Electricity derivatives 4.9 4.3 5.3
---------------------------------------------------
Total 813.8 713.6 606.8
---------------------------------------------------
Shares and shareholders
Class A Class B
Jun 30, 2010 shares shares Total
-------------------------------------------------------
Number of
shares 38,104,356 222,431,764 260,536,120
Own shares
in
possession 1) 4,848,867
Share
capital, EUR 65,134,030
Market
capitalization, MEUR 8,376
Number of
shares traded,
million,
1-6/2010 79.0
Value of
shares traded
MEUR,
1-6/2010 2,449
Number of
shareholders 3 27,740 27,740
Close High Low
-------------------------------------------------------
Class B
share price,
1-6/2010, EUR 32.76 35.18 27.72
-------------------------------------------------------
1) During January-June 2010, KONE used its authorization and bought back
550,000 of its own class B shares in May. In April 2010, 311,375 KONE class B
shares assigned to the share-based incentive plan for the company's senior
management were transferred due to achieved targets for the financial year
2009. 290,639 of the shares were transferred by KONE Corporation and 20,736 were
transferred by KNEBV Incentive Oy, subsidiary of KONE Corporation. In March
2010, 100,000 treasury class B shares of KONE Corporation were distributed
without compensation to the KONE Corporation Centennial Foundation.
[HUG#1432733]
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