2008-07-17 11:00:00 CEST
2008-07-17 11:00:59 CEST
REGULATED INFORMATION
Cargotec - Half Year financial report
Cargotec's Interim Report for January-June 2008
Cargotec Corporation, Stock Exchange Release, July 17, 2008 at 12:00
p.m. Finnish time
* Orders received during the first half of 2008 totalled EUR 2,168
(1,864) million. During the second quarter, orders received were
EUR 1,013 (949) million.
* The order book continued to strengthen, reaching EUR 3,360
(December 31, 2007: 2,865) million.
* Sales for the first half grew by 13 percent, amounting to EUR
1,627 (1,437) million with services sales representing 25 (25)
percent of total sales. Sales for the second quarter were EUR 901
(743) million.
* Operating profit for the first half rose to EUR 107.3 (104.3)
million with EUR 63.1 (46.3) million attributable to the second
quarter. Operating margin for January-June was 6.6 (7.3) percent
and 7.0 (6.2) for the second quarter.
* Cash flow from operating activities before financial items and
taxes totalled EUR 94.7 (83.4) million.
* Net income for the first half amounted to EUR 70.1 (74.9)
million.
* Earnings per share for the first half were EUR 1.11 (1.17).
* The number of personnel totalled 12,097 (December 31, 2007:
11,187) at the end of June.
* Cargotec continues to expect full year sales growth in
2008 to be at the previous year's growth level as a result of the
strong order intake and record-high order book. Kalmar and
MacGREGOR profitability is estimated to develop positively in line
with earlier expectations. However, the uncertainty on the European
market outlook for Hiab has considerably increased. Cargotec's 2008
operating margin is still estimated to improve from previous year's
7.3 percent, but the uncertainty in Hiab's outlook and costs of the
accelerated On the Move change programme are expected to result in
the operating margin remaining below 8 percent.
Cargotec's President and CEO Mikael Mäkinen:"Cargotec's development proceeded during the second quarter of 2008
according to plans. I am especially pleased with the achievements in
our new product development in the field of energy efficiency, an
example being hybrid container handling equipment. We have an
ambitious growth target for this year and we are well in line with
the plans. The recent news on the European economy and specifically
construction market gives us reason for caution regarding Hiab's
outlook, although so far order intake has been satisfactory. We will
accelerate the On the Move change programme and the development of
our global supply footprint."
Analyst and Press Conference
An analyst and press conference will be combined with a live
international telephone conference and arranged on July 17, 2008 at
2.00 p.m. Finnish time at Cargotec's head office, Sörnäisten rantatie
23, Helsinki. The whole combined event will be held in English. The
interim report will be presented by Cargotec's President and CEO
Mikael Mäkinen. The presentation material will be available on the
Company's internet pages by 2.00 p.m. Finnish time.
The conference call phone numbers are the following:
+1 646 843 4608 (US callers)
+44 20 3023 4412 (non-US callers)
Access code: Cargotec Corporation
The telephone conference can also be viewed as a live audio webcast
through the internet pages at www.cargotec.com. The archived webcast
will be available on the internet pages later during the day.
Sender:
Cargotec Corporation
Eeva Mäkelä
CFO
For further information, please contact:
Eeva Mäkelä, CFO, tel. +358 204 55 4281
Paula Liimatta, IR Manager, tel. +358 204 55 4634
Cargotec improves the efficiency of cargo flows by offering handling
systems and the related services for the loading and unloading of
goods. Cargotec's brands, Hiab, Kalmar and MacGREGOR, are global
market leaders in their fields and their solutions are used on land
and at sea - wherever cargo is on the move. Extensive services close
to customers ensure the continuous usability of equipment. Cargotec
is the technology leader in its field, its R&D focusing on innovative
solutions that take environmental considerations into account.
Cargotec's sales exceed EUR 3 billion and the Company employs
approximately 12,000 people. Cargotec's class B shares are quoted on
the OMX Nordic Exchange Helsinki.
www.cargotec.com
Operating Environment
The markets for load handling equipment continued to be strong in
Central and Northern Europe but slackened in other Western European
countries. With respect to Southern Europe, demand was clearly below
2007 levels in Spain and Italy due to the decline in construction
industry. The competitive environment in Europe tightened as a result
of the mixed market environment. In Asia Pacific, growth remained
healthy, with the exception of Japan. In the United States, demand
for load handling equipment continued to be weak and there are still
no signs of improvement.
The markets for container handling equipment were lively. In Europe
and Asia, the market situation remained unchanged and demand was
high. In the United States the activity level was healthy with,
however, some signs of increased caution in investment decisions. The
market for reach stackers and rubber-tyred gantry (RTG) cranes were
especially active. Port operators' interest in automation is
increasing as evidenced by more activity in tendering.
The markets for marine cargo flow systems and offshore solutions
continued to be extremely lively. Demand for ship cranes, hatch
covers and cargo securing systems continued to be high, reflecting
strong demand for equipment to bulk carriers and general cargo
vessels. Orders for marine cargo flow solutions reflect new ship
orders with a lag. The gradual decrease in new ship orders is
expected to reduce order intake for marine cargo flow systems during
the second half of the year. Demand for offshore solutions continued
lively, and ship owners were especially interested in investing in
Active Heave Compensation (AHC) equipment.
Demand for services remained favourable. Demand for services for load
handling equipment was strong in Europe due to higher levels of
installed equipment and high usage rates whereas, in the United
States, demand was weak due to the very low usage rate of such
equipment. Demand for container handling equipment services remained
strong both in Europe and Asia. Several new orders for marine cargo
flow services were also secured. In particular, demand for conversion
projects grew.
Orders Received
Orders received by Cargotec in the first half of the year totalled
EUR 2,168 (1,864) million. The value of orders secured during the
second quarter was EUR 1,013 (949) million.
Orders received, MEUR 1-6/2008 1-6/2007 1-12/2007
Hiab 467 508 985
Kalmar 853 760 1,429
MacGREGOR 854 597 1,696
Internal orders received -5 -1 -4
Total 2,168 1,864 4,106
Hiab
Of total orders received in January-June 2008, Hiab accounted for EUR
467 (508) million while its share of orders received in April-June
was EUR 238 (244) million. Orders received in the US during the
second quarter were clearly lower compared to the previous year.
Hiab secured a large number of individual orders, which is typical of
its operations. Strong demand for demountable systems continued, Hiab
booking an order for 90 of such units to be delivered to the United
Kingdom's Ministry of Defence. Furthermore, Hiab will deliver
demountables and deep waste collection units to the Olympic Village
in Beijing, China. Demand for forestry cranes also remained high.
Kalmar
Of total orders received in January-June, Kalmar accounted for EUR
853 (760) million while its share of orders received in April-June
was EUR 363 (367) million. A major part of the big orders received
will be delivered in 2009. Several orders include navigation,
container position verification and remote monitoring systems
developed by Kalmar.
In June, Kalmar received an order for 30 terminal tractors, seven
E-One+ rubber-tyred gantry cranes (RTG) and five reachstackers from
Sociedad Portuaria Regional de Cartagena (SPRC) of Colombia. The
equipment will operate at SPRC's new Contecar terminal in Cartagena.
The smaller equipment is scheduled to be on-site by November, and the
RTGs will be operational by May of 2009.
In May, Kalmar received an order for 30 straddle carriers from
Transnet Port Terminals (TPT) of South Africa. The machines will be
delivered to TPT's container terminal in the Port of Durban starting
in July 2008 with the final units arriving in January 2009.
In March, Kalmar received an order for 48 EDRIVE® straddle carriers
for Eurogate's operations in Germany. 22 units have been ordered for
Eurogate's CTB Bremerhaven container terminal, and 13 units will go
to Eurogate's CTH Hamburg. Another 13 units will be deployed at the
MSC Gate Bremerhaven terminal, a joint venture between Eurogate and
Mediterranean Shipping Company. Equipment deliveries will start in
autumn 2008 with the last units arriving at the beginning of 2009. In
addition, Kalmar secured a contract with Steveco Oy for ten Kalmar
EDRIVE® straddle carriers for the Mussalo container terminal in
Kotka, Finland. Delivery will commence in the summer and end in
October 2008.
During the first quarter, Kalmar received E-One+ RTG orders from, for
example, Vietnam, Thailand, Brazil and Morocco. Kalmar will deliver
17 of these cranes to Vietnam International Container Terminals' Ho
Chi Minh City facility between 2008 and 2010. LCMT Company Ltd. from
Thailand ordered six RTGs for its terminal at the Port of Laem
Chabang. The cranes are due to be delivered by March 2009. South
America's largest container terminal operator, Santos Brasil S/A,
ordered 12 RTGs that will be delivered by March 2009. Furthermore,
Somaport operating in the port of Casablanca in Morocco ordered ten
RTGs that will be delivered in early 2009.
In February, Kalmar received an order for 22 E-One+ rubber-tyred
gantry cranes (RTGs) from South African Transnet Limited. The
equipment will be delivered in 2008-2009 for the new Port of Ngqura.
In February, Kalmar also secured an order from the Port of Tacoma on
the US West Coast for the supply of seven straddle carriers. These
will be used in container handling in on-dock rail facilities and
will be equipped with Kalmar's monitoring system, speeding up their
operation. Delivery of the machines is scheduled for October 2008.
MacGREGOR
Of total orders received during the reporting period, MacGREGOR
accounted for EUR 854 (597) million while its share of orders
received in April-June was EUR 415 (338) million.
During the second quarter, MacGREGOR obtained extensive hatch cover
and RoRo equipment orders, mainly from Korea and Japan. The hatch
cover orders are for a big number of container and bulk vessels to be
delivered in 2009-2012. The RoRo equipment orders include the design
and manufacture of RoRo equipment as well as liftable car decks for
four deep-sea ConRos (vessels carrying both container and RoRo
cargo). The equipment will be delivered in 2010-2011.
In June, MacGREGOR signed a contract to supply self-loading and
unloading cement handling systems for three cement carriers.
Deliveries of the systems will start during summer 2009.
In May, the Offshore division received a crane order from the
US-based Edison Chouest Offshore, its third within 18 months. The
cranes will be delivered by the first quarter of 2009. Furthermore, a
large number of orders were received, in particular for davits, for
delivery during 2008-2009. MacGREGOR Offshore is the world's leading
supplier of sophisticated davit systems.
During the first quarter, MacGREGOR received a large number of ship
crane and hatch cover orders, mainly from China and Korea. MacGREGOR
will deliver a total of 276 bulk handling cranes for vessels that
will be delivered to ship owners in Germany, Singapore, China and
Korea. MacGREGOR also agreed to deliver hatch covers for 70 container
vessels, 120 bulk vessels and 41 general cargo ships. The equipment
will be delivered in 2009-2011.
In March, MacGREGOR received a major bulk handling equipment order
from Taiwan Power Company for equipment to handle of coal.
MacGREGOR's Siwertell bulk handling system features a totally closed
conveying system that limits the amount of cargo dust released into
the air.
In March, MacGREGOR also received an order for 30 shipsets of tanker
cranes for a Chinese shipyard. Provision and hose handling cranes
will be delivered in 2008-2010 for tankers ordered by Turkish,
Norwegian, Russian and Cypriot ship owners.
In January, MacGREGOR received RoRo equipment orders for 12 pure
car/truck carriers (PCTCs). The orders include liftable car decks for
four vessels that will be built in the Korean Hyundai Heavy
Industries shipyard and will be delivered during 2009-2010.
Additionally, the orders include the design and delivery of key
components for eight PCTCs under construction in China.
Cargotec Services
The services market continued to be active, which was reflected in
the number of maintenance and modernisation contracts as well as
spare part orders received.
In May, a five-year operation and maintenance contract for RTGs and
reachstackers was signed with Arshiya International in Mumbai, India
and a three-year leasing and full maintenance contract for
reachstackers in the port of Gothenburg, Sweden.
Additional contracts include a five-year full service maintenance
contract on four ship-to-shore cranes that will be operated in port
of Vuosaari, Finland. Another contract in the same port covers
maintenance on straddle carriers, terminal tractors and
reachstackers.
In March, a five-year service contract was signed with the Norwegian
company, Norsteve Oslo, covering the maintenance, spare parts and
repairs of five straddle carriers at the Sjursøya container terminal
in the Port of Oslo.
During the first half of 2008, several conversion projects were
secured that will be carried out during 2008-2009. May contracts
include one for the supply of electrically driven hoistable car decks
for Finnlines' two RoRo vessels as well as a contract for conversion
of control systems on a vessel. Demand for hatch covers in
conversions is supported by legislation prohibiting the use of single
hull tankers, which leads to many of them being converted into
bulkers. During the period a major maintenance contract for ship
unloaders was received from the Philippines.
Order Book
Cargotec's order book totalled EUR 3,360 (December 31, 2007: 2,865)
million on June 30, 2008. Of the order book, Hiab accounted for EUR
238 (260) million, Kalmar EUR 790 (660) million, and MacGREGOR EUR
2,334 (1,946) million. An estimated 80 percent of MacGREGOR's order
book will be delivered by the end of 2010.
Order book, MEUR 30.6.2008 30.6.2007 31.12.2007
Hiab 238 238 260
Kalmar 790 693 660
MacGREGOR 2,334 1,314 1,946
Internal order book -2 0 -1
Total 3,360 2,244 2,865
Sales
Cargotec's sales grew by 13 percent in the first half of the year and
totalled EUR 1,627 (1,437) million. Organic growth was 9 percent.
Sales for the second quarter were EUR 901 (743) million. Hiab's sales
amounted to EUR 253 (245) million, Kalmar's sales were EUR 396 (330)
million and MacGREGOR's sales EUR 254 (169) million.
Second quarter sales grew in all business areas from the first
quarter level due to increased delivery volumes, which reflects the
strong order book. There were slight delays in MacGREGOR's offshore
deliveries during the first half of 2008 due to the large number of
orders as well as the tight timetables of shipyards. However,
offshore delivery volumes are expected to pick up in the second half
of the year.
Sales, MEUR 1-6/2008 1-6/2007 1-12/2007
Hiab 483 485 931
Kalmar 717 653 1,343
MacGREGOR 431 300 748
Internal sales -4 -1 -4
Total 1,627 1,437 3,018
Sales for services in January-June 2008 increased by 15 percent
year-on-year and amounted to EUR 414 (359) million, representing 25
(25) percent of total sales. This growth was boosted by strong demand
for spare parts and maintenance agreements. Services accounted for 22
(17) percent of sales at Hiab, 29 (30) percent at Kalmar, and 22 (28)
percent at MacGREGOR.
Financial Result
Cargotec's operating profit for January-June 2008 totalled EUR 107.3
(104.3) million, representing 6.6 (7.3) percent of sales. The
operating profit includes a EUR 3.1 (2.4) million cost impact from
the purchase price allocation treatment of acquisitions and EUR 3
million costs from the On the Move change programme. Kalmar's first
quarter result was weakened by a EUR 4 million project cost
provision.
Operating profit for the second quarter was EUR 63.1 (46.3) million,
equal to 7.0 (6.2) percent of sales. Hiab accounted for EUR 18.5
(16.6) million of second quarter operating profit, Kalmar for EUR
32.3 (24.1) million, and MacGREGOR for EUR 21.9 (11.3) million.
Both Kalmar and MacGREGOR second quarter profitability improved
clearly from the first quarter level following increased delivery
volumes and a more balanced product mix. Hiab's margin declined.
Increases in raw material and component prices are more difficult to
push through to end-product prices.
Net income for January-June was EUR 70.1 (74.9) million and earnings
per share were EUR 1.11 (1.17).
Balance Sheet, Financing and Cash Flow
On June 30, 2008, Cargotec's net working capital amounted to EUR 298
(December 31, 2007: 253) million. The amount of capital employed in
components and unfinished products increased due to increased stock
levels aimed at ensuring availability. Tangible assets on the balance
sheet were EUR 266 (254) million and intangible assets EUR 778 (751)
million.
Cash flow from operating activities before financial items and taxes
for January-June 2008 was EUR 94.7 (83.4) million. The dividend
payment in January-June totalled EUR 65.7 (64.1) million and
acquisitions amounted to EUR 34.2 (163.6) million. Net debt was EUR
370 (December 31, 2007: 304) million. The total equity/total assets
ratio was 36.9 (38.3) percent while gearing increased to 41.0 (33.9)
percent.
Cargotec's financing structure is healthy. Interest-bearing debt
consists mainly of long-term corporate bonds maturing from the year
2011 onwards. On June 30, 2008, Cargotec had EUR 635 million of
unused credit facilities.
Return on equity for January-June was EUR 15.6 (17.0) percent and
return on capital employed was 15.7 (17.7) percent.
New Products and Product Development
In January-June 2008, Cargotec's research and product development
expenditure was EUR 22.8 (23.1) million, representing 1.4 (1.6)
percent of sales.
Cargotec opened in April an engineering centre in Pune, India to have
engineering resources in emerging markets to support product
development that better responds to local needs. The engineering
centre has been established as a resource pool for Cargotec R&D
centres around the world. It covers various engineering activities
from drafting to structural analysis as well as software engineering.
The size of the operation is planned to be over 50 persons by the end
of the year.
Hiab introduced a new automatic load covering system to be used with
demountable units when transporting waste and recycling materials.
During the first quarter, Hiab opened a state-of-the-art
crane-testing centre at its loader crane production facility in
Hudiksvall, Sweden. The centre offers Hiab and other business areas
the opportunity to test more and longer cranes and components as well
as ensuring testing is more precise than ever before.
In May, Kalmar launched the Pro Future(TM) concept encompassing all
of its environmentally friendly equipment. The equipment will be
rated against five ecological decision-making drivers: source of
power, energy efficiency, emissions, noise pollution and
recyclability.
During the second quarter, Kalmar introduced two Pro Future(TM)
solutions: an AC electrical forklift truck for empty container
handling and a hybrid straddle carrier. The hybrid straddle carrier
is the market's first self-charging carrier which, thanks to its
speed control, energy storage and recycling technology, enables fuel
savings and carbon dioxide emission cuts of up to 25-30 percent
compared to standard straddle carriers.
During the first quarter, Kalmar launched a new, fully-automated
shuttle carrier that is able to pick, place and transport containers
between ship-to-shore (STS) and yard stacking cranes without a
driver. The new Kalmar Autoshuttle(TM) ensures the cost efficiency
and productivity of port operations, particularly in the very big
ports of the future.
MacGREGOR continued to develop electronically operated cargo handling
solutions and a new ship crane control system. The Offshore division
focused on the development of deck equipment enabling the use of
cranes in difficult weather conditions and when operating in deep
waters.
In February, MacGREGOR signed an agreement with the US Navy on the
development of a ship-to-ship vehicle transfer system. With the help
of this system, large vehicles can be transferred from a ship to
another in motion. The prototype of the system will be delivered by
the end of 2009.
Capital Expenditure
Cargotec's capital expenditure for January-June 2008, excluding
acquisitions and customer financing, totalled EUR 29.1 (20.7)
million. Customer financing investments were EUR 20.2 (15.4) million.
In April, Cargotec formed a subsidiary, Cargotec Port Security, to
develop enhanced container security solutions. Cargotec has been
exploring and investing in the area of radiation detection in
container security for the past two years. It has entered into an
exclusive global technical licensing agreement with US-based
Innovative American Technology, and field testing of spreader-mounted
radiation detection has started.
During the second quarter, Hiab initiated the extension of a tail
lift production plant in Oborniki, Poland. The project will be
completed during 2008. In Korea, Hiab is investing in a new painting
line at the loader cranes production unit. Another project was
finalised in Raisio, Finland, resulting in a major increase in the
production capacity of a demountable systems plant due to the
implementation of a more competitive production process.
During the second quarter, Kalmar started to expand its production
facility for rough-terrain container handling equipment in Cibolo,
Texas, USA as well as initiated an expansion of capacity in Ipoh,
Malaysia for container spreaders. Investments in first quarter
include expanding presence in the Americas by opening a new sales
company in Mexico as well as a new service unit in Zeebrugge,
Belgium.
In March, MacGREGOR opened a new offshore equipment production unit
in Tianjin, China, approximately half of its production being
delivered to various parts of China. The new unit also enables
production optimisation and efficiency improvements in the Offshore
production units of Norway and Singapore. Part of offshore cranes
production has been moved from Norway to Singapore to give room for
increased production of bigger size cranes in Norway. The additional
capacity provided by the own investments as well as investments made
by MacGREGOR's partners play an important role in the major increase
in deliveries planned for this year.
On the Move change programme
In January, Cargotec announced the launch of an extensive On the Move
change programme aiming at a profitability improvement of EUR 80-100
million. The change programme aims to form a basis for profitable
growth through improved customer focus and efficiency. The projects
in the first phase have focused on streamlining support functions and
company structure as well as initiating IT projects that improve
efficiency. The country structure streamlining started in Finland has
been expanded to several countries during the spring. In Finland and
Sweden all operations will be transferred to one company per country
at the year-end. These projects are, due to an accelerated timetable,
expected to incur costs of approximately EUR 10 million in 2008,
which is clearly more than expected in the beginning of the year.
Going forward the focus will be on developing the global supply
footprint closer to customers as well as towards lower cost
environments.
The first joint supply chain projects proceeded during the spring in
China and Estonia. The decision to double the production capacity in
Shanghai, China was made. The expansion will include moving Hiab's
assembly unit to the same site as the existing Kalmar facility. The
capacity and productivity of the production unit in Narva, Estonia,
acquired in 2007, are being upgraded in order to meet increased
component needs. Investments initiated so far to expand Cargotec's
global supply footprint are expected to amount to close to EUR 50
million for 2008.
Acquisitions
During the first half of 2008, Cargotec completed six acquisitions of
which four were in Hiab's business area.
In order to strengthen its R&D capabilities, Cargotec acquired 60
percent of Idea Designing & Consulting S.r.l. in Massa, Italy. The
company employs ten people for product design.
In June, Hiab concluded an agreement to acquire the business of a
long-term distributor for tail lifts in New Zealand. In addition to
tail lift sales, the business comprises installation, repairs,
maintenance and spare parts sales.
At the end of March, Hiab concluded an agreement to acquire the
operations of the South African company Bowman Cranes (Pty) Limited,
Hiab's long-term agent in the region. This company supplies, installs
and services truck-related load handling equipment. In 2007, its
turnover was approximately EUR 18 million and it employs 70 people.
The acquisition was finalised at the end of June.
In February, Hiab signed an agreement to acquire 70 percent of the
operations of an Australian company, O'Leary's Material Handling
Services Pty Ltd., the leading supplier of tail lifts in Western
Australia. The company employs 24 people and had sales of
approximately EUR 2.6 million in 2007.
In February, Hiab also agreed to acquire UK-based Del Equipment (UK)
Limited and US-based Ultron Lift Corp. Both of these companies
manufacture tail lifts. The aggregate sales of the companies in 2007
were approximately EUR 23 million and the companies employ 164
persons.
In April, MacGREGOR signed an agreement to acquire US-based Platform
Crane Service, Inc (PCS). The sales of the company in 2007 were USD
16 million and the company employs 105 persons. The acquisition was
closed in May.
Employees
On June 30, 2008, Cargotec employed 12,097 (June 30, 2007: 10,962)
people, the year-on-year increase being attributable to the
acquisitions concluded in second half of 2007 and 2008. Hiab employed
4,685 (4,483) people, Kalmar 4,737 (4,341), and MacGREGOR 2,527
(2,066). In anticipation of slackening demand, Hiab is preparing to
implement production adjustment measures in its loader crane plants
in Europe and truck-mounted forklift plant in the United States.
Of Cargotec's total employees, 14 (14) percent were located in
Finland, 20 (22) percent in Sweden and 30 (30) percent in the rest of
Europe. North and South American personnel represented 11 (12)
percent, Asia Pacific 23 (21) percent and the rest of the world 2 (1)
percent of total employees.
Shares, Share Capital and Stock Options
Cargotec's share capital on June 30, 2008 totalled EUR 64,269,120.
The share capital increased by EUR 48,747 during the reporting period
as a result of the subscription for class B shares under Cargotec
option rights. On June 30, 2008, the number of listed class B shares
totalled 54,743,031 while that of unlisted class A shares totalled
9,526,089. At the end of the first half of 2008, Cargotec held a
total of 1,990,725 class B shares, which corresponds to 3 percent of
the total number of shares. Trading in 2005A stock options ended in
March. The remaining 2005B stock options may be used to subscribe for
a further 139,890 class B shares, thereby increasing Cargotec's share
capital by EUR 139,890.
Market Capitalisation and Trading
The closing price for Cargotec's class B shares on June 30, 2008 was
EUR 22.11. The average share price for the first half-year was EUR
28.16, the highest quotation being EUR 36.49 and the lowest EUR
21.54. In January-June, approximately 45 million Cargotec class B
shares were traded on the OMX Nordic Exchange in Helsinki,
corresponding to a turnover of approximately EUR 1,266 million.
On June 30, 2008, the total market value of Cargotec class B shares
was EUR 1,166 million, excluding treasury shares held by the Company.
The period-end market capitalisation, in which the 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 1,378 million, excluding
treasury shares held by the Company.
Changes in Cargotec's Management
On February 1, 2008, Cargotec's Deputy CEO Kari Heinistö was
appointed to lead the On the Move change programme. He continues as a
member of the Executive Board and secretary to Cargotec's Board of
Directors. Eeva Mäkelä was appointed as Cargotec's CFO as of February
1, 2008. She is responsible for accounting, finance, risk management,
investor relations and communications, and will continue as a member
of the Executive Board. Minna Karhu was appointed as Vice President,
Corporate Communications of Cargotec as of February 1, 2008.
Decisions Taken at Cargotec Corporation's Annual General Meeting
Cargotec Corporation's Annual General Meeting (AGM) was held on
February 29, 2008 in Helsinki. The meeting approved the financial
statements and consolidated financial statements as well as granted
discharge from liability to the President and CEO and the members of
the Board of Directors for the accounting period January 1-December
31, 2007.
The AGM approved a dividend of EUR 1.04 for each of the 9,526,089
class A shares and EUR 1.05 for the 52,789,559 outstanding class B
shares.
The number of members of the Board of Directors was confirmed at six
according to the proposal of the Board's Nomination and Compensation
Committee. Henrik Ehrnrooth, Tapio Hakakari, Ilkka Herlin, Peter
Immonen, Karri Kaitue and Antti Lagerroos were elected as members of
the Board of Directors.
Authorised public accountants Johan Kronberg and
PricewaterhouseCoopers Oy were re-elected as auditors according to
the proposal of Audit Committee of Cargotec's Board of Directors.
In addition, the AGM resolved to amend the Articles of Association
mainly due to and to align with the new Finnish Companies Act
effective as from 2006.
Authorisations Granted by the Annual General Meeting
The AGM authorised the Board of Directors of Cargotec to decide on
acquisition of the Company's own shares with non-restricted equity.
The shares may be acquired in order to develop the capital structure
of the Company, finance or carry out possible acquisitions, implement
share-based incentive plans, or to be transferred for other purposes
or to be cancelled. The shares may be acquired through a directed
acquisition as defined in Finnish Companies Act, Chapter 15 § 6.
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 shares. The above-mentioned amounts include the 1,904,725 class B
shares in the Company's possession on the AGM date, which were
purchased during 2005-2007. The proposed amount corresponds to less
than 10 percent of the share capital of the Company and the total
voting rights. The acquisition of own shares will decrease the
non-restricted equity. The authorisation is in effect for a period of
18 months from the date of decision of the AGM.
In addition, the AGM authorised the Board of Directors to decide on
transfer of treasury shares. The Board of Directors was authorised to
decide to whom and in which order the treasury shares will be
transferred. The Board of Directors may decide on the transfer of
treasury shares otherwise than in proportion to the existing
pre-emptive right of shareholders to purchase the Company's own
shares. The treasury shares may be used as compensation in
acquisitions and in other arrangements as well as to implement the
Company's share-based incentive plans in the manner and to the extent
decided by the Board of Directors. The Board of Directors has also
the right to decide on the transfer of the shares in public trading
at the OMX Nordic Exchange, Helsinki to be used as compensation in
possible acquisitions. This authorisation is in effect for a period
of 18 months from the date of decision of the AGM.
Organisation of the Board of Directors
Cargotec's Board of Directors in its organising meeting elected Ilkka
Herlin to continue as Chairman of the Board and Henrik Ehrnrooth to
continue as Deputy Chairman. Cargotec's Deputy CEO Kari Heinistö
continues to act as secretary to the Board of Directors. Cargotec's
Board of Directors decided that the Audit Committee, Nomination and
Compensation Committee as well as Working Committee continue to
assist the Board in its work.
The Board of Directors elected among its members Ilkka Herlin, Karri
Kaitue and Antti Lagerroos as members of the Audit Committee. Karri
Kaitue was re-elected as Chairman of the Audit Committee. Board
members Henrik Ehrnrooth, Tapio Hakakari, Ilkka Herlin and Peter
Immonen were elected to the Nomination and Compensation Committee.
Ilkka Herlin was re-elected as chairman of the Nomination and
Compensation Committee. Board members Tapio Hakakari, Ilkka Herlin
and Peter Immonen were elected to the Working Committee. Ilkka Herlin
was re-elected as chairman of the Working Committee.
Share Repurchases
Cargotec's Board of Directors decided to exercise the authorisation
of the AGM to acquire the Company's own shares.
In accordance with the authorisation the shares will be acquired in
order to develop the capital structure of the Company, finance or
carry out possible acquisitions, implement share-based incentive
plans, or to be transferred for other purposes or to be cancelled.
Class B shares will be purchased at public trading in the OMX Nordic
Exchange Helsinki at the market price. Class A shares will be
purchased outside the Stock Exchange at the price equivalent to the
average price of class B shares paid in the OMX Nordic Exchange
Helsinki on the purchase date.
A total of 86,000 own shares were repurchased following the AGM and
until end of June 2008 at an average price of EUR 26.25. Cargotec
held a total of 1,990,725 class B shares on June 30, 2008.
Short-term Risks and Uncertainties
The global economic development is affected by significant
uncertainty, which increases short-term risks. Cargotec considers
that its principal short-term risks and uncertainties are related to
general economic development and the availability and price
development of raw materials and components.
Accelerating inflation, high oil price and increasing financing costs
in addition to the decline of the US economy may negatively affect
the investment propensity of Cargotec's customers throughout the
world. There is an increased risk of European economy and especially
the construction sector slowing. So far, the weak US economy has been
visible in low demand for Hiab products. There is, however, an
increased risk for cautiousness spreading into general investment
activity, which could affect demand for other Cargotec equipment.
Cargotec has outsourced a significant proportion of its component
production and part of its assembly operations. Due to generally high
demand for many of the components used by Cargotec, their
availability remains restricted, thus making it more difficult to
optimise assembly plant operations and causing a risk of extra costs
and delivery delays. Furthermore, there have been significant
increases in raw material and component prices during the first half
of the year with a continued pressure for additional price increases.
Outlook
Cargotec continues to expect full year sales growth in 2008 to be at
the previous year's growth level as a result of the strong order
intake and record-high order book. Kalmar and MacGREGOR profitability
is estimated to develop positively in line with earlier expectations.
However, the uncertainty on the European market outlook for Hiab has
considerably increased. Cargotec's 2008 operating margin is still
estimated to improve from previous year's 7.3 percent, but the
uncertainty in Hiab's outlook and costs of the accelerated On the
Move change programme are expected to result in the operating margin
remaining below 8 percent.
Financial calendar
Interim Report for January-September 2008 on October 20, 2008
Financial Statements Review January-December 2008 on February 2, 2009
Helsinki, July 17, 2008
Cargotec Corporation
Board of Directors
This interim report is unaudited.
Cargotec's Interim Report January-June 2008
Condensed Consolidated Income Statement
MEUR 4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007
Sales 900.6 743.4 1,627.2 1,437.3 3,018.2
Cost of goods
sold -710.9 -587.5 -1,293.3 -1,125.6 -2,376.8
Non-recurring
items * - - - - -18.0
Gross profit 189.7 156.0 333.9 311.8 623.4
Gross profit,
% 21.1 % 21.0 % 20.5 % 21.7 % 20.7 %
Costs and
expenses -111.3 -96.3 -198.9 -182.2 -360.8
Depreciation -15.2 -13.4 -27.8 -25.4 -59.8
Share of
associated
companies'
and joint
ventures'
income 0.0 0.1 0.0 0.2 0.3
Operating
profit 63.1 46.3 107.3 104.3 203.1
Operating
profit, % 7.0 % 6.2 % 6.6 % 7.3 % 6.7 %
Financing
income and
expenses -6.5 -4.4 -11.2 -7.8 -18.7
Income before
taxes 56.7 41.9 96.1 96.5 184.4
Income before
taxes, % 6.3 % 5.6 % 5.9 % 6.7 % 6.1 %
Taxes -18.0 -6.4 -26.0 -21.6 -46.0
Net income
for the
period 38.7 35.5 70.1 74.9 138.4
Net income
for the
period, % 4.3 % 4.8 % 4.3 % 5.2 % 4.6 %
Net income
for the
period
attributable
to:
Equity
holders of
the
Company 38.0 35.1 68.9 74.5 136.5
Minority
interest 0.7 0.4 1.2 0.4 1.8
Total 38.7 35.5 70.1 74.9 138.4
Earnings per
share for
profit
attributable
to the equity
holders of
the
Company:
Basic
earnings per
share,
EUR 0.61 0.55 1.11 1.17 2.17
Diluted
earnings per
share,
EUR 0.61 0.55 1.10 1.17 2.16
* Kalmar business area related container spreader inspection and
repair programme
Condensed Consolidated Balance Sheet
ASSETS
MEUR 30.6.2008 30.6.2007 31.12.2007
Non-current assets
Intangible assets 778.0 747.2 751.2
Tangible assets 265.5 252.6 253.7
Loans receivable and other
interest-bearing assets 1) 6.6 2.2 5.5
Investments 8.5 3.9 7.2
Non-interest-bearing assets 83.9 63.1 76.4
Total non-current assets 1,142.6 1,069.0 1,094.0
Current assets
Inventories 820.3 647.3 657.4
Loans receivable and other
interest-bearing assets 1) 0.3 0,3 0.4
Accounts receivable and other
non-interest-bearing assets 753.4 582.1 651.9
Cash and cash equivalents 1) 95.6 115.2 179.0
Total current assets 1,669.7 1,344.9 1,488.7
Total assets 2,812.2 2,413.9 2,582.6
EQUITY AND LIABILITIES
MEUR 30.6.2008 30.6.2007 31.12.2007
Equity
Shareholders' equity 895.8 876.6 890.6
Minority interest 7.3 5.1 6.1
Total equity 903.1 881.8 896.7
Non-current liabilities
Loans 1) 419.7 417.8 433.3
Deferred tax liabilities 47.3 33.9 38.5
Provisions 37.9 28.8 38.4
Pension benefit and other
non-interest-bearing liabilities 89.3 61.6 103.3
Total non-current liabilities 594.2 542.0 613.6
Current liabilities
Loans 1) 53.1 44.1 55.1
Provisions 62.0 43.0 70.8
Accounts payable and other
non-interest-bearing liabilities 1,200.0 903.1 946.5
Total current liabilities 1,315.0 990.1 1,072.4
Total equity and liabilities 2 ,812.2 2,413.9 2,582.6
1) Included in interest-bearing
net debt
Consolidated Statement of Changes in Equity
Attributable to the equity holders of the company
Sha- Share Trans- Fair Mino
re pre- Trea- lation value Retai- rity
capi- mium sury differ- reser- ned inte- Total
MEUR tal account shares rences ves earnings Total rest equity
Equity
on
31.12.2006 64.0 96.0 -23.9 -12.0 10.5 734.2 868.8 8.0 876.8
Gain/
loss on
cash
flow
hedges
booked
to equity
* -4.0 -4.0 0.0 -4.0
Gain/
loss on
cash
flow
hedges
trans-
ferred
to IS -1.1 -1.1 0.0 -1.1
Trans-
lation
differ-
rences 0.2 0.2 -0.3 -0.2
Net
income
recog-
nised
directly
in
equity - - - 0.2 -5.1 0.0 -4.9 -0.3 -5.3
Net
income
for the
period 74.5 74.5 0.4 74.9
Total
recog-
nised in-
come
and
expen-
ses for
the
period - - - 0.2 -5.1 74.5 69.5 0.0 69.6
Divi-
dends
paid -63.2 -63.2 -0.4 -63.7
Shares
subs-
cribbed
with
options 0.1 0.5 0.6 0.6
Share-based
incen-
tives,
value of
recei-
ved
services
* 0.9 0.9 0.9
Other
changes - -2.5 -2.5
Equity
on 30.6.
2007 64.1 96.6 -23.9 -11.9 5.4 746.3 876.6 5.1 881.8
Equity
on
31.12.
2007 64.2 97.4 -70.0 -29.6 19.9 808.7 890.6 6.1 896.7
Gain/
loss on
cash
flow
hedges
booked
to equity
* 20.2 20.2 0.0 20.2
Gain/
loss on
cash
flow
hedges
trans-
ferred to
IS -6.8 -6.8 0.0 -6.8
Trans-
lation
differ-
rences -10.6 -10.6 -0.1 -10.6
Total
net
income
recog-
nised
directly
in equity - - - -10.6 13.3 - 2.7 0.0 2.7
Net
income
for the
period 68.9 68.9 1.2 70.1
Total
recog-
nised
income
and
expen-
ses for
the
period - - - -10.6 13.3 68.9 71.7 1.2 72.8
Divi-
dends
paid -65.3 -65.3 -0.3 -65.6
Shares
subs-
cribbed
with
options 0.0 0.4 0.4 0.4
Acqui-
sition of
treasury
shares -2.3 -2.3 -2.3
Share-
based
incen-
tives,
value of
received
services
* 0.7 0.7 0.7
Other
changes - 0.3 0.3
Equity
on 30.6.
2008 64.3 97.7 -72.3 -40.2 33.3 812.9 895.8 7.3 903.1
Condensed Consolidated Cash Flow Statement
MEUR 1-6/2008 1-6/2007 1-12/2007
Net income for the period 70.1 74.9 138.4
Depreciation 27.8 25.4 59.8
Other adjustments 37.2 29.3 64.4
Change in working capital -40.3 -46.2 -27.4
Cash flow from operations 94.7 83.4 235.1
Cash flow from financial items and
taxes -22.2 -47.1 -62.5
Cash flow from operating activities 72.6 36.2 172.6
Acquisitions -34.2 -163.6 -172.5
Cash flow from investing activities,
other items -51.7 -36.6 -91.8
Cash flow from investing activities -85.9 -200.2 -264.3
Acquisition of treasury shares -2.3 - -46.1
Proceeds from share subscriptions 0.4 0.6 1.5
Dividends paid -65.7 -64.1 -63.8
Proceeds from long-term borrowings 0.7 226.9 274.5
Repayments of long-term borrowings -1.8 -8.8 -29.5
Proceeds from short-term borrowings 15.0 9.8 40.8
Repayments of short-term borrowings -16.4 -12.1 -31.5
Cash flow from financing activities -70.0 152.3 145.9
Change in cash -83.4 -11.7 54.2
Cash, cash equivalents and bank
overdrafts at the beginning
of period 167.5 114.5 114.5
Effect of exchange rate changes -0.1 -0.4 -1.1
Cash, cash equivalents and bank
overdrafts at the end
of period 84.1 102.4 167.5
Bank overdrafts at the end of period 11.6 12.8 11.4
Cash and cash equivalents at the end
of period 95.6 115.2 179.0
Key Figures
1-6/2008 1-6/2007 1-12/2007
Equity/share EUR 14.38 13.82 14.29
Interest-bearing net debt MEUR 370.1 344.3 303.6
Total equity/total assets % 36.9 40.4 38.3
Gearing % 41.0 39.0 33.9
Return on equity % 15.6 17.0 15.6
Return on capital employed % 15.7 17.7 16.8
Segment Reporting
Sales by geographical segment,
MEUR 1-6/2008 1-6/2007 1-12/2007
EMEA 959 799 1,677
Americas 255 344 647
Asia Pacific 413 295 695
Total 1,627 1,437 3,018
Sales by geographical segment, % 1-6/2008 1-6/2007 1-12/2007
EMEA 58.9 % 55.6 % 55.6 %
Americas 15.7 % 23.9 % 21.4 %
Asia Pacific 25.4 % 20.5 % 23.0 %
Total 100.0 % 100.0 % 100.0 %
Sales, MEUR 1-6/2008 1-6/2007 1-12/2007
Hiab 483 485 931
Kalmar 717 653 1,343
MacGREGOR 431 300 748
Internal sales -4 -1 -4
Total 1,627 1,437 3,018
Operating profit, MEUR 1-6/2008 1-6/2007 1-12/2007
Hiab 36.2 40.9 73,8
Kalmar 51.7 50.8 105.5 *
MacGREGOR 33.8 22.0 59.4
Corporate administration and
other -14.4 -9.5 -17.5
Operating profit from operations 107.3 104.3 221.1
None-recurring items - - -18.0
Total 107.3 104.3 203.1
* Excluding the one-off cost of EUR 18.0 million related to a
container spreader inspection and repair programme
Operating profit, % 1-6/2008 1-6/2007 1-12/2007
Hiab 7.5 % 8.5 % 7.9 %
Kalmar 7.2 % 7.8 % 7.9 % *
MacGREGOR 7.8 % 7.3 % 7.9 %
Cargotec, operating profit from
operations 6.6 % 7.3 % 7.3 % *
Cargotec 6.6 % 7.3 % 6.7 %
* Excluding the one-off cost of EUR 18.0 million related to a
container spreader inspection and repair programme
Orders received, MEUR 1-6/2008 1-6/2007 1-12/2007
Hiab 467 508 985
Kalmar 853 760 1,429
MacGREGOR 854 597 1,696
Internal orders received -5 -1 -4
Total 2,168 1,864 4,106
Order book, MEUR 30.6.2008 30.6.2007 31.12.2007
Hiab 238 238 260
Kalmar 790 693 660
MacGREGOR 2,334 1,314 1,946
Internal order book -2 0 -1
Total 3,360 2,244 2,865
Capital expenditure, MEUR 1-6/2008 1-6/2007 1-12/2007
In fixed assets (excluding
acquisitions) 28.9 20.6 52.5
In leasing agreements 0.2 0.1 0.7
In customer financing 20.2 15.4 37.5
Total 49.4 36.2 90.7
Number of employees at the end of
period 30.6.2008 30.6.2007 31.12.2007
Hiab 4,685 4,483 4,418
Kalmar 4,737 4,341 4,459
MacGREGOR 2,527 2,066 2,223
Corporate administration 148 72 87
Total 12,097 10,962 11,187
Average number of employees 1-6/2008 1-6/2007 1-12/2007
Hiab 4,523 3,765 4,091
Kalmar 4,588 4,030 4,233
MacGREGOR 2,347 1,590 1,880
Corporate administration 109 62 72
Total 11,567 9,447 10,276
Notes
Taxes in income statement
MEUR 1-6/2008 1-6/2007 1-12/2007
Current year tax expense 33.6 33.3 56.2
Deferred tax expense -4.1 -3.5 -3.9
Tax expense for previous years -3.6 -8.2 -6.3
Total 26.0 21.6 46.0
Commitments
MEUR 30.6.2008 30.6.2007 31.12.2007
Guarantees 0.7 1.0 2.2
Dealer financing 0.2 8.7 8.4
End customer financing 6.3 6.6 7.5
Operating leases 47.0 57.5 47.7
Off balance sheet investment
commitments - - 1.2
Other contingent liabilities 3.6 6.5 3.7
Total 57.8 80.2 70.6
Fair values of derivative financial instruments Positive Negative Net fair Net fair Net fair
fair value fair value value value value
MEUR 30.6.2008 30.6.2008 30.6.2008 30.6.2007 31.12.2007
FX forward
contracts, cash
flow
hedges 58.6 34.8 23.8 6.8 11.3
FX forward
contracts,
non-hedge
accounted 3.3 2.5 0.8 8.7 20.7
Cross currency
and interest
rate
swaps, cash flow
hedges - 14.6 -14.6 -0.7 -4.9
Total 61.9 51.9 10.0 14.7 27.1
Non-current
portion:
FX forward
contracts, cash
flow
hedges 17.9 12.4 5.6 0.0 -1.1
Cross currency
and interest
rate
swaps, cash flow
hedges - 14.6 -14.6 -0.7 -4.9
Non-current
portion 17.9 27.0 -9.1 -0.7 -6.0
Current portion 43.9 24.9 19.1 15.4 33.2
Nominal values of derivative
financial instruments
MEUR 30.6.2008 30.6.2007 31.12.2007
FX forward contracts 3,107.3 1,823.8 2,610.0
Cross currency and interest rate swaps 225.7 225.7 225.7
Total 3,333.1 2,049.5 2,835.7
Acquisitions 2008
During the first half of 2008 Cargotec made six acquisitions of which
four in Hiab's business area.
In February, in order to strengthen its R&D capabilities, Cargotec
acquired 60 percent of Idea Design & Consulting
S.r.l., Italy. The accounting of this business combination also
includes the minority share, which include a
redemption obligation. The acquisition was finalised in February.
In February, Hiab made an agreement to acquire the UK-based Del
Equipment (UK) Limited and the US-based
Ultron Lift Corp. These companies manufacture tail lifts in the UK
and the US. The acquisitions were finalised at
the end of March.
In February, Hiab signed also an agreement to acquire 70 percent of
the operations of an Australian company,
O'Leary's Material Handling Services Pty Ltd., the leading supplier
of tail lifts in Western Australia. The
acquisition was closed in April.
At the end of March, Hiab concluded an agreement to acquire the
majority of the operations of the South African
company Bowman Cranes (Pty) Limited. This company supplies, installs
and services truck-related load handling
equipment. The acquisition was finalised in June.
In June, Hiab concluded an agreement to acquire the business of Zepro
Tailgate Limited in New Zealand. In
addition to tail lift sales, the business comprises installation,
repairs, maintenance and spare parts sales.
In April, MacGREGOR signed an agreement to acquire US-based Platform
Crane Service, Inc (PCS). The
acquisition was closed in May.
Management estimates that the consolidated sales for January 1-June
30, 2008 would have been EUR 1,648
million, if the acquisitions had been completed on January 1, 2008.
The table below summarises the acquisitions completed in January-June
2008. The business combinations were
accounted as preliminary as the determination of fair values to be
assigned to the assets, liabilities and contingent
liabilities were yet not finalised.
Net fair values of Assets and
identifiable liabilities
assets and immediately
liabilities of before the
the acquired business
businesses combination
MEUR
Other intangible assets 4.2 1.2
Property, plant and equipment 1.5 1.5
Inventories 10.8 10.7
Non-interest-bearing assets 11.2 11.2
Interest-bearing assets, cash and cash
equivalents 0.9 0,9
Interest-bearing liabilities -5.0 -5.0
Other non-interest-bearing liabilities -16.1 -15.0
Acquired net assets 7.5 5.6
Transaction price 35.2
Costs related to acquisitions 1.9
Goodwill 29.6
Transaction price paid in cash 29.7
Costs related to acquisitions 1.9
Cash and cash equivalents in acquired
businesses -0.9
Total cash outflow from acquisitions 30.8
The business combinations of Hydramarine AS, Indital Construction
Machinery Ltd, Bay Equipment Repairs Inc and Balti ES were accounted
as preliminary at the end of 2007, as the determination of fair
values was still unfinished. The accounting of these acquisitions has
been finalised during the review period. It had no impact on the
previous year's comparison figures.
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 of 2007. All figures presented have been rounded and
consequently the sum of individual figures may deviate from the
presented sum figure.
Adoption of new interpretation starting in January 1, 2008
Starting from January 1, 2008 Cargotec has adopted the following new
interpretation by the IASB published in 2007:
- IFRIC 14, IAS 19 - The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their interaction.
The adoption of the interpretation does not have a material effect on
the interim financial statements.
Calculation of key figures
Total equity attributable to the shareholders of
the parent
company
Equity / share = ________________________________________________
Share issue adjusted number of shares at the end
of period
(excluding treasury shares)
Interest-bearing Interest-bearing debt - interest-bearing
net debt = assets
Total equity
Total equity / 100
total assets (%) = x ________________________________________________
Total assets - advances received
Interest-bearing debt - interest-bearing
assets
100
Gearing (%) = 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 100
employed (%) = x ________________________________________________
Total assets - non-interest-bearing debt
(average for period)
Net income for the period attributable to the
shareholders of
the parent company
Basic earnings /
share = ________________________________________________
Share issue adjusted weighted average number of
shares
during period
(excluding treasury shares)
Quarterly Figures
Cargotec Q2/2008 Q1/2008 Q4/2007 Q3/2007 Q2/2007
Orders received MEUR 1,013 1,155 1,214 1,028 949
Order book MEUR 3,360 3,287 2,865 2,552 2,244
Sales MEUR 901 727 868 713 743
Operating profit MEUR 63.1 44.2 64.3 * 52.5 46.3
Operating profit % 7.0 6.1 7.4 * 7.4 6.2
Basic earnings/share EUR 0.61 0.50 0.45 0.55 0.55
Hiab Q2/2008 Q1/2008 Q4/2007 Q3/2007 Q2/2007
Orders received MEUR 238 228 254 223 244
Order book MEUR 238 253 260 255 238
Sales MEUR 253 230 244 202 245
Operating profit MEUR 18.5 17.7 19.1 13.7 16.6
Operating profit % 7.3 7.7 7.8 6.8 6.8
Kalmar Q2/2008 Q1/2008 Q4/2007 Q3/2007 Q2/2007
Orders received MEUR 363 490 346 324 367
Order book MEUR 790 824 660 684 693
Sales MEUR 396 322 364 326 330
Operating profit MEUR 32.3 19.4 26.9 * 27.8 24.1
Operating profit % 8.2 6.0 7.4 * 8.5 7.3
MacGREGOR Q2/2008 Q1/2008 Q4/2007 Q3/2007 Q2/2007
Orders received MEUR 415 439 616 483 338
Order book MEUR 2,334 2,211 1,946 1,614 1,314
Sales MEUR 254 177 261 187 169
Operating profit MEUR 21.9 11.9 22.3 15.0 11.3
Operating profit % 8.6 6.7 8.6 8.0 6.7
* Excluding the one-off cost of EUR 18.0 million in Kalmar business
area related to a container
spreader inspection and repair programme
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