2014-02-05 08:00:05 CET
2014-02-05 08:00:13 CET
REGULATED INFORMATION
Konecranes Oyj - Financial Statement Release
KONECRANES PLC: SOLID PERFORMANCE IN SERVICE, EQUIPMENT MARKET UNCERTAINTY CONTINUES
KONECRANES PLC FINANCIAL STATEMENTS BULLETIN February 5, 2014 at 9:00 a.m.
Figures in brackets, unless otherwise stated, refer to the same period a year
earlier.
FOURTH QUARTER HIGHLIGHTS
- Order intake EUR 422.2 million (423.8), -0.4 percent; Service -8.7 percent
and Equipment +3.9 percent.
- Service contract base value EUR 178.2 million (177.9), +0,2 percent; +4.8
percent at comparable currency rates.
- Order book EUR 893.5 million (942.7) at year-end, -5.2 percent compared with
a year before.
- Sales EUR 580.9 million (605.1), -4.0 percent; Service +3.6 percent and
Equipment -9.2 percent.
- Operating profit excluding restructuring costs EUR 42.8 million (42.2), 7.4
percent (7.0) of sales.
- Restructuring costs EUR 3.1 million (5.8).
- Operating profit including restructuring costs EUR 39.7 million (36.4), 6.8
percent of sales (6.0).
- Earnings per share (diluted) EUR 0.38 (0.39).
- Net cash flow from operating activities EUR 79.6 million (84.9).
- Net debt EUR 187.3 million (181.8) and gearing 42.1 percent (39.3).
FULL-YEAR 2013 HIGHLIGHTS
- Orders received EUR 1,920.8 million (1,970.1), -2.5 percent; Service -2.6
percent and Equipment -1.5 percent.
- Sales EUR 2,099.6 million (2,171.5), -3.3 percent; Service +0.6 percent and
Equipment -5.9 percent.
- Operating profit excluding restructuring costs EUR 115.5 million (138.3), 5.5
percent (6.4) of sales.
- Restructuring costs EUR 30.9 million (5.8).
- Operating profit including restructuring costs EUR 84.5 million (132.5), 4.0
percent of sales (6.1).
- Earnings per share (diluted) EUR 0.85 (1.46).
- Net cash flow from operating activities EUR 120.2 million (158.6).
- Dividend proposed by Board of Directors is EUR 1.05 (1.05) per share.
MARKET OUTLOOK
The growth in industrial production and container traffic is moderate and below
the historical averages. The near-term investment outlook within manufacturing
and process industries, as well as container handling, remains uncertain.
However, there are certain positive macroeconomic signs in the developed world
also outside the US.
FINANCIAL GUIDANCE
The order book at year-end 2013 was below the previous year, which will affect
the company's sales and operating profit in the beginning of the year. Due to
the market uncertainty, it is too early to estimate the full-year 2014 sales
development. The ongoing restructuring actions and improving project execution
are expected to have a positive impact on profitability.
KEY FIGURES Fourth quarter January-December
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10-12/ 10-12/ Change 1-12/ 1-12/ Change
2013 2012 % 2013 2012 %
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Orders received, MEUR 422.2 423.8 -0.4 1,920.8 1,970.1 -2.5
--------------------------------------------------------------------------------
Order book at end of period, 893.5 942.7 -5.2
MEUR
--------------------------------------------------------------------------------
Sales total, MEUR 580.9 605.1 -4.0 2,099.6 2,171.5 -3.3
--------------------------------------------------------------------------------
EBITDA excluding 52.3 52.9 -1.2 154.6 179.7 -14.0
restructuring costs, MEUR
--------------------------------------------------------------------------------
EBITDA excluding 9.0 8.7 7.4 8.3
restructuring costs, %
--------------------------------------------------------------------------------
Operating profit excluding 42.8 42.2 1.4 115.5 138.3 -16.5
restructuring costs, MEUR
--------------------------------------------------------------------------------
Operating margin excluding 7.4 7.0 5.5 6.4
restructuring costs, %
--------------------------------------------------------------------------------
EBITDA, MEUR 49.9 50.0 -0.3 140.5 176.8 -20.5
--------------------------------------------------------------------------------
EBITDA, % 8.6 8.3 6.7 8.1
--------------------------------------------------------------------------------
Operating profit, MEUR 39.7 36.4 9.0 84.5 132.5 -36.2
--------------------------------------------------------------------------------
Operating margin, % 6.8 6.0 4.0 6.1
--------------------------------------------------------------------------------
Profit before taxes, MEUR 35.9 33.7 6.4 75.5 124.2 -39.2
--------------------------------------------------------------------------------
Net profit for the period, 22.1 22.3 -0.9 49.4 84.8 -41.7
MEUR
--------------------------------------------------------------------------------
Earnings per share, basic, 0.38 0.39 -2.3 0.85 1.47 -42.1
EUR
--------------------------------------------------------------------------------
Earnings per share, diluted, 0.38 0.39 -2.2 0.85 1.46 -42.0
EUR
--------------------------------------------------------------------------------
Dividend per share, EUR 1.05* 1.05 0.0
--------------------------------------------------------------------------------
Gearing, % 42.1 39.3
--------------------------------------------------------------------------------
Return on capital employed % 11.6 18.4
--------------------------------------------------------------------------------
Free cash flow, MEUR 61.8 71.2 64.0 101.6
--------------------------------------------------------------------------------
Average number of personnel 11,987 11,917 0.6
during the period
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* The Board's proposal to the AGM
President and CEO Pekka Lundmark:
“As expected, the fourth quarter was clearly the best quarter during the year
2013. We exceeded the previous year's operating profit despite the fact that
our sales were EUR 24 million lower than a year ago. This shows that our cost
programs are delivering the expected results. Also, net working capital
development was good, giving a strong cash flow in the quarter. As a whole, the
year 2013 did not meet our targets. We delivered an excellent annual average
growth of 14 percent during the years 2003-2012, but in 2013 we saw that growth
come to a halt. The full-year result was behind our expectations due to the
equipment business, even though our service business result continued to
improve.
Our issue is now clearly the volume. Our cost-savings programs will continue in
2014, and there is further potential in project execution and supply chain
management. As our cost base is developing in the right direction, any
additional volume would now give very good leverage on the bottom line. But we
are, of course, not only waiting for a market recovery to give us the growth.
We are making significant investments in new product development and sales
management systems with an aim to continue to increase our market share
regardless of the economy that drives the market size development. We have
recently launched several new exiting products, and there is more in the
pipeline for the year 2014.”
BOARD OF DIRECTORS' PROPOSAL FOR DISPOSAL OF DISTRIBUTABLE FUNDS
The parent company's non-restricted equity is EUR 203,354,966.48, the net
income of which for the year is EUR 61,701,102.44. The Group's non-restricted
equity is EUR 366,150,000.
According to the Finnish Companies Act, the distributable funds of the company
are calculated based on the parent company's non-restricted equity. For the
purpose of determining the amount of the dividend, the Board of Directors has
assessed the liquidity of the parent company and the economic circumstances
subsequent to the end of fiscal year.
Based on such assessments the Board of Directors proposes to the Annual General
Meeting that a dividend of EUR 1.05 be paid on each share and that the
remaining non-restricted equity is retained in shareholders' equity.
CORPORATE GOVERNANCE STATEMENT 2013
Konecranes complies with the Finnish Corporate Governance Code 2010 approved by
the Board of the Securities Market Association. Konecranes has issued a
Corporate Governance Statement based on the recommendation 54 of the Code,
which is attached to this release in pdf format and can be reviewed on the
corporate website of Konecranes at www.konecranes.com.
DISCLOSURE PROCEDURE
Konecranes follows the disclosure procedure enabled by Disclosure obligation of
the issuer (7/2013) published by the Finnish Financial Supervision Authority.
This stock exchange release is a summary of Konecranes Plc's financial
statements bulletin 2013. The complete report is attached to this release in
pdf format and is also available on Konecranes' website at www.konecranes.com.
ANALYST AND PRESS BRIEFING
An analyst and press conference will be held at restaurant Savoy's
Salikabinetti (address Eteläesplanadi 14) at 11.00 a.m., Finnish time. The 2013
financial statements will be presented by Konecranes' President and CEO Pekka
Lundmark and CFO Teo Ottola.
A live webcast of the conference will begin at 11.00 a.m. at
www.konecranes.com. Please see the stock exchange release on January 15, 2014
for the conference call details.
KONECRANES PLC
Miikka Kinnunen
Director, Investor Relations
FURTHER INFORMATION
Mr Pekka Lundmark, President and CEO, tel. +358 20 427 2000
Mr Teo Ottola, Chief Financial Officer, tel. +358 20 427 2040
Mr Miikka Kinnunen, Director, Investor Relations, tel. +358 20 427 2050
Mr Mikael Wegmüller, Vice President, Marketing and Communications, tel. +358 20
427 2008
Konecranes is a world-leading group of Lifting Businesses™, serving a broad
range of customers, including manufacturing and process industries, shipyards,
ports and terminals. Konecranes provides productivity-enhancing lifting
solutions as well as services for lifting equipment and machine tools of all
makes. In 2013, Group sales totaled EUR 2,100 million. The Group has 11,800
employees at 600 locations in 48 countries. Konecranes is listed on the NASDAQ
OMX Helsinki (symbol: KCR1V).
DISTRIBUTION
NASDAQ OMX Helsinki
Media
www.konecranes.com
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