2012-07-25 08:00:02 CEST
2012-07-25 08:00:10 CEST
REGULATED INFORMATION
Konecranes Oyj - Interim report (Q1 and Q3)
CONTINUED STRONG ORDER INTAKE, IMPROVING PROFITABILITY
KONECRANES PLC INTERIM REPORT July 25, 2012 at 9:00 a.m.
CONTINUED STRONG ORDER INTAKE, IMPROVING PROFITABILITY
Figures in brackets, unless otherwise stated, refer to the same period a year
earlier
SECOND QUARTER HIGHLIGHTS
- Order intake EUR 553.7 million (452.8), +22.3 percent; Service -1.4 percent
and Equipment +33.7 percent. Service contract base value +19.8 percent.
- Order book EUR 1,122.8 million (981.0) at end-June, 14.5 percent higher than
a year ago, 4.4 percent higher than at end-March 2012.
- Sales EUR 561.2 million (459.5), +22.1 percent; Service +13.5 percent and
Equipment +29.7 percent.
- Operating profit EUR 34.7 million (25.1), 6.2 percent of sales (5.5).
- Earnings per share (diluted) EUR 0.40 (0.26).
- Net cash flow from operating activities EUR 17.2 million (-27.5).
- Net debt EUR 275.2 million (116.0) and gearing 64.7 percent (26.7).
JANUARY-JUNE HIGHLIGHTS
- Order intake EUR 1,088.3 million (963.7), +12.9 percent; Service +5.0 percent
and Equipment +16.4 percent.
- Sales EUR 1,035.2 million (847.3), +22.2 percent; Service +16.7 percent and
Equipment +26.2 percent.
- Operating profit EUR 58.7 million (43.6), 5.7 percent of sales (5.2).
- Earnings per share (diluted) EUR 0.64 (0.40).
- Net cash flow from operating activities EUR 29.3 million (-29.6).
MARKET OUTLOOK
Our current offer base remains on a good level. However, there are some signs
of a weakening global demand due to the continuing crisis within the Eurozone
and slower economic growth in some emerging markets.
FINANCIAL GUIDANCE
Based on the order book, we forecast year 2012 sales and operating profit to be
higher than in 2011.
KEY FIGURES Second quarter First half year
--------------------------------------------------------------------------------
4-6/20 4-6/20 Change 1-6/201 1-6/20 Change R12M 2011
12 11 % 2 11 %
--------------------------------------------------------------------------------
Orders 553.7 452.8 22.3 1,088.3 963.7 12.9 2,020.7 1,896.1
received,
MEUR
--------------------------------------------------------------------------------
Order book at 1,122.8 981.0 14.5 991.8
end of
period, MEUR
--------------------------------------------------------------------------------
Sales total, 561.2 459.5 22.1 1,035.2 847.3 22.2 2,084.3 1,896.4
MEUR
--------------------------------------------------------------------------------
EBITDA 44.8 34.4 30.3 78.4 61.4 27.7 171.3 154.3
excluding
restructurin
g costs, MEUR
--------------------------------------------------------------------------------
EBITDA 8.0 7.5 7.6 7.2 8.2 8.1
excluding
restructurin
g costs, %
--------------------------------------------------------------------------------
Operating 34.7 25.1 38.2 58.7 43.6 34.5 132.2 117.2
profit
excluding
restructurin
g costs, MEUR
--------------------------------------------------------------------------------
Operating 6.2 5.5 5.7 5.2 6.3 6.2
margin
excluding
restructurin
g costs, %
--------------------------------------------------------------------------------
EBITDA, MEUR 44.8 34.4 30.3 78.4 61.4 27.7 165.2 148.1
--------------------------------------------------------------------------------
EBITDA, % 8.0 7.5 7.6 7.2 7.9 7.8
--------------------------------------------------------------------------------
Operating 34.7 25.1 38.2 58.7 43.6 34.5 121.9 106.9
profit, MEUR
--------------------------------------------------------------------------------
Operating 6.2 5.5 5.7 5.2 5.8 5.6
margin, %
--------------------------------------------------------------------------------
Profit before 32.7 22.0 48.4 53.2 33.8 57.2 115.1 95.8
taxes, MEUR
--------------------------------------------------------------------------------
Net profit 23.0 15.3 49.7 37.3 23.6 58.1 78.6 64.9
for the
period, MEUR
--------------------------------------------------------------------------------
Earnings per 0.40 0.26 53.6 0.64 0.40 60.4 1.35 1.11
share,
basic, EUR
--------------------------------------------------------------------------------
Earnings per 0.40 0.26 54.8 0.64 0.40 61.6 1.35 1.10
share,
diluted, EUR
--------------------------------------------------------------------------------
Gearing, % 64.7 26.7 50.5
--------------------------------------------------------------------------------
Return on 17.2 17.1
capital
employed %,
Rolling 12
Months
(R12M)
--------------------------------------------------------------------------------
Average 11,777 10,637 10.7 10,998
number of
personnel
during the
period
--------------------------------------------------------------------------------
President and CEO Pekka Lundmark:
“Our business developed largely according to our own expectations during the
second quarter. Order intake was strong, especially once the current uncertain
times are taken into account. Our order book value set again a new record,
which gives us some flexibility going forward. This is important since there
are signs of a weakening demand in some parts of the world. We have a good
number of new opportunities in our sales funnel, but there is a growing risk
that customers may hold up their investment decisions in the anticipation of
some kind of a solution to the Eurozone crisis and other global economic
uncertainties.
As we had expected, the operational leverage increased in the quarter. Slower
fixed cost growth in combination with higher volumes delivered a higher
operating profit. Improvement is now fastest in the service business where
sales margins and product mix are stable. Equipment business leverage is also
improving, but more slowly since there is a slight weakening in the product mix
and the competitive situation remains tight.”
ANALYST AND PRESS BRIEFING
An analyst and press conference will be held at the restaurant Savoy (address
Eteläesplanadi 14) at 11.00 a.m. Finnish time. The Interim Report will be
presented by Konecranes' President and CEO Pekka Lundmark and CFO Teo Ottola.
A live webcast of the conference will begin at 11.00 a.m. at
www.konecranes.com. Please see the stock exchange release dated July 6, 2012
for the conference call details.
KONECRANES PLC
Miikka Kinnunen
Director, Investor Relations
FURTHER INFORMATION
Mr Pekka Lundmark, President and CEO, tel. +358 20 427 2000
Mr Teo Ottola, Chief Financial Officer, tel. +358 20 427 2040
Mr Miikka Kinnunen, Director, Investor Relations, tel. +358 20 427 2050
Mr Mikael Wegmüller, Vice President, Marketing and Communications, tel. +358 20
427 2008
Konecranes is a world-leading group of Lifting Businesses™, serving a broad
range of customers, including manufacturing and process industries, shipyards,
ports and terminals. Konecranes provides productivity-enhancing lifting
solutions as well as services for lifting equipment and machine tools of all
makes. In 2011, Group sales totaled EUR 1,896 million. The Group has 11,900
employees at 609 locations in 47 countries. Konecranes is listed on the NASDAQ
OMX Helsinki (symbol: KCR1V).
DISTRIBUTION
NASDAQ OMX Helsinki
Media
www.konecranes.com
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