2013-10-23 08:00:02 CEST
2013-10-23 08:00:11 CEST
REGULATED INFORMATION
Konecranes Oyj - Interim report (Q1 and Q3)
KONECRANES PLC - THIRD QUARTER ORDER INTAKE DOWN, PROFITABILITY IMPROVED FROM THE BEGINNING OF THE YEAR
KONECRANES PLC INTERIM REPORT October 23, 2013 at 9:00 a.m.
Figures in brackets, unless otherwise stated, refer to the same period in the
previous year.
THIRD QUARTER HIGHLIGHTS
- Order intake EUR 412.9 million (458.0), -9.9 percent; Service -6.3 percent
and Equipment -8.8 percent.
- Order book EUR 1,018.9 million (1,085.1) at end-September, 6.1 percent lower
than a year ago, 5.6 percent lower than at end-June 2013.
- Sales EUR 502.9 million (529.8), -5.1 percent; Service -1.7 percent and
Equipment -6.3 percent.
- Operating profit excluding restructuring costs EUR 32.4 million (37.0), 6.4
percent of sales (7.0).
- Restructuring costs EUR 23.6 million (0.0).
- Operating profit EUR 8.8 million (37.0), 1.7 percent of sales (7.0).
- Earnings per share (diluted) EUR 0.09 (0.43).
- Net cash flow from operating activities EUR 40.7 million (45.0).
- Net debt EUR 246.3 million (250.5) and gearing 57.4 percent (55.6).
JANUARY-SEPTEMBER HIGHLIGHTS
- Order intake EUR 1,498.6 million (1,546.3), -3.1 percent; Service -0.6
percent and Equipment -2.9 percent.
- Sales EUR 1,518.7 million (1,566.4), -3.0 percent; Service -0.6 percent and
Equipment -4.6 percent.
- Operating profit excluding restructuring costs EUR 72.7 million (96.1), 4.8
percent of sales (6.1).
- Restructuring costs EUR 27.9 million (0.0).
- Operating profit EUR 44.8 million (96.1), 3.0 percent of sales (6.1).
- Earnings per share (diluted) EUR 0.47 (1.08).
- Net cash flow from operating activities EUR 40.6 million (73.6).
MARKET OUTLOOK
Leading macroeconomic indicators in Europe and China improved slightly in the
third quarter of 2013. However, 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.
FINANCIAL GUIDANCE
Based on the order book and the near-term demand outlook, the year 2013 sales
are expected to be slightly lower than in 2012. We expect the fourth quarter
2013 operating profit, excluding restructuring costs, to improve from the
previous year. However, we expect the full-year 2013 operating profit excluding
restructuring costs to be lower than in 2012.
KEY FIGURES Third quarter January-September
--------------------------------------------------------------------------------
7-9/20 7-9/20 Change 1-9/201 1-9/201 Change R12M 2012
13 12 % 3 2 %
--------------------------------------------------------------------------------
Orders 412.9 458.0 -9.9 1,498.6 1,546.3 -3.1 1,922.4 1,970.1
received,
MEUR
--------------------------------------------------------------------------------
Order book 1,018.9 1,085.1 -6.1 942.7
at end of
period,
MEUR
--------------------------------------------------------------------------------
Sales total, 502.9 529.8 -5.1 1,518.7 1,566.4 -3.0 2,123.8 2,171.5
MEUR
--------------------------------------------------------------------------------
EBITDA 40.7 47.2 -13.9 102.3 126.8 -19.4 155.2 179.7
excluding
restructuri
ng costs,
MEUR
--------------------------------------------------------------------------------
EBITDA 8.1 8.9 6.7 8.1 7.3 8.3
excluding
restructuri
ng costs, %
--------------------------------------------------------------------------------
Operating 32.4 37.0 -12.6 72.7 96.1 -24.4 114.9 138.3
profit
excluding
restructuri
ng costs,
MEUR
--------------------------------------------------------------------------------
Operating 6.4 7.0 4.8 6.1 5.4 6.4
margin
excluding
restructuri
ng costs, %
--------------------------------------------------------------------------------
EBITDA, MEUR 33.1 47.2 -29.9 90.7 126.8 -28.5 140.7 176.8
--------------------------------------------------------------------------------
EBITDA, % 6.6 8.9 6.0 8.1 6.6 8.1
--------------------------------------------------------------------------------
Operating 8.8 37.0 -76.3 44.8 96.1 -53.4 81.2 132.5
profit,
MEUR
--------------------------------------------------------------------------------
Operating 1.7 7.0 3.0 6.1 3.8 6.1
margin, %
--------------------------------------------------------------------------------
Profit 8.3 37.1 -77.6 39.6 90.5 -56.2 73.3 124.2
before
taxes, MEUR
--------------------------------------------------------------------------------
Net profit 5.3 25.0 -78.7 27.3 62.5 -56.3 49.6 84.8
for the
period,
MEUR
--------------------------------------------------------------------------------
Earnings per 0.09 0.43 -79.1 0.47 1.08 -56.4 0.86 1.47
share,
basic, EUR
--------------------------------------------------------------------------------
Earnings per 0.09 0.43 -79.0 0.47 1.08 -56.3 0.86 1.46
share,
diluted,
EUR
--------------------------------------------------------------------------------
Gearing, % 57.4 55.6 39.3
--------------------------------------------------------------------------------
Return on 11.1 18.4
capital
employed %,
Rolling 12
Months
(R12M)
--------------------------------------------------------------------------------
Free cash 28.9 26.1 2.2 30.4 73.4 101.6
flow, MEUR
--------------------------------------------------------------------------------
Average 12,026 11,860 1.4 11,917
number of
personnel
during the
period
--------------------------------------------------------------------------------
President and CEO Pekka Lundmark:
“Our third quarter showed mixed signals. The declining cost base showing that
our tight spending control is delivering results was positive. Project
execution went according to plans. As a result, our operating profit before
restructuring costs improved from the second quarter. Service's operating
margin before restructuring costs of 9.6 percent was encouraging, and there is
further potential for improvement. Equipment's corresponding operating margin
of 5.1 percent was low, but much better than in the first half of the year. We
expect the improvement of the operating profit to continue in the fourth
quarter.
Our issue is now clearly the volume. When we made the decision to lower our
cost base by EUR 30 million, the logic behind it was that we did not want to
count on market growth to improve profitability. Third quarter order intake was
soft, showing that this decision was the right one. Many purchasing managers'
indexes have developed well in the last months, and should this trend continue
it would most likely start to support our rather late cyclical demand. However,
thus far these signs are only scattered at best and our customers' investment
outlook remains uncertain.
In addition to taking care of our cost base, we continue to invest in the
product development to further strengthen our competitiveness. We call our
first key strategic initiative “Industrial Internet”, which is making machines
intelligent and aware of their own condition, and networking them to create a
real-time visibility in terms of their safety and productivity. We have named
the second strategic initiative “Emerging Markets Offering”, and it is creating
completely new product families for the new customer needs in the parts of the
world that will represent a major share of the world's future industrial
growth. Both initiatives are currently in the process of launching the first
products to the market, and there is much more to come.”
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 January-September
2013 interim report. 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 Savoy restaurant's
Salikabinetti (Note new venue, 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 of October 4, 2013,
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 2012, Group sales totaled EUR 2,170 million. The Group has 11,900
employees at 626 locations in 48 countries. Konecranes is listed on the NASDAQ
OMX Helsinki (symbol: KCR1V).
DISTRIBUTION
NASDAQ OMX Helsinki
Media
www.konecranes.com
© 2024 Nasdaq, Inc. All Rights Reserved |