2015-04-29 08:00:04 CEST
2015-04-29 08:00:13 CEST
SÄÄNNELTY TIETO
Konecranes Oyj - Interim report (Q1 and Q3)
KONECRANES PLC - INTERIM REPORT JANUARY-MARCH 2015
KONECRANES PLC INTERIM REPORT April 29, 2015 at 9:00 a.m.
STRONG ORDER INTAKE, SERVICE RESULT CONTINUED TO IMPROVE, EQUIPMENT RESULT WEAK
Figures in brackets, unless otherwise stated, refer to the same period a year
earlier.
FIRST QUARTER HIGHLIGHTS
- Order intake EUR 518.8 million (439.3), +18.1 percent; Service +5.2 percent
and Equipment +25.4 percent.
- Service contract base value EUR 210.7 million (182.5), +15.5 percent; +3.9
percent at comparable currency rates.
- Order book EUR 1,111.1 million (937.9) at the end of March, 18.5 percent
higher than a year ago, 13.4 percent higher than at the end of 2014.
- Sales EUR 474.9 million (427.3), +11.1 percent; Service +13.5 percent and
Equipment +8.3 percent.
- Operating profit before restructuring costs EUR 14.2 million (15.6), -9.0
percent, 3.0 percent of sales (3.6).
- Restructuring costs EUR 2.3 million (0.4).
- Operating profit including restructuring costs EUR 11.8 million (15.2), 2.5
percent of sales (3.6).
- Earnings per share (diluted) EUR 0.10 (0.15).
- Net cash flow from operating activities EUR -54.4 million (-24.9).
- Net debt EUR 199.4 million (221.5) and gearing 46.8 percent (57.0).
MARKET OUTLOOK
European customers are still cautious about investing, but the number of
inquiries is increasing. In the U.S., the market outlook remains generally
positive, but the industrial production indicators are suggesting some
softening of the growth rate. The near-term market outlook in emerging markets
remains uncertain. Continued contract base growth bodes well for the future of
the service business. The quarterly Equipment order intake may fluctuate due to
the timing of the large port crane projects.
FINANCIAL GUIDANCE
Based on the order book, service contract base, and the near-term demand
outlook, the year 2015 sales are expected to be higher than in 2014. We expect
the 2015 operating profit, excluding restructuring costs, to improve from 2014.
KEY FIGURES 1-3/20 1-3/20 Change R12M 2014
15 14 %
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Orders received, MEUR 518.8 439.3 18.1 1,983.0 1,903.5
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Order book at end of period, MEUR 1111.1 937.9 18.5 979.5
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Sales total, MEUR 474.9 427.3 11.1 2,059.0 2,011.4
--------------------------------------------------------------------------------
EBITDA excluding restructuring costs, 25.8 25.1 2.9 162.9 162.2
MEUR
--------------------------------------------------------------------------------
EBITDA excluding restructuring costs, 5.4 5.9 7.9 8.1
%
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Operating profit excluding 14.2 15.6 -9.0 117.7 119.1
restructuring costs, MEUR
--------------------------------------------------------------------------------
Operating margin excluding 3.0 3.6 5.7 5.9
restructuring costs, %
--------------------------------------------------------------------------------
EBITDA, MEUR 24.6 24.7 -0.2 158.9 159.0
--------------------------------------------------------------------------------
EBITDA, % 5.2 5.8 7.7 7.9
--------------------------------------------------------------------------------
Operating profit, MEUR 11.8 15.2 -21.9 112.5 115.8
--------------------------------------------------------------------------------
Operating margin, % 2.5 3.6 5.5 5.8
--------------------------------------------------------------------------------
Profit before taxes, MEUR 8.1 12.7 -36.4 102.8 107.4
--------------------------------------------------------------------------------
Net profit for the period, MEUR 5.6 8.7 -35.5 71.5 74.6
--------------------------------------------------------------------------------
Earnings per share, basic, EUR 0.10 0.15 -35.4 1.23 1.28
--------------------------------------------------------------------------------
Earnings per share, diluted, EUR 0.10 0.15 -35.3 1.23 1.28
--------------------------------------------------------------------------------
Gearing, % 46.8 57.0 33.3
--------------------------------------------------------------------------------
Return on capital employed % 15.6 17.0
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Free cash flow, MEUR -62.6 -32.6 79.5 109.4
--------------------------------------------------------------------------------
Average number of personnel during the 11,944 11,872 0.6 11,920
period
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President and CEO Pekka Lundmark:
“The uneven development between our two businesses continued in the first
quarter. Service business performed well across the board and the steady profit
growth that we have seen since 2011 continued. Our service contract base now
stands at EUR 211 million, 15.5 percent up from a year ago. Coupled with a
promising funnel of new opportunities, new information systems, and new service
product introductions, this bodes well for the future of the business.
Equipment business had a challenging quarter. Seasonally low delivery volume
coupled with unfavorable product mix, and the fact that the currency tailwind
was not yet visible in the result due to hedging lowered the result below last
year's level. Better performance is expected for the rest of the year since the
order book of the business is almost all-time high, pushing delivery volumes up
in the coming quarters. The earlier announced EUR 30-million cost-saving
program that will be implemented by the end of the first quarter 2016 is also
gaining momentum. In addition, the weaker euro will start to support the result
of the Equipment business quarter by quarter.”
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 interim report
January-March 2015. 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 the restaurant Savoy's
Salikabinetti (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 April 9, 2015
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 2014, Group sales totaled EUR 2,011 million. The Group has 12,000
employees at 600 locations in 48 countries. Konecranes is listed on the Nasdaq
Helsinki (symbol: KCR1V).
DISTRIBUTION
Nasdaq Helsinki
Media
www.konecranes.com
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