2015-07-17 08:00:02 CEST
2015-07-17 08:00:09 CEST
REGLAMENTUOJAMA INFORMACIJA
Konecranes Oyj - Interim report (Q1 and Q3)
KONECRANES PLC’S INTERIM REPORT JANUARY-JUNE 2015
KONECRANES PLC INTERIM REPORT July 17, 2015 at 9:00 a.m.
OPERATING PROFIT IMPROVED IN THE SECOND QUARTER
Figures in brackets, unless otherwise stated, refer to the same period a year
earlier
SECOND QUARTER HIGHLIGHTS
- Order intake EUR 490.3 million (523.5), -6.4 percent; Service +14.3 percent
and Equipment -16.9 percent.
- Service contract base value EUR 209.5 million (186.6), +12.3 percent; +3.4
percent at comparable currency rates.
- Order book EUR 1,100.4 million (1,029.9) at end-June, 6.8 percent higher than
a year ago.
- Sales EUR 535.6 million (481.6), +11.2 percent; Service +17.3 percent and
Equipment +6.2 percent.
- Operating profit excluding restructuring costs EUR 25.7 million (21.6), 4.8
percent of sales (4.5).
- Restructuring costs EUR 9.5 million (0.9).
- Operating profit including restructuring costs EUR 16.3 million (20.7), 3.0
percent of sales (4.3).
- Earnings per share (diluted) EUR 0.19 (0.20).
- Net cash flow from operating activities EUR 5.7 million (42.1).
- Net debt EUR 261.9 million (256.5) and gearing 59.9 percent (64.7).
JANUARY-JUNE HIGHLIGHTS
- Order intake EUR 1,009.1 million (962.8), +4.8 percent; Service +9.7 percent
and Equipment +1.4 percent.
- Sales EUR 1,010.5 million (908.9), +11.2 percent; Service +15.5 percent and
Equipment +7.2 percent.
- Operating profit excluding restructuring costs EUR 39.9 million (37.2), 3.9
percent of sales (4.1).
- Restructuring costs EUR 11.8 million (1.3).
- Operating profit including restructuring costs EUR 28.1 million (35.9), 2.8
percent of sales (4.0).
- Earnings per share (diluted) EUR 0.29 (0.35).
- Net cash flow from operating activities EUR -48.7 million (17.2).
MARKET OUTLOOK
Orders from European industrial customers increased in the second quarter, but
the customers are still cautious about investing. In the U.S., the offer base
for industrial customers remains stable, but customers' decision-making has
become slower and there are less large-contract opportunities available. 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 Second quarter First half year
--------------------------------------------------------------------------------
4-6/ 4-6/ Change 1-6/ 1-6/ Change R12M 2014
2015 2014 % 2015 2014 %
--------------------------------------------------------------------------------
Orders 490.3 523.5 -6.4 1,009.1 962.8 4.8 1,949.8 1,903.5
received,
MEUR
--------------------------------------------------------------------------------
Order book at 1,100.4 1,029.9 6.8 979.5
end of
period, MEUR
--------------------------------------------------------------------------------
Sales total, 535.6 481.6 11.2 1,010.5 908.9 11.2 2,113.0 2,011.4
MEUR
--------------------------------------------------------------------------------
EBITDA 38.4 32.7 17.5 64.3 57.8 11.2 168.7 162.2
excluding
restructuring
costs, MEUR
--------------------------------------------------------------------------------
EBITDA 7.2% 6.8% 6.4% 6.4% 8.0% 8.1%
excluding
restructuring
costs, %
--------------------------------------------------------------------------------
Operating 25.7 21.6 19.0 39.9 37.2 7.3 121.8 119.1
profit
excluding
restructuring
costs, MEUR
--------------------------------------------------------------------------------
Operating 4.8% 4.5% 3.9% 4.1% 5.8% 5.9%
margin
excluding
restructuring
costs, %
--------------------------------------------------------------------------------
EBITDA, MEUR 33.5 31.9 5.2 58.2 56.5 2.9 160.6 159.0
--------------------------------------------------------------------------------
EBITDA, % 6.3% 6.6% 5.8% 6.2% 7.6% 7.9%
--------------------------------------------------------------------------------
Operating 16.3 20.7 -21.6 28.1 35.9 -21.7 108.0 115.8
profit, MEUR
--------------------------------------------------------------------------------
Operating 3.0% 4.3% 2.8% 4.0% 5.1% 5.8%
margin, %
--------------------------------------------------------------------------------
Profit before 16.7 17.1 -2.2 24.8 29.8 -16.8 102.4 107.4
taxes, MEUR
--------------------------------------------------------------------------------
Net profit for 11.4 11.7 -2.9 17.0 20.4 -16.8 71.2 74.6
the period,
MEUR
--------------------------------------------------------------------------------
Earnings per 0.19 0.20 -2.8 0.29 0.35 -16.8 1.23 1.28
share, basic,
EUR
--------------------------------------------------------------------------------
Earnings per 0.19 0.20 -2.7 0.29 0.35 -16.6 1.22 1.28
share,
diluted, EUR
--------------------------------------------------------------------------------
Gearing, % 59.9% 64.7% 33.3%
--------------------------------------------------------------------------------
Return on 15.0% 17.0%
capital
employed %
--------------------------------------------------------------------------------
Free cash -3.3 30.1 -65.9 -2.5 46.1 109.4
flow, MEUR
--------------------------------------------------------------------------------
Average number 11,929 11,879 0.4 11,920
of personnel
during the
period
--------------------------------------------------------------------------------
President and CEO Pekka Lundmark:
“Our overall performance in the second quarter of 2015 was largely in line with
our own expectations. Service continued on its steady profit improvement path,
and the full-year outlook for the business remains promising. Equipment
business recovered after a loss making first quarter, but the result is still
below target. Lifttruck business continued to be the best performing equipment
business, with both volumes and profit increasing steadily.
After a weaker first quarter, our Group operating profit, excluding
restructuring costs, exceeded that of last year. We are now cumulatively EUR
2.7 million above last year. This supports our forecast to deliver a higher
full-year operating profit, excluding restructuring costs, than last year.
As communicated earlier, we are addressing the below-target performance of the
equipment business, among other things, by a cost reduction program that
targets to deliver EUR 30 million cost reduction run-rate by the end of the
first quarter of 2016. This program is proceeding according to plan. We are
continuing our product development to increase differentiation and to lower
variable product cost. The new IT systems targeted to improve the productivity
of the supply chain have now reached more than 50 percent coverage of our
business. In addition, to lower the cost base in the equipment business, we are
preparing more profound structural changes.
Since this is the 41st and the last quarterly report that I publish as the
President & CEO of Konecranes Plc, I would like to take this opportunity to
thank all our customers, employees, shareholders, and other parties with whom I
have had the pleasure to share this exciting journey. Konecranes is today a
very different company than 10 years ago. Nevertheless, there is still so much
to do. Digitalization will fundamentally change how world's industries operate,
and Konecranes is well-positioned to take advantage of this development. The
material handling equipment and service market are still fragmented, and there
are a lot of growth and consolidation opportunities, even in a scenario where
the world economy would not drive any market growth.”
DISCLOSURE PROCEDURE
Konecranes follows the disclosure procedure enabled by Standard 5.2b published
by the Finnish Financial Supervision Authority. This stock exchange release is
a summary of Konecranes Plc's January-June 2015 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 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 June 26, 2015
for the conference call details.
NEXT REPORT
Konecranes' January-September 2015 interim report will be published on October
21, 2015.
KONECRANES PLC
Miikka Kinnunen
Director, Investor Relations
FOR FURTHER INFORMATION, PLEASE CONTACT:
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 11,900
employees at 600 locations in 48 countries. Konecranes is listed on Nasdaq
Helsinki (symbol: KCR1V).
DISTRIBUTION
Nasdaq Helsinki
Media
www.konecranes.com
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