2014-07-23 08:00:00 CEST
2014-07-23 08:00:06 CEST
REGULATED INFORMATION
Konecranes Oyj - Interim report (Q1 and Q3)
KONECRANES PLC’S INTERIM REPORT JANUARY-JUNE 2014
KONECRANES PLC INTERIM REPORT July 23, 2014 at 9:00 a.m.
ORDER INTAKE, OPERATING PROFIT AND CASH FLOW 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 523.5 million (503.0), +4.1 percent; Service -4.2 percent
and Equipment +7.3 percent.
- Order book EUR 1,029.9 million (1,079.4) at end-June, 4.6 percent lower than
a year ago, 9.8 percent higher than at end-March 2014.
- Sales EUR 481.6 million (519.9), -7.4 percent; Service -2.9 percent and
Equipment -10.1 percent.
- Operating profit excluding restructuring costs EUR 21.6 million (17.2), 4.5
percent of sales (3.3).
- Restructuring costs EUR 0.9 million (0.0).
- Operating profit including restructuring costs EUR 20.7 million (17.2), 4.3
percent of sales (3.3).
- Earnings per share (diluted) EUR 0.20 (0.19).
- Net cash flow from operating activities EUR 42.1 million (-32.3).
- Net debt EUR 256.5 million (269.6) and gearing 64.7 percent (63.0).
JANUARY-JUNE HIGHLIGHTS
- Order intake EUR 962.8 million (1,085.7), -11.3 percent; Service -2.3 percent
and Equipment -15.6 percent.
- Sales EUR 908.9 million (1,015.8), -10.5 percent; Service -3.7 percent and
Equipment -14.7 percent.
- Operating profit excluding restructuring costs EUR 37.2 million (40.3), 4.1
percent of sales (4.0).
- Restructuring costs EUR 1.3 million (4.3).
- Operating profit including restructuring costs EUR 35.9 million (36.1), 4.0
percent of sales (3.5).
- Earnings per share (diluted) EUR 0.35 (0.38).
- Net cash flow from operating activities EUR 17.2 million (-0.1).
MARKET OUTLOOK
The growth in industrial production and container throughput has improved to
some extent. The purchasing managers' indexes are giving a reason for cautious
optimism in developed countries. However, the near-term market outlook in
emerging markets still 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
The sales in 2014 are expected to be approximately at the same level as in
2013. We expect the 2014 operating profit, excluding restructuring costs, to be
approximately at the same level or to improve slightly from 2013.
KEY FIGURES Second quarter First half year
--------------------------------------------------------------------------------
4-6/20 4-6/20 Change 1-6/201 1-6/201 Change R12M 1-12/
14 13 % 4 3 % 2013
--------------------------------------------------------------------------------
Orders 523.5 503.0 4.1 962.8 1,085.7 -11.3 1,797.9 1,920.8
received,
MEUR
--------------------------------------------------------------------------------
Order book 1,029.9 1,079.4 -4.6 893.5
at end of
period,
MEUR
--------------------------------------------------------------------------------
Sales total, 481.6 519.9 -7.4 908.9 1,015.8 -10.5 1,992.6 2,099.6
MEUR
--------------------------------------------------------------------------------
EBITDA 32.7 28.3 15.6 57.8 61.6 -6.2 150.8 154.6
excluding
restructuri
ng costs,
MEUR
--------------------------------------------------------------------------------
EBITDA 6.8% 5.4% 6.4% 6.1% 7.6% 7.4%
excluding
restructuri
ng costs, %
--------------------------------------------------------------------------------
Operating 21.6 17.2 25.4 37.2 40.3 -7.7 112.3 115.5
profit
excluding
restructuri
ng costs,
MEUR
--------------------------------------------------------------------------------
Operating 4.5% 3.3% 4.1% 4.0% 5.6% 5.5%
margin
excluding
restructuri
ng costs, %
--------------------------------------------------------------------------------
EBITDA, MEUR 31.9 28.3 12.5 56.5 57.6 -1.8 139.5 140.5
--------------------------------------------------------------------------------
EBITDA, % 6.6% 5.4% 6.2% 5.7% 7.0% 6.7%
--------------------------------------------------------------------------------
Operating 20.7 17.2 20.3 35.9 36.1 -0.4 84.4 84.5
profit,
MEUR
--------------------------------------------------------------------------------
Operating 4.3% 3.3% 4.0% 3.5% 4.2% 4.0%
margin, %
--------------------------------------------------------------------------------
Profit 17.1 15.8 8.3 29.8 31.3 -4.9 74.0 75.5
before
taxes, MEUR
--------------------------------------------------------------------------------
Net profit 11.7 11.1 5.6 20.4 22.0 -7.2 47.8 49.4
for the
period,
MEUR
--------------------------------------------------------------------------------
Earnings per 0.20 0.19 4.2 0.35 0.38 -8.3 0.82 0.85
share,
basic, EUR
--------------------------------------------------------------------------------
Earnings per 0.20 0.19 4.4 0.35 0.38 -8.1 0.82 0.85
share,
diluted,
EUR
--------------------------------------------------------------------------------
Gearing, % 64.7% 63.0% 42.1%
--------------------------------------------------------------------------------
Return on 11.3% 11.6%
capital
employed %
--------------------------------------------------------------------------------
Free cash 30.1 -48.3 -2.5 -26.7 88.1 64.0
flow, MEUR
--------------------------------------------------------------------------------
Average 11,879 12,056 -1.5 11,987
number of
personnel
during the
period
--------------------------------------------------------------------------------
President and CEO Pekka Lundmark:
“I am pleased with the order intake in the second quarter that clearly exceeded
EUR 500 million. This was a much-needed recovery after three quarters of orders
at EUR 400-450 million, which kept the delivery volumes low in the first half
of 2014. Despite the fact that the sales in the second quarter were EUR 38
million lower than last year, operating profit, excluding restructuring costs,
increased by EUR 4.4 million. This was due to a good project execution, higher
gross margin in both service and equipment businesses, and lower fixed costs.
Even though the operating profit, excluding restructuring costs, of EUR 21.6
million improved both compared to the second quarter last year and the first
quarter this year, we are naturally not at all satisfied with the absolute
amount. First, we are not going to limit out cost-reduction efforts to the
already implemented measures. Still more can be done with product costs as well
as fixed cost efficiency. Second, we target volume growth. The second-quarter
order intake was promising, but one good quarter is not enough. The launches of
several new products this year are one key tool for us to increase volume,
alongside continuously strengthening efforts to improve sales management.”
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 2014 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 July 4, 2014
for the conference call details.
NEXT REPORT
Konecranes' January-September 2014 interim report will be published on October
22, 2014.
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 2013, Group sales totaled EUR 2,100 million. The Group has 11,900
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
© 2024 Nasdaq, Inc. All Rights Reserved |