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Cargotec's January-March 2013 interim report: Orders grew. Low sales weakened operating profit.


April 26, 2013 - London

CARGOTEC CORPORATION, INTERIM REPORT, 26 APRIL 2013 AT 8.30 AM EEST

January-March 2013 in brief

  • Orders received grew 7 percent and totalled EUR 791 (737) million. 

  • Order book amounted to EUR 2,203 (31 Dec 2012: 2,021) million at the end of the period. 

  • Sales fell 14 percent to EUR 679 (793) million. 

  • Operating profit excluding restructuring costs was EUR 15.0 (37.5) million, representing 2.2 (4.7) percent of sales. 

  • Operating profit was EUR 13.1 (37.5) million, representing 1.9 (4.7) percent of sales. 

  • Cash flow from operations before financial items and taxes totalled EUR 21.2 (-2.2) million. 

  • Net income for the period amounted to EUR 6.4 (26.2) million. 

  • Earnings per share was EUR 0.10 (0.42). 

Outlook for 2013 unchanged
Cargotec's sales are expected to be slightly below 2012 and operating profit excluding restructuring costs to be at 2012 level. Positive impact of efficiency improvement measures implemented will be weighted on the second half of the year.

Cargotec's key figures

MEUR Q1/13 Q1/12 Change 2012
Orders received 791 737 7% 3,058
Order book, end of period 2,203 2,342 -6% 2,021
Sales 679 793 -14% 3,327
Operating profit* 15.0 37.5 -60% 157.5
Operating profit, %* 2.2 4.7 4.7
Operating profit 13.1 37.5 -65% 131.4
Operating profit, % 1.9 4.7 3.9
Income before taxes 10.8 34.7 122.5
Cash flow from operations 21.2 -2.2 97.1
Net income for the period 6.4 26.2 89.5
Earnings per share, EUR 0.10 0.42 1.45
Net debt, end of period 506 389 478
Gearing, % 42.0 34.1 39.2
Personnel, end of period 10,015 10,486 10,294

* excluding restructuring costs

Cargotec's President and CEO Mika Vehviläinen:
In terms of order book development, the markets began the year on a positive note: we are satisfied with our growth in orders of seven percent. In MacGregor, with the merchant shipping markets remaining subdued, orders chiefly comprised marine cargo handling equipment for RoRo vessels and offshore support vessels. Orders also developed favourably for Kalmar, but those for Hiab fell somewhat compared to the rather high figure recorded for the comparison period in the previous year.

Sales fell by 14 percent, mainly due to low delivery volumes by MacGregor, as customers delayed their receipt of deliveries. Low delivery volumes reduced MacGregor's profitability. However, we foresee higher sales in the forthcoming quarters. At Kalmar and Hiab, much work remains to be done before we can achieve a satisfactory profit level. In general, we cannot rest content with our profit level for the first quarter; we continue determined measures aimed at improving our profitability.

Press conference for analysts and media
A press conference for analysts and media, combined with a live international telephone conference, will be arranged on the publishing day at 10:00 a.m. EEST at Cargotec's head office, Porkkalankatu 5, Helsinki. The event will be held in English. The report will be presented by President and CEO Mika Vehviläinen and Executive Vice President, CFO Eeva Sipilä. The presentation material will be available at www.cargotec.com by 10:00 a.m. EEST.

The telephone conference, during which questions may be presented, can be accessed using the following numbers ten minutes before the beginning of the event: US callers +1 334 323 6201, non-US callers +44 20 7162 0025, access code Cargotec/930661.

The event can also be viewed as a live webcast at www.cargotec.com. An on-demand version of the conference will be published at Cargotec's website later during the day.

A replay of the conference call will be available until midnight 28 April 2013 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 930661.

For further information, please contact:
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084

Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's brands MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.3 billion in 2012 and it employs approximately 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com


Interim report, pdf



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Cargotec Oyj via Thomson Reuters ONE

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