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CARGOTEC CORPORATION, INTERIM REPORT, 21 JULY 2015 AT 8.30 AM EEST
Cargotec's January-June 2015 interim report: profitability improved clearly, MacGregor market situation challenging
April-June 2015 in brief
January-June 2015 in brief
Outlook for 2015 unchanged
Cargotec's 2015 sales are expected to grow from 2014. Operating profit excluding restructuring costs for 2015 is expected to improve from 2014.
Cargotec's key figures
|Order book, end of period||2,342||2,285||2%||2,342||2,285||2%||2,200|
|Operating profit, %*||6.2||0.6||6.0||1.9||4.4|
|Operating profit, %||5.9||-0.7||5.8||1.1||3.8|
|Income before taxes||46.3||-12.9||93.8||5.4||98.2|
|Cash flow from operations||101.3||24.4||152.8||56.9||204.3|
|Net income for the period||27.4||-9.3||63.9||3.6||72.0|
|Earnings per share, EUR||0.43||-0.15||0.99||0.05||1.11|
|Net debt, end of period||735||847||735||847||719|
|Personnel, end of period||10,730||10,879||10,730||10,879||10,703|
*excluding restructuring costs
Cargotec's President and CEO Mika Vehviläinen:
In the second quarter, market activity and orders were healthy in Kalmar and Hiab, but orders for MacGregor remained low due to a challenging shipping market. Our sales developed favourably during the quarter. The development of Hiab and Kalmar's operating profit margin during several quarters shows that profit improvement measures have yielded sustainable results. We cannot be satisfied with profitability in MacGregor. However, effectiveness and cost savings programmes are progressing as planned and we continue with our determined efforts to safeguard MacGregor's profitability.
I am delighted to state that Kalmar and Hiab completed their profit improvement programmes - begun in 2013 - ahead of schedule. Efficiency improvement in these business areas continues, but the focus is shifting towards profitable growth. We have determinedly invested in product development and our offering. Hence, I am convinced that we can provide our customers with significant added value in their cargo handling needs. We will also continue developing our service business in all business areas.
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 with access code Cargotec/953925:
FI: +358 9 2313 9201
SE: +46 8 5052 0110
UK: +44 207 1620 077
US: +1 334 323 6201
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 23 July 2015 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 953925.
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 shapes the cargo handling industry for the benefit of its customers and shareholders. Cargotec's business areas MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Their global network is positioned close to customers and offers extensive services that ensure a continuous, reliable and sustainable performance according to customers' needs. Cargotec's sales in 2014 totalled approximately EUR 3.4 billion and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki Ltd under symbol CGCBV. www.cargotec.com