Cargotec's January-June 2015 interim report: profitability improved clearly, MacGregor market situation challenging
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
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Orders received declined 11 percent and totalled EUR 887 (993) million.
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Order book grew 6 percent from the 2014 year-end, and at the end of the reporting period it totalled EUR 2,342 (31 Dec 2014: 2,200) million.
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Sales grew 16 percent to EUR 936 (804) million.
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Operating profit excluding restructuring costs was EUR 58.0 (4.7) million, representing 6.2 (0.6) percent of sales.
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Operating profit was EUR 54.9 (-6.0) million, representing 5.9 (-0.7) percent of sales.
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Cash flow from operations before financial items and taxes totalled EUR 101.3 (24.4) million.
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Net income for the period amounted to EUR 27.4 (-9.3) million.
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Earnings per share was EUR 0.43 (-0.15).
January-June 2015 in brief
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Orders received declined 2 percent and totalled EUR 1,826 (1,856) million.
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Sales grew 17 percent to EUR 1,825 (1,555) million.
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Operating profit excluding restructuring costs was EUR 110.3 (29.3) million, representing 6.0 (1.9) percent of sales.
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Operating profit was EUR 106.2 (17.8) million, representing 5.8 (1.1) percent of sales.
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Cash flow from operations before financial items and taxes totalled EUR 152.8 (56.9) million.
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Net income for the period amounted to EUR 63.9 (3.6) million.
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Earnings per share was EUR 0.99 (0.05).
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
| MEUR | 4-6/2015 | 4-6/2014 | Change | 1-6/2015 | 1-6/2014 | Change | 2014 |
| Orders received | 887 | 993 | -11% | 1,826 | 1,856 | -2% | 3,599 |
| Order book, end of period | 2,342 | 2,285 | 2% | 2,342 | 2,285 | 2% | 2,200 |
| Sales | 936 | 804 | 16% | 1,825 | 1,555 | 17% | 3,358 |
| Operating profit* | 58.0 | 4.7 | 1,138% | 110.3 | 29.3 | 276% | 149.3 |
| Operating profit, %* | 6.2 | 0.6 | 6.0 | 1.9 | 4.4 | ||
| Operating profit | 54.9 | -6.0 | N/A | 106.2 | 17.8 | 496% | 126.6 |
| 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 | ||
| Gearing, % | 56.9 | 71.9 | 56.9 | 71.9 | 59.2 | ||
| 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.