RESTRUCTURING ACCORDING TO PLAN AND STRONG CASH FLOW, STILL WEAK DEMAND
Figures in brackets, unless otherwise stated, refer to the same period in the previous year.
THIRD QUARTER HIGHLIGHTS
- Order intake EUR 308.5 million (515.9), -40.2 percent: Service –26.8 percent, Standard Lifting -48.6 percent and Heavy Lifting –42.1 percent.
- Service Contract Base value stable at 123 MEUR compared with 122 MEUR a year ago and 124 MEUR at end June.
- End September order book EUR 638.4 million (1,065.2), -40.1 percent, and -6.2 percent compared with end June, 2009.
- Sales EUR 368.7 million (520.4), -29.2 percent: Service –15.8 percent, Standard Lifting -28.3 percent and Heavy Lifting -42.3 percent.
- Operating profit before restructuring costs totaled EUR 24.0 million (69.0) and 6.5 percent (13.3) of sales.
- Restructuring costs in the third quarter totaled EUR 13.9 million.
- Operating profit, including restructuring costs, EUR 10.2 million, 2.8 percent of sales.
- Earnings per share (diluted) EUR 0.08 (0.77).
- Net cash flow from operating activities EUR 66.2 million (51.4).
- Strong cash flow resulted in net cash of EUR 14.9 million and gearing of -3.8 percent.
JANUARY-SEPTEMBER HIGHLIGHTS
- Order intake EUR 987.7 million (1,657.5), -40.4 percent: Service –24.5 percent, Standard Lifting -43.7 percent and Heavy Lifting –48.4 percent.
- Sales EUR 1,242.4 million (1,452.1), -14.4 percent: Service -6.9 percent, Standard Lifting -14.6 percent and Heavy Lifting -20.3 percent.
- Operating profit before restructuring costs totaled EUR 91.6 million (172.3) and 7.4 percent (11.9) of sales.
- Restructuring costs in the report period totaled EUR 15.8 million.
- Operating profit, including restructuring costs, EUR 75.8 million, 6.1 percent of sales.
FUTURE PROSPECTS
We expect the prevailing uncertainty to continue, with no credible signs of market recovery visible. Based on currently available information, we expect the demand for maintenance services to remain stable. We expect the demand for standard lifting equipment to continue on a low level, resulting in continued margin pressure. We expect the demand for heavy lifting equipment to remain low in general, with a high degree of fluctuation between quarters.
We still estimate the 2009 full year sales to be 17-20 percent lower than the level of full year 2008. However, the current information indicates the actual sales decrease to be close to the upper end of that range. Our full year operating margin estimate is unchanged at 6.5 – 7.5 percent of sales, excluding restructuring costs. Also the full year 2009 restructuring cost estimate is unchanged at EUR 17 – 22 million.
