SOLID PERFORMANCE IN A TOUGH MARKET
Figures in brackets, unless otherwise stated, refer to the same period a year earlier
FOURTH QUARTER HIGHLIGHTS
- Order intake EUR 361.1 million (409.6), -11.8 percent: Service -23.5 percent, Standard Lifting -24.0 percent, Heavy Lifting +12.9 percent.
- Order book at year-end was EUR 607.0 million (836.3), -27.4 percent compared with a year before.
- Sales EUR 428.9 million (650.4), -34.1 percent: Service -22.7 percent, Standard Lifting -38.5 percent, Heavy Lifting -41.4 percent.
- Operating profit before restructuring costs totaled EUR 27.3 million (76.5) and 6.4 percent (11.8) of sales.
- Restructuring costs in the fourth quarter totaled EUR 5.1 million.
- Operating profit, including restructuring costs, EUR 22.2 million (76.5), 5.2 percent of sales (11.8).
- Net cash flow from operating activities EUR 89.9 million (33.5).
- Strong cash flow resulted in net cash of EUR 77.7 million (net debt of 11.3) and gearing of -19.1 percent (2.8).
FULL YEAR 2009 HIGHLIGHTS
- Orders received EUR 1,348.9 million (2,067.1), -34.7 percent: Service -24.3 percent, Standard Lifting -39.8 percent, Heavy Lifting -38.0 percent.
- Sales EUR 1,671.3 million (2,102.5), -20.5 percent: Service -11.5 percent, Standard Lifting -21.9 percent, Heavy Lifting -27.3 percent.
- Operating profit before restructuring costs totaled EUR 118.8 million (248.7), 7.1 percent (11.8) of sales.
- Restructuring costs in 2009 totaled EUR 20.9 million.
- Operating profit, including restructuring costs, EUR 97.9 million (248.7), 5.9 percent of sales (11.8).
- Net cash flow from operating activities EUR 223.0 million (107.1).
- Profit before taxes EUR 88.6 million (236.2).
- Earnings per share (diluted) EUR 1.08 (2.82).
- Dividend proposed by Board of Directors is EUR 0.90 (0.90) per share.
FUTURE PROSPECTS
Despite a slight pick-up in industrial output in the second half of 2009, Konecranes expects the uncertainty to continue, with no credible signs of market recovery visible. The demand for maintenance services is expected to remain stable or to increase gradually should capacity utilization within customer industries continue to improve. The demand for new equipment is expected to remain generally on a low level, and to suffer from overcapacity at customers. Price competition is likely to remain. A high degree of fluctuation between quarters may continue due to the timing of orders.
The year 2010 began with a thinner order book than the previous year. Our forecast is that sales in 2010 will be lower than in 2009. We expect the operating profit in 2010 to be lower than in 2009 before restructuring costs.
