Q INTERIM REPORT

Transcription

1 Q INTERIM REPORT April 25, 2012 Pekka Lundmark, President and CEO Teo Ottola, CFO 1

2 HIGHLIGHTS OF Q1/12 Positives Strong order intake both in Service and Equipment All-time high order book EBIT margin improved Y/Y in Service Sales funnel remains reasonably strong despite the economic uncertainties Negatives Demand remained weak in China, but was stable sequentially Operating leverage remained modest in Equipment Net working capital remained high 2

3 CAPACITY UTILIZATION: EU27 AND USA SOURCES: Eurostat (latest data point Q1/12), Federal Reserve Bank of St. Louis (March 2012) 3

4 CONTAINER TRAFFIC Annual container handling volume Monthly container handling volume SOURCE: Drewry Container Port Insight (latest data point January 2012) 4

5 MARKET OUTLOOK AND FINANCIAL GUIDANCE AS OF APRIL 25, 2012 Market outlook Forecasting the demand continues to be challenging due to macroeconomic uncertainties. Based on the current offer base, the demand outlook is stable. However, due to the timing of large port crane projects, the quarterly Equipment order intake may fluctuate. Financial guidance Based on the order book, we forecast year 2012 sales and operating profit to be higher than in

6 20 AUTOMATED STACKING CRANES TO GLOBAL TERMINAL IN USA Order of 20 ASCs to Global s container terminal in New Jersey Delivery in 2013 Related to the terminal s investment to handle larger container ships that will start coming through the widened Panama Canal in 2014 Earlier delivery of 30 ASCs for Virginia, USA Current ASC deliveries 36 ASCs for Barcelona, Spain 30 ASCs for Abu Dhabi, UAE 12 ASCs for Sydney and Brisbane, Australia 6

7 GLOBAL STRUCTURAL CHANGE IS CONTINUING Asia s share of global industrial production continues to grow 45 % 40 % 35 % 30 % North America Europe Asia 25 % 20 % 15 % 10 % 5 % 0 % Source: Maddison (Historical Statistics), IMF, ETLA 2012 Konecranes. All rights reserved. 7

8 GROUP ORDERS AND NET SALES Q1 Orders: (510.9) MEUR, +4.6% Net sales: (387.8) MEUR, +22.2% MEUR 700 ORDERS SALES

9 GROUP ORDER BOOK Q1 Order book: 1,075.6 (956.6) MEUR, +12.4% MEUR

10 GROUP EBIT & MARGIN Q1 EBIT: 24.0 (18.5) MEUR, +29.4% MARGIN: 5.1% (4.8%) MEUR EBIT MARGIN 14 % 12 % 10 % 8 % 6 % 4 % 2 % 0 % 10

11 SALES SPLIT BY BUSINESS AREA & REGION (R12M) 21% (21) 60% (60) R12M 1,983 MEUR (FY ,896) 40% (40) R12M 1,983 MEUR 29% (FY % (29) 1,896) (50) SERVICE EQUIPMENT EMEA AME APAC 11

12 12 SERVICE

13 SERVICE ORDERS AND NET SALES Q1 Orders: (167.2) MEUR +12.2% Sales: (170.9) MEUR +20.4% MEUR 250 ORDERS SALES New orders grew Y/Y in all geographic regions and in major business units Orders received were similar to the fourth quarter across regions and business units 13

14 SERVICE EBIT & MARGIN Q1 EBIT: 12.6 (9.1) MEUR, +38.6% MARGIN: 6.1% (5.3%) MEUR EBIT MARGIN % 10 % 8 % 6 % 4 % 2 % 0 % Operating profit improved Y/Y due to the higher volume 14

15 SERVICE CONTRACT BASE Q1 CB: 416 (381) thousand units, +9.0% Annual value 174 (146) MEUR, +19.0% Y/Y UNITS NUMBER OF EQUIPMENT VALUE MEUR Q1/12 15

16 SERVICE ORDER BOOK Q1 Order book: (125.8) MEUR, +16.7% MEUR

17 EQUIPMENT 17

18 EQUIPMENT ORDERS AND NET SALES Q1 Orders: (363.8) MEUR, +2.3% Net sales: (240.5) MEUR, +22.0% MEUR ORDERS SALES Orders grew Y/Y in the Americas and EMEA, but fell in APAC; all BUs except Port Cranes up Orders grew Q/Q in the Americas and EMEA, while stable in APAC; growth in IC and Components 18

19 EQUIPMENT EBIT & MARGIN Q1 EBIT: 15.7 (14.0) MEUR, +12.1% MARGIN: 5.4% (5.8%) MEUR EBIT MARGIN 10 % 9 % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % 0 % Operating leverage was still weak 19

20 EQUIPMENT ORDER BOOK Q1 Order book: (830.8) MEUR, +11.8% MEUR

21 BALANCE SHEET AND CASH FLOW 21

22 NET WORKING CAPITAL Q1 NWC: 333.7* (184.0**) MEUR 16.8%* (11.3%**) of R12M sales MEUR NWC, MEUR % OF R12M SALES 18 % 16 % 14 % 12 % 10 % 8 % 6 % 4 % 2 % 0 % * Q1/12 excl. dividend liability of EUR 57 million **Q1/11 excl. dividend liability of EUR 60 million Q1/10 excl. dividend liability of EUR 53 million 22

23 CASH FLOW BEFORE FINANCING ACTIVITIES MEUR Q1/11 Q1/ Capex on acquisitions Q1/12: EUR1.5m Q1/11: EUR30.3m FY 11 : EUR73.6m 23

24 GEARING Q1 Equity: (413.2) MEUR Net debt: (7.0) MEUR Gearing: 56.8% (1.7%) MEUR EQUITY NET DEBT GEARING 60 % 50 % 40 % 30 % 20 % 10 % 0 % -10 % -20 % 24

25 RETURN ON CAPITAL EMPLOYED ROCE % * R12M *) The 2007 ROCE including capital gain was 50.4% 25

26 APPENDIXES 26

27 STATEMENT OF INCOME MEUR Q Q % Change Sales Other operating income Depreciation and impairments Other operating expenses Operating profit Share of associates and joint ventures result Financial income and expenses Profit before taxes Taxes Net profit for the period

28 BALANCE SHEET MEUR March 31, 2012 March 31, 2011 MEUR March 31, 2012 March 31, 2011 Non-current assets Equity Inventories Non-current liabilities Other current assets Provisions Cash and cash equivalents Current liabilities Total assets Total equity and liabilities

29 CASH FLOW STATEMENT MEUR Q Q Operating income before change in net working capital Change in net working capital Financing items and taxes Net cash from operating activities Cash flow from investing activities Cash flow before financing activities Proceeds from options exercised and share issues Change in interest-bearing debt Net cash used in financing activities Translation differences in cash Change of cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Change of cash and cash equivalents

30 KEY FIGURES MEUR Q Q % Change Earnings per share, basic, EUR Earnings per share, diluted, EUR Return on capital employed %, R12M Return on equity %, R12M Equity per share, EUR Current ratio Gearing (%) Solidity (%) EBITDA, MEUR Investments total (excl. acquisitions), MEUR Interest-bearing net debt, MEUR Net working capital, MEUR Personnel at end of period 11,756 10, Personnel on average during the period 11,704 10, Average number of shares outstanding, basic 57,198,971 59,231, Average number of shares outstanding, diluted 57,525,053 60,091, Number of shares outstanding 57,198,971 60,035,

31 THE LARGEST SHAREHOLDERS Largest shareholders on March 31, 2012 Number of shares % of all shares 1 HTT KCR Holding Oy Ab 6,870, Varma Mutual Pension Insurance Company 2,940, Gustavson Stig, Chairman of the Board of Konecranes and family *) 2,069, Market cap EUR 1,127 million excluding treasury shares 4 Ilmarinen Mutual Pension Insurance Company 1,483, Nordea Investment Funds 1,283, The State Pension Fund 917, Mandatum Life Insurance Company Ltd. 844, Fondita Funds 696, OP Investment Funds 664, Sigrid Juselius Foundation 638, Konecranes Plc s treasury shares 6,042, Nominee registered shares 18,218, Other shareholders 20,570, Total number of shares 63,241, *) Konecranes Plc has on December 28, 2011 received information according to which the Chairman of the company s Board of Directors Stig Gustavson has donated all of his shares in Konecranes Plc to his near relatives retaining himself for life the voting rights and right to dividend attached to the donated shares. The donation encompasses in total 2,069,778 shares which corresponds to approximately 3.27 percent of all of the company s shares and voting rights. Trading information Listing: NASDAX OMX Helsinki Date of listing: March 27, 1996 Segment: Large Cap Sector: Industrials Trading code: KCR1V 1 3/12 average daily trading volume 710,064 shares, EUR 14.7 million 31

32 CONTACT INFORMATION Pekka Lundmark, President and CEO Tel (0) Teo Ottola, Chief Financial Officer Tel.+358 (0) Miikka Kinnunen, Director, Investor Relations Tel (0) Anna-Mari Kautto, Assistant, Investor Relations Tel (0)

33 NOT JUST LIFTING THINGS, BUT ENTIRE BUSINESSES 33