Annual General Meeting. 18 May, 2005

Transcription

1 Annual General Meeting 18 May, 2005

2 Agenda 1. Opening of the meeting 2. Election of chairman and secretary for the meeting 3. Election of one person to audit the minutes 2

3 4. Legitimacy and quorum of the meeting 5. List of votes 6. Reviews 3

4 Financial period 1 Jan, Mar, 2005 Antti Herlin, Chairman & CEO KONE Elevators & Escalators Matti Alahuhta, President, KONE Corporation Kone Cargotec Carl-Gustaf Bergström, President, Kone Cargotec 4

5 Financial period 1 Jan, Mar,, 2005 Antti Herlin Chairman & CEO 5

6 Key Figures 1 Jan, Mar, Jan, Dec, 2003 Sales MEUR 5, ,410.4 Operating income MEUR Equity per share EUR Interest bearing net debt MEUR Total equity/total assets % Gearing %

7 Share Price Development 1/2000 3/2005 vs. HEX Portfolio Index KONE Class B share HEX Portfolio Index 7

8 Class B shares traded MEUR

9 Key Events KONE s demerger to two corporations Both divisions have been developed during the past two years From here onwards it will benefit both the two operations and shareholders to develop KONE and Cargotec as independent corporations KONE Corporation and Cargotec Corporationwill be listed on the Helsinki Stock Exchange on 1 June, 2005 Purchase and sale of own shares financing aqcuisition of MacGREGOR Matti Alahuhta new President as of 1 January, 2005 Separation of new KONE s and Cargotec s shareholder structure 9

10 Shareholders position in demerger No tax effects Does not require any procedure Will automatically be done in the share register The KONE B shares in the register at the end of trading on 31 May, 2005 will be unulled and replaced with the equivalent amount of new KONE and Cargotec shares For example 100 KONE class B shares 100 new KONE class B shares 100 Cargotec class B shares The new shares are at the owners disposal when the listing is initiated on 1 June,

11 hlkb=bäéî~íçêë C=bëÅ~ä~íçêëW=g~åì~êó OMMQÓj~êÅÜ OMMR j~ííá=^ä~üìüí~i=mêéëáçéåíi=hlkb

12 j~êâéí=çéîéäçéãéåí=çìêáåö íüé= Ñáå~åÅá~ä=éÉêáçÇ=ìåÇÉê=êÉîáÉï fååêé~ëáåöäó=öäçä~ä=åçãééíáíáçå mêççìåíáçå ÖêçïíÜ áå=`üáå~ kéï=éèìáéãéåí=ã~êâéí=öêçïíü=áå=^ëá~ jççéêåáò~íáçå=öêçïíü áå=bìêçéé ~åç=kçêíü=^ãéêáå~ dêçïíü áå=íüé=ã~åüáåéjêççãjäéëë=éäéî~íçê=ã~êâéí=ëéöãéåí O NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

13 däçä~ä=éäéî~íçê=ã~êâéí=ommq bäéî~íçêë=áå=çééê~íáçå== ETKQ=ãáääáçå=ìåáíëF kéï=éäéî~íçê=ã~êâéí EPPRIMMM=ìåáíëF `Üáå~ UB hçêé~ PB g~é~å UB oéëí=çñ= íüé=ïçêäç= NPB ^ãéêáå~ë NTB bìêçéé RNB `Üáå~ OSB oéëí=çñ= íüé=ïçêäç NSB g~é~å NMB bìêçéé= OVB ^ãéêáå~ë NOB hçêé~ TB P NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

14 pìãã~êó çñ=hlkbûë=ééêñçêã~ååé hlkb=~åüáéîéç=áíûë=í~êöéíë áå=ã~åó=ã~êâéíë téi=üçïéîéêi=~äëç=éååçìåíéêéç=çáë~ééçáåíáåö=öêçïíü ~åç= éêçñáíë Ó Ó hlkbûë ÖêçïíÜ=ê~íÉ=áå=^ëá~=ï~ë=åçí=ëìÑÑáÅáÉåí lìê=rkpk=çééê~íáçåë=çáç=åçí=éêçöêéëë=~ë=éä~ååéç Q NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

15 ^ååì~ä=åçãé~êáëçå Emêç=Ñçêã~F NJNOLOMMQ NJNOLOMMP `Ü~åÖÉG lêçéêë j OINPS OIMRO QB lêçéê=äççâ=pn=aéåk j NITVS NISST UB p~äéë j O=UVR OIUVN lééê~íáåö=áååçãé j OPR OUP JNTB lééê~íáåö=áååçãé=ã~êöáå B UKN VKU `~ëü=ñäçï=ñêçã=çééê~íáçåë j OUV POR JNNB G=çÑÑáÅá~ä=ÅäçëáåÖ=ÅìêêÉåÅó=ê~íÉë R NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

16 nì~êíéêäó=åçãé~êáëçå Emêç=Ñçêã~F hlkbûë=çêçéê=áåí~âéi=çêçéê=äççâ ~åç=áååçãé=áååêé~ëéç áå=íüé= Ñáêëí=èì~êíÉê çñ=ommr nnlommr nnlommq `Ü~åÖÉG lêçéêë j SMQ RNU NTB lêçéê=äççâ j OIMOP NIVMU SB p~äéë j SQV RRT NTB lééê~íáåö=áååçãégg j PVKM OTKQ QOB lééê~íáåö=áååçãé=ã~êöáågg B SKM QKV `~ëü=ñäçï=ñêçã=çééê~íáçåë j SV SV G=çÑÑáÅá~ä=ÅäçëáåÖ=ÅìêêÉåÅó=ê~íÉë GG=ÉñÅäìÇáåÖ=íÜÉ=jbro=UVKO=éêçîáëáçå=Ñçê=íÜÉ=ÇÉîÉäçéãÉåí=~åÇ=êÉëíêìÅíìêáåÖ=éêçÖê~ã S NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

17 qüé=åìêêéåí=óé~ê=áë=~=íê~åëáíáçå=ééêáçç qüé=~áã áë=íç=åêé~íé=éêéêéèìáëáíéë Ñçê=áãéêçîáåÖ=éêçÑáíë ~åç=ñ~ëíéêjíü~åjã~êâéí=öêçïíü=ñêçã OMMS=çåï~êÇëK fãéêçîáåö=åìëíçãéê=ñçåìë `ä~êáñóáåö=éêççìåí=éçêíñçäáç fååêé~ëáåö=åçëí=åçãééíáíáîéåéëë fãéêçîáåö=éêççìåíáîáíó píêéåöíüéåáåö=éêéëéååé áå=öêçïíü=ã~êâéíë T NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

18 `çêé=çñ=hlkb=ëíê~íéöó hlkb=öáîéë=~=ééêñçêã~ååé=éçöé=íç=áíë=åìëíçãéêë=ïáíü= áååçî~íáîé=ëéêîáåéë=~åç=ëçäìíáçåëk páãìäí~åéçìëäói=hlkbûë éêççìåíë=~åç=ëéêîáåéë=~êé=åçëíj ÅçãéÉíáíáîÉ=~åÇ=áíë=éêçÅÉëëÉë=ÅÜ~ê~ÅíÉêáòÉÇ=Äó=ÖäçÄ~ääó=~äáÖåÉÇ= çééê~íáçå~ä=éñåéääéååék= U NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

19 lééê~íáçå~ä=ãççé íç=ëìééçêí=ëíê~íéöó `ä~êáíó ~åç=ëíêéåöíü íç=ã~íêáñ=ëíêìåíìêé ~åç=åéï=êéëéçåëáäáäáíáéë j~àçê=mêçàéåíë táääá~ã=lêåü~êç EpÜ~åÖÜ~áI= `Üáå~F péêîáåé= _ìëáåéëë méíéê=çé=kééñ EbëéççI=cáåä~åÇF kéï=bèìáéãéåí _ìëáåéëë eéáââá=iééé åéå EbëéççI=cáåä~åÇF kçêíü=^ãéêáå~ eéáãç=j âáåéå EjçäáåÉI=rKpK^F téëíéêå=pçìíü= bìêçéé bêáå=j~òáçä EkáÅÉI=cê~åÅÉF `Éåíê~ä kçêíü= bìêçéé kçìç=sééöéê EiçåÇçåI=rKhKF ^ëá~jm~åáñáå méââ~=héãéé~áåéå EeçåÖ=hçåÖF V NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

20 ^Åíáçåë=ÄççëíáåÖ=ÖêçïíÜ ^ëá~ Ó qü~á=iáñí=fåçìëíêáéë=mäå Ó dá~åí hçåé=bäéî~íçê `çãé~åó=iíç= Ó hlkb=qçëüáä~=àçáåí=îéåíìêé áå=éëå~ä~íçê=éêççìåíáçå bìêçéé Ó h~ê~åü~êçîç=jéåü~åáå~ä=c~åíçêó EhjwF=áå=jçëâçï= NM NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

21 píê~íéöó=ä~ëéç çå=hlkb=ëíêéåöíüë ié~çáåö=íéåüåçäçöó ~åç=ëíêçåö=åìëíçãéê=ä~ëé Ñçê=ëÉêîáÅÉ ÄìëáåÉëë= píêçåö=å~ëü=ñäçï píê~áöüíñçêï~êç ~åç=çééê~íáçå~ääó=çêáéåíéç=åçêéçê~íé ÅìäíìêÉ jçíáî~íéçi=áåíéääáöéåíi=åçããáíéç=ééêëçååéä NN NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

22 `ìêêéåí=çééê~íáçå~ä=íêéåçë píêçåö=åçåëíêìåíáçå=öêçïíü áå=^ëá~=~åç=áå= íüé=jáççäé b~ëí aéã~åç Ñçê=ãçÇÉêåáò~íáçå ~åç=êééä~åéãéåí çñ=éñáëíáåö=éêççìåí=ä~ëé áå=bìêçéé ~åç= kçêíü=^ãéêáå~ fååêé~ëáåö=çéã~åç Ñçê=ÉäÉî~íçêë ~åç= ÉëÅ~ä~íçêë=ÇìÉ íç=íüé=~öáåö=éçéìä~íáçå NO NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

23 lìíäççâ=ñçê=ommr hlkb=êéáíéê~íéë=áíë=çìíäççâ=ñçê=ìååü~åöéç=çééê~íáîé=éêçñáí~äáäáíó= Ñçê=íÜÉ=Å~äÉåÇ~ê=óÉ~ê=OMMRI=ÇáëêÉÖ~êÇáåÖ=íÜÉ=bro=UVKO=ãáääáçå= Åçëíë=çÑ=íÜÉ=ÇÉîÉäçéãÉåí=~åÇ=êÉëíêìÅíìêáåÖ=éêçÖê~ãK= hlkbûë ÑçÅìë=áë=çå=áãéäÉãÉåíáåÖ=íÜÉ=åÉÅÉëë~êó=ÅÜ~åÖÉë=íç= Éå~ÄäÉ=Ñ~ëíÉêJíÜ~åJã~êâÉí=ÖêçïíÜ=~åÇ=áãéêçîáåÖ=éêçÑáí~Äáäáíó= Ñêçã=OMMSK= NP NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

24 NQ NU=j~óI=OMMR ^ååì~ä=déåéê~ä=jééíáåö

25 World s Leading Provider of Cargo Handling Solutions for Ships, Ports, Terminals and Local Distribution Annual Shareholders Meeting, May 18, 2005 President Carl-Gustaf Bergström 1

26 Increasing world trade requires efficient cargo handling 2 May 13, 2005

27 Cargotec s key strengths Global market leader with strong brands Operating in growth markets Broad distribution and service network Large and growing service revenue base Capital efficient business model Financial strength to pursue acquisitions 3 May 13, 2005

28 Cargotec three global market leaders Sea cargo Distribution Industry Ports Inland terminals Ships Defence Consumer goods Building materials Delivery logistics Defence General industry Construction Recycling & waste handling Agriculture & forestry 4 May 13, 2005

29 Recent strategic actions Growth MacGREGOR acquisition Acquisition of two service companies Peinemann Kalmar CV and Peinemann Kalmar Rental BV Assembly closer to customers New assembly plants being built in Shanghai, China for both Kalmar container handling equipment and Hiab demountables Expansion of Hiab s truck-mounted fork lift assembly in Ohio, USA Heavy forklift truck assembly to start at Kalmar s Kansas, USA plant Outsourcing and focusing on core Finmec divested in March Zetterbergs divestment finalized in April 5 May 13, 2005

30 Large and growing service revenue Kalmar Hiab MacGREGOR % of net sales MEUR 223 % May 13, 2005

31 Orders received continued strong MEUR % % Q1/2004 Q1/2005 Pro forma figures 7 May 13, 2005

32 Order book continued to grow MEUR % % Dec 31,2003 Dec 31,2004 March 31, 2004 March 31, 2005 Pro forma figures 8 May 13, 2005

33 High delivery volumes supported sales growth MEUR % % Q1/2004 Q1/2005 Pro forma figures 9 May 13, 2005

34 Operating income by business area MEUR Q1/2005 Q1/ Kalmar % 7.8% 7.3% 7.7% 7.2% Hiab % 7.2% 5.6% 6.4% 4.7% MacGREGOR % 3.7% 0.6% 6.1% 4.2% Cargotec total % 6.5% 4.9% 6.5% 5.2% Pro forma figures 10 May 13, 2005

35 Outlook Cargotec s outlook is based on figures including MacGREGOR. Order intake during the rest of the year is expected to return to a normalized level from the record levels experienced during the past twelve months. However, the current strong order backlog supports expectations of Cargotec s net sales clearly exceeding EUR 2 billion in Comparable operating income (EBIT) is estimated to somewhat improve from the previous year despite the negative effects of changes in product mix, cost increases in raw materials and components, and currency effects. 11 May 13, 2005

36 7. Presentation of Closing Documents of the accounting period 1 January, March, 2005 including the Statement of Income, Balance Sheet and Board Report 11

37 8. Presentation of the Independent Auditor s report concerning KONE Group and parent company 12

38 9. Acceptance of the Statement of Income and the Balance Sheet 13

39 10. Board of Directors Dividend Proposal The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 1.98 be paid for each class A shares and EUR 2.00 for each class B shares. In addition the Board of Directors proposes that shares that were subscribed during 1 April 27 April, 2005 with option rights, in total 78,300 class B shares, are entitled to dividend for the accounting period 1 January, March, The proposed dividends total EUR 127,318, The Board of Directors further proposes that the rest of distributable equity, EUR 1,899,124,826.00, be retained and carried forward. 14

40 11. Release from responsibility for the Board Members and the President 15

41 Nomination Committee s proposal for number of Board Memgbers and their remuneration Chairman and six (6) ordinary members, no deputy members Chairman s monthly salary 3,500 euro and ordinary members monthly salaries 2,000 euro, with the exeption that Board Members employed by KONE do not receive remuneration for serving on the Board. 16

42 Nomination Committee s proposal for Chairman and Members of the Board Chairman Antti Herlin Ordinary members Matti Alahuhta Jean-Pierre Chauvarie Sirkka Hämäläinen-Lindfors Masayuki Shimono Gerhard Wendt Iiro Viinanen 17

43 Audit Committee s proposal for number of auditors and their remuneration Two ordinary auditors and two deputy auditors Auditors fees will be paid upon invoicing 18

44 Audit Committee s proposal for auditors Auditors: Authorized public accountant Jukka Ala-Mello Authorized public accountant PricewaterhouseCoopers Oy Deputy Auditors: Authorized public accountant Niina Raninen Authorized public accountant Pasi Karppinen 19

45 Annual General Meeting 18 May, 2005