Cargotec Oyj : Cargotec's financial statements review 2012: Challenging year behind, new operating model to improve

 Cargotec Oyj : Cargotec's financial statements review 2012: Challenging year
      behind, new operating model to improve profitability and cash flow

A.M. (EET)

The figures in this financial statements review are based on Cargotec
Corporation's audited 2012 Financial statements.

October-December 2012 in brief

  *Orders received decreased 16 percent and totalled EUR 710 (842) million.

  *Order book amounted to EUR 2,021 (31 Dec 2011: 2,426) million at the end
    of the period.

  *Sales grew 7 percent to EUR 890 (828) million.

  *Operating profit excluding restructuring costs was EUR 39.5 (48.0)
    million, representing 4.4 (5.8) percent of sales.

  *Operating profit was EUR 13.8 (48.0) million, representing 1.5 (5.8)
    percent of sales.

  *Cash flow from operations before financial items and taxes totalled EUR
    90.6 (88.3) million.

  *Net income for the period amounted to EUR 8.7 (34.8) million.

  *Earnings per share was EUR 0.14 (0.56).

January-December 2012 in brief

  *Orders received totalled EUR 3,058 (3,233) million.

  *Sales grew 6 percent to EUR 3,327 (3,139) million.

  *Operating profit excluding restructuring costs was EUR 157.2 (207.0)
    million, representing 4.7 (6.6) percent of sales.

  *Operating profit was EUR 131.0 (207.0) million, representing 3.9 (6.6)
    percent of sales.

  *Cash flow from operations before financial items and taxes totalled EUR
    97.1 (166.3) million.

  *Net income for the financial period amounted to EUR 89.2 (149.3) million.

  *Earnings per share was EUR 1.45 (2.42).

  *The Board of Directors proposes a dividend of EUR 0.71 per class A share
    and EUR 0.72 per class B share outstanding be paid.

Outlook for 2013
Cargotec's sales are expected to be slightly below 2012 and operating profit
excluding restructuring costs to be at 2012 level. Positive impact of
efficiency improvement measures implemented will be weighted on the second
half of the year.

Cargotec's key figures

MEUR                       Q4/12  Q4/11 Change Q1-Q4/12 Q1-Q4/11 Change
Orders received              710    842   -16%    3,058    3,233    -5%
Order book, end of period  2,021  2,426   -17%    2,021    2,426   -17%
Sales                        890    828     7%    3,327    3,139     6%
Operating profit*           39.5   48.0   -18%    157.2    207.0   -24%
Operating profit, %*         4.4    5.8             4.7      6.6
Operating profit            13.8   48.0   -71%    131.0    207.0   -37%
Operating profit, %          1.5    5.8             3.9      6.6
Income before taxes         13.5   43.7           122.2    191.9
Cash flow from operations   90.6   88.3            97.1    166.3
Net income for the period    8.7   34.8            89.2    149.3
Earnings per share, EUR     0.14   0.56            1.45     2.42
Net debt, end of period      478    299             478      299
Gearing, %                  38.8   25.4            38.8     25.4
Personnel, end of period  10,294 10,928          10,294   10,928

* excluding restructuring costs

Cargotec's interim President and CEO Tapio Hakakari:
In 2012, we sought to improve profitability and cash flow. However, we did
not achieve all our targets. The unavoidable consequence of this was employee
cooperation negotiations. Unfortunately, as a result we were forced to let go
of some employees. In addition, we launched a new operating model based on
independent businesses. These changes are aimed at achieving streamlined
operations, profitable growth and greater market share. We believe that we are
in a strong position to turn the situation around, led by our new President
and CEO as of 1 March 2013, Mika Vehviläinen.

Press conference for analysts and media
A press conference for analysts and media, combined with a live international
telephone conference, will be arranged on the publishing day at 10:00 a.m. EET
at Cargotec's head office, Porkkalankatu 5, Helsinki. The event will be held
in English. The report will be presented by Executive Vice President, CFO Eeva
Sipilä. The presentation material will be available at by
10:00 a.m. EET.

The telephone conference, during which questions may be presented, can be
accessed using the following numbers ten minutes before the beginning of the
event: US callers +1334323 6201, non-US callers +44207162 0025, access
code Cargotec/927698.

The event can also be viewed as a live webcast at An
on-demand version of the conference will be published at Cargotec's website
later during the day.

A replay of the conference call will be available until midnight 14 February
2013 in the following numbers: US callers +1954334 0342, non-US callers
+44207031 4064, access code 927698.

For further information, please contact:
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20777 4104
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084

Cargotec improves the efficiency of cargo flows on land and at sea - wherever
cargo is on the move. Cargotec's brands MacGregor, Kalmar and Hiab are
recognised leaders in cargo and load handling solutions around the world.
Cargotec's global network is positioned close to customers and offers
extensive services that ensure the continuous, reliable and sustainable
performance of equipment. Cargotec's sales totalled EUR 3.3 billion in 2012
and it employs approximately 10,500 people. Cargotec's class B shares are
quoted on NASDAQ OMX Helsinki under symbol CGCBV.

Financial statements review 2012, pdf


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Source: Cargotec Oyj via Thomson Reuters ONE
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