4 February 2014, 00:00
Cargotec's financial statements review 2013: orders and cash flow strengthened towards the year-end
The figures in this financial statements review are based on Cargotec Corporation's audited 2013 Financial statements.
October-December 2013 in brief
- Orders received increased 35 percent and totalled EUR 958 (710) million.
- Order book amounted to EUR 1,980 (31 Dec 2012: 2,021) million at the end of the period.
- Sales increased 3 percent to EUR 914 (890) million.
- Operating profit excluding restructuring costs was EUR 38.6 (39.9) million, representing 4.2 (4.5) percent of sales.
- Operating profit was EUR 15.3 (14.2) million, representing 1.7 (1.6) percent of sales.
- Cash flow from operations before financial items and taxes totalled EUR 133.9 (90.7) million.
- Net income for the period amounted to EUR 7.7 (9.1) million.
- Earnings per share was EUR 0.12 (0.15).
January-December 2013 in brief
- Orders received increased 8 percent to EUR 3,307 (3,058) million.
- Sales fell 4 percent to EUR 3,181 (3,327) million.
- Operating profit excluding restructuring costs was EUR 126.5 (157.5) million, representing 4.0 (4.7) percent of sales.
- Operating profit was EUR 92.5 (131.4) million, representing 2.9 (3.9) percent of sales.
- Cash flow from operations before financial items and taxes totalled EUR 180.9 (97.1) million.
- Net income for the financial period amounted to EUR 55.4 (89.5) million.
- Earnings per share was EUR 0.89 (1.45).
- The Board of Directors proposes a dividend of EUR 0.41 per class A share and EUR 0.42 per class B share be paid.
Outlook for 2014
Cargotec's 2014 sales are expected to grow from 2013. Operating profit excluding restructurings costs for 2014 is expected to improve from 2013.
The acquisition of the Aker Solution's mooring and loading systems unit was completed 30 January 2014. Consolidation of the acquisition does not impact Cargotec's above-mentioned outlook for 2014.
Cargotec's key figures
*excluding restructuring costs
Cargotec's President and CEO Mika Vehviläinen:
Despite our many achievements, 2013 was financially disappointing. However, it was pleasing during the fourth quarter to see the amount of orders received increase, while cash flow continued to strengthen from the third quarter.
MacGregor's growth strategy progressed significantly during the fourth quarter. Announced in July, the acquisition of Hatlapa was completed in October. Then we also announced our intention to acquire the Aker Solutions' mooring and loading systems unit. These acquisitions will position MacGregor as a leading player in the offshore equipment market.
Our main target is to improve our profitability. During 2013, a great deal of work was done in developing our strengths. Although much remains to be done, I expect our efforts to bear fruit this year and also to be reflected in the results.
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 President and CEO Mika Vehviläinen and Executive Vice President, CFO Eeva Sipilä. The presentation material will be available at www.cargotec.com 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 with access code Cargotec/940618:
FI: +358 9 2313 9201
SE: +46 8 5052 0110
UK: +44 20 7162 0077
US: +1 334 323 6201
The event can also be viewed as a live webcast at www.cargotec.com. 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 6 February 2014 in the following numbers with access code Cargotec/940618:
FI: +358 9 2314 4681
UK: +44 20 7031 4064
US: +1 954 334 0342
For further information, please contact:
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084