Cargotec’s January-June 2018 half year financial report: Strong growth in orders received
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Good level of orders received at Kalmar and Hiab
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Service orders received increased by 16 percent
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Restructuring costs weakened the result
From the beginning of 2018, Cargotec applies the new IFRS 15 and IFRS 9 accounting standards as well as the amendments to the IFRS 2 standard. More information on the new standards is available in Note 2, Accounting principles and new accounting standards. Cargotec has also aligned the definitions of the equipment, service and software businesses from the beginning of 2018. The data for the comparison period 2017 has been restated accordingly. Cargotec has published a stock exchange release on 28 March 2018 regarding the changes.
April-June 2018 in brief: Strong development in Kalmar’s orders
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Orders received increased by 23 percent and totalled EUR 981 (800) million. Orders received grew strongly especially at Kalmar.
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Order book amounted to EUR 1,786 (31 Dec 2017: 1,566) million at the end of the period.
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Sales decreased by 2 percent and totalled EUR 816 (836) million.
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Service sales increased by 5 percent and totalled EUR 235 (223) million.
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Service and software sales represented 32 (32) percent of consolidated sales.
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Operating profit was EUR 21.3 (58.9) million, representing 2.6 (7.0) percent of sales. Operating profit includes EUR 34.9 (11.7) million restructuring costs.
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Operating profit excluding restructuring costs decreased by 20 percent and amounted to EUR 56.3 (70.6) million, representing 6.9 (8.4) percent of sales. Kalmar’s operating profit decreased due to a less favorable business mix, and especially weaker US dollar compared to the euro had a negative impact on Hiab’s profitability.
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Cash flow from operations before financial items and taxes totalled EUR 26.5 (40.2) million.
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Net income for the period amounted to EUR 2.3 (36.4) million.
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Earnings per share was EUR 0.03 (0.56).
January-June 2018 in brief: Growth in orders received
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Orders received increased by 11 percent and totalled EUR 1,844 (1,657) million.
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Sales decreased by 2 percent and totalled EUR 1,589 (1,628) million.
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Service sales increased by 3 percent and totalled EUR 460 (446) million.
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Service and software sales represented 33 (32) percent of consolidated sales.
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Operating profit was EUR 74.5 (114.9) million, representing 4.7 (7.1) percent of sales.
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Operating profit excluding restructuring costs decreased by 13 percent and amounted to EUR 113.2 (129.5) million, representing 7.1 (8.0) percent of sales.
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Cash flow from operations before financial items and taxes totalled EUR 22.8 (52.6) million.
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Net income for the period amounted to EUR 36.0 (72.6) million.
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Earnings per share was EUR 0.55 (1.13).
Outlook for 2018 unchanged
Cargotec reiterates its outlook published on 8 February 2018 and expects its operating profit excluding restructuring costs for 2018 to improve from 2017 (EUR 258.6 million, IFRS 15 restated).
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