Cargotec's Interim Report January-June 2009 - Demand Remained on Low
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Cargotec's Interim Report January-June 2009 - Demand Remained on Low Level
(Thomson Reuters ONE) - Cargotec Corporation INTERIM REPORT July 20, 2009 at 12.00 pmEESTCargotec's Interim Report January-June 2009 - Demand Remained on LowLevelReport Highlights - January-June* Orders received totalled EUR 928 (1-6/2008: 2,168) million.* The order book was EUR 2,555 (31.12.2008: 3,054) million at the end of the reporting period.* Sales declined 17 percent and were EUR 1,353 (1-6/2008: 1,627) million.* Operating profit excluding restructuring costs was EUR 18.0 (107.3) million, representing 1.3 (6.6) percent of sales.* Operating profit was EUR -3.9 (107.3) million. Operating profit includes EUR 21.9 (0.0) million of restructuring costs.* Cash flow from operating activities before financial items and taxes totalled EUR 106.8 (94.7) million.* Net income for the period amounted to EUR -5.8 (70.1) million.* Earnings per share was EUR -0.11 (1.11).Report Highlights - second quarter* Orders received totalled EUR 471 (4-6/2008: 1,013) million.* Sales declined 25 percent and were EUR 678 (901) million.* Operating profit excluding restructuring costs was EUR 3.0 (63.1) million, representing 0.4 (7.0) percent of sales.* Operating profit was EUR -10.0 (63.1) million. Operating profit includes EUR 13.1 (0.0) million of restructuring costs.Cargotec's President and CEO Mikael Mäkinen:"As stated earlier, demand continued weak during the second quarter.The whole first half of 2009 has been an extremely challenging timein cargo handling, and has required heavy restructuring of ouroperations. Our global supply footprint will change significantlyduring this year. Additionally, we aim for a clearly better and moreefficient operating model in our sales and services network. Thestrong cash flow during the first half is an excellent achievement inthis market situation", states President and CEO Mikael Mäkinen.Press Conference for analysts and media:A press conference for analysts and media will be combined with alive international telephone conference and arranged on thepublishing day at 2.00 pm (EEST) at Cargotec's head office,Sörnäisten rantatie 23, Helsinki. The event will be held in English.The interim report will be presented by President and CEO MikaelMäkinen. The presentation material will be available onwww.cargotec.com by 2.00 pm (EEST).The telephone conference, during which questions may be presented,may be accessed at the following numbers ten minutes before thebeginning of the event: US callers +1 646 843 4608, non-US callers+44 20 3023 4412, access code Cargotec Corporation.The event can also be viewed as a live webcast at www.cargotec.com.An on-demand audiocast of the conference will be published onCargotec's website later during the day.A replay of the conference call will be available until 3.00 pm July22, 2009 (EEST), in the following numbers: US callers +1 866 5831035, non-US callers +44 20 8196 1998, access code 136498#.For further information, please contact:Eeva Sipilä, CFO, tel. +358 204 55 4281Paula Liimatta, IR Manager, tel.+358 204 55 4634Cargotec improves the efficiency of cargo flows by offering solutionsfor the loading and unloading of goods on land and at sea - wherevercargo is on the move. Cargotec's main daughter brands for cargohandling Hiab, Kalmar and MacGregor are global market leaders intheir fields. Cargotec's global network offers extensive servicesthat ensure the continuous, reliable and sustainable performance ofequipment. Cargotec's sales totalled EUR 3.4 billion in 2008 and itemploys approximately 11,000 people. Cargotec's class B shares arequoted on the NASDAQ OMX Helsinki. www.cargotec.comOperating environmentDemand for load handling equipment was weak throughout the first halfof 2009. The marked fall in construction and new truck sales hassignificantly weakened demand for load handling equipment. With theirfleets under-utilised, customers are postponing investment decisionsin the current, uncertain economic situation. Due to the weak marketsituation in wood industry, the forestry crane markets areparticularly challenging. In addition, low demand has intensifiedprice competition between equipment manufacturers.A drop in the number of containers handled in ports in early 2009prompted customers to reappraise planned investments in containerhandling equipment. Activity in the markets with respect toinvestment projects underway and some currently under planning didnot feed through into orders. The Asia Pacific market area sawgreater levels of activity than elsewhere in the world, due topublicly funded infrastructure projects. Demand for forklift trucksand terminal tractors saw a clear fall due to faltering industrialproduction and distribution centre activity.The markets for marine cargo handling equipment have contractedsharply, following the end of the shipbuilding boom of the last fewyears. During the first half of 2009, marine cargo handling equipmentwas ordered mainly for ships ordered in 2008. However, towards theend of the review period, a slight rise in crude oil prices reflectedpositively in the offshore equipment markets. Overcapacity inshipping has led to the idling of vessels, their use for storagepurposes and increased scrapping. Furthermore, orders around theworld for new ships have been extremely low this year. Nevertheless,cancellations of orders for marine cargo handling equipment have sofar remained at moderate levels.Partly idle equipment lowered demand for services. However, theservices markets are in better shape than the equipment markets.Lower cargo handling equipment utilisation rates also affected spareparts sales. While customers remain interested in more flexibleoperating models, they are slower to make the related decisions.Orders ReceivedOrders received in the first half totalled EUR 928 (2,168) million.The number of orders received fell in all business areas, due toeconomic weakness. It should also be noted that the order intakeduring the comparison period 2008 was record-high in both Kalmar andMacGregor. The value of the orders secured during the second quarterwas EUR 471 (1,013) million, reaching the same level as during thefirst quarter.+-------------------------------------------------------------------------+|MEUR |1-6/2009|Share, %|1-6/2008|Share, %|Change, %|1-12/2008||-----------------+--------+--------+--------+--------+---------+---------||Hiab | 268| 29| 467| 21| -43| 818||-----------------+--------+--------+--------+--------+---------+---------||Kalmar | 411| 44| 853| 39| -52| 1,566||-----------------+--------+--------+--------+--------+---------+---------||MacGregor | 251| 27| 854| 39| -71| 1,393||-----------------+--------+--------+--------+--------+---------+---------||Internal orders | -2| | -5| | | -9||-----------------+--------+--------+--------+--------+---------+---------||Total | 928| 100| 2,168| 100| -57| 3,769|+-------------------------------------------------------------------------+HiabOf total orders received in January-June, Hiab accounted for EUR 268(467) million while its share of orders received in during the secondquarter was EUR 130 (238) million.Major part of the orders Hiab secured were small individual orders,which is typical of its operations. The number of orders receivedcontinued to decline from the previous year, due to low demandespecially in construction-related customer segments.In May, Hiab received an order for 60 loader cranes and 39 hookliftsfor trucks supplied to the Finnish Defence Forces. Delivery of theequipment will begin during the third quarter of 2009.In February, Hiab received a major order for 292 loader cranes fromBAE Systems Inc. in the US. Delivery of the equipment started duringthe first quarter and will continue throughout the year. This orderfollows the contract received in September 2008.KalmarOf total orders received in January-June, Kalmar accounted for EUR411 (853) million while its share of orders received in during thesecond quarter was EUR 187 (363) million. The uncertainty in thecontainer handling outlook reflected in customers' investmentdecisions lengthening decision-making processes. The lower usagerates of container handling equipment reduced replacementinvestments.During the second quarter, Kalmar received an order for three E-One+rubber-tyred gantry cranes (RTG) from Liscont Operadores deContentores, SA in Lisbon, Portugal. The equipment will be deliveredto the Liscont Container Terminal at Alcântara during the first halfof 2010. In addition, Kalmar secured a contract with ThessalonikiPort Authority in Greece for seven forklift trucks to be delivered bythe end of the reporting period. Furthermore, an order for 46 roughterrain container handlers was received from Tank-Automotive ArmamentCommand (TACOM), which is part of the US Department of Defence. Theequipment will be manufactured at Cargotec's new factory in Texas,US, during 2010-2011. The order is continuation to an order for 62rough terrain container handlers received during the first quarter.During the first quarter, Kalmar signed a contract to provide 20shuttle carriers to TTI Algeciras S.A. in Spain. The equipment willbe delivered by January 2010. In addition, Kalmar received an orderfor reachstackers and heavy range terminal tractors from VestasTowers in the US. The equipment will be used to lift wind turbinetower sectors and will be customised with special attachments. Thisequipment was delivered during the second quarter.During the first quarter, Kalmar also received terminal tractororders from, for example, China, Tunis and Russia. A total of 50medium range terminal tractors will be delivered to the port ofNingbo, China. A total of 20 heavy range terminal tractors will bedelivered to the port of Sociate Tunisienne De Acconage, Tunis and 15terminal tractors to the port of Novorossiisk Commercial Sea, Russia.In March, Cargotec Port Security, which is part of Kalmar, won itsfirst commercial contract for a spreader-mounted radiation detectionsystem from US based Lockheed Martin. The system meets therequirements of US immigration officials.MacGregorOf total orders received in the first half, MacGregor accounted forEUR 251 (854) million while its share of orders received during thesecond quarter was EUR 155 (415) million. The drop in orders receivedreflected the exceptional shipbuilding boom strongly slowing down.However, competitors' delivery problems reflected positively onorders and requests when shipyards aim to secure schedules of theirprojects with help from MacGregor.During the second quarter, MacGregor won cargo handling crane andhatch cover orders for container ships and bulk carriers. Orders forhatch covers to be installed on 10 bulk carriers were received fromSungdong Shipbuilding & Marine Engineering in South Korea. Theequipment will be delivered in 2010. Hatch covers for 32 containerships under construction in Japan and South Korea will be deliveredduring 2010-2012. This order includes the design and key componentsfor the hatch covers. An order was received for the supply of cargohandling cranes and hatch covers for six container ships underconstruction at Chinese shipyard Rongcheng Shenfei Shipbuilding CoLtd. The scope of supply for each vessel includes five cranes and thedesign of, and key components for, hatch covers. The equipment willbe delivered in 2010-2012.In addition, an order was received for 96 cargo handling cranesdestined for 24 bulk carriers at ABG Shipyard Ltd in India, for Asianand European owners. Delivery of the cranes is planned to start atthe end of 2009 and continue until mid 2013. Futhermore, in May,MacGregor received orders for RoRo equipment from French CompagnieMeridionale de Navigation and the French Navy.During the second quarter, MacGregor also won an order for two twinboom level luffing cargo handling cranes from the US Navy. Along withthe delivery of the new cranes, the order includes the removal anddisposal of the existing cranes, the refurbishment of existing boomstands and crane bases, as well as providing preparatory work for acrane stabilisation system. The cranes are expected to be operationalby March 2011.During the first quarter, MacGregor received significant orders todeliver linkspans to Jordan, Morocco and Ireland. The equipment willbe delivered at the end of 2009 and at the beginning of 2010.MacGregor linkspan technology is tailored to suit a particular port'sspecific circumstances.In February, Japanese Taiheiyo Engineering ordered MacGregorselfunloading systems to be installed on two coastal cement carriersguaranteeing high capacity cargo discharging, low power consumptionand high reliability. Close co-operation with the company for manyyears resulted to the order. The equipment will be delivered in 2010.In March, MacGregor won a contract to deliver specially-designed RoRoequipment to two logistic support vessels from the Australian Navy.The equipment will be delivered in 2010 and 2011.In March, MacGregor also received an order for 28 hose handling andprovision cranes from Korean shipyard Daewoo Shipbuilding & MarineEngineering Co. The cranes are destined for five very large crudecarriers and two liquid natural gas carriers and they will bedelivered during 2010 and 2012.Cargotec ServicesThe general economic slowdown also affected activity in the servicesmarket, but to a smaller extent than in the equipment market.Although a large number of small contracts typical of the servicesbusiness were signed, customers are delaying decision-making relatedto major contracts.During the first quarter, a five-year equipment servicing andmaintenance contract was signed with the Durres Port Authority inAlbania. In addition to equipment servicing and maintenance, contractincludes the management of the parts inventory.Order BookOrder book totalled EUR 2,555 (December 31, 2008: 3,054) million onJune 30, 2009. Of the total order book, Hiab accounted for EUR 138(164) million, Kalmar EUR 514 (704) million and MacGregor EUR 1,903(2,187) million. Hiab's order book is about two months, Kalmar'sabout six months and MacGregor's approximately 18 months long. Anestimated 80 percent of MacGregor's order book will be delivered bythe end of 2010. Order cancellations booked in MacGregor in the firsthalf totalled EUR 90 million.+-------------------------------------------------------------------+| MEUR | 30.6.2009 | Share, | 31.12.2008 | Share, | Change, || | | % | | % | % ||--------------+-----------+--------+------------+--------+---------|| Hiab | 138 | 5 | 164 | 5 | -16 ||--------------+-----------+--------+------------+--------+---------|| Kalmar | 514 | 20 | 704 | 23 | -27 ||--------------+-----------+--------+------------+--------+---------|| MacGregor | 1,903 | 74 | 2,187 | 72 | -13 ||--------------+-----------+--------+------------+--------+---------|| Internal | 0 | | -1 | | || order book | | | | | ||--------------+-----------+--------+------------+--------+---------|| Total | 2,555 | 100 | 3,054 | 100 | -16 |+-------------------------------------------------------------------+SalesFirst half sales totalled EUR 1,353 (1,627) million. Sales declined17 percent from the previous year. Only deliveries of marine cargohandling equipment grew from the previous year. Sales for the secondquarter were EUR 678 (901) million.+-------------------------------------------------------------------------+|MEUR | 1-6/2009|Share, %| 1-6/2008|Share, %|Change, %| 1-12/2008||-----------+----------+--------+----------+--------+---------+-----------||Hiab | 292| 22| 483| 30| -39| 907||-----------+----------+--------+----------+--------+---------+-----------||Kalmar | 588| 43| 717| 44| -18| 1,515||-----------+----------+--------+----------+--------+---------+-----------||MacGregor | 475| 35| 431| 26| 10| 985||-----------+----------+--------+----------+--------+---------+-----------||Internal | -2| | -4| | | -8||sales | | | | | | ||-----------+----------+--------+----------+--------+---------+-----------||Total | 1,353| 100| 1,627| 100| -17| 3,399|+-------------------------------------------------------------------------+Hiab's sales declined and were EUR 292 (483) million in the firsthalf. Second quarter sales were EUR 139 (253) million. This declineis attributable to the low order intake in the first half. The lowsales volume reflects the general weakness in the load handlingequipment market and customers' lack of willingness to invest.Kalmar's first-half sales totalled EUR 588 (717) million, of whichEUR 282 (396) was attributable to the second quarter. Deliveryvolumes were healthy in the first half, thanks to the high order bookat the beginning of the year, but due to the slowdown in the markets,heavy material handling equipment began to be affected by fallingvolumes during the second quarter.MacGregor's sales development was favourable in the first halftotalling EUR 475 (431) million. This sales growth was the result ofthe strong order intake in previous years. Successful projectdeliveries led to steady growth in sales volumes in the first half.Second quarter sales was EUR 257 (254) million.Sales from services amounted to EUR 364 (414) million in the firsthalf, representing 27 (25) percent of total sales. Sales fromservices declined 12 percent from the comparison period level, whichis a consequence of lower demand in all segments in servicesbusiness. Services accounted for 30 (22) percent of the first halfsales at Hiab, 29 (29) percent at Kalmar and 23 (22) percent atMacGregor.Financial ResultFirst half operating profit totalled EUR -3.9 (107.3) million. Theoperating profit includes EUR 21.9 (0.0) million of restructuringcosts.Operating profit excluding restructuring costs for the first half wasEUR 18.0 (107.3) million, representing 1.3 (6.6) percent of sales.The operating profit also includes a EUR 2.7 (3.1) million costimpact for the purchase price allocation treatment of acquisitionsand EUR 6.0 (2.8) million costs from the On the Move changeprogramme.Operating profit, particularly in Hiab, was eroded by the lowproduction capacity utilisation rate. Moreover, material costs, stillpartly burdened by previous high price trends, weakened theprofitability of product deliveries made by Hiab and Kalmar.MacGregor's profitability developed positively.Second half operating profit totalled EUR -10.0 (63.1) million.Operating profit includes EUR 13.1 (0.0) million of restructuringcosts. Operating profit excluding restructuring costs for the secondquarter was EUR 3.0 (63.1) million, representing 0.4 (7.0) percent ofsales.The lag in the realisation of cost savings resulting from majorrestructuring activities led to such savings being insufficient tooffset the impact on profit of plummeting demand. Of the EUR 25million cost savings targeted by the restructuring measures initiatedin 2008 close to EUR 20 million are estimated to come through thisyear, while the remainder in 2010. Additionally, the restructuringinitiated during the period under review targets EUR 25 millionannual cost savings.Net income for the first half was EUR -5.8 (70.1) million andearnings per share EUR -0.11 (1.11).Balance Sheet, Financing and Cash FlowOn June 30, 2009, net working capital decreased to EUR 246 (December31, 2008: 324) million. This fall was due to shrunken component andmaterials inventories and lower receivables. In addition, at the turnof the year the balance sheet showed a significant amount ofwork-in-progress, which healthy early-year delivery volumes withinKalmar and MacGregor has reduced. Tangible assets on the balancesheet were EUR 297 (284) million and intangible assets EUR 765 (754)million.Cash flow from operating activities before financial items and taxesfor the first half was EUR 106.8 (94.7) million. The dividend paymenttotalled EUR 37.1 (65.7) million.Net debt at the end of the reporting period was EUR 467 (December 31,2008: 478) million, including EUR 624 (565) million ininterest-bearing debt. The total equity/total assets ratio was 34.6(33.0) percent while gearing increased to 57.5 (55.3) percent.Gearing, raised by dividend payments in the first quarter, fell backin the second.Cargotec's financing structure is healthy. Interest-bearing debtconsists mainly of long-term corporate bonds maturing from the year2012. On March 31, 2009, Cargotec had EUR 585 million of unusedlong-term credit facilities.In order to strengthen its financial structure, Cargotec raised atotal of EUR 100 million as five-year Pension Premium Loans (TyEL) inMarch and June 2009.Return on equity for the first half was -1.4 (15.6) percent andreturn on capital employed was -0.4 (15.9) percent.New Products and Product DevelopmentResearch and product development expenditure for the first half wasEUR 19.3 (22.8) million, representing 1.4 (1.4) percent of sales.Despite the weakened market situation, Cargotec continues to investin product development.Hiab introduced several new products in the small crane productfamily. In addition, Hiab launched the first stiff boom crane for theChinese market. Furthermore, a new 30-tonne demountable wasintroduced in Hiab's demountable product family.During the second quarter, Kalmar introduced an electrical shuttlecarrier. With this new technology, the equipment features reducedfuel consumption and lower emissions. Additionally, three new hybridterminal tractors for technology trials were supplied to the Port ofLong Beach, US.In January Kalmar launched a new heavy range terminal tractor forLoLo (lift-on, lift-off) operations. The tractor has been designed inclose co-operation with customers and it meets the strictestrequirements for ergonomics and driveability, power and economy aswell as environmental friendliness.During the first half, Kalmar automatic stacking crane systemdevelopment concerning the performance testing was finalised inHamburg CTB terminal. The automatic stacking crane meets Germanrequirements for security systems. Integration testing withcustomer's terminal system begins in July 2009.Kalmar was also preparing of commencing ship-to-shore craneproduction in Asia. At the same time, Kalmar has changed its cranesso that it is easier to make the final assembly on the customer'ssite. This makes the transportation simpler and less expensive. NewKalmar ship-to-shore cranes will be delivered with a new cranecontrol system that includes the crane's control, crane managementand fault diagnostics.In May, MacGregor introduced an innovative ultra-deepwater liftingsystem, which includes a side-mounted hang-off frame for transfer ofloads from a steel-rope winch fitted standard crane to verticallysuspended fibre ropes. The development is continuation to the Januarydelivery of the first subsea knuckle-jib crane equipped with anoption for fibre rope handling. Technology for handling lightweightfibre rope rather than traditional steel wire rope offers severaladvantages: much heavier loads can be handled without strain to thecrane at unlimited depths and consequently, overall safety isimproved due to the lighter equipment which still can carry out heavywork operations.Capital ExpenditureCapital expenditure for the first half, excluding acquisitions andcustomer financing, totalled EUR 41.9 (29.1) million. Investments incustomer financing were EUR 13.7 (20.2) million.Cargotec made the decision to proceed with an investment plan for amulti-assembly unit (MAU) in Stargard Szczecinski in Northern Poland,to improve its global supply footprint. Production will start inrented premises in the same region during 2009. The new MAU inStargard Szczecinski is planned to support the production of a widerange of Cargotec equipment. Production start in own premises on thenew site is planned for the second quarter of 2010. The estimatedcash flow impact of the investment cost in 2009 will be close to EUR20 million, of which EUR 4 million related mainly to land purchaseincurred in the second quarter.The expansion of container spreader production capacity in Malaysiacontinued during the reporting period. The new factory for roughterrain container handlers in Texas, USA, started production. Inaddition, the capacity expansion investment in Narva, Estonia and thedoubling of production capacity in Shanghai, China, were finalisedduring the first half.On the Move Change ProgrammeIn January 2008, Cargotec announced the launch of an extensive On theMove change programme aiming at a profitability improvement of EUR80-100 million. The change programme aims to form a basis forprofitable growth through improved customer focus and efficiency.The projects in the first phase have focused on streamlining supportfunctions and company structure as well as initiating IM projectsthat improve efficiency. These projects continue and changes incompany structure will to a large extent be finalised during theyear.The implementation of the programme continues with the launch of anew governance model for management and organisation. There are threekey functions: solutions, supply and support that develop Cargotec'sprocesses across business area boundaries.At the beginning of 2009, Cargotec established a common Supplyorganisation, which is responsible for sourcing and supply and whichis developing global supply closer to customers as well as towardslower cost environments. During 2009, Cargotec will implement asignificant change in its supply footprint. In 2008, the decision wastaken to close a factory in the USA and Finland. In addition, similardecisions were taken during the period under review, affectingfactories in the Netherlands and Sweden. As a consequence of thesefactory closures and in order to enhance efficiency, the operationsand capacity utilisation of the remaining factories will bedeveloped.As a part of the On the Move change programme, Cargotec is developinga new operating model for Hiab and Kalmar business areas globally.Cargotec has formed a new Customer Operations organisation. Accordingto the plan, Hiab and Kalmar business areas will merge their currentseparate sales and services organisations into three regions:Cargotec Americas, Cargotec Asia Pacific and Cargotec EMEA, as partof the organisation. Additionally, preparation work for a commonoperating model for both products and services solutions has alsostarted.AcquisitionsDuring the period, Cargotec acquired an 18 percent minority of KalmarEspaña S.A., after which Cargotec owns all the shares of the company.PersonnelOn June 30, 2009, Cargotec employed 10,775 (12,097) people. Hiabemployed 3,729 (4,685) people, Kalmar 4,242 (4,737), and MacGregor2,492 (2,527). The average number of employees during the first halfwas 11,308 (11,567). The number of personnel in support functions hasincreased due to the establishment of Cargotec's shared servicecentre as well as common supply and country organisations.Of Cargotec's total employees, 19 (20) percent were located inSweden, 12 (14) percent in Finland and 31 (30) percent in the rest ofEurope. North and South American personnel represented 11 (11)percent, Asia Pacific 26 (23) percent and the rest of the world 2 (2)percent of total employees.As a result of the restructuring measures initiated in September2008, the number of personnel decreased by 812 by the end of thefirst half: by 509 in Hiab, by 294 in Kalmar, and by 9 in corporatefunctions. These restructuring measures will lead to a totalpersonnel reduction of 960; including 270 in Finland and 250 inSweden.Restructuring measures continued in the first half of 2009 as marketconditions weakened further. The co-operation negotiations undertakenduring 2009 involve a total of approximately 1,400 people. Of thistotal approximately 450 people work in Hiab, 400 in Kalmar and 110 inMacGregor business area. In addition, Cargotec began planning of amajor reorganisation and efficiency initiative to combine its Hiaband Kalmar sales and services networks in Europe, Middle-East andAfrica (EMEA) affecting some 400 people. As of end of June, 61persons from the EMEA organisation and 360 from the other 2009restructuring in Hiab and Kalmar as well as 110 from MacGregor hadleft.Furthermore, a significant number of temporary lay-offs have beenagreed on in several locations.Changes in managementFollowing the announcement in June of Cargotec's plans to develop anew operating model for Hiab and Kalmar business areas globally, andthe formation of a new Customer Operations organisation, PekkaVauramo was appointed Senior Executive Vice President, CargotecCustomer Operations as of July 1, 2009. He will continue in his roleas Deputy to CEO and as a member of Cargotec Executive Board. Haraldde Graaf was appointed Executive Vice President, Cargotec EMEA, as ofJuly 1, 2009. In addition, de Graaf will continue to be responsiblefor Corporate Development and will remain a member of CargotecExecutive Board. Kirsi Nuotto, a member of Cargotec's ExecutiveBoard, was appointed Executive Vice President, Human Resources andCommunications as of July 1, 2009.New branding strategyCargotec has defined a new corporate-wide branding strategy andlaunched a new visual look, aimed at strengthening the Cargotec nameand its main strategic brands Hiab, Kalmar and MacGregor. The newbrand strategy supports Cargotec's 'One Company' approach and isbuilt on the strong reputation of its market- leading brands.Cargotec's visibility is more prominent in the common new visualidentity of all of these brands. They all share a common symbol, theelephant. The Cargotec elephant will be displayed on most materialstogether with the three main brands, Hiab, Kalmar and MacGregor.These three brands all have a strong reputation within Cargotec'scustomer base and, also in the future, the products will be brandedwith these names.Annual General MeetingDecision Taken at Cargotec Corporation's Annual General MeetingCargotec Corporation's Annual General Meeting was held on March 5,2009 in Helsinki. The AGM approved the financial statements andconsolidated financial statements and granted discharge fromliability to the President and CEO and the members of the Board ofDirectors for the accounting period January 1-December 31, 2008.The AGM approved a dividend of EUR 0.59 per each of class A sharesand EUR 0.60 per each of class B shares outstanding to be paid.The number of the members of the Board of Directors was confirmed atsix. Tapio Hakakari, Ilkka Herlin, Peter Immonen, Karri Kaitue andAntti Lagerroos were re-elected to the Board of Directors. AnjaSilvennoinen was elected as a new member of the Board of Directors.The meeting decided that a yearly remuneration of EUR 80,000 be paidfor the Chairman, EUR 55,000 for the Deputy Chairman and EUR 40,000for the other Board members. In addition, it was decided that membersreceive EUR 500 for attendance at Board and Committee meetings andthat 30 percent of the yearly remuneration will be paid in CargotecCorporation's class B shares and the rest in money.Authorised public accountants Johan Kronberg andPricewaterhouseCoopers Ltd were re-elected as auditors.Authorisations Granted by the Annual General MeetingThe AGM authorised the Board of Directors to decide on purchasing ofown shares with non-restricted equity. The shares may be repurchasedin order to develop the capital structure of the Company, finance orcarry out possible acquisitions, implement the Company's share-basedincentive plans, or to be transferred for other purposes or to becancelled. Altogether no more than 6,400,000 own shares may berepurchased, of which no more than 952,000 are class A shares and5,448,000 are class B class. The above mentioned amounts include theclass B shares repurchased during 2005-2008 already in the Company'spossession, of which there are currently 2,990,725 such class Bshares.In addition, the AGM authorised the Board to decide on issuance of amaximum of 6,400,000 treasury shares, of which no more than 952,000are class A shares and 5,448,000 are class B shares, in one or morelots. The share issue can be directed and it is to be used to ascompensation in acquisitions and in other arrangements, to financeacquisitions or for personnel incentive purposes. Both authorisationsshall remain in effect for a period of 18 months from date ofdecision of the AGM.Organisation of the Board of DirectorsThe Board of Directors elected Ilkka Herlin to continue as Chairmanof the Board. Tapio Hakakari was elected as Deputy Chairman.Cargotec's Senior Executive Vice President Kari Heinistö continues toact as secretary of the Board of Directors.The Board of Directors decided that the Audit Committee andNomination and Compensation Committee continue to assist the Board inits work. The Board of Directors elected among its members IlkkaHerlin, Karri Kaitue (chairman) and Anja Silvennoinen as members ofthe Audit Committee. Tapio Hakakari, Ilkka Herlin (chairman), PeterImmonen and Antti Lagerroos were elected to the Nomination andCompensation Committee.Shares and tradingShare CapitalCargotec's share capital on June 30, 2009 totalled EUR 64,304,880.The share capital increased by EUR 600 due to share subscriptionswith Cargotec 2005B option rights during the reporting period. OnJune 30, 2009, the number of class B shares listed on the NASDAQ OMXHelsinki was 54,778,791 while that of unlisted class A sharestotalled 9,526,089.Own sharesCargotec held a total of 2,959,369 Company's own class B shares onJune 30, 2009. The shares were repurchased in 2005-2008.The Board of Directors decided to exercise the authorisation of theAnnual General Meeting on March 5, 2009, to acquire the Company's ownshares. In accordance with the authorisation the shares will berepurchased in order to develop the capital structure of the Company,finance or carry out possible acquisitions, implement the Company'sshare-based incentive plans, or to be transferred for other purposesor to be cancelled. No own shares were repurchased during thereporting period.Share Ownership Plan - Issue of Own Shares as Reward PaymentThe Board of Directors decided on March 5, 2009 on a directed bonusissue of 31,356 class B shares owned by the Company to the 61participants of the Company's share-based incentive programme asreward payment for the earnings period 2007-2008. The decision of thedirected bonus issue is based on the authorisation of the AnnualGeneral Meeting of Shareholders held on March 5, 2009. The maximumamount to be paid out as shares from the incentive programme during2007-2011 is 387,500 class B shares.Option RightsThe Company has no valid option programme. The subscription periodwith 2005B option rights ended March 31, 2009. A total of 333,570Cargotec class B shares were subscribed with 2005B option rightsduring the subscription period. After the end of the subscriptionperiod, the unused option rights have become null and void and beenremoved from their holders' book-entry accounts.Market Capitalisation and TradingOn June 30, 2009, the total market value of class B shares was EUR634 million, excluding treasury shares held by the Company. Theperiod-end market capitalisation, in which unlisted class A sharesare valued at the average price of class B shares on the last tradingday of the reporting period, was EUR 752 million, excluding treasuryshares held by the Company.The closing price of class B shares on June 30, 2009 was EUR 12.23.The average share price for January-June was EUR 9.02 the highestquotation being EUR 13.25 and the lowest EUR 6.37. In January-June,approximately 34 million class B shares were traded on the NASDAQ OMXHelsinki, corresponding to a turnover of approximately EUR 305million.Short-term Risks and UncertaintiesThe continuation of weakness in the world economy, which hasprevailed the first half of the year, creates significant short-termrisks and uncertainties for Cargotec's operations. These relate tothe effects on demand for Cargotec's products and services, and thewillingness of customers to invest. The fact that many factorsunderlying the uncertainty are beyond the control of the companymerely serves to amplify the challenge confronting risk analysis.A prolonged weak market situation could further erode demand forCargotec's products and services or disrupt its supply chain. Thecredit crunch may see the postponement of investment decisions, orthe cancellation or postponement of orders. Furthermore, customers'financial situations will affect the collection of receivables andthe level of credit loss. The weak market situation is also burdeningsuppliers and sub-contractors, which may have a knock-on effect onCargotec's supply chain. Cargotec still estimates that around 20percent of MacGregor's order book at the beginning of the yearcontains a risk of cancellation, which deducting the already realisedcancellation figure of EUR 90 million for the first half of 2009corresponds to approximately EUR 350 million.A significant number of adjustment measures are underway. Efficientimplementation of the measures forms the prerequisite for improvingprofitability. In a strongly deteriorating market, internal measuresdo not always provide the required flexibility quickly enough,exacerbating the challenges faced by Hiab and Kalmar, whileMacGregor's business model based on outsourcing most of the deliverychain is more flexible.OutlookDue to the weak market situation, demand for Cargotec's products isexpected to continue clearly lower than last year, the decline beingmilder in services.Despite expected growth in marine cargo handling business Cargotec's2009 sales are estimated to decline approximately 25 percent from theprevious year's levelAn estimated total of approximately EUR 50 million will be booked asproductivity-improving restructuring costs for 2009, with EUR 22million reported in the first half.Cargotec estimates 2009 operating profit after restructuring costs tobe slightly positive, however, cash flow from operations is estimatedto continue clearly positive in the second half of 2009.Financial CalendarInterim Report January-September 2009 on Thursday October 22, 20092009 Financial Statements Review on Wednesday February 3, 2009Helsinki, July 20, 2009Cargotec CorporationBoard of DirectorsThis interim report is unaudited.Cargotec's Interim Report January-June 2009Condensed Consolidated Statement of IncomeMEUR 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008Sales 677.9 900.6 1,352.8 1,627.2 3,399.2Cost of goodssold -578.7 -710.9 -1,144.3 -1,293.3 -2,762.5Gross profit 99.2 189.7 208.5 333.9 636.7Gross profit,% 14.6 % 21.1 % 15.4 % 20.5 % 18.7 %Costs andexpenses -96.1 -126.6 -190.5 -226.6 -444.5Restructuringcosts -13.1 - -21.9 - -19.1Share ofassociatedcompanies'and jointventures'income -0.1 0.0 0.0 0.0 0.6Operatingprofit -10.0 63.1 -3.9 107.3 173.7Operatingprofit, % -1.5 % 7.0 % -0.3 % 6.6 % 5.1 %Financingincome andexpenses -8.7 -6.5 -14.0 -11.2 -28.5Income beforetaxes -18.8 56.7 -17.9 96.1 145.2Income beforetaxes, % -2.8 % 6.3 % -1.3 % 5.9 % 4.3 %Taxes 11.5 -18.0 12.1 -26.0 -24.4Net incomefor theperiod -7.3 38.7 -5.8 70.1 120.8Net incomefor theperiod, % -1.1 % 4.3 % -0.4 % 4.3 % 3.6 %Net income for the period attributable to:Equityholders ofthe Company -7.6 38.0 -6.9 68.9 118.4Minorityinterest 0.4 0.7 1.1 1.2 2.4Total -7.3 38.7 -5.8 70.1 120.8Earnings per share for profit attributable to the equity holders of theCompany:Basicearnings pershare, EUR -0.12 0.61 -0.11 1.11 1.91Dilutedearnings pershare, EUR -0.12 0.61 -0.11 1.10 1.91Consolidated Statement of Comprehensive Income 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008Net incomefor theperiod -7.3 38.7 -5.8 70.1 120.8Gain/loss oncash flowhedges 21.1 -10.2 -34.4 25.1 -131.1Gain/loss oncash flowhedgestransferredto IncomeStatement 14.0 -3.2 36.6 -6.8 29.2Translationdifferences -17.4 -0.3 -10.8 -10.6 9.8Taxesrelating tocomponents ofothercomprehensiveincome -5.8 3.9 -0.9 -5.0 27.9Comprehensiveincome forthe period 4.7 28.9 -15.2 72.8 56.6Comprehensiveincome forthe periodattributableto:Equityholders ofthe Company 4.1 29.7 -15.8 71.7 53.2Minorityinterest 0.6 -0.8 0.6 1.2 3.4Total 4.7 28.9 -15.2 72.8 56.6The consolidated comprehensive income is presented according torevised IAS 1.Condensed Consolidated Statement of Financial PositionASSETSMEUR 30.6.2009 30.6.2008 31.12.2008Non-current assetsIntangible assets 765.1 778.0 754.1Tangible assets 296.7 265.5 283.5Loans receivable and otherinterest-bearing assets 1) 7.4 6.6 7.7Investments 8.5 8.5 9.0Non-interest-bearing assets 119.8 83.9 160.3Total non-current assets 1,197.5 1,142.6 1,214.6Current assetsInventories 744.3 820.3 881.9Loans receivable and otherinterest-bearing assets 1) 1.5 0.3 0.2Accounts receivable and othernon-interest-bearing assets 651.7 753.4 863.0Cash and cash equivalents 1) 148.1 95.6 79.2Total current assets 1,545.6 1,669.7 1,824.3Total assets 2,743.1 2,812.2 3,038.9EQUITY AND LIABILITIESMEUR 30.6.2009 30.6.2008 31.12.2008EquityShareholders' equity 803.0 895.8 855.3Minority interest 8.7 7.3 9.1Total equity 811.8 903.1 864.4Non-current liabilitiesLoans 1) 536.6 419.7 440.2Deferred tax liabilities 36.5 47.3 43.0Provisions 21.6 37.9 34.6Pension benefit and othernon-interest-bearingliabilities 119.7 89.3 144.7Total non-current liabilities 714.4 594.2 662.5Current liabilitiesLoans 1) 73.8 53.1 114.6Provisions 71.9 62.0 70.4Advances received 396.6 363.2 420.4Accounts payable and othernon-interest-bearingliabilities 674.6 836.8 906.5Total current liabilities 1,216.9 1,315.0 1,512.0Total equity and liabilities 2,743.1 2,812.2 3,038.91) Included in interest-bearing net debt. In addition, the calculationof the interest-bearing net debt includes the hedging of cross-currencyrisk relating to the USD 300 million Private Placement bond, totallingEUR 13.5 (June 30, 2008: 35.4 and December 31, 2008: 10.2) million onJune 30, 2009.Consolidated Statement of Changes in Equity Attributable to the equity holders of the Company Trans- Share lation Fair Retained Share premium diffe- value earn- Minority TotalMEUR capital account rences reserves ings Total interest equityEquity on1.1.2008 64.2 97.4 -29.6 19.9 738.7 890.6 6.1 896.7Comprehensiveincome forthe period* -10.6 13.3 68.9 71.7 1.2 72.8Dividendspaid -65.3 -65.3 -0.3 -65.6Sharessubscribedwithoptions 0.0 0.4 0.4 0.4Acquisitionoftreasuryshares -2.3 -2.3 -2.3Share-basedincentives,value ofreceivedservices * 0.7 0.7 0.7Otherchanges 0.3 0.3Equity on30.6.2008 64.3 97.7 -40.2 33.3 740.7 895.8 7.3 903.1Equity on1.1.2009 64.3 98.0 -20.4 -54.5 768.0 855.3 9.1 864.4Comprehensiveincomefor theperiod* -10.5 1.6 -6.9 -15.8 0.6 -15.2Dividendspaid -36.7 -36.7 -0.4 -37.1Sharessubscribedwith options 0.0 0.0 0.0 0.0Share-basedincentives,value ofreceivedservices * 0.1 0.1 0.1Otherchanges 0.0 -0.5 -0.5Equity on30.6.2009 64.3 98.0 -30.9 -52.9 724.5 803.0 8.7 811.8* Net of taxCondensed Consolidated Statement of Cash FlowsMEUR 1-6/2009 1-6/2008 1-12/2008Net income for the period -5.8 70.1 120.8Depreciation 27.5 27.8 60.1Other adjustments 1.9 37.2 52.3Change in working capital 83.2 -40.3 -99.4Cash flow from operations 106.8 94.7 133.8Cash flow from financial items andtaxes -12.7 -22.2 -40.1Cash flow from operating activities 94.1 72.6 93.7Acquisitions -2.9 -34.2 -46.5Cash flow from investingactivities, other items -43.1 -51.7 -108.6Cash flow from investing activities -46.0 -85.9 -155.1Acquisition of treasury shares - -2.3 -23.6Proceeds from share subscriptions 0.0 0.4 0.7Dividends paid -37.1 -65.7 -66.6Proceeds from long-term borrowings 96.8 0.7 0.7Repayments of long-term borrowings -0.7 -1.8 -2.4Proceeds from short-term borrowings 3.8 15.0 61.3Repayments of short-term borrowings -42.3 -16.4 -32.0Cash flow from financing activities 20.3 -70.0 -61.9Change in cash 68.5 -83.4 -123.3Cash, cash equivalents and bankoverdrafts at the beginning ofperiod 45.9 167.5 167.5Effect of exchange rate changes 0.6 -0.1 1.7Cash, cash equivalents and bankoverdrafts at the end of period 115.0 84.1 45.9Bank overdrafts at the end ofperiod 33.1 11.6 33.3Cash and cash equivalents at theend of period 148.1 95.6 79.2Key Figures 1-6/2009 1-6/2008 1-12/2008Equity/share EUR 13.09 14.38 13.95Interest-bearing net debt MEUR 466.8 405.5 477.8Total equity/total assets % 34.6 36.9 33.0Gearing % 57.5 44.9 55.3Return on equity % -1.4 15.6 13.7Return on capital employed % -0.4 15.9 12.7Segment ReportingSales by geographical segment,MEUR 1-6/2009 1-6/2008 1-12/2008EMEA 680 959 1 901Americas 223 255 556Asia Pacific 450 413 942Total 1,353 1,627 3,399Sales by geographical segment, % 1-6/2009 1-6/2008 1-12/2008EMEA 50.3 % 58.9 % 55.9 %Americas 16.5 % 15.7 % 16.4 %Asia Pacific 33.2 % 25.4 % 27.7 %Total 100.0 % 100.0 % 100.0 %Sales, MEUR 1-6/2009 1-6/2008 1-12/2008Hiab 292 483 907Kalmar 588 717 1,515MacGregor 475 431 985Internal sales -2 -4 -8Total 1,353 1,627 3,399Operating profit, MEUR 1-6/2009 1-6/2008 1-12/2008Hiab -20.0 * 36.2 49.4 **Kalmar 19.3 * 51.7 89.6 **MacGregor 41.7 33.8 83.6Corporate administration andsupport functions -23.0 * -14.4 -29.8 **Operating profit from operations 18.0 * 107.3 192.8 **Restructuring costs -21.9 - -19.1Total -3.9 107.3 173.7Operatingprofit, % 1-6/2009 1-6/2008 1-12/2008Hiab -6.8 % * 7.5 % 5.4 % **Kalmar 3.3 % * 7.2 % 5.9 % **MacGregor 8.8 % 7.8 % 8.5 %Cargotec,operatingprofit fromoperations 1.3 % * 6.6 % 5.7 % **Cargotec -0.3 % 6.6 % 5.1 %* Excluding restructuring costs of which business segment Hiabaccounted for EUR 14.2 million, Kalmar for EUR 6.3 million andCorporate administration and support functions for EUR 1.4 million.** Excluding restructuring costs of which business segment Hiabaccounted for EUR 14.1 million, Kalmar for EUR 4.5 million andCorporate administration and support functions for EUR 0.3 million.Orders received, MEUR 1-6/2009 1-6/2008 1-12/2008Hiab 268 467 818Kalmar 411 853 1,566MacGregor 251 854 1,393Internal orders received -2 -5 -9Total 928 2,168 3,769Order book, MEUR 30.6.2009 30.6.2008 31.12.2008Hiab 138 238 164Kalmar 514 790 704MacGregor 1,903 2,334 2,187Internal order book 0 -2 -1Total 2,555 3,360 3,054Capital expenditure, MEUR 1-6/2009 1-6/2008 1-12/2008In fixed assets (excludingacquisitions) 41.6 28.9 75.7In leasing agreements 0.3 0.2 1.1In customer financing 13.7 20.2 35.9Total 55.6 49.4 112.8Number of employees at the endof period 30.6.2009 30.6.2008 31.12.2008Hiab 3,729 4,685 4,308Kalmar 4,242 4,737 4,766MacGregor 2,492 2,527 2,577Corporate administration andsupport functions 312 148 175Total 10,775 12,097 11,826Average number of employees 1-6/2009 1-6/2008 1-12/2008Hiab 4,045 4,523 4,509Kalmar 4,495 4,588 4,680MacGregor 2,503 2,347 2,449Corporate administration andsupport functions 265 109 139Total 11,308 11,567 11,777NotesTaxes in incomestatementMEUR 1-6/2009 1-6/2008 1-12/2008Current year tax expense 1.6 33.6 44.3Change in deferred taxassets and liabilities -8.7 -4.1 -9.7Tax expense for previousyears -5.0 -3.6 -10.2Total -12.1 26.0 24.4CommitmentsMEUR 30.6.2009 30.6.2008 31.12.2008Guarantees 0.2 0.7 0.2Dealer financing 0.1 0.2 0.2End customer financing 10.1 6.3 11.5Operating leases 57.0 47.0 48.0Other contingentliabilities 3.9 3.6 4.0Total 71.3 57.8 63.9Cargotec leases property, plant and equipment under non-cancellableoperating leases. The leases have varying terms and renewal rights.It is not anticipated that any material liabilities will arise fromtrade finance commitments.Fair values of derivative financial instruments Positive Negative Net fair Net fair Net fair fair value fair value value value valueMEUR 30.6.2009 30.6.2009 30.6.2009 30.6.2008 31.12.2008FX forwardcontracts,cash flowhedges 55.0 136.4 -81.5 23.8 -119.4FX forwardcontracts,non-hedgeaccounted 5.1 4.4 0.7 0.8 67.2Cross currencyand interestrate swaps,cash flowhedges 0.4 2.4 -2.1 -14.6 23.7Total 60.4 143.2 -82.8 10.0 -28.4Non-currentportion:FX forwardcontracts,cash flowhedges 14.7 50.7 -35.9 5.6 -53.2Cross currencyand interestrate swaps,cash flowhedges 0.4 2.4 -2.1 -14.6 23.7Non-currentportion 15.1 53.1 -38.0 -9.1 -29.5Currentportion 45.3 90.1 -44.8 19.1 1.1Cross currency and interest rate swaps hedge the US Private Placementcorporate bond funded in February 2007.Nominal values of derivativefinancial instrumentsMEUR 30.6.2009 30.6.2008 31.12.2008FX forward contracts 2,687.8 3,107.3 3,617.5Cross currency and interest rateswaps 225.7 225.7 225.7Total 2,913.5 3,333.1 3,843.3AcquisitionsIn March, Cargotec acquired the 18% minority share of Kalmar España,S.A. After acquisition, Cargotec has 100% ownership of the company'sshares.Hiab has established a small joint-venture focusing on theenvironmental segment in China.Accounting PrinciplesThe interim report has been prepared according to the InternationalAccounting Standard 34: Interim Financial Reporting. The accountingpolicies adopted are consistent with those of the annual financialstatements of 2008. All figures presented have been rounded andconsequently the sum of individual figures may deviate from thepresented sum figure.Adoption of new and revised standards starting on January 1, 2009Starting from January 1, 2009 Cargotec has adopted the following newand revised standards by the IASB published in 2008:- IFRS 8, Operating segments: The adoption of the new standard doesnot have a material effect on the interim financial statements, asCargotec segment reporting was also previously aligned withmanagement reporting, and the accounting principles of the managementreporting are consistent with those of the financial reporting.-IAS 1, Presentation of Financial Statements: The adoption of therevised standard has an impact on the presentation of interimfinancial statements.- IAS 23, Borrowing Costs: The amended standard requires that alsothe borrowing costs that are directly attributable to the acquisitionof the qualifying asset form part of the cost of that asset. Inprevious years, Cargotec has expensed such borrowing costs asincurred. The amendment has no material impact on the result for theinterim reporting period.Calculation of key figures Total equity attributable to the shareholders of the parent companyEquity / share = ____________________________________________ Share issue adjusted number of shares at the end of period (excluding treasury shares)Interest-bearing Interest-bearing debt* - interest-bearingnet debt = assets Total equityTotal equity / 100total assets (%) = x ____________________________________________ Total assets - advances received Interest-bearing debt* - interest-bearing assets 100Gearing (%) = x ____________________________________________ Total equity Net income for periodReturn on equity 100(%) = x ____________________________________________ Total equity (average for period) Income before taxes + interest and other financing expensesReturn on capital 100employed (%) = x ____________________________________________ Total assets - non-interest-bearing debt (average for period) Net income for the period attributable to the shareholders of the parent companyBasic earnings /share = ____________________________________________ Share issue adjusted weighted average number of shares during the period (excluding treasury shares)* Including cross currency hedging of the USD 300 million PrivatePlacement corporate bond.Quarterly FiguresCargotec Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008Orders received MEUR 471 456 633 967 1,013Order book MEUR 2,555 2,772 3,054 3,486 3,360Sales MEUR 678 675 924 848 901Operating profit MEUR 3.0 * 15.0 * 35.9 * 49.6 63.1Operating profit % 0.4 * 2.2 * 3.9 * 5.8 7.0Basicearnings/share EUR -0.12 0.01 0.14 0.66 0.61Hiab Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008Orders received MEUR 130 138 157 194 238Order book MEUR 138 148 164 229 238Sales MEUR 139 153 216 209 253Operating profit MEUR -11.9 * -8.1 * 3.7 * 9.5 18.5Operating profit % -8.5 * -5.3 * 1.7 * 4.5 7.3Kalmar Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008Orders received MEUR 187 224 348 365 363Order book MEUR 514 611 704 778 790Sales MEUR 282 306 413 386 396Operating profit MEUR 5.6 * 13.6 * 12.1 * 25.8 32.3Operating profit % 2.0 * 4.5 * 2.9 * 6.7 8.2MacGregor Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008Orders received MEUR 155 96 129 411 415Order book MEUR 1,903 2,013 2,187 2,480 2,334Sales MEUR 257 218 298 256 254Operating profit MEUR 23,3 18.4 30.7 19.1 21.9Operating profit % 9.1 8.5 10.3 7.5 8.6* Excluding restructuring costshttp://hugin.info/135578/R/1329699/314044.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 20.07.2009 - 11:01 Uhr
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