Cargotec's Interim Report January-September 2009 - Demand unchanged
(Thomson Reuters ONE) - Cargotec Corporation INTERIM REPORT 22 October 2009 at 1.00 pm EESTCargotec's Interim Report January-September 2009 - Demand unchangedReport Highlights - January-September* Orders received totalled EUR 1,364 (1-9/2008: 3,136) million.* Order book was EUR 2,371 (31.12.2008: 3,054) million at the end of the reporting period.* Sales declined 23 percent and were EUR 1,912 (1-9/2008: 2,476) million.* Operating profit excluding restructuring costs was EUR 29.6 (156.9) million, representing 1.5 (6.3) percent of sales.* Operating result was EUR -7.1 (156.9) million. Operating result includes EUR 36.7 (0.0) million of restructuring costs.* Cash flow from operating activities before financial items and taxes totalled EUR 198.7 (158.1) million.* Net income for the period amounted to EUR -5.9 (111.9) million.* Earnings per share was EUR -0.13 (1.77).Report Highlights - third quarter* Orders received totalled EUR 437 (7-9/2008: 967) million.* Sales declined 34 percent and were EUR 559 (848) million.* Operating profit excluding restructuring costs was EUR 11.6 (49.6) million, representing 2.1 (5.8) percent of sales.* Operating result was EUR -3.3 (49.6) million. Operating result includes EUR 14.9 (0.0) million of restructuring costs.Cargotec's President and CEO Mikael Mäkinen:"We have initiated significant structural changes and restructuringmeasures in order to improve efficiency and competitiveness. I amvery satisfied with the commitment of our organisation to the change,although we have had to make tough decisions to adjust our coststructure. The cost savings are already beginning to improve ourprofitability. The current weak demand for cargo handling equipmentis something we cannot impact, but with the restructuring, we arestronger than ever when the market recovers", states President andCEO 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 4.00 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 4.00 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 5.00 pm 24October 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 10,500 people. Cargotec's class B shares arequoted on the NASDAQ OMX Helsinki. www.cargotec.comOperating environmentDemand for load handling equipment remained weak, significantlyaffected by the marked fall in construction and new truck sales.Market seasonality in the third quarter slightly weakened demandcompared to the previous quarters. With their fleets under-utilised,customers are postponing investment decisions in the uncertaineconomic situation. In some markets low demand comes through as pricecompetition between equipment manufacturers.A clear drop in the number of containers handled in ports hasprompted customers to reappraise investments in container handlingequipment. Port customers' demand for container handling equipmentwas weak during the third quarter. Activity in the markets withrespect to investment projects underway and some currently underplanning still failed to feed through into orders. However, due topublicly funded infrastructure projects, the Asia Pacific market areasaw greater levels of activity than elsewhere in the world. Demandfor forklift trucks and terminal tractors was lower than in theprevious year due to lower industrial production and distributioncentre activity.The markets for marine cargo handling equipment have contractedsharply, following the end of the ship ordering boom of the last fewyears although slight positivity was visible in the offshoreequipment market towards the end of the third quarter. Overcapacityin shipping has led to idling of vessels, their use for storagepurposes and increased scrapping. Nevertheless, cancellations oforders for marine cargo handling equipment have so far remained atmoderate levels.Partly idle equipment lowered demand for services. Lower cargohandling equipment utilisation rates also affected spare parts sales.However, the services markets are in better shape than the equipmentmarkets. While customers remain interested in more flexible operatingmodels, they are slower to make the related decisions.Orders ReceivedOrders received in January-September totalled EUR 1,364 (3,136)million. The number of orders received fell significantly in allbusiness areas, due to economic weakness. It should also be notedthat the order intake during the comparison period 2008 wasrecord-high in both Kalmar and MacGregor. The value of the orderssecured during the third quarter was EUR 437 (967) million.+-------------------------------------------------------------------------+|MEUR |1-9/2009|Share, %|1-9/2008|Share, %|Change, %|1-12/2008||-----------------+--------+--------+--------+--------+---------+---------||Hiab | 382| 28| 661| 21| -42| 818||-----------------+--------+--------+--------+--------+---------+---------||Kalmar | 576| 42| 1,217| 39| -53| 1,566||-----------------+--------+--------+--------+--------+---------+---------||MacGregor | 409| 30| 1,264| 40| -68| 1,393||-----------------+--------+--------+--------+--------+---------+---------||Internal orders | -2| | -7| | | -9||-----------------+--------+--------+--------+--------+---------+---------||Total | 1,364| 100| 3,136| 100| -56| 3,769|+-------------------------------------------------------------------------+HiabOf total orders received in January-September, Hiab accounted for EUR382 (661) million while its share of orders received in during thethird quarter was EUR 114 (194) million. Orders received during thethird quarter were on a slightly lower level than in the secondquarter, which is typical seasonality in the business.Major part of the orders Hiab secured were small individual orders,which is representative of its operations. The number of ordersreceived continued to decline from the previous year, due to lowdemand especially 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 began 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-September, Kalmar accounted forEUR 576 (1,217) million while its share of orders received in duringthe third quarter was EUR 164 (365) million. The uncertainty in thecontainer handling markets reflected in customers' investmentdecisions lengthening decision-making processes. The lower usagerates of container handling equipment reduced replacementinvestments.During the third quarter, Saigon Newport Company awarded Kalmar acontract for six all-electric E-One rubber-tyred gantry cranes (RTG).The equipment will be delivered to Tan Cang-Cai Mep InternationalContainer port during the first quarter of 2010. Kalmar also receivedan order for seven reachstackers from NorSea. This equipment willinclude special attachments for handling pipes and will be deliveredin January 2010. The order also includes a service agreement.During the second quarter, Kalmar received two ship-to-shore crane(STS) orders from Latin America. The crane deliveries, one for PortAutonome de la Guadeloupe in Guadeloupe and one for Pinfra'ssubsidiary, Infrastructura Portuaria Mexicana in Altamira, Mexico,are scheduled for the last quarter of 2010. Kalmar also received anorder for three E-One rubber-tyred gantry cranes (RTG) from LiscontOperadores de Contentores, SA in Lisbon, Portugal. The equipment willbe delivered to the Liscont Container Terminal at Alcântara duringthe first half of 2010. In addition, Kalmar secured a contract withThessaloniki Port Authority in Greece for seven forklift trucks whichwere delivered by the end of June 2009. Furthermore, an order for 46rough terrain container handlers was received from Tank-AutomotiveArmament Command (TACOM), which is part of the US Department ofDefence. The equipment will be manufactured at Cargotec's new factoryin Texas, US, during 2010-2011. The order is continuation to an orderfor 62 rough terrain container handlers received during the firstquarter.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 January-September, MacGregor accountedfor EUR 409 (1,264) million while its share of orders received duringthe third quarter was EUR 158 (411) million. The drop in ordersreceived reflected the exceptional ship order boom strongly slowingdown. However, other market participants' delivery problems had apositive impact as shipyards aim to secure schedules of theirprojects with help from MacGregor.During the third quarter, MacGregor received orders for four cranes.An active heave compensated offshore crane will be delivered to a UScustomer during early 2010. In addition, two knuckle-jib ship craneswill be delivered and installed for a researched vessel underconstruction at a Russian shipyard during 2010 and one ship crane foran offshore vessel under construction at Halifax Shipyard, Canada, inearly 2010.During the third quarter, MacGregor also received an order from theGerman Flensburger Schiffbau Gesellschaft for RoRo equipment forseven vessels destined for UK and Turkish operations. This contactincludes the design, production and installation of the equipment.The equipment will be delivered and installed between 2011 and 2013.In addition, an order was received for six ship cranes from STXEurope. These cranes with delivery in 2010-2011are designed tooperate in severe climatic conditions and extreme air temperaturesand will be installed on three icebreaker tugs. In August, MacGregorsigned an order for hatch covers to be delivered for two newgeneration heavy duty ships under construction at SietasSchiffahrskontor Altes Land Shipyard in Germany. This equipment willbe delivered in 2010-2011. Moreover, in July, MacGregor won an orderfor a ship unloader for handling coal from UTE Porto do ItaquiGeracão de Energia SA, Brazil. The contract includes spare parts,supervision of installation, start-up, testing and training. Thisequipment will enter service at the end of 2010.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 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.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.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 third quarter, Sociate Tunisienne De Acconage, Tunisplaced an order for refurbishing 13 straddle carriers. Under therefurbishment programme, each of the straddle carriers will beassessed individually and major repairs identified, prioritised anddone according to need later this year.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 2,371 (31 December 2008: 3,054) million on 30September 2009. Of the total order book, Hiab accounted for EUR 127(164) million, Kalmar EUR 459 (704) million and MacGregor EUR 1,785(2,187) million. Order cancellations booked in MacGregor inJanuary-September totalled EUR 125 million.+-------------------------------------------------------------------+| MEUR | 30.9.2009 | Share, | 31.12.2008 | Share, | Change, || | | % | | % | % ||--------------+-----------+--------+------------+--------+---------|| Hiab | 127 | 5 | 164 | 5 | -23 ||--------------+-----------+--------+------------+--------+---------|| Kalmar | 459 | 19 | 704 | 23 | -35 ||--------------+-----------+--------+------------+--------+---------|| MacGregor | 1,785 | 75 | 2,187 | 72 | -18 ||--------------+-----------+--------+------------+--------+---------|| Internal | 0 | | -1 | | || order book | | | | | ||--------------+-----------+--------+------------+--------+---------|| Total | 2,371 | 100 | 3,054 | 100 | -22 |+-------------------------------------------------------------------+SalesJanuary-September sales totalled EUR 1,912 (2,476) million. Salesdeclined 23 percent from the previous year. Only deliveries of marinecargo handling equipment grew from the previous year. Sales for thethird quarter were EUR 559 (848) million.+-------------------------------------------------------------------------+|MEUR | 1-9/2009|Share, %| 1-9/2008|Share, %|Change, %| 1-12/2008||-----------+----------+--------+----------+--------+---------+-----------||Hiab | 416| 22| 691| 28| -40| 907||-----------+----------+--------+----------+--------+---------+-----------||Kalmar | 795| 42| 1,103| 44| -28| 1,515||-----------+----------+--------+----------+--------+---------+-----------||MacGregor | 704| 37| 687| 28| 2| 985||-----------+----------+--------+----------+--------+---------+-----------||Internal | -3| | -6| | | -8||sales | | | | | | ||-----------+----------+--------+----------+--------+---------+-----------||Total | 1,912| 100| 2,476| 100| -23| 3,399|+-------------------------------------------------------------------------+Hiab's sales declined to EUR 416 (691) million in January-September.Third quarter sales were EUR 124 (209) million. This decline isattributable to the low order intake. The low sales volume reflectsthe general weakness in the load handling equipment market andcustomers' lack of willingness to invest.Kalmar's January-September sales totalled EUR 795 (1,103) million, ofwhich EUR 207 (386) million was attributable to the third quarter.Delivery volumes were healthy in the first half, thanks to the highorder book at the beginning of the year, but due to the slowdown inthe markets have since declined.MacGregor's sales development was favourable in January-Septembertotalling EUR 704 (687) million. The sales growth is the result ofthe strong order intake in previous years and successful projectdeliveries. Third quarter sales was EUR 229 (256) million.Sales from services amounted to EUR 523 (639) million inJanuary-September, representing 27 (26) percent of total sales. Salesfrom services declined 18 percent from the comparison period level,which is a consequence of lower demand in all areas of servicesbusiness. Services accounted for 31 (23) percent of theJanuary-September sales at Hiab, 31 (29) percent at Kalmar and 21(23) percent at MacGregor.Financial ResultJanuary-September operating result totalled EUR -7.1 (156.9) million.The operating result includes EUR 36.7 (0.0) million of restructuringcosts.Operating profit for January-September excluding restructuring costswas EUR 29.6 (156.9) million, representing 1.5 (6.3) percent ofsales. The operating profit includes a EUR 3.8 (4.9) million costimpact for the purchase price allocation treatment of acquisitionsand EUR 8.6 (4.8) million costs from the On the Move changeprogramme.Operating result in Hiab and Kalmar was eroded by low productioncapacity utilisation. During the first half of the year, productprofitability of deliveries was weakened by material costs, whichwere still at previous high price levels. However, towards the end ofthe reporting period, the decrease in material prices began to impactpositively. MacGregor's profitability continued to improve during thethird quarter.Third quarter operating result totalled EUR -3.3 (49.6) million.Operating result includes EUR 14.9 (0.0) million of restructuringcosts. Operating profit for the third quarter excluding restructuringcosts was EUR 11.6 (49.6) million, representing 2.1 (5.8) percent ofsales.The lag in the realisation of cost savings from major restructuringactivities led to such savings being insufficient to offset theimpact on profit of plummeting demand. The already completed andongoing restructuring initiatives including structural capacityadjustment measures are estimated to create total annual cost savingsexceeding EUR 150 million. The savings estimate includes all coststructure streamlining actions announced since the beginning of 2008.Net income for January-September was EUR -5.9 (111.9) million andearnings per share EUR -0.13 (1.77).Balance Sheet, Financing and Cash FlowOn 30 September 2009, net working capital decreased to EUR 179 (31December 2008: 324) million. This fall was due to shrunken componentand materials inventories and lower receivables. In addition, at theturn of 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 787 (754)million.Cash flow from operating activities before financial items and taxesfor January-September was EUR 198.7 (158.1) million. The dividendpayment totalled EUR 37.4 (65.9) million.Net debt on 30 September was EUR 400 (31 December 2008: 478) million,including EUR 619 (565) million in interest-bearing debt. The totalequity/total assets ratio was 36.6 (33.0) percent while gearing was45.9 (55.3) percent.Cargotec's financing structure is healthy. Interest-bearing debtconsists mainly of long-term corporate bonds maturing from the year2012. Cargotec had EUR 585 million of unused long-term creditfacilities at the end of the reporting period.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 January-September was -0.9 (16.8) percent andreturn on capital employed was -0.5 (15.3) percent.New Products and Product DevelopmentResearch and product development expenditure for January-Septemberwas EUR 27.5 (33.3) million, representing 1.4 (1.3) 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 and three newhooklifts were introduced in Hiab's demountable product family.During the reporting period, Kalmar introduced an electrical shuttlecarrier. With this new technology, the equipment features reducedfuel consumption and lower emissions. All-electric rubber-tyredgantry crane (RTG) was further improved with several safety andenvironmental features. Additionally, three new hybrid terminaltractors for technology trials were supplied to the Port of LongBeach, US. Kalmar also launched a customised intelligent platform formanagement of container handling equipment fleet in ports andterminals.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 is ongoing.Kalmar has prepared commencement of ship-to-shore crane production inAsia. At the same time, Kalmar has changed its cranes so that it iseasier to make the final assembly on the customer's site. This makesthe transportation simpler and less expensive. New Kalmarship-to-shore cranes will be delivered with a new crane controlsystem that includes the crane's control, crane management and faultdiagnostics.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 January-September, excluding acquisitions andcustomer financing, totalled EUR 63.7 (47.1) million. Investments incustomer financing were EUR 16.2 (26.0) 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. The new MAU in StargardSzczecinski is planned to support the production of a wide range ofCargotec equipment. Production began in rented premises at the end ofthe reporting period. Production start in own premises on the newsite is planned for the second quarter of 2010. The estimated cashflow impact of the investment cost in 2009 will be close to EUR 20million, of which EUR 10 million incurred during the reportingperiod.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 of 2009.On the Move Change ProgrammeIn January 2008, Cargotec announced the launch of an extensive On theMove change programme. The change programme aims to form a basis forprofitable growth through improved customer focus and efficiency. Ofthe estimated EUR 80-100 million savings target from On the Movechange programme, half results from non-volume related cost structureadjustments and supply set-up changes and has been included in theoverall cost savings estimate exceeding EUR 150 million.Materialisation of the volume related other half of the original Onthe Move savings target requires improvement in the market situation.The projects in the first phase 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 mergingHiab and Kalmar business areas globally. The new business area,Industrial and Terminal, comprising Hiab and Kalmar business areas,started operating at the beginning of October. The new Industrial andTerminal organisation includes Product Solutions, charged withensuring the competitiveness of the global product offering, ServiceSolutions with responsibility for ensuring the competitiveness of theglobal service offering and three regional organisations withresponsibility for sales and service: Americas, Asia-Pacific andEMEA.AcquisitionsDuring the period, Cargotec acquired the assets of a Danish sales andservices company Arne Holst & Co. A/S. The acquisition includes thetakeover of business assets and customer contacts as well as thetransfer of four employees to Cargotec. In addition, Cargotecacquired an 18 percent minority of Kalmar España S.A. as well as a 20percent minority of Italian Officine Cargotec Ferrari Genova S.r.land Officine Cargotec Ferrari Prato S.r.l. After these transactionsCargotec owns all the shares of the companies.PersonnelOn 30 September 2009, Cargotec employed 10,409 (12,000) people. Hiabemployed 3,519 (4,508) people, Kalmar 4,096 (4,777), and MacGregor2,490 (2,548). The average number of employees during the reportingperiod was 11,184 (11,716). The number of personnel in corporatelevel support functions has increased due to the establishment ofCargotec's shared service centre as well as common supply and countryorganisations.Of Cargotec's total employees, 18 (20) percent were located inSweden, 12 (13) percent in Finland and 31 (30) percent in the rest ofEurope. North and South American personnel represented 11 (11)percent, Asia Pacific 26 (24) 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 910 by the end ofSeptember 2009: by 601 in Hiab, by 299 in Kalmar, and by 10 incorporate functions. These restructuring measures will lead to atotal personnel reduction of 960.Restructuring measures have continued in 2009 in order to develop thecompany's internal structural and as market conditions remained weak.These restructuring measures are estimated to affect some 1,700people globally. As of end of September, 1,104 persons had left as aresult of these measures: 483 in Hiab, 495 in Kalmar and 126 inMacGregor.Furthermore, a significant number of temporary lay-offs have beenagreed on in several locations.Changes in the organisation and managementIn June 2009, Cargotec announced the merger of Hiab and Kalmarbusiness areas. As a result, two business areas were formed: Marine,comprising current MacGregor business area, and Industrial andTerminal, which comprises current Hiab and Kalmar business areas.Olli Isotalo continues to head the Marine business while PekkaVauramo heads the Industrial and Terminal business. Pekka Vauramocontinues in his role as Deputy to CEO. External financial reportingwill continue unchanged until end of 2009. As of 1 January 2010,Cargotec will report in two primary segments Industrial and Terminaland Marine while the three regions EMEA, Americas and APAC willcontinue as secondary segments.The new Industrial and Terminal organisation includes ProductSolutions, charged with ensuring the competitiveness of the globalproduct offering, Service Solutions with responsibility for ensuringthe competitiveness of the global service offering and three regionalorganisations with responsibility for sales and service: Americas,Asia-Pacific and EMEA.Unto Ahtola was appointed Executive Vice President, ProductSolutions, and a member to Cargotec's Executive Board. He will joinCargotec on 2 November 2009. Stefan Gleuel, formerly Senior VicePresident, MacGregor Service Division, was appointed Executive VicePresident, Service Solutions as of 1 October 2009, and a member toCargotec's Executive Board.Harald de Graaf was appointed Executive Vice President, EMEA, as of 1July 2009. In addition, de Graaf will continue to be responsible forCorporate Development and remain a member of Cargotec ExecutiveBoard. Ken Loh was appointed Executive Vice President, Asia-Pacificand a member of Cargotec's Executive Board as of 1 October 2009. MrLoh's previous post was President, Kalmar APAC Region. As of 1October 2009, Lennart Brelin was appointed Executive Vice President,Americas and a member of Cargotec's Executive Board. Lennart Brelinworked previously as Senior Vice President, Hiab Americas region.Kirsi Nuotto, a member of Cargotec's Executive Board, was appointedExecutive Vice President, Human Resources and Communications as of 1July 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 5 March2009 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 1 January -31 December 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 to 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 30 September 2009 totalled EUR64,304,880. The share capital increased by EUR 600 due to sharesubscriptions with Cargotec 2005B option rights during the reportingperiod. On 30 September 2009, the number of class B shares listed onthe NASDAQ OMX Helsinki was 54,778,791 while that of unlisted class Ashares totalled 9,526,089.Own sharesCargotec held a total of 2,959,487 Company's own class B shares on 30September 2009. The shares were repurchased in 2005-2008.The Board of Directors decided to exercise the authorisation of theAnnual General Meeting on 5 March 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 5 March 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. A total of 118class B shares were returned to the Company, entailing a directedbonus issue of 31,238 class B shares. Subsequent to this bonus issue,Cargotec holds a total of 2,959,487 Company's own class B shares. Thedecision of the directed bonus issue is based on the authorisation ofthe Annual General Meeting of Shareholders held on 5 March 2009. Themaximum amount to be paid out as shares from the incentive programmeduring 2007-2011 is 387,500 class B shares.Option RightsThe Company has no valid option programme. The subscription periodwith 2005B option rights ended 31 March 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 became null and void and have beenremoved from their holders' book-entry accounts.Market Capitalisation and TradingOn 30 September 2009, the total market value of class B shares wasEUR 833 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 989 million, excluding treasuryshares held by the Company.The closing price of class B shares on 30 September 2009 was EUR16.08. The average share price for January-September was EUR 10.19the highest quotation being EUR 16.98 and the lowest EUR 6.37. InJanuary-September, approximately 43 million class B shares weretraded on the NASDAQ OMX Helsinki, corresponding to a turnover ofapproximately EUR 436 million.Short-term Risks and UncertaintiesThe continued weakness in the world economy creates significantshort-term risks and uncertainties for Cargotec's operations. Theuncertainty is due to the possible effects of this weakness on demandfor Cargotec's products and services and on the willingness ofCargotec's customers to invest.The weak market situation and credit crunch may see the furtherpostponement of investment decisions, or the cancellation orpostponement of orders. Furthermore, customers' financial situationswill affect the collection of receivables and the level of creditloss. The weak market situation is also burdening suppliers andsub-contractors, which may have a knock-on effect on Cargotec'ssupply chain.Cargotec still estimates that around 20 percent of MacGregor's orderbook at the beginning of 2009 involves a risk of cancellation.Following order cancellations of EUR 125 million so far this year,this risk currently corresponds to around EUR 320 million of theorder book. Despite the moderate level of order cancellations so far,overcapacity in shipping can potentially in the coming months lead toship owners reassessing the need to cancel ordered ships.Efficient implementation of the significant number of adjustmentmeasures underway in the Company form the prerequisite for improvingprofitability.Events after the reporting periodPersonnel restructuring measures continued in October as the Companycontinued structural changes and the markets remained weak. Themerger of Hiab and Kalmar business areas proceeded to theorganisations developing product and service offering as well as tothe Americas and Asia Pacific sales and service regions. The plannedreorganisation and capacity adjustment measures are estimated to seea further reduction of some 500 employees globally.Cargotec plans to develop its unit in Tampere, Finland, into acompetence and technology centre to strengthen the competitiveness ofthe company's products globally. The focus of the operation isplanned to change from traditional manufacturing to developing newproducts and solutions and readiness for serial production. Thiswould also lead to personnel implications. Cargotec employs todayapproximately 550 people in Tampere.OutlookDue to the weak market situation, demand for Cargotec's products andservices is expected to continue clearly lower than last year.Despite expected growth in marine cargo handling business Cargotec's2009 sales are estimated to decline approximately 25 percent from theprevious year's.An estimated total of approximately EUR 70 million will be booked asproductivity-improving restructuring costs for 2009, with EUR 37million booked in January-September. Cargotec estimates 2009operating result after restructuring costs to be negative.Financial Calendar2009 Financial Statements Review on Wednesday 3 February 2009Helsinki, 22 October 2009Cargotec CorporationBoard of DirectorsThis interim report is unaudited.Cargotec's Interim Report January-September 2009Condensed Consolidated Statement of IncomeMEUR 7-9/2009 7-9/2008 1-9/2009 1-9/2008 1-12/2008Sales 559.4 848.4 1,912.2 2,475.7 3,399.2Cost of goodssold -467.8 -688.6 -1,612.1 -1,981.9 -2,762.5Gross profit 91.6 159.8 300.1 493.7 636.7Gross profit,% 16.4 % 18.8 % 15.7 % 19.9 % 18.7 %Costs andexpenses -79.9 -110.3 -270.4 -336.9 -444.5Restructuringcosts -14.9 - -36.7 - -19.1Share ofassociatedcompanies'and jointventures'income -0.1 0.0 -0.1 0.0 0.6Operatingprofit -3.3 49.6 -7.1 156.9 173.7Operatingprofit, % -0.6 % 5.8 % -0.4 % 6.3 % 5.1 %Financingincome andexpenses -6.1 -3.8 -20.1 -15.0 -28.5Income beforetaxes -9.4 45.7 -27.2 141.8 145.2Income beforetaxes, % -1.7 % 5.4 % -1.4 % 5.7 % 4.3 %Taxes 9.3 -4.0 21.4 -30.0 -24.4Net incomefor theperiod -0.1 41.7 -5.9 111.9 120.8Net incomefor theperiod, % 0.0 % 4.9 % -0.3 % 4.5 % 3.6 %Net incomefor theperiodattributableto:Equityholders ofthe Company -1.3 41.0 -8.2 109.9 118.4Minorityinterest 1.2 0.8 2.3 2.0 2.4Total -0.1 41.8 -5.9 111.9 120.8Earnings per share for profit attributable to the equity holders of theCompany:Basicearnings pershare, EUR -0.02 0.66 -0.13 1.77 1.91Dilutedearnings pershare, EUR -0.02 0.66 -0.13 1.77 1.91Consolidated Statement of Comprehensive Income 7-9/2009 7-9/2008 1-9/2009 1-9/2008 1-12/2008Net incomefor theperiod -0.1 41.7 -5.9 111.9 120.8Gain/loss oncash flowhedges 51.8 -88.3 17.4 -63.3 -131.1Gain/loss oncash flowhedgestransferredto Statementof Income -1.6 5.4 35.1 -1.4 29.2Translationdifferences 24.4 19.8 13.6 9.2 9.8Taxesrelating tocomponents ofothercomprehensiveincome -14.4 22.1 -15.3 17.1 27.9Comprehensiveincome forthe period 60.2 0.7 45.0 73.4 56.6Comprehensiveincome forthe periodattributableto:Equityholders ofthe Company 58.1 -0.2 42.3 71.4 53.2Minorityinterest 2.1 0.8 2.6 2.0 3.4Total 60.2 0.7 45.0 73.4 56.6The consolidated comprehensive income is presented according torevised IAS 1.Condensed Consolidated Statement of Financial PositionASSETSMEUR 30.9.2009 30.9.2008 31.12.2008Non-current assetsIntangible assets 787.3 776.7 754.1Tangible assets 297.3 272.9 283.5Loans receivable andother interest-bearingassets 1) 7.4 6.6 7.7Investments 8.5 8.7 9.0Non-interest-bearingassets 139.5 93.7 160.3Total non-current assets 1,240.0 1,158.7 1,214.6Current assetsInventories 710.5 885.8 881.9Loans receivable andother interest-bearingassets 1) 2.1 0.3 0.2Accounts receivable andothernon-interest-bearingassets 608.3 737.0 863.0Cash and cash equivalents1) 209.8 121.9 79.2Total current assets 1,530.6 1,745.2 1,824.3Total assets 2,770.6 2,903.9 3,038.9EQUITY AND LIABILITIESMEUR 30.9.2009 30.9.2008 31.12.2008EquityShareholders' equity 861.2 874.1 855.3Minority interest 10.4 7.8 9.1Total equity 871.6 881.9 864.4Non-current liabilitiesLoans 1) 509.5 438.5 440.2Deferred tax liabilities 46.6 33.3 43.0Provisions 19.0 41.9 34.6Pension benefit and othernon-interest-bearingliabilities 103.0 99.2 144.7Total non-currentliabilities 678.1 612.9 662.5Current liabilitiesLoans 1) 88.9 79.2 114.6Provisions 70.8 53.9 70.4Advances received 388.7 405.7 420.4Accounts payable andothernon-interest-bearingliabilities 672.5 870.3 906.5Total current liabilities 1,220.9 1,409.1 1,512.0Total equity andliabilities 2,770.6 2,903.9 3,038.91) Included in interest-bearing net debt. In addition, thecalculation of the interest-bearing net debt includes the hedging ofcross-currency risk relating to the USD 300 million Private Placementbond, totaling EUR 20.9 (September 30, 2008: 16.0 and December 31,2008: 10.2) million on September 30, 2009.Consolidated Statement of Changes in Equity Attributable to the equity holders of the Company Trans- Share lation Fair Share premium diffe- value Retained Minority TotalMEUR capital account rences reserves earnings Total interest equityEquity on1.1.2008 64.2 97.4 -29.6 19.9 738.7 890.6 6.1 896.7Comprehensive income forthe period* 8.9 -47.3 109.9 71.5 2.0 73.4Dividendspaid -65.3 -65.3 -0.6 -65.9Sharessubscribedwith options 0.1 0.4 0.4 0.4Acquisitionoftreasuryshares -23.6 -23.6 -23.6Share-basedincentives,value ofreceivedservices* 0.5 0.5 0.5Other changes 0.3 0.3Equity on30.9.2008 64.3 97.7 -20.7 -27.4 760.2 874.1 7.8 881.9Equity on1.1.2009 64.3 98.0 -20.4 -54.5 768.0 855.3 9.1 864.4Comprehensiveincomefor theperiod* 13.6 36.9 -8.2 42.3 2.6 45.0Dividendspaid -36.7 -36.7 -0.7 -37.4Sharessubscribedwith options 0.0 0.0 0.0 0.0Share-based incentives,value ofreceivedservices* 0.3 0.3 0.3Other changes 0.0 -0.7 -0.7Equity on30.9.2009 64.3 98.0 -6.8 -17.7 723.4 861.2 10.4 871.6* Net of taxCondensed Consolidated Statement of Cash FlowsMEUR 1-9/2009 1-9/2008 1-12/2008Net income for the period -5.9 111.9 120.8Depreciation 41.6 42.3 60.1Other adjustments -1.3 45.0 52.3Change in working capital 164.2 -41.0 -99.4Cash flow from operations 198.7 158.1 133.8Cash flow from financial items andtaxes -24.0 -33.4 -40.1Cash flow from operating activities 174.6 124.8 93.7Acquisitions -4.8 -40.4 -46.5Cash flow from investingactivities, other items -60.5 -72.3 -108.6Cash flow from investing activities -65.4 -112.7 -155.1Acquisition of treasury shares 0.0 -23.6 -23.6Proceeds from share subscriptions 0.0 0.4 0.7Dividends paid -37.4 -65.9 -66.6Proceeds from long-term borrowings 101.2 0.7 0.7Repayments of long-term borrowings -1.1 -2.2 -2.4Proceeds from short-term borrowings 12.0 38.0 61.3Repayments of short-term borrowings -44.2 -24.6 -32.0Cash flow from financing activities 30.6 -77.2 -61.9Change in cash 139.8 -65.1 -123.3Cash, cash equivalents and bankoverdrafts at the beginning ofperiod 45.9 167.5 167.5Effect of exchange rate changes 0.4 2.5 1.7Cash, cash equivalents and bankoverdrafts at the end of period 186.1 104.9 45.9Bank overdrafts at the end ofperiod 23.7 17.0 33.3Cash and cash equivalents at theend of period 209.8 121.9 79.2Key Figures 1-9/2009 1-9/2008 1-12/2008Equity/share EUR 14.04 14.26 13.95Interest-bearing net debt MEUR 400.0 404.7 477.8Total equity/total assets % 36.6 35.3 33.0Gearing % 45.9 45.9 55.3Return on equity % -0.9 16.8 13.7Return on capital employed % -0.5 15.3 12.7Segment ReportingSales by geographical segment,MEUR 1-9/2009 1-9/2008 1-12/2008EMEA 917 1,410 1,901Americas 327 397 556Asia Pacific 668 669 942Total 1,912 2,476 3,399Sales by geographical segment, % 1-9/2009 1-9/2008 1-12/2008EMEA 48.0 % 56.9 % 55.9 %Americas 17.1 % 16.0 % 16.4 %Asia Pacific 34.9 % 27.0 % 27.7 %Total 100.0 % 100.0 % 100.0 %Sales, MEUR 1-9/2009 1-9/2008 1-12/2008Hiab 416 691 907Kalmar 795 1,103 1,515MacGregor 704 687 985Internal sales -3 -6 -8Total 1,912 2,476 3,399Operating profit, MEUR 1-9/2009 1-9/2008 1-12/2008Hiab -29.2 * 45.7 49.4 **Kalmar 21.2 * 77.5 89.6 **MacGregor 64.7 52.9 83.6Corporate administration andsupport functions -27.0 * -19.2 -29.8 **Operating profit from operations 29.6 * 156.9 192.8 **Restructuring costs -36.7 - -19.1Total -7.1 156.9 173.7Operatingprofit, % 1-9/2009 1-9/2008 1-12/2008Hiab -7.0 % * 6.6 % 5.4 % **Kalmar 2.7 % * 7.0 % 5.9 % **MacGregor 9.2 % 7.7 % 8.5 %Cargotec,operatingprofit fromoperations 1.5 % * 6.3 % 5.7 % **Cargotec -0.4 % 6.3 % 5.1 %* Excluding restructuring costs of which business segment Hiabaccounted for EUR 23.2 million, Kalmar for EUR 9.8 million andCorporate administration and support functions for EUR 3.7 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 1-9/2009 1-9/2008 1-12/2008Hiab 382 661 818Kalmar 576 1,217 1,566MacGregor 409 1,264 1,393Internal orders received -2 -7 -9Total 1,364 3,136 3,769Order book, MEUR 30.9.2009 30.9.2008 31.12.2008Hiab 127 229 164Kalmar 459 778 704MacGregor 1,785 2,480 2,187Internal order book 0 -1 -1Total 2,371 3,486 3,054Capital expenditure, MEUR 1-9/2009 1-9/2008 1-12/2008In fixed assets (excludingacquisitions) 62.9 46.5 75.7In leasing agreements 0.8 0.6 1.1In customer financing 16.2 26.0 35.9Total 79.9 73.1 112.8Number of employees at the endof period 30.9.2009 30.9.2008 31.12.2008Hiab 3,519 4,508 4,308Kalmar 4,096 4,777 4,766MacGregor 2,490 2,548 2,577Corporate administration andsupport functions 304 167 175Total 10,409 12,000 11,826Average number of employees 1-9/2009 1-9/2008 1-12/2008Hiab 3,974 4,540 4,509Kalmar 4,438 4,639 4,680MacGregor 2,501 2,410 2,449Corporate administration andsupport functions 271 126 139Total 11,184 11,716 11,777NotesTaxes in incomestatementMEUR 1-9/2009 1-9/2008 1-12/2008Current year tax expense 16.1 55.0 44.3Change in deferred taxassets and liabilities -32.7 -9.6 -9.7Tax expense for previousyears -4.7 -15.4 -10.2Total -21.4 30.0 24.4CommitmentsMEUR 30.9.2009 30.9.2008 31.12.2008Guarantees 0.2 0.2 0.2Dealer financing 0.1 0.2 0.2End customer financing 10.6 6.7 11.5Operating leases 54.6 53.2 48.0Off balance sheetinvestment commitments - 4.2 -Other contingentliabilities 3.8 3.8 4.0Total 69.3 68.2 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 ofderivativefinancialinstruments Positive Negative Net fair Net fair Net fair fair value fair value value value valueMEUR 30.9.2009 30.9.2009 30.9.2009 30.9.2008 31.12.2008FX forwardcontracts,cash flowhedges 57.1 84.8 -27.7 -56.9 -119.4FX forwardcontracts,non-hedgeaccounted 6.3 3.4 2.9 14.9 67.2Cross currencyand interestrate swaps,cash flowhedges - 9.8 -9.8 -2.5 23.7Total 63.4 98.0 -34.6 -44.5 -28.4Non-currentportion:FX forwardcontracts,cash flowhedges 14.3 27.0 -12.7 -26.2 -53.2Cross currencyand interestrate swaps,cash flowhedges - 9.8 -9.8 -2.5 23.7Non-currentportion 14.3 36.8 -22.5 -28.6 -29.5Currentportion 49.1 61.2 -12.1 -15.8 1.1Cross currency and interest rate swaps hedge the US Private Placementcorporate bond funded in February 2007.Nominal values of derivative financial instrumentsMEUR 30.9.2009 30.9.2008 31.12.2008FX forward contracts 2,493.5 3,430.6 3,617.5Cross currency and interest rateswaps 225.7 225.7 225.7Total 2,719.2 3,656.3 3,843.3AcquisitionsIn March, Cargotec acquired the 18% minority share of Kalmar España,S.A.In July, Cargotec acquired the 20% minorities of Officine CargotecFerrari Genova S.r.l. and Officine Cargotec Ferrari Prato S.r.l.After these transactions, Cargotec has 100% ownership of the abovementioned companies' shares.In August, Cargotec purchased the assets of the Danish sales andservice company Arne Holst & Co. A/S.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-bearingnet debt = Interest-bearing debt* - interest-bearing 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 oncapital employed 100(%) = x ________________________________________________ Total assets - non-interest-bearing debt (average for period) Net income for the period attributable to the sh
Datum: 22.10.2009 - 12:01 Uhr
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