q4 2012 investor presentation
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Q4 2012 investor presentation Strategy and structure Mar 2013 3 - PowerPoint PPT Presentation

Q4 2012 investor presentation Strategy and structure Mar 2013 3 Cargotecs businesses Share of total Geographical split Services share of Order to delivery sales in 2012 of sales in 2012 sales in 2012 lead time EMEA 24% Solutions


  1. Q4 2012 investor presentation

  2. Strategy and structure Mar 2013 3

  3. Cargotec’s businesses Share of total Geographical split Services share of Order to delivery sales in 2012 of sales in 2012 sales in 2012 lead time EMEA 24% Solutions for maritime 32% APAC 72% 17% 12-24 months transportation and offshore AMER 4% industries. EMEA 43% 25% 6-9 months Cargo handling and 43% APAC 22% automation solutions for ports AMER 35% and terminals EMEA 55% Solutions for industrial and 25% 27% 2-4 months APAC 13% on-road load handling AMER 32% Mar 2013 4

  4. Separate listing of MacGregor in Asia  A separate listing of Marine business area provides an opportunity to accelerate growth and value creation of the business.  Cargotec will retain a majority stake in the listed subsidiary.  In February 2013, the Board decided to establish the domicile of the future parent company of MacGregor business area in Singapore.  The management of MacGregor will be based in Singapore. Mar 2013 5

  5. MacGregor core is in merchant ships, offshore offers attractive growth opportunities Cranes Hatch RoRo Offshore Winches Service equipment covers cranes X X X Bulk carrier X Container ship X X Merchant ships X X X X X General cargo ship X X X X Naval ship X X X X RoRo ship Customers X X Tanker ~80% X X X Transloader X X X Offshore OFS Subsea X X ships X X OFS AHTS X X X X OFS TUG ~20% Mar 2013 6

  6. MacGregor’s business model – built-in flexibility Concept focused on design, engineering and service Sales & Design & After Sales Manufacturing Installation Marketing Engineering Service MacGregor MacGregor MacGregor Outsourced MacGregor Outsourced Outsourced Outsourced Cash positive High flexibility Reasonable margins Focus on core competencies Low fixed cost Mar 2013 7

  7. Kalmar’s strategy 2011–2015  To make our customers businesses run more effectively and efficiently Customer  Objective is to be the leading and most performance efficient box moving company Fleet performance Product fit  Focus on integrated automation solutions  Navis  Extensive R&D investment  Improve competitiveness of product offering  Grow services business Mar 2013 8

  8. The most comprehensive offering for Kalmar Systems & Automation Terminal operating systems Automated equipment Automated terminals Packaging, Integration & Operationalisation Systems & Equipment Services Automation Complete set of equipment for Global service network container and cargo handling Rebuilding and refurbishing Terminal operating systems tasks Service contracting Automated equipment Terminal development Process automation Mar 2013 9

  9. Kalmar’s short term strategic actions  Improve operational efficiency  Organisation with clear P&L responsibilities  Reduction of fixed cost  Improve volume product competitiveness  Transfer of production from Lidhult to Poland  EMEA network integration  Improve profitability of big projects  Increased project management competence  Rainbow-Cargotec joint venture in China for production  Development of way of working and tools  Tighter integration of sales and delivery Mar 2013 10

  10. Hiab’s strategy 2011–2015  Focus on customer needs  Target is to be the leading on-road load handling supplier  Profitability over sales growth  Product differentiation  Route to market  Presence in mature markets with focused approach in China, Brazil and Russia Mar 2013 11

  11. Hiab’s short term strategic actions  Cost efficiency  Outsourcing  Sourcing footprint  Product cost improvement  Supply efficiency  Investment in Poland  Frontline execution development  Offering development Mar 2013 12

  12. January- December financials Mar 2013 13

  13. Highlights of Q4  Order intake decreased 16% y-o-y to EUR 710 (842) million  Sales grew 7% y-o-y to EUR 890 (828) million  EUR 25.7 million was booked in restructuring costs  Operating profit margin excluding restructuring costs was 4.4%  Cash flow from operations at previous year’s level totalling EUR 90.6 (88.3) million 14 Mar 2013

  14. Restructuring costs in 2012 Cargotec MacGregor Kalmar Hiab Corporate MEUR 26.2 MEUR 3.2 MEUR 9.9 MEUR 10.4 MEUR 2.8 Of which • Restructuring • Adjusting • Restructuring • Adjusting MEUR 19 cash flow measures in operations to sales and operations to the impact selfunloader, improve distribution new business- services and profitability network in various driven operating offshore • Centralising the countries globally model businesses assembly of • Restructuring and reachstackers and capacity empty container adjustment handlers from measures in Lidhult, Sweden, Hudiksvall, to Poland Sweden • Transfer of production in China Measures taken are estimated to result in approximately EUR 30 million cost savings for 2013. Mar 2013 15

  15. January–December key figures Q4 2012 Q4 2011 Change Q1-Q4/2012 Q1-Q4/2011 Change Orders received, MEUR 710 842 -16% 3,058 3,233 -5% Order book, MEUR 2,021 2,426 -17% 2,021 2,426 -17% Sales, MEUR 890 828 7% 3,327 3,139 6% Operating profit, MEUR* 39.5 48.0 -18% 157.2 207.0 -24% Operating profit margin, %* 4.4 5.8 4.7 6.6 Cash flow from operations, MEUR 90.6 88.3 97.1 166.3 Interest-bearing net debt, MEUR 478 299 478 299 Earnings per share, EUR 0.14 0.56 1.45 2.42 *excluding restructuring costs Mar 2013 16

  16. Performance development MEUR % 8 1,000 890 7 800 710 6 5 600 4 4.4 3 400 2 200 1 0 0 Orders Sales Operating profit%* * excluding restructuring costs Mar 2013 17

  17. MacGregor Q4 – margin remained strong MEUR % 300 18  Profitability at strong level 284 259 16  EBIT includes EUR 7 million capital 15.1 16.0 gain from a sale of property in 14 216 215 Singapore 200 12  Demand for marine cargo handling 10 equipment for offshore support 8 vessels, RoRo vessels and bulk terminals remained healthy 100 6  Sales declined 9 percent from the 4 comparison period 2 0 0 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Orders Sales Operating profit%* * excluding restructuring costs and including capital gain Mar 2013 18

  18. Kalmar Q4 – profitability hampered by cost overruns on large projects MEUR % 600 4  Demand for container handling equipment remained brisk albeit no big project orders were booked 500 3.1 425  Sales grew 18% y-o-y 396 400 337  Profitability excluding restructuring 292 costs was 0.5% 300 2  Cost overruns on large projects  Low relative share of services 200  Investment in port automation technology 100 0.5  Focus on profitability and project 0 0 execution Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Orders Sales Operating profit%* * excluding restructuring costs Mar 2013 19

  19. Hiab Q4 – order intake and sales remained healthy MEUR % 300 4  Demand for load handling equipment was healthy – strong in Americas, 3.5 softer in Europe 250 235 208 3 203  Orders at previous year’s level 202 200 2.5  Sales grew 13% y-o-y 150 2  Profitability excluding restructuring costs was 3.5% 100 1  Focus on profitability 50 0 0 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Orders Sales Operating profit%* * excluding restructuring costs Mar 2013 20

  20. Strongest quarter for cash flow from operations MEUR 350 300 250 200 150 97 91 100 50 0 -50 2008 2009 2010 2011 2012 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Mar 2013 21

  21. Services sales grew 3% in 2012 MEUR 1,000 765 800 600 400 206 200 0 2008 2009 2010 2011 2012 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Mar 2013 22

  22. Balanced geographical split in sales Sales by reporting segment 2012, % Sales by geographical segment 2012, % Equipment 83 (86) % Equipment 73 (72) % Services 17 (14) % Services 27 (28) % 24% 25% 32% (21) (24) 40% (39) (40) 36% 43% (37) (39) Equipment 75 (70) % Services 25 (30) % Americas APAC EMEA MacGregor Kalmar Hiab Mar 2013 23

  23. Earnings per share and dividend (B share) EUR 3.00 2.57 2.42 2.50 2.17 1.91 2.00 1.45 1.50 1.21 1.05 1.00 1.00 1.00 0.72* 0.61 0.60 0.40 0.50 0.05 0.00 2006 2007 2008 2009 2010 2011 2012 EPS Dividend * Dividend proposal by the Board of Directors Mar 2013 24

  24. New President and CEO  Mr Mika Vehviläinen was appointed as new President and CEO 27 January 2013  New President and CEO started at Cargotec on 1 March 2013  Previously he was the President and CEO of Finnair Plc.  Prior Finnair has held senior leadership positions at Nokia Siemens Networks and Nokia Mar 2013 25

  25. Outlook  Cargotec’s sales are expected to be slightly below 2012 and operating profit excluding restructuring costs to be at 2012 level.  Positive impact of efficiency improvement measures implemented will be weighted on the second half of the year. Mar 2013 26

  26. Appendices Mar 2013 27

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