KCI KONECRANES PLC STOCK EXCHANGE RELEASE 1 (16)
6 May, 2003 10.00 a.m.
KCI Konecranes Group
Interim Report January-March 2003
WEAK SALES AND EARNINGS, STABLE ORDERS
Q1/03 Sales 5.1 % down from Q1/02
Low Sales hit hard on profits, EBIT Q1/03 1.4 MEUR.
Orders increased 6 % in local currencies, euro consolidation brings
figure to minus 2.4 %
Order book increased + 2.1 % from year-end
Two small acquisitions: crane/maintenance business in Texas, USA,
maintenance co. in Germany (4.4.2003)
Maintenance Services sales reached 48.0% of last 12 month Group sales
First quarter LTM LY
MEUR 1-3/ 1-3/ Chg % 4/02- 4/01- Chg % 1-12/
SALES 03 02 3/03 3/02 02
Maintenance
Services 80.7 81.4 -0.9 371.7 366. 1.4 372.4
5
Standard
Lifting
Equipment 41.7 48.0 -13.1 198.2 233. - 204.5
3 15.0
Special
Cranes 43.6 47.2 -7.6 205.6 232. - 209.2
3 11.5
Internal
Sales -15.2 -17.7 -14.1 -70.0 - - -72.5
80.8 13.4
Sales total 150.8 158.9 -5.1 705.5 751.3 -6.1 713.6
Income from
operations
(EBITA) 2.2 7.6 -70.7 35.6 58.3 -39.0 40.9
Goodwill
amortisation -0.8 -1.0 -19.0 -3.2 -4.0 -22.2 -3.3
Operating
income (EBIT) 1.4 6.6 -78.5 32.4 54.3 -40.2 37.6
Financial
income and
expenses -0.5 -0.4 21.6 -1.2 -2.5 -50.9 -1.1
Income before
taxes and
minority
interest 0.9 6.2 -85.6 31.2 51.8 -39.7 36.5
Net income 0.6 4.2 -85.6 21.1 34.8 -39.4 24.6
Earnings per
share (EUR) 0.04 0.28 -85.7 1.46 2.37 -38.4 1.69
2 (16)
ORDERS
RECEIVED
Maintenance
Services 74.6 84.1 -11.3 300.7 310.6 -3.2 310.2
Standard
Lifting
Equipment 49.3 51.5 -4.3 201.0 218.0 -7.8 203.2
Special
Cranes 41.0 34.8 17.8 161.1 159.3 1.1 154.9
Internal
Orders -15.4 -17.3 -11.0 -67.5 -68.5 -1.5 -69.4
Orders
Received total 149.5 153.1 -2.4 595.3 619.4 -3.9 598.9
Order book at
end of period 210.3 266.5 -21.1 - - - 206.0
Comment on quarterly results:
Group results for the first quarter of the year were clearly
disappointing. Many factors contribute: A particularly slow start of
the year in Sales in January and February (March was good), no
carryover of profits from Standard Lifting shipments booked in Q4/02,
continuing difficult markets with increasing pricing competition,
currency movements, cost for acquisitions continue, no one time gains.
But, total orders (order volume) increased with 6 % in local currency
albeit minus 2.4 % after euro consolidation over Q1/02. Field services
continue growth and Modernisations are stabilising (on a low level).
Special Cranes had a good level of new orders.
For LTM (last 12 months) Maintenance now accounts for 48.0 % of Group
sales.
The Order book grew slightly (+2.1%) from year end.
Comment on year-end results:
Group earnings have returned to the seasonal pattern of the late
1990s (in 2001 and 2002 unusual circumstances changed the delivery
pattern). Earnings are low at the beginning of the years, and improve
considerably towards the end.
The profit level of 2002 remains within reach, however, the business
environment remains very challenging. Group market shares are
increasing. Acquisitions are likely to continue.
3 (16)
Stig Gustavson, President and CEO
Q1/03 results come as a clear disappointment.
Sales numbers came in very low, especially in January and February.
Consequently, profit generation was low. The development brings the
Group back to the situation at the end of the 1990s, when earnings
exhibited a pronounced seasonality over the year: very low earnings at
the beginning and high at the end of the year.
Cyclicality, on the other hand, is less pronounced. Especially in
field related operations (approx. 85 % of total Maintenance Services),
services maintain a growth pattern through cycles.
Currency movement had a significant impact when comparing Q1/03
numbers to those of Q1/02. Measured as Sales volume in local currency,
total Sales grew with 2.4 %, however, after consolidation into euros
the slight growth translates into a 5.1 % decrease.
New orders, which were running at a low level at the end of 2002
causing a slow start of this year, increased nicely, +13 % over Q4/02.
The increase came too late to affect Q1 earnings. Compared to Q1/02
the increase was 6 % in local currency, but, after euro consolidation,
it is a decrease of 2.4 %.
Predicting the future is naturally very challenging against the
backdrop of the present business environment. The prevailing
uncertainty is particularly affecting investment spending.
Maintenance Services, however, develop independently from investment
spending. Field services growth continues, and Modernisations seem to
stabilise at the low level of late 2002. Earnings will grow towards
the end of the year and the acquisitions that were made during last
year and in Q1/03 will start to support earnings.
Standard Lifting Equipment operations also demonstrate stability. In
spite of shrinking markets, this Business Area has generated constant
levels of orders for every single quarter since Q3/01. Earnings vary
between quarters depending on timing of shipments, but whole year
profit generation capacity remains intact.
For Special Cranes, orders on hand secure a satisfactory total
workload for the balance of the year. This is, however, not true for
all separate Special Cranes units. Some units have a full workload
well into next year, others are dependent on further new orders within
the current year to reach their earnings targets. For the sake of
prudence, it must be noted that market uncertainty may affect future
developments.
4 (16)
In all, the operating environment remains challenging. The result
level of 2002 is still within reach for the current year, in spite of
the disappointing beginning of the year. Expenses for acquisition
related activities continue.
Challenging markets also mean opportunity for our Group. As one of the
strongest and fittest companies in this industry, we have ample
opportunity of advancing our positions on many markets. Indeed,
constant order intake translates into market share gains in this
environment. We intend to continue to participate as a significant
acquirer when the consolidation in our industry continues.
First quarter 2003
General Overview
Group total Sales was EUR 150.8 million, which is a decrease of 5.1%
compared to Q1/02. Sales decreased in the new equipment business areas
(Standard lifting Equipment and Special Cranes). In Maintenance
Services the sales decrease is a direct consequence of currency
changes. At unchanged currency rates Group Sales increased by 2,4 % as
a result of the good development in Maintenance Services.
Group Operating Income (EBIT) was EUR 1.4 million, which is clearly
lower compared to Q1/02 (EUR 6.6 million). The decrease in Operating
Income was mainly a consequence of lower Sales in the new equipment
businesses and weaker than average profitability in the newly acquired
service businesses. Sales prices of lifting equipment have also
decreased somewhat compared to the corresponding period last year.
Currency changes had only marginal effect on total Group EBIT, but the
strengthened Euro decreased the Euro consolidated result in
Maintenance Services by EUR 0.5 million. Q1/02 Operating Income also
included some one time gains of EUR 0.5 million (implementation of the
percentage completion method in revenue recognition and the capital
gain of a sale of certain shares). No significant one time gains were
recorded during Q1/03.
The net financing costs and income was EUR 0.5 million, which is EUR
0.1 million higher compared to Q1/02. Income Before Taxes was EUR 0.9
million compared to EUR 6.2 million in Q1/02.
The effective tax rate for Q1/03 was 32.5%. The tax rate corresponds
to our estimate of the full year taxes.
Free Cash Flow was EUR 4.8 million (EUR 8.9 million in Q1/02). Working
Capital increased by EUR 10.4 million mainly as a consequence of an
increase work-in-progress and less advance payments from customers.
Cash flow from operations was EUR -5,5 million compared to EUR +30.9
million in Q1/02.
5 (16)
Cash flow after capital expenditures (EUR 8.2 million) and dividend
payments (EUR 13.3 million) was EUR 27.1 million compared to EUR +
13.7 million in Q1/02. The capital expenditures included also the
purchase of the companys own shares of approximately EUR 5.5 million.
Group net interest bearing debt increased to EUR 63.9 million at the
end of the first quarter (Q1/02:EUR 40.1 million). The gearing
increased from 24.5% to 41.3%. Due to the change in accounting of all
finance leasing contracts as if the assets had been acquired, the
interest bearing debt grew during the first quarter by EUR 3.6
million.
Return on capital employed (ROCE) was 3.3% during Q1/03 (Q1/02:
12.8%).
Group Orders received was EUR 149.5 million, which is a decrease of
2.4% compared to Q1/02. At unchanged currency rates Orders received
increased by approximately 6%. Orders grew clearly in Special Cranes
(+ 17.8%) and stayed at approximately the same level in Standard
Lifting Equipment (decrease of 4.3%, at unchanged currency rates there
was an increase of 0.2%). Orders Received in Maintenance Services
decreased by 11.3%, at unchanged currency rates the decrease was 2.1%
as a consequence of lower orders for modernisation projects.
Taken by region the Order intake remained strong in China, turned to a
clear growth in Germany and remained at the previous year level in
America (in USD). Compared to Q4/02, the Order Intake grew by 13.1%
and all Business Areas showed growth.
The total order book at the end of March 2003 stood at EUR 210.3
million (Q1/02: EUR 266.5 million). Compared to year-end the Order
book grew by EUR 4.3 million or 2.1%.
Overview by Business Area
Maintenance Services
Orders Received was 74.6 million, which is 11.3% lower compared to
Q1/02 but 6.3% higher compared to Q4/02. At unchanged currency rates
orders decreased only by 2.1%. The decrease is only a consequence of a
decrease in orders for large modernisation projects.
Sales decreased by 0.9% (at unchanged currency rates Sales grew by
11.8%). At unchanged currency rates Sales grew both in Field Services
and Modernisations.
6 (16)
EBIT was EUR 2.7 million or 3.3% on sales (Q1/02: EUR 3.6 million and
4.4% on sales). The strengthening of the Euro (especially compared to
the dollar and other currencies linked to the dollar) led to a clear
decrease in EBIT (the total effect was approx. EUR 0.5 million).
Additionally the profit level of newly acquired service businesses was
still clearly below the average level in the Group.
The number of employees grew by 45 persons from year-end and by 188
persons compared to Q1/02. The increase is mainly a consequence of
acquisitions.
The number of lifting equipment in the contract base increased to
214,616. This is an increase of 11.2% compared to Q1/02 and 3.0%
compared to year-end.
Standard Lifting Equipment
Orders Received was 49.3 million, which is a decrease of 4.3% compared
to Q1/02. At unchanged currency rates the orders received remained at
the same level as in Q1/02.
Sales decreased to EUR 41.7 million from EUR 48.0 million in Q1/02.
The decrease was 13.1% and at unchanged currency rates 9.5%. The year
started with a low Order book and the order intake during January-
February was low, which explains the decrease in sales.
EBIT was 2.9 million or 7.0% on sales. The corresponding figures for
Q1/02 were EUR 5,1 million and 10.6% on sales. EBIT decreased mainly
due to lower sales but was also effected by increasing pricing
pressures.
The development and launching of the new wire rope hoist line is
nearly complete. Over 96% of incoming orders, and approximately 83% of
sales are for the new line.
The number of employees decreased by 35 persons compared to Q1/02, but
increased by 26 persons compared to year-end. The number of employees
increased mainly in China and in the newly established South-Korean
sales company.
Efficiency improvements continue. The efficiency enhancing measures
have moved from manufacturing to sales and the logistics chain as well
as to support functions.
Special Cranes
Orders received was EUR 41.0 million, which is an increase of 17.8%
compared to Q1/02 and 35% compared to Q4/02.
7 (16)
Sales was EUR 43.6 million, which is a decrease of 3.6 million or 7.6%
compared to Q1/02. EBIT decreased from EUR 3,0 million in Q1/02 to EUR
1.1 million. The decrease is mainly due to lower sales and slightly
higher pricing pressures.
Currency fluctuations had only a marginal effect on the sales and EBIT
development in Special Cranes.
The Order book remained at a reasonable level. The loading situation
varies considerably between different operational units and subsequent
measures to adjust capacity will continue.
The number of employees decreased by 17 persons compared to Q1/02 and
by 26 persons compared to year-end.
Group Costs and consolidation items
Group overheads, which are not charged directly to the Business Areas,
consist of costs related to R&D, administration, Group financing and
legal issues. These costs decreased by EUR 0.2 million from EUR 4.8
million in Q1/02.
Group consolidation items, which consist of Group goodwill
amortisation, elimination of internal profit and share of associated
companies results grew (the burden on Group result increased with EUR
0.4 million compared to Q1/02). This is a consequence of an increase
in elimination of internal profit based on an increase in work-in-
progress.
Group Structure
In early 2003, KCI Konecranes joint venture Shanghai High Tech
Industrial Crane Co. Ltd together with a Chinese crane builder became
operative.
To strengthen its market position in the large Korean hoist and
Industrial crane market, KCI Konecranes early this year established a
new company Konecranes (KOREA) Co., Ltd. A sales office is located in
Soul and company headquarters in Kimhae, close to Pusan.
In February, KCI Konecranes acquired the assets of CraneMann Inc.
based in Houston, TX, USA. CraneMann Inc. is a full service crane
supplier providing industrial cranes and special engineered cranes
including maintenance services and parts. At the beginning the company
will add to Group Annual Sales approx. EUR 5 million.
8 (16)
After the close of the first quarter on 4 April 2003 KCI Konecranes
announced the acquisition of KUBI GmbH based in Lampertheim, Germany.
KUBI specialises in maintenance services for large cranes in inland
terminals, but is active also in seaports. The company will add to the
Groups Maintenance Services annual sales approx. EUR 6 million. KUBI
will form the South-West Germany branch office of KCI Koneports and
the company will be organised under Noell Konecranes.
On 25 April 2003, KCI Konecranes announced the completion of the
agreement between Meidensha Corporation to establish the joint venture
Meiden Hoist System Company Ltd in Japan and the joint venture started
operations.
Important Events
The Ordinary Annual General Meeting (AGM) on March 6, 2003 confirmed a
dividend of EUR 0.95 (EUR 0.90 for 2001) to be paid on each of the
14,044,530 shares.
The AGM renewed the Boards authorisation to repurchase and transfer
companys own shares up to a maximum of 5 % of outstanding shares.
The AGM made some changes to the Articles of Association, among which
the new name of the Company is KCI Konecranes Plc. Plant services and
maintenance services are added to the object of the Companys
business. The number of the ordinary members of the Board is now five
to eight (5-8).
The AGM resolved to grant a fourth stock option plan to key personnel
of the KCI Konecranes Group. The stock option plan authorises the
subscription of a maximum of 600,000 shares in KCI Konecranes Plc. The
options are exercisable in three tranches, the first 200.000 options
after 2 years, another 200,000 after three years and the last 200,000
options after four years.
The AGM re-elected board members Mr Timo Poranen and the President and
CEO of the Company, Mr Stig Gustavson. The other board members are Mr
Björn Savén, Mr Juha Rantanen, Mr Stig Stendahl and Mr Matti Kavetvuo.
In its first meeting the Board of Directors re-elected Mr Björn Savén
as its Chairman.
Important Orders
Here are some examples on orders received during January-March 2003.
The list illustrates our reach, both in terms of customer base and
geographical coverage.
9 (16)
APM Terminals placed a repeat order for 8 units of Konecranes 16
wheel RTGs (Rubber Tyred Gantry Cranes). APM Terminals is part of the
A.P.Moller/Maersk Group of Denmark, one of the worlds largest
terminal operators operating over 30 terminals globally.
Georgia Ports Authority (GPA), USA, placed a repeat order for the
delivery of six Konecranes RTGs to Savannah, GA.
SCA, Wisconsin, USA is building a tissue paper mill in northwestern
Alabama to expand its business in the Southern markets. KCI Konecranes
was successful in securing the order for three paper machine cranes
and an AutoStore system.
German paper manufacturer Leipa Georg Leinfelder GmbH ordered seven
process and industrial cranes for their new PM4-paper
machine in Schwedt/Oder, Germany.
Metso Paper Oy is building the worlds largest paper board machine for
Xiaoping Ningbo paper mill in China and ordered four paper machine
cranes from KCI Konecranes to be erected at the paper mill.
Georgia Pacific Corp., SLC, USA ordered three 5 ton capacity CXTD
cranes with auxiliary hoists for handling paper coils.
Xiamen WTE, located in southern China, ordered two sets of Refuse
handling cranes to its plant in Xiamen city. This is the first full
automation order from the Chinese WTE industry.
Toshiba Corporation ordered two 250 ton power plant cranes for a new
Pumped Storage Power Plant (Purulia Hydro Power) in West Bengal,
India.
Bohai Shipyard, China, placed a repeat order for two sets of 100 ton
EOT Cranes.
AvestaPolarit placed an order for an 80 ton Ferrochrome ladle crane
for its casting hall in Tornio, Finland.
Shanghai Krupp Stainless Co., part of the Krupp Group, placed an order
for five sets EOT Cranes, process duty and six CXT Industrial Cranes.
Shanghai Krupp Stainless is the biggest stainless steel maker in
China.
From the steel warehousing industry KCI Konecranes received an order
for two overhead cranes and a runway power supply system for J.M.
Bastille Inc., Quebec, Canada.
10 (16)
Metals USA Inc., Laghorne, Penn, USA placed a repeat order for several
overhead travelling cranes to be used for their steel processing and
shipping operations.
Pechiney Softal ordered the modernisation of 10 cranes for its
aluminum manufacturing plant in France.
From the automotive industry KCI Konecranes received an order for
three overhead cranes and a runway power supply system to Brahms
Industries Inc, Windsor, Ontario, Canada.
Drive Automotive ordered two process cranes for the expansion of an
automotive stamping facility in Greenville, SC, USA. This is the third
order for Konecranes for this facility.
Man Takraff ordered a 100 ton process crane for a Quarry (crusher
house) in Scotland, UK.
Plastic Omnium, West Midlands, UK ordered a process crane for a
plastic moulding shop for the automotive industry.
Siemens SGP Verkehrstechnik GmbH, Graz, Austria ordered the
modernisation of two cranes with new CXT 500 hoists including new
electric systems and travelling machineries.
KCI Konecranes won a maintenance contract from Mälarhamnar AB covering
18 Harbour Cranes in two harbours by the lake Mälaren in Sweden.
Share price performance and trading volume
During January-March 2003 KCI Konecranes share price decreased by
25.08 % and closed at EUR 17.45. The highest share price during the
first quarter was EUR 25.01 and the lowest EUR 17.40. During the same
period HEX All-Share Index decreased by 14.79 %, HEX Portfolio Index
decreased by 13.61 % and HEX Metal & Engineering Index decreased by
7.24 %.
Total market capitalisation at the end of March was EUR 249.7 million,
the 39th highest market value of companies listed on Helsinki
Exchanges.
The trading volume totalled 4,239,141 shares of KCI Konecranes, which
represents 30.18 % of the outstanding shares. In monetary terms
trading was EUR 87.7 million, which was the 23rd largest trading of
companies listed on Helsinki Exchanges.
The non-Finland-based shareholding at the end of March 2003 was 59.63
%.
11 (16)
The companys own shares
In accordance with the decision of the Annual General Meeting, the
company bought back between February 20 and March 5 2003, 264,100 of
its own shares at an average price of EUR 20.75 per share. At the end
of March 2003 the company held 264,100 shares with a total nominal
value of EUR 528,200 and a total purchase price of EUR 5.5 million
which is 1.85 % of the total amount of shares and votes.
Helsinki, 6 May, 2003
The Board of Directors
Formal statement
Certain statements in this report are forward looking and are based on
managements expectation at the time they are made. Therefore they
involve risks and uncertainties and are subject to change due to
changes in general economic or industry conditions.
Statement of Income (MEUR)
1-3/2003 1-3/2002 1-12/2002
Sales 150.8 158.9 713.6
Share of result of
participating interest
undertakings -0.1 -0.1 -0.2
Depreciation -4.1 -4.0 -15.5
Other operating
expenses -145.2 -148.2 -660.3
Operating income 1.4 6.6 37.6
Interests, net -0.6 -0.6 -2.0
Other financial income
and expenses 0.1 0.2 0.8
Income before taxes 0.9 6.2 36.5
Taxes -0.3 (1 -2.0 (1 -11.8
Net Income for the
period 0.6 4.2 24.6
Profit /share (EUR) 0.04 0.28 1.69
1) According to estimated tax rate
12 (16)
Consolidated Balance Sheet (MEUR)
3/2003 3/2002 12/2002
Fixed Assets 100.3 100.4 93.5
Inventories 81.5 83.2 73.9
Receivables and
other current assets 200.9 213.6 214.6
Cash in hand and at
banks 15.7 13.8 15.2
Total assets 398.4 411.0 397.1
Equity 159.9 171.3 173.2
Minority Interest 0.1 0.1 0.1
Provisions 11.8 12.4 12.0
Long-term debt 33.7 42.2 31.4
Current liabilities 193.0 185.0 180.4
Total shareholders
equity and
liabilities 398.4 411.0 397.1
Gearing 41.3% 24.5% 19.1%
Solidity 40.7% 44.0% 45.5%
Return on capital LTM 03 LTM 02
employed (2 3.3% 15.8% 12.8% 26.3% 17.8%
Equity/share(EUR) 10.99 11.15 12.11
2) Calculated on annual basis
In accordance with the decision of the Annual General Meeting, the
company bought back between 20 February and 5 March,2003 264,100 of
its own shares at an average price of EUR 20.75 per share. At 31 March
2003, the company held 264,100 shares with a total nominal value of
EUR 528.200 and a total purchase price of MEUR 5,5 which is 1.85 % of
total amount of shares and votes.
Consolidated cash flow (MEUR)
1-3/2003 1-3/2002 1-12/2002
Free Cashflow 4.8 8.9 46.2
Change in working capital -10.4 22.0 20.1
Cashflow from operations -5.5 30.9 66.3
Net Investments -8.2 -4.0 -31.0
Cashflow before financing -13.8 26.9 35.4
Change in debt,increase
(+), decrease (-) 27.8 -16.5 -22.4
Dividend paid -13.3 -13.2 -13.2
Correction items (1 -0.2 -0.2 -1.4
Net financing 0.5 -3.0 -1.6
13 (16)
Cash and bank deposit at
beginning of period 15.2 16.8 16.8
Cash and bank deposit at
end of period 15.7 13.8 15.2
Change of Cash 0.5 -3.0 -1.6
1) Translation difference in cash in hand and at banks
Contingent Liabilities and Pledged Assets (MEUR)
3/2003 3/2002 12/2002
Mortgages and
pledged assets
For own debts 5.9 5.9 5.9
For commercial
guarantees 0.8 0.7 0.9
Own commercial
guarantees 163.3 138.8 141.6
Guarantees
For associated
companys debt 0.8 0.8 0.8
For others 0.1 0.2 0.1
Leasing liabilities 16.1 20.1 18.8
Other liabilities 0.7 0.8 1.0
Total 187.8 167.3 169.1
Notional Amounts of Derivative Financial Instruments (MEUR)
3/2003 3/2002 12/2002
Foreign exchange
forward contracts 453.5 569.8 411.4
Interest rate swap 25.0 25.0 25.0
Currency options 236.7 87.4 0.0
Total 715.2 682.2 436.4
Derivatives are used for currency and interest rate hedging only. The
notional amounts do not represent amounts exchanged by the parties and
are thus not a measure of the exposure. A clear majority of the
transactions relate to closed positions, and these contracts set off
each other. The hedged orderbook and equity represent approximately
one half of the total notional amounts.
Investments
1-3/2003 1-3/2002 1-12/2002
Total (excl.
acquisitions of
subsidiaries) (MEUR) 3.9 4.7 13.9
14 (16)
DEVELOPMENT BY BUSINESS AND MARKET AREA
Sales by Business Area (MEUR)
1-3/ 1-3/ LTM* LTM 1-12/
2003 2002 Year ago 2002
Maintenance
Services 80.7 81.4 371.7 366.5 372.4
Standard Lifting
Equipment 41.7 48.0 198.2 233.3 204.5
Special Cranes 43.6 47.2 205.6 232.3 209.2
./. Internal -15.2 -17.7 -70.0 -80.8 -72.5
Total 150.8 158.9 705.5 751.3 713,6
Operating Income by Business Area (MEUR)
1-3/2003 1-3/2002 1-12/2002 LTM* LTM*
Year
ago
MEUR % MEUR % MEUR % MEUR MEUR
Maintenance
Services 2.7 3.3 3.6 4.4 26.2 7.0 25.3 23.9
Standard Lifting
Equipment 2.9 7.0 5.1 10.6 19.5 9.5 17.3 26.9
Special Cranes 1.1 2.5 3.0 6.4 16.7 8.0 14.8 17.9
Group costs -4.6 -4.8 -23.8 -23.6 -12.5
Consolidation
items -0.7 -0.3 -1.0 -1.4 -1.9
Total 1.4 6.6 37.6 32.4 54.3
* LTM = last 12 months (full year 2002 ./. three months 2002 + three
months 2003)
Personnel by Business Area (at the End of the Period)
3/2003 3/2002 12/2002
Maintenance Services 2,743 2,555 2,698
Standard Lifting
Equipment 975 1,010 949
Special Cranes 659 676 685
Group staff 111 104 109
Total 4,488 4,345 4,441
Average number of
personnel during period 4,465 4,373 4,396
15 (16)
Order Intake by Business Area (Excl. Service Contract Base)(MEUR)
1-3/ 1-3/ LTM* LTM 1-12/
2003 2002 Year ago 2002
Maintenance
Services 74.6 84.1 300.7 310.6 310.2
Standard Lifting
Equipment 49.3 51.5 201.0 218.0 203.2
Special Cranes 41.0 34.8 161.1 159.3 154.9
./. Internal -15.4 -17.3 -67.5 -68.5 -69.4
Total 149.5 153.1 595.3 619.4 598.9
Order Book (Excl. Service Contract Base)
3/2003 3/2002 12/2002
Total (MEUR) 210.3 266.5 206.0
Sales by Market (MEUR)
1-3/ 1-3/ LTM* LTM 1-12/
2003 2002 Year ago 2002
Nordic and Eastern
Europe 33.4 38.9 173.9 187.7 179.4
EU (excl. Nordic) 44.5 48.3 217.2 216.5 220.9
Americas 55.0 57.9 239.5 266.0 242.4
Asia-Pacific 17.9 13.8 74.9 81.2 70.9
Total 150.8 158.9 705.5 751.4 713.6
* LTM = last 12 months (full year 2002 ./. three months 2002 + three
months 2003)
Teleconference
An international teleconference will be arranged today on 6 May, 2003
at 4.00 p.m. Finnish time (2.00 p.m. London time). The dial-in number
is +44-(0)20 8401 1043. Please call in at 3.50 p.m. The graphics of
the presentation are attached to the report on the Internet. A replay
of the teleconference will be available for the next 48 hours at +44-
(0)20 8288 4459, code 976622.
Internet
This report is also available on the Internet at www.kcigroup.com. An
audio recording of Mr Gustavsons presentation at the teleconference
will be available on the Internet later on 6 May.
16 (16)
Next report
Interim Report, 2nd quarter, will be published on 7 August, 2003 at
10.00 a.m. Finnish time (8.00 a.m. London time).
Graphics
A graphical presentation of this report is available on the Internet
at www.kcigroup.com.
KCI KONECRANES PLC
Franciska Janzon
IR Manager
FURTHER INFORMATION
Mr Stig Gustavson, President & CEO,
Tel. +358-20 427 2000
Mr Teuvo Rintamäki, Chief Financial Officer
Tel. +358-20 427 2040
Ms Franciska Janzon, IR Manager
Tel. +358-20 427 2043
DISTRIBUTION
Helsinki Exchanges
Media
