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Financial Review 2018 Financial Review Annual Review Sustainability Report Governance

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Financial Review 2018 Financial Review Annual Review Sustainability Report Governance Financial Review 2018 Financial Review Annual Review Sustainability Report Governance HOW TO READ THIS REPORT CONTENTS Summary-level reports about Konecranes’ financial results, 2018 highlights 2 Parent company statement financial position and cash flows of income – FAS 65 Financial Report of the Board of Directors 4 Review 2018 Parent company balance sheet – FAS 66 Parent company cash flow – FAS 67 FINANCIAL STATEMENTS OTHER REPORTS Notes to the parent company’s Consolidated statement financial statement 68 An assessment of the year’s of income – IFRS 16 operations and a view of the upcoming year and future prospects Board of Director’s Proposal Committed ar2018.konecranes.com/en Consolidated balance sheet – IFRS 17 to the Annual General Meeting 70 to growth Annual Review 2018 Consolidated statement of Auditor’s report 71 changes in equity – IFRS 18 Shares and shareholders 76 Information about Konecranes’ Consolidated cash flow sustainability work, its management, actions, goals and results statement – IFRS 19 Sustainability ar2018.konecranes.com/en Report 2018 Notes to the consolidated financial statements 20 Konecranes Group 2014 –2018 60 Information regarding Konecranes’ governing principles, group structure, salaries and Calculation of key figures 61 Governance compensation of the CEO and 2018 Board of Directors Company list 62 ar2018.konecranes.com/en Financial Review 2018 1 Financial Review 2018 highlights Annual Review Sustainability Report Governance 2018 highlights Sales/orders, MEUR Adjusted EBITA, MEUR/ Earnings & dividend per share, EUR Adjusted EBITA margin, % 3,137.2 3,156.1 2.89 3,500 300 12 3.0 3,007.4 3,090.3 257.1 3,000 250 216.6 10 2.5 2,500 2,126.2 2,118.4 2,011.4 2.0 1,903.5 1,965.5 1,920.7 200 144.8 8 2,000 125.4 122.4 1.28 1.29 *) 150 6 1.5 1.20 1.20 1,500 1.05 1.05 1.05 100 4 1.0 0.64 1,000 0.53 500 50 2 0.5 0 0 0 0 14 15 16 17 18 14 15 16 17 18 14 15 16 17 18 Sales Order intake Adj. EBITA pre-MHPS Comparable adj. EBITA Earnings per share, basic Dividend per share Adj. EBITA margin Comparable adj. EBITA *) The Board’s proposal to the AGM pre-MHPS margin Sales by Business Area, 2018 Adjusted EBITA by Personnel by Business Area, 2018 Business Area, 2018 18% 24% 30% 36% 46% Service 1,192.5 MEUR Service 180.0 MEUR Service 7,372 Industrial Equipment 15% 61% Industrial Equipment 1,150.9 MEUR 42.6 MEUR 36% Industrial Equipment 5,782 34% Port Solutions Port Solutions 1,012.9 MEUR 71.3 MEUR Port Solutions 2,830 Financial Review 2018 2 Financial Review 2018 highlights Annual Review Sustainability Report Governance Order book, MEUR Order book, MEUR Order book, MEUR Year-end net working capital, MEUR Year-end net debt, MEUR/Gearing, % 2,000 2,000 1,715.4 1,535.8 1,715.4 2,000 500 600 545.3 1,500 1,535.8 1,715.4 525.3 410.4 1,500 1,535.8 1,036.5 1,038.0 400 500 1,500 979.5 1,036.5 1,038.0 317.4 324.6 1,000 979.5 304.3 400 263.7 1,000 979.5 1,036.5 1,038.0 300 1,000 300 500 200 203.2 500 200 149.5 129.6 500 0 100 100 44.6 41.1 42.5 0 14 15 16 17 18 33.3 29.1 0 14 15 16 17 18 0 0 14 15 16 17 18 14 15 16 17 18 14 15 16 17 18 Net debt Gearing Return on equity, % ROCE, %/ Year-end market capitalization*), MEUR Adjusted ROCE, % 23.7 30 25 3,500 26.1 3,006.9 19.2 25 3,000 20 17.0 17.4 17.2 15.4 20 2,500 1,984.6 2,080.0 16.7 15 12.5 10.3 15 9.5 1,500 1,380.2 10 7.9 1,345.0 8.3 10 6.8 7.7 1,000 5 5 500 0 0 14 15 16 17 18 0 14 15 16 17 18 14 15 16 17 18 Return on capital Adjusted return on *) employed, % capital employed, % Excluding treasury shares Financial Review 2018 3 Financial Review Report of the Board of Directors Annual Review Sustainability Report Governance Report of the Board of Directors Konecranes applied the full retrospective approach in during the second half of 2018. Outside the Eurozone, the first half of the year. In India, the growth of the Service order intake grew 2.1 percent. On a comparable IFRS 15 transition, and the numbers for the periods the UK manufacturing sector continued to grow, though manufacturing sector picked up during the second half, currency basis, order intake in Service increased 5.3 in 2017 have been restated. Please refer to note 4 for the average PMI reading during the fourth quarter in and the nation posted the highest quarterly average PMI percent. In Industrial Equipment, orders increased more details on the implementation of IFRS 15 and 2018 was the weakest since the third quarter in 2016 since 2012. 10.8 percent, primarily driven by an increase of EUR other significant accounting policies. (the first quarter after the EU referendum). 92.4 million in internal orders. EUR 38.3 million of After setting an all-time high in early 2018, global the increase in internal orders was attributable to the Note: Unless otherwise stated, the figures in brackets In the US, the manufacturing sector’s growth slowed container throughput turned to a decline. The index has harmonization of reporting practices following the MHPS in the sections below refer to the same period in the down in 2018 compared to the previous year-end. since increased and reached a new record in October. acquisition. On a comparable currency basis, Industrial previous year. In December 2018, the improvement in operating In January-December 2018, global container throughput Equipment external orders grew 5.5 percent. Port conditions was the weakest in 15 months, however, increased by approximately 4 percent year-over-year. Solutions orders increased 3.8 percent. On a comparable clearly above the manufacturing sector’s PMI in the currency basis, Ports Solutions order intake grew 5.3 Market review Eurozone. Correspondingly, the US manufacturing Regarding raw material prices, both steel and copper percent. Activity in the world’s manufacturing sector, according capacity utilization rate declined in the fourth quarter. were clearly below the previous year’s level at the to the aggregated JPMorgan Global Manufacturing Also, business confidence was low at the end of the end of December 2018. The 2018 average EUR/USD Purchasing Managers’ Index (PMI), continued to grow year; optimism among purchasing managers was at its exchange rate was approximately 4 percent higher Order book in 2018, although the pace of growth has slowed down lowest for over two years in December 2018. compared to the year-ago period. The value of the order book at the end of December clearly since the beginning of the year. The PMI declined totaled EUR 1,715.4 million (1,535.8), which was and fell to a 27-month low in December 2018 but remains As for the emerging markets, in China, the PMI dropped 11.7 percent higher compared to previous year. On a on the expansion path. Overall, business sentiment has in 2018 and fell into contraction territory at the end of Orders received comparable currency basis, the order book increased worsened due to growing geopolitical worries. the year. Russia stabilized at the end of the third quarter Orders received in January-December totaled EUR 11.8 percent. The order book increased 9.3 percent in after a four-month sequence of contraction and the PMI 3,090.3 million (3,007.4), representing an increase of Service, 12.1 percent in Industrial Equipment and 12.0 In the Eurozone, after a long period of rapid growth in turned to growth during the last quarter of the year. 2.8 percent. On a comparable currency basis, order percent in Port Solutions. economic activity, the pace of expansion slowed down In Brazil, manufacturing operating conditions improved intake increased 5.2 percent. Orders received increased in 2018. Though the manufacturing economy’s current in the second half of 2018 following a decline during in all three regions. run of expansion extends to five-and-a-half years, the growth in December was the weakest since February 2016. At the end of 2018, softness in new orders was behind the slowdown in overall growth. At the end of Orders received and net sales 2018, slower growth was widespread and the Eurozone’s Change % at Change % at ‘big-four’ economies posted the lowest manufacturing comparable comparable PMI readings. The Netherlands was the top performer 10–12/2018 10–12/2017 Change % currency rates 1–12/2018 1–12/2017 Change % currency rates in the Euro area and the rate of expansion improved Orders received, MEUR 929.8 732.6 26.9 27.3 3,090.3 3,007.4 2.8 5.2 to its best in three months. The European Union Net sales, MEUR 910.8 909.9 0.1 0.5 3,156.1 3,137.2 0.6 3.0 manufacturing capacity utilization decreased slightly Financial Review 2018 4 Financial Review Report of the Board of Directors Annual Review Sustainability Report Governance Sales year’s adjustments included a capital gain of EUR 218.4 In January-December, the basic earnings per share were was 39.8 percent (39.2) and the gearing 42.5 percent In January-December, Group sales totaled EUR million from the divestment of STAHL CraneSystems, EUR 1.29 (2.89) and the diluted earnings per share were (41.1).
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