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Record-High Adjusted EBITA-% Powered by Excellent Commitment and Execution Record-high adjusted Interim Report EBITA-% powered by January–September 2020 excellent commitment and execution Q3 Interim Report 2 Q3 January–September 2020 Record-high adjusted EBITA-% powered by excellent commitment and execution This report contains comparison to Konecranes’ historical figures which are Konecranes’ stand-alone financial information as -re ported for 2019. These do not include figures for MHE-Demag as the acquisition of MHE-Demag was completed in January 2020. The combined operations of Konecranes and MHE-Demag started on January 2, 2020. To provide a basis for comparison, this Report contains under separate headings comments to the financial performance of MHE- Demag for the year 2020. Please note that starting from the fourth quarter 2020 any comments on the stand-alone MHE-Demag performance are based on estimates due to the proceeding integration work and legal entity consolidation. Figures in brackets, unless otherwise stated, refer to the same period a year earlier. THIRD QUARTER HIGHLIGHTS JANUARY–SEPTEMBER 2020 • Order intake EUR 565.5 million (715.3), -20.9 percent HIGHLIGHTS (-18.8 percent on a comparable currency basis), orders • Order intake EUR 1,884.0 million (2,386.0), -21.0 per- declined in all Business Areas. Excluding MHE-Demag, cent (-20.3 percent on a comparable currency basis) order intake declined 24.6 percent • Service order intake EUR 694.1 million (765.1), -9.3 • Service annual agreement base value increased 5.9 percent (-8.0 percent on a comparable currency basis) percent (+10.9 percent in comparable currencies) to • Sales EUR 2,242.1 million (2,393.6), -6.3 percent (-5.4 EUR 278.8 million (263.4). Service order intake was percent on a comparable currency basis) EUR 218.9 million (256.4), -14.6 percent (-11.1 per- • Adjusted EBITA margin 7.1 percent (7.8) and adjusted cent on a comparable currency basis). Excluding MHE- EBITA EUR 158.7 million (187.8); the adjusted EBITA Demag, the annual agreement base value increased margin improved in Service and decreased in Industrial 1.4 percent while order intake in Service declined 19.2 Equipment and Port Solutions percent • Operating profit EUR 90.8 million (83.2), 4.0 percent of • Order book EUR 1,742.8 million (1,923.2) at the end sales (3.5), restructuring costs totaling EUR 37.8 mil- of September, -9.4 percent (-6.7 percent on a compa- lion (86.0) rable currency basis). Excluding MHE-Demag, the order • Earnings per share (diluted) EUR 0.85 (0.46) • Free cash flow EUR 188.9 million (115.7) book declined 16.0 percent • Net debt EUR 742.7 million (674.2) and gearing 61.5 • Sales EUR 767.9 million (841.3), -8.7 percent (-6.6 percent (54.8). percent on a comparable currency basis), sales de- clined in all Business Areas. Excluding MHE-Demag, sales declined 12.9 percent • Adjusted EBITA margin 10.4 percent (8.6) and adjusted EBITA EUR 80.1 million (72.4); continued successful demand-supply balancing, cost flexing, permanent cost DEMAND OUTLOOK adjustments and further progress on strategic initia- The worldwide demand picture remains subject to signifi- tives drove the positive development cant volatility due to the COVID-19 pandemic. In Europe • Operating profit EUR 40.3 million (17.9), 5.2 percent of and North America, the current demand environment sales (2.1), restructuring costs totaling EUR 27.7 mil- within the industrial customer segments has started to lion (48.3) show signs of improvement but continues to be volatile • Earnings per share (diluted) EUR 0.33 (0.04). and remains below the year-end 2019 level. While Chi- na’s demand conditions have improved from early 2020, demand environment in the rest of Asia-Pacific is weak. While global container throughput has started to recover, many port operators continue to postpone decision-making in the current environment. However, FINANCIAL GUIDANCE long-term prospects related to container handling remain Based on the current order book and demand environ- good overall. ment, Konecranes expects the full-year 2020 net sales to decrease from the previous year. Konecranes expects the full-year 2020 adjusted EBITA margin to decrease compared to the previous year. Interim Report 3 Q3 January–September 2020 Key figures Third quarter January–September 7–9/2020 7–9/2019 Change % 1–9/2020 1–9/2019 Change % R12M 1–12/2019 Orders received, MEUR 565.5 715.3 -20.9 1,884.0 2,386.0 -21.0 2,665.3 3,167.3 Order book at end of period, MEUR 1,742.8 1,923.2 -9.4 1,824.3 Sales total, MEUR 767.9 841.3 -8.7 2,242.1 2,393.6 -6.3 3,175.4 3,326.9 Adjusted EBITDA, MEUR 1) 103.2 96.7 6.7 232.2 261.4 -11.2 344.0 373.2 Adjusted EBITDA, % 1) 13.4% 11.5% 10.4% 10.9% 10.8% 11.2% Adjusted EBITA, MEUR 2) 80.1 72.4 10.7 158.7 187.8 -15.5 246.0 275.1 Adjusted EBITA, % 2) 10.4% 8.6% 7.1% 7.8% 7.7% 8.3% Adjusted operating profit, MEUR 1) 71.2 66.2 7.5 131.8 169.2 -22.1 212.9 250.4 Adjusted operating margin, % 1) 9.3% 7.9% 5.9% 7.1% 6.7% 7.5% Operating profit, MEUR 40.3 17.9 124.7 90.8 83.2 9.1 156.3 148.7 Operating margin, % 5.2% 2.1% 4.0% 3.5% 4.9% 4.5% Profit before taxes, MEUR 35.6 9.0 297.0 94.1 55.2 70.5 157.4 118.5 Net profit for the period, MEUR 25.9 3.7 601.7 67.7 37.0 83.2 113.6 82.8 Earnings per share, basic, EUR 0.33 0.04 749.0 0.85 0.46 87.5 1.43 1.03 Earnings per share, diluted, EUR 0.33 0.04 749.0 0.85 0.46 87.5 1.43 1.03 Interest-bearing net debt/Equity, % 61.5% 54.8% 52.6% Net debt/Adjusted EBITDA, R12M 1) 2.2 1.9 1.8 Return on capital employed, % 6.5% 6.3% Adjusted return on capital employed, % 3) 10.2% 12.7% Free cash flow, MEUR 81.4 81.3 188.9 115.7 221.6 148.5 Average number of personnel during the period 17,068 16,081 6.1 16,104 1) Excluding adjustments, see also note 11 in the summary financial statements 2) Excluding adjustments and purchase price allocation amortization, see also note 11 in the summary financial statements 3) ROCE excluding adjustments, see also note 11 in the summary financial statements Interim Report 4 Q3 January–September 2020 President and CEO Rob Smith: In the third quarter Konecranes reported a record-high quar- gin of 18.7% - a clear sign that our robust service business terly adjusted EBITA margin of 10.4% despite the challeng- model, digital service platform and focus on productivity are ing market environment thanks to excellent employee com- delivering exciting results. mitment, strong teamwork and high performance. While we continue to expect market volatility and fluctuations due to In terms of execution, Industrial Equipment had an excel- the COVID-19 pandemic, our Q2 and Q3 performance and our lent quarter which culminated in an adjusted EBITA margin ongoing strategic development give us the confidence and of 5.0%, with a sequential improvement of 3.3 percentage capability to overcome future challenges. points. While we still have much work to do, we have made good progress with our process crane business turnaround The third quarter started in a more positive environment some of which is visible in our Q3 profitability. To further compared to Q2, however it became evident during the quar- improve our productivity, we decided to close production ter that the global COVID-19 pandemic is far from over. This at our Glasgow site and started co-operation negotiations was reflected in the overall market uncertainty. Despite the with the aim to centralize process crane-related personnel improving macroeconomic indicators, global demand has not resources in Finland and in Germany. returned to pre-pandemic levels, and our business is known for being rather late-cyclical. As a result, our Q3 order intake In Port Solutions, order intake remained at a low level in was approximately 19% lower in comparable currencies ver- Q3. Customer decision-making continues to be slow and sus a year ago, including MHE-Demag. planned investment projects are being postponed. Net sales decreased year-on-year but improved sequentially. Due to the Our sales improved 11% sequentially in comparable curren- global nature of the business, travel restrictions and quar- cies and were down 6.6% versus a year ago. The sequential antines impact Port Solutions the most of our three busi- development reflected the generally improved access to cus- nesses. Nevertheless, the Q3 project execution was very tomer sites compared to the second quarter. Despite the bet- good and Port Solutions closed the quarter with an adjusted ter overall situation compared to the widespread lockdowns EBITA margin of 7.1%. in Q2, completing installments in the midst of ongoing travel restrictions and strict quarantines has been quite challeng- Today we have reiterated our full-year 2020 guidance. Based ing, and I would like to give special thanks and recognition to on our current order book and the demand environment, we the commitment of our employees as well as our customers expect our net sales and adjusted EBITA margin to finish to enabling safe and timely deliveries, installations and on- below 2019 levels.
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