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Konecranes Annual Report 2016 GROWTH

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Konecranes Annual Report 2016 GROWTH Konecranes Annual Report 2016 GROWTH As the result of our acquisition of Terex’s Material Handling & Port Solutions segment, Konecranes will achieve substantial growth opportunities in the service business as well as critical scale for further technological development. Our recent investments in business The moment has arrived to infrastructure and global footprint consolidate Konecranes’ key optimization will also provide strengths, clarify where the significant earnings leverage. CONTENTS FINANCIAL STATEMENTS 2016 greatest potential lies, and 2 Konecranes in a snapshot 60 Report of the Board of Directors assert a new stage on which 4 2016 highlights 71 Consolidated statement of income – IFRS to build progress. 6 CEO's letter 72 Consolidated balance sheet – IFRS ENVIRONMENT 8 Company narrative 74 Consolidated statement of changes in equity – IFRS Konecranes and MHPS Consolidated cash flow statement – IFRS A foundation for the future. There can be no solid future unless 9 75 10 Business environment 76 Notes to the consolidated financial statements we take care of our people and 12 Business Area Service 115 Konecranes Group 2012–2016 The company has been poised the environment. Recent employee 15 Business Area Equipment 116 Calculation of key figures for change for some time, a satisfaction and company culture 18 Regional fact & figures 117 Company list situation which has bred both surveys have been highly positive, 19 Research & Development 120 Parent company statement of income – FAS agility and the capacity to with development points now mapped 22 Core of Lifting 121 Parent company cash flow – FAS work under pressure. Change out. We have also set targets for ISO 24 Product overview 122 Parent company balance sheet – FAS always brings opportunities, implementation and energy efficiency, 27 Corporate responsibility 124 Notes to the parent company’s financial statements but can also represent developed Environmental Product 36 GRI content index 127 Board of Directors’ proposal to the Annual General Meeting uncertainty. It’s time to Declarations, and launched our 38 Corporate Governance 128 Auditor’s report remove the question marks circular economy program. 46 Risk management, internal control, 131 Shares and shareholders and internal auditing – Konecranes’ business 136 Investor information 54 Board of Directors transformation is now more 137 Contact details 56 Group Executive Board fully realized than ever. 58 Senior Management ORGANIZATION Our organizational changes serve as This publication is for general informational purposes only. Konecranes reserves the right at any time, without notice, to the foundation for increased efficiency, alter or discontinue the products and/or specifications referenced herein. This publication creates no warranty on the part of lower fixed costs, and increased sales. Konecranes, express or implied, including but not limited to any implied warranty or merchantability or fitness for a particular Replacing our matrix organization with purpose. a line-based approach has provided © 2017 Konecranes. All rights reserved. ‘Konecranes’, ‘Lifting Businesses’, , ‘SMARTON’, ‘TRUCONNECT’, ‘Agilon’, clearer accountability. In addition, ‘BOXHUNTER’, 'BOXPORTER', ‘CXT’, ‘UNO’ and ‘UNITON’ are either registered trademarks or trademarks of Konecranes. business benefits are being realized in the organization owing to the new IT systems implemented under oneKONECRANES. KONECRANES IN A SNapshOT Specialized products and services through a multi-brand portfolio A market One of the Industry- leader leading in industrial cranes and largest components, as well suppliers of port cranes technology Business Area Service as crane service and lift trucks and global modular product platforms With 600 service locations in 50 countries, TRUCONNECT can include access to operating Konecranes offers, through a global service data, abnormal usage alerts, and remote technical network, specialized maintenance and moderniza- support. tion services for all types and makes of industrial cranes, hoists, and port equipment. Market position Konecranes is the market leader in crane service, Products with the world’s most extensive crane service EUR 2,118 The extensive Konecranes service offering network. 11,000 13 million employees in 2016 countries with includes inspections, preventive maintenance production facilities programs, remote and on-call service, repairs and Service contract base of net sales in 2016 improvements, spare parts, modernizations, and a More than 460,000 pieces of equipment are variety of consultation services. covered by Konecranes service agreements. The TRUCONNECT Remote Service connects majority of this equipment has been manufactured data, machines, and people to help businesses by other companies; Konecranes can provide identify maintenance and performance issues expert maintenance for any brand of equipment before they affect safety, productivity, or revenue. from any manufacturer. Sales and service Listed on locations in Head office in 50 Finland Nasdaq countries Helsinki Business Area Equipment Konecranes offers components, cranes, and Konecranes Agilon is a patented materials material handling solutions for a wide range of management solution for managing, storing, customers, including process industries, the picking, and replenishing components that offer nuclear sector, industries handling heavy loads, improved efficiency in material handling. container handling, intermodal terminals, ship- yards, and bulk material terminals. Products are Market position marketed through a multi-brand portfolio, that Konecranes is one of the world’s largest suppliers Sales by Business EBIT by Business Personnel by Business includes Konecranes and the group’s power of industrial cranes. It is also a global leader in Area, 2016 Area, 2016* Area, 2016 brands: SWF Krantechnik, Verlinde, R&M, Morris electrical overhead traveling cranes for process Crane Systems, and SANMA Hoists & Cranes. industries and shipyard gantry cranes, and a 44% 68% 55% prominent global supplier of cranes and lift trucks Products for container handling, heavy unitized cargo, and Our product range comprises industrial cranes and bulk material unloading. 32% workstation lifting systems, including components such as wire rope hoists and electric chain hoists. Annual production In addition, we offer nuclear cranes, container and We produce thousands of industrial cranes bulk handling equipment, shipyard cranes, and lift annually, tens of thousands of wire rope hoists 45% trucks. The product offering features a number of and trolleys and electric chain hoists, as well as 56% advanced technologies, such as automation and hundreds of heavy-duty cranes and heavy-duty lift smart features, including sway control, load posi- trucks. tioning, and shock load prevention. Equipment 1,231.1 MEUR Equipment 51.5 MEUR Equipment 4,893 Service 968.0 MEUR Service 110.9 MEUR Service 5,998 * Excluding adjustments 2 Konecranes Annual Report 2016 Konecranes Annual Report 2016 3 2016 HIGhlIGHTS 6.6% 1,038 29.1% adjusted operating margin MEUR order book gearing in 2016. in 2016. in 2016. Sales/orders, MEUR Adjusted EBIT, MEUR/ Order book, MEUR Adjusted EBIT margin, % Sales remained at previous year’s closed on January 4, 2017. This acquisition will 140.8 2,171.5 1,970.1 138.3 1,036.5 1,038.0 2,126.2 1,965.5 2,118.4 1,920.7 2,099.6 1,920.8 979.5 2,011.4 1,903.5 level while profitability improved prove crucial to improving our position as a global 942.7 893.5 119.1 117.7 • Business Area Equipment order intake declined partner in services, industrial lifting, and port 115.5 slightly in 2016, but its Port Cranes business solutions. Furthermore, this addition enables us 6.6 unit had another strong year as it received to realize a long list of synergies, opens up new 6.4 5.9 5.5 an order from Virginia Port Authority for 86 growth opportunities in the service business, and 5.5 Automated Stacking Cranes in November. creates critical mass for future technology deve- The value of the contract exceeded EUR 200 lopment. million, making this the largest deal ever won by • In December, Konecranes signed the divestment 12 13 14 15 16 12 13 14 15 16 12 13 14 15 16 Konecranes. The Business Area Service order of its STAHL CraneSystems business. The intake decreased from the previous year, due divestment relates to the European Commission's Sales Adjusted EBIT, MEUR to certain markets suffering from commodity approval of Konecranes' acquisition of Terex Order intake Adjusted EBIT margin, % sectors and closure of certain underperforming Corporation's MHPS business. The selling price operations, as it prioritized efficiency over was EUR 224 million. growth. The Group order intake decreased by • In September, we announced that Konecranes and 2.3 percent on a year-on-year basis. Kito Corporation (“Kito”) have decided to dissolve Earnings & dividend Return on equity, % ROCE, %/ • Konecranes order book, as of the end of the the strategic alliance signed between the compa- per share, EUR Adjusted ROCE, % year, stood 0.1 percent higher than in 2015. nies in 2010. Konecranes received approximately • Net sales decreased by 0.4 percent compared EUR 48 million from the sale of its Kito shares. 18.4 19.2 1.47 19.2 1.05 10.3 to 2015, due to negative currency rate changes. • Our new operating model based on direct product 18.8 17.0 17.4 9.5 17.2 16.7 • Adjusted operating margin improved to 6.6 line organization and P&L responsibilities became 1.28 1.05 11.6 15.6 0.53 1.05 0.64 1.05* 1.05 percent of sales.
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