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Konecranes Annual Report 2017 PERFORMANCE DRIVEN

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Konecranes Annual Report 2017 PERFORMANCE DRIVEN Konecranes Annual Report 2017 PERFORMANCE DRIVEN Konecranes has made excellent progress in the past 12 months, and our organization is currently in the process CONTENTS of a transformation which will leave us 2 Konecranes in a snapshot 68 Report of the Board of Directors primed for growth. 4 2017 highlights 81 Consolidated statement of income – IFRS 6 CEO's letter 82 Consolidated balance sheet – IFRS The synergies of our acquisition of 8 Company narrative 84 Consolidated statement of changes in equity – IFRS MHPS are worth up to EUR 140 million, 10 Business environment 85 Consolidated cash flow statement – IFRS and to realize them we will deliver on two fronts. 12 Business Area Service 86 Notes to the consolidated financial statements 15 Business Area Industrial Equipment 128 Konecranes Group 2013–2017 We are striving to make the acquisition 18 Business Area Port Solutions 129 Calculation of key figures a model one for the industry, in every 21 Regional facts and figures 130 Company list conceivable aspect – from process 22 Research & Development 133 Parent company statement of income – FAS integration to company culture. We will 24 Product overview 134 Parent company balance sheet – FAS pursue this success with dedication, 28 Corporate responsibility 136 Parent company cash flow – FAS commitment, and accountability. 44 GRI content index 137 Notes to the parent company’s financial statements 46 Corporate Governance 139 Board of Directors’ proposal to the Annual General Meeting At the same time, we will maintain 57 Risk management 140 Auditor’s report focus on our core business. Its 62 Board of Directors 145 Shares and shareholders continued strength is the foundation 64 Group Executive Board 152 Investor information of these dramatic and far-reaching 66 Senior Management 153 Contact details developments, and the basis of the growth to come. Thanks to our future-focused investments in recent years, we are thoroughly capable of executing this change – harmonizing processes and systems across the organization. This publication is for general informational purposes only. Konecranes reserves the right at any time, without notice, to alter or discontinue the products and/or specifications referenced herein. This publication creates no warranty on the part ofK onecranes, We are motivated both by the express or implied, including but not limited to any implied warranty or merchantability or fitness for a particular purpose. tremendous potential benefits, and the © 2018 Konecranes. All rights reserved. ‘ Konecranes’, ‘Lifting Businesses’, , ‘TRUCONNECT’, ‘Agilon’, 'BOXPORTER', fact that they are well within our grasp. 'Konecranes Gottwald', 'Konecranes Noell' and ‘Konecranes Liftace’ are either registered trademarks or trademarks of K onecranes. KONA ECR NES IN A SNAPSHOT KONA ECR NES IN A SNAPSHOT Unmatched customer offering in Service, Sales by Business Adjusted EBITA by Personnel by Business Industrial Equipment and Port Solutions Area, 2017 Business Area, 2017 Area, 2017 Service 19% 19% With 600 service locations in 50 countries, Konecranes provides specia- 30% lized maintenance services and spare parts for all types and makes of 36% industrial cranes and hoists – from a single piece of equipment to entire 44% 14% operations. Our objective is to improve the safety and productivity of our customers’ operations. 67% Konecranes is the market leader in crane service, with the world’s most 37% extensive crane service network. 34% More than 600,000 pieces of equipment are covered by Konecranes service agreements. The majority of this equipment has been manufac- tured by other companies; Konecranes can provide expert maintenance Service 1,178.0 MEUR Service 160.9 MEUR Service 7,206 for any brand of equipment from any manufacturer. Leveraging the Demag Industrial Equipment Industrial Equipment 34.6 MEUR Industrial Equipment 6,024 installed base and agreement base is expected to be a significant source 1,118.7 MEUR Port Solutions 44.7 MEUR Port Solutions 3,067 of growth. Port Solutions 976.0 MEUR Industrial Equipment Business Area Industrial Equipment offers hoists, cranes and material One of the Industry- The world's handling solutions for a wide range of customers, including industries like largest leading Waste-to-Energy and Biomass, Paper and Forest, Automotive and Metals most extensive Production. Products are marketed through a multi-brand portfolio that crane service network suppliers technology includes Konecranes and the brands Demag, SWF Krantechnik, Verlinde, of port cranes and global modular R&M, Morris Crane Systems, and Donati. and lift trucks product platforms Konecranes is one of the world’s largest suppliers of industrial cranes, producing thousands of industrial cranes annually, tens of thousands of wire rope hoists and trolleys and electric chain hoists, as well as hundreds of engineered-to-order (ETO) cranes. More than EUR 3,136 16,371 600,000 million of net sales employees units in the maintenance in 2017 in 2017 agreement base Port Solutions Business Area Port Solutions offers a complete range of container handling equipment (both manned and automated), shipyard handling equipment, mobile harbor cranes and heavy-duty lift trucks, supported by a complete range of services. Products are marketed under the Konecranes brand, with some product groups marketed under the labels Konecranes Gottwald, K onecranes Noell and Konecranes Liftace. Sales and Konecranes is a global leader in shipyard gantry cranes, and a promi- Listed nent global supplier of cranes and lift trucks for container handling, heavy service Head office on Nasdaq unitized cargo, and bulk material unloading. locations in in Finland 50 countries Helsinki 2 Konecranes Annual Report 2017 Konecranes Annual Report 2017 3 2017 HIGHLIGHTS 2017 HIGHLIGHTS Sales/orders, MEUR Adjusted EBITA, MEUR/ Order book, MEUR MHPS acquisition – defining Adjusted EBITA margin, % moment in 2017 Integration work 1,535.8 On January 4, 2017, Konecranes completed the ahead of initial acquisition of Terex Corporation’s (Terex) Mate- 2,126.2 1,965.5 2,118.4 1,920.7 3,136.4 3,007.4 2099.6 1,920.8 2,011.4 1,903.5 1,036.5 1,038.0 5.9 6.2 5.8 6.8 5.6 6.9 rial Handling & Port Solutions (MHPS) busi- 979.5 ness. Konecranes paid EUR 796 million in cash expectations. 893.5 and issued 19.6 million new Konecranes class 216.2 B shares to Terex related to the acquisition. The 184.1 acquisition of MHPS improved Konecranes’ posi- 124.0 125.4 144.8 tion as a focused global leader in the industrial 122.4 lifting and port solutions market. Konecranes Comparable combined company achieved a truly global footprint and is now able to adjusted EBITA margin expanded by 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 offer comprehensive solutions based on a highly Sales Adj. EBITA pre-MHPS complementary set of products and services. With Order intake Adj. EBITA margin pre-MHPS the acquisition, Konecranes will achieve substan- 1.3 % points. tial growth opportunities as well as critical scale Comparable adj. EBITA for further technological development. Comparable adj. EBITA margin Out of the total of EUR 140 million p.a. synergies grew across the product portfolio suggesting that targeted at the EBIT level by the end of 2019, EUR the cross-promotion of the extended offering seems 56 million was implemented on a run-rate basis by to work well. The order book for most of our new Earnings & dividend Return on equity, % ROCE, %/ the end of 2017. One-time integration expenses are Konecranes Gottwald and Konecranes Noell prod- per share, EUR Adjusted ROCE, % expected to be EUR 130 million during 2017–2019 ucts continued to strengthen. of which EUR 66 million was booked in 2017. The order intake in Business Area Service and The integration of MHPS ran ahead of the Business Area Industrial Equipment was lower than 2.88 1.20* 15.4 23.7 initial expectations throughout 2017. Business a year ago on a comparable combined company 26.1 19.2 10.3 17.0 17.4 Area Service moved fastest in terms of the execu- basis as they prioritized focus on laying the foun- 9.5 17.2 15.6 11.6 tion of the planned cost savings. The US service dation for the combined operations. This meant 16.7 1.28 1.05 10.9 0.53 1.05 0.64 1.05 1.05 branch network consolidation was mostly imple- consolidation of operations in several countries and 0.85 8.3 mented and the integration is now moving to other even discontinuation of some underperforming busi- 6.8 regions. In Business Area Industrial Equipment, nesses. Moreover, the appreciation of the EUR/USD actions were focused on designing and launching affected the reported orders to some extent. a new go-to-market model in different countries. In 2017, Group sales were 4.3 percent below 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 Also, product platform harmonization work was the previous year on a comparable combined Earnings per share, basic Return on capital employed, % started. Business Area Port Solutions’ customer company basis. The decrease in Business Area Dividend per share Adjusted return on capital offering was extended through the MHPS acquisi- Port Solutions’ sales related to the timing of deliv- employed, % tion so it focused on packaging and managing the eries and exceptionally high sales of certain pro- * The Board’s proposal to the AGM new complimentary and wide range of products, ducts in the comparison period. The sales in Busi- services and software to its customers. In 2017, ness Area Service and Business Area Industrial Konecranes made progress in optimizing manu- Equipment were affected by similar factors as the Year-end net working Year-end net debt, Year-end market facturing operations in several countries, most order intake, prioritizing the margin improvement capital, MEUR MEUR/Gearing, % capitalization*, MEUR notably in China, India, Italy, and the US.
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