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Annual Report 2014 Contents

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Annual Report 2014 Contents Annual report 2014 Contents CEO's review CEO's review 1 Cargotec in 2014 Cargotec in brief 4 Key ratios 8 Strategy 11 Financial targets 13 Sustainability 16 Governance 17 Risk management 18 Information for investors 22 Contacts 25 Business areas in 2014 MacGregor 26 Strategy and main events 2014 29 Kalmar 31 Strategy and main events 2014 34 Hiab 36 Strategy and main events 2014 39 Financials Board of Directors’ report 41 Consolidated financial statements (IFRS) Consolidated statement of income and consolidated statement of comprehensive income 53 Consolidated balance sheet 55 Consolidated statement of changes in equity 57 Consolidated statement of cash flows 58 Notes to the consolidated financial statements (IFRS) 59 1. Accounting principles for the consolidated financial statements 60 2. Estimates and judgements requiring management estimation 71 3. Financial risk management 73 4. Segment information 80 5. Acquisitions and disposals 85 6. Long-term construction contracts 90 7. Other operating income and expenses 91 8. Restructuring costs 92 9. Personnel expenses 93 10. Depreciation, amortisation and impairment charges 94 11. Financing income and expenses 95 12. Income taxes 96 13. Earnings per share 97 14. Goodwill 98 14. Goodwill 15. Other intangible assets 100 16. Property, plant and equipment 102 17. Investments in associated companies and joint ventures 105 18. Available-for-sale investments 109 19. Deferred tax assets and liabilities 110 20. Inventories 113 21. Financial instruments by category 114 22. Accounts receivable and other non-interest-bearing receivables 116 23. Cash and cash equivalents 117 24. Equity 118 25. Share-based payments 119 26. Interest-bearing liabilities 122 27. Employee benefits 124 28. Provisions 128 29. Accounts payable and other non-interest-bearing liabilities 129 30. Derivatives 130 31. Commitments 131 32. Group as lessor 132 33. Related-party transactions 133 34. Subsidiaries 136 35. Events after the balance sheet date 140 Financial statements of the parent company (FAS) Parent company income statement 141 Parent company balance sheet 142 Parent company cash flow statement 143 Notes to the parent company financial statements 144 1. Accounting principles for the parent company financial statements 145 2.-7. Notes to the income statement 147 8.-10. Intangible and tangible assets 149 11. Investments 151 12.-13. Receivables 152 14. Equity 153 15.-17. Liabilities and commitments 154 18. Derivatives 156 Key figures Key financial figures 157 Share-related key figures 158 Calculation of key figures 159 Key exchange rates for the Euro 161 Shares and shareholders 162 Shares and share capital 163 Share price development and trading 164 Shareholders 166 Board and management shareholding 168 Board authorisations 169 Share-based incentive programmes 170 Option programme 2010 171 Signatures for Board of Directors’ report and financial statements 172 Auditor’s Report 173 CARGOTEC ANNUAL REPORT 2014 / CEO's review 1 Dear reader, The past year was not a year of solid profit improvement, but it was one of solid progress. Even though the overall financial results for 2014 were below our expectations, with 2014 in mind, I have an increasing confidence in our capabilities to meet our future targets. At the close of the year, the figures in terms of operating profits for both Hiab and Kalmar show that our profit improvement programmes are delivering. The good progress in Kalmar was masked by a very large cost overrun in one of Kalmar’s projects; this occurred during the first half of the year. MacGregor’s profitability decreased from the previous years due to lower volumes and the tougher competitive environment we faced. These are a result of the exceptionally weak shipbuilding markets that we have seen in the past few years. To facilitate efforts to increase our profitability over the cycle, we launched a number of programmes in MacGregor during autumn 2014. The year also saw us making solid progress in improving our business control environment. The coverage of our Hiab and Kalmar common frontline enterprise resource planning (ERP) is around 60 percent and we started to see a return on business benefits from the heavy investments of the past years. For instance, in 2014 we introduced a cloud-based system based on which all of our employee data is contained on one platform. This opens up potential new ways of building on our performance culture. MacGregor initiated strategic programmes MacGregor’s year started out with a strong focus on integration and delivering the synergies after two important acquisitions: Hatlapa and Aker Solutions’ mooring and loading systems unit. During the summer it became evident that the global economy was not improving according to forecasts and the merchant shipping market was not progressing at the expected speed. In the autumn the decline in oil prices added uncertainty. However, certain market areas remained stable, such as the market for offshore cargo handling equipment. The containership market outlook and demand for services also remained satisfactory, but overall year 2014 showed a need to improve MacGregor’s capabilities to keep up with the ever-changing market environment. To address and facilitate the necessary development actions, MacGregor initiated strategic programmes during the second half of the year. These ongoing programmes aim to improve our top line by better solution selling and cross-selling activities as well as increasing our services revenues and profitability. The reorganisation of MacGregor resulted into more customer-facing operations with better capabilities to drive effectiveness. This can be achieved, for example, through design-to-cost and design-to-service initiatives and leveraging research and develoment (R&D) and engineering more effectively across the different business units. However, MacGregor’s order-to-delivery cycle being about two years it will take some time for its efforts to show their full force. Kalmar is back in gear Kalmar’s very significant loss in the second quarter of 2014 – a major part of which related to a ship-to-shore crane project sold in 2012 – caused a serious setback to Kalmar’s otherwise good year. Excluding this second quarter’s loss, Kalmar’s profitability improvement programme did well through the year, with good results from actions relating to design-to-cost and new products introduced to the market in 2014, for instance. At the close of the year, Kalmar was where we envisioned we would be in terms of profitability and we are making progress according to plans. CARGOTEC ANNUAL REPORT 2014 / CEO's review 2 Hiab took a big leap forward In 2014, Hiab set an example for the rest of Cargotec. Profit improvement advanced well and although there obviously remains significant room for improvement at Hiab, I have full confidence that it is on a winning track. Hiab made solid progress in several profit acceleration areas: route-to-market actions, pricing, services including spare parts and supply development. This includes the restructuring of Hiab’s operations at Hudiksvall in Sweden and expanding the facilities in Poland with a new paint shop, which bases its new sustainable pre-treatment and paint process nDurance™ on nanotechnology. Hiab’s profit acceleration programme will continue in 2015. There will be some changes in the programme’s focus areas, as Hiab’s development efforts are advancing well and creating results ahead of schedule. Cargotec at the close of 2014: making progress in our must-win battles 2014 was a year of hard work and much progress, despite momentary setbacks and varied market situations around the globe. Growth picked up in certain markets such as North America, while others remained flat, or quite mixed, such as in Europe. Looking at the results of all three business areas, it is clear our profit improvement actions are seeing significant progress, and we are advancing in the “must-win” battles mapped in our strategy. I want to sincerely thank all of our employees, as they have worked hard to get us to where we are at present. The next chapter in Cargotec’s future history Cargotec has a unique position and extremely strong market position in the key parts of the cargo handling industry. Presently, there are over half a million Hiab cranes installed around the globe. Over one hundred thousand vehicles have Kalmar’s mobile equipment. Every second ship in the world has MacGregor equipment on it. Presently, there are over half a million Hiab cranes installed around the globe. Over one hundred “thousand Kalmar mobile equipment move cargo. Every second ship in the world has MacGregor equipment on it.” Cargotec’s brand leadership is grounded on in-depth knowledge and understanding of our industries and extremely strong customer relations. Our customer satisfaction ratings tell a story of stellar relationships and attachments to our brands. In most of our current segments, we are not only a strong market leader; we also have some of the best business-to-business brands in the world. This strong position in the market puts us in a unique position: we can create new markets and product categories and impact the entire industry with our innovations and decisions. We will keep pushing to improve and to shape a future we are proud of. CARGOTEC ANNUAL REPORT 2014 / CEO's review 3 Sustainability has always been integral to our business. We work hard to ensure our employees and partners know the importance of ethical, transparent and ecologically conscious decisions in everything we do. In years to come, the importance of sustainability will continue to increase. We are about to embark on a new leg of our journey. Our aim is simple: to shape the cargo handling industry. Cargotec will reach this target with two interlinked spearheads: digitalisation, and smart sustainability. These two forces will drive fundamental changes our industry. They are upcoming megatrends, with immediate appeal among smart customers: forerunners looking for long-term benefits and new ways to create growth and value.
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