Cargotec's Financial Statements Review 2009 - Year of streamlining operations and structural changes
(Thomson Reuters ONE) - Cargotec's Financial Statements Review 2009 - Year of streamlining operationsand structural changes in a difficult market situationCARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 3 FEBRUARY 2010 AT 12:30 PM EETThe figures in this financial statements review are based on CargotecCorporation's audited 2009 Financial Statements.Report highlights - year 2009· Orders received totalled EUR 1,828 (3,769) million.· Order book was EUR 2,149 (3,054) million at the end of the financialperiod. The decline from the previous year was 30 percent.· Sales were EUR 2,581 (3,399) million, which was 24 percent lesscompared to 2008.· Operating profit excluding restructuring costs was EUR 61.3 (192.8)million, representing 2.4 (5.7) percent of sales.· Operating profit was EUR 0.3 (173.7) million. Operating profitincludes EUR 61.1 (19.1) million in restructuring costs.· Cash flow from operating activities before financial items and taxestotalled EUR 289.7 (133.8) million.· Net income for the period amounted to EUR 7.1 (120.8) million.· Earnings per share were EUR 0.05 (1.91).· The Board of Directors proposes a dividend of EUR 0.39 per class Ashare and EUR 0.40 per class B share outstanding be paid.Report highlights - fourth quarter· Orders received totalled EUR 464 (633) million.· Sales were EUR 669 (924) million.· Operating profit excluding restructuring costs was EUR 31.7 (35.9)million, representing 4.7 (3.9) percent of sales.· Operating profit was EUR 7.4 (16.8) million. Operating profit includesEUR 24.3 (19.1) million in restructuring costs.Cargotec's President and CEO Mikael M?nen:"There were many positives in 2009 despite the difficult market situation.Thanks to successful deliveries of marine cargo handling equipment we achievedan excellent result in Marine business. Our cash flow strengthened throughoutthe year. In addition, our streamlining of operations and development of oursupply set-up progressed as planned. I am satisfied with the EUR 32 millionunderlying operating profit we reached in the fourth quarter and withrestructuring costs remaining smaller than anticipated in the same period, ourfull year operating profit turned positive", affirms President and CEO MikaelM?nen.Press conference for analysts and mediaA press conference for analysts and media will be combined with a liveinternational telephone conference and arranged on the publishing day at 2.00 pmEET at Cargotec's head office, S?isten rantatie 23, Helsinki. The event willbe held in English. The interim report will be presented by President and CEOMikael M?nen. The presentation material will be available on www.cargotec.comby 2.00 pm EET.The telephone conference, during which questions may be presented, can beaccessed at the following numbers ten minutes before the beginning of the event:US callers +1 646 843 4608, non-US callers +44 20 3023 4412, access codeCargotec Corporation.The event can also be viewed as a live webcast at www.cargotec.com. An on-demandaudiocast of the conference will be published on Cargotec's website later duringthe day.A replay of the conference call will be available until 5 February 2010 3.00 pmEET, in the following numbers: US callers +1 866 583 1039, non-US callers+44 20 8196 1998, access code 136498#.For further information, please contact:Eeva Sipil?CFO, tel. +358 204 55 4281Paula Liimatta, IR Manager, tel.+358 204 55 4634Cargotec improves the efficiency of cargo flows on land and at sea - wherevercargo is on the move. Cargotec's daughter brands Hiab, Kalmar and MacGregor arerecognised leaders in cargo and load handling solutions around the world.Cargotec's global network is positioned close to customers and offers extensiveservices that ensure the continuous, reliable and sustainable performance ofequipment. Cargotec's sales totalled EUR 2.6 billion in 2009 and it employs morethan 9,500 people. Cargotec's class B shares are quoted on the NASDAQ OMXHelsinki. www.cargotec.com Operating environmentDemand for load handling equipment was weak, significantly affected by themarked fall in construction and new truck sales. With their fleetsunder-utilised, customers are postponing investment decisions in the uncertaineconomic situation. In some markets, low demand is feeding through as pricecompetition between equipment manufacturers. By the end of the year, demand incustomer segments other than those related to construction showed tentativesigns of recovery.The number of containers handled in ports around the world dropped clearly in2009. Lower usage rates of container handling equipment led to reductions inreplacement investments. Meanwhile, the uncertainty in the container handlingmarkets was reflected in the lengthening of customers' investmentdecision-making processes. However, due to publicly funded infrastructureprojects, the Asia Pacific market area saw greater levels of activity thanelsewhere in the world. Demand for forklift trucks and terminal tractors waslower than in the previous year, due to lower industrial production anddistribution centre activity.The markets for marine cargo handling equipment contracted, following the end ofthe ship ordering boom of the last few years, although some positive developmentwas visible in the offshore equipment market towards the end of the year.Overcapacity in shipping has led to the idling of vessels, their use for storagepurposes and increased scrapping. Nevertheless, cancellations of orders formarine cargo handling equipment have so far remained at moderate levels.Partly idle equipment lowered demand for services. Lower cargo handlingequipment utilisation rates also affected spare parts sales. However, theservices markets are in better shape than the equipment markets.Orders received and order bookOrders received in 2009 totalled EUR 1,828 (3,769) million, which was 51 percentless than in the comparison period. It should also be noted that the orderintake during the comparison period 2008 was record-high in both Kalmar andMacGregor. Orders received by MacGregor for EUR 175 million were cancelled fromthe order book in 2009, and thereafter removed from the book. The value of theorders secured during the fourth quarter was EUR 464 (633) million.At the end of 2009, the order book totalled EUR 2,149 (3,054) million, 30percent lower than in 2008. The management estimates that the order bookincludes some EUR 300 million of orders placed with MacGregor bearing a risk ofcancellation.Orders received by business area+------------+---------+--+---------+--+--------+----------+----------+--------+|MEUR |1-12/2009| %|1-12/2008| %|Change %|10-12/2009|10-12/2008|Change %|+------------+---------+--+---------+--+--------+----------+----------+--------+|Hiab | 525|29| 818|22| -36| 143| 157| -9|+------------+---------+--+---------+--+--------+----------+----------+--------+|Kalmar | 738|40| 1,566|41| -53| 162| 348| -53|+------------+---------+--+---------+--+--------+----------+----------+--------+|MacGregor | 569|31| 1,393|37| -59| 160| 129| 24|+------------+---------+--+---------+--+--------+----------+----------+--------+|Internal | -3| | -9| | | -1| -2| ||orders | | | | | | | | |+------------+---------+--+---------+--+--------+----------+----------+--------+|Total | 1,828| | 3,769| | -51| 464| 633| -27|+------------+---------+--+---------+--+--------+----------+----------+--------+Hiab's orders received in 2009 accounted for EUR 525 (818) million, representing36 percent less than the previous year. Hiab's share of orders received duringthe fourth quarter was EUR 143 (157) million. A major part of the orders Hiabsecured were small individual orders, which is representative of its operationsin general. The biggest individual order was received in February, when Hiabsigned a contract for 292 loader cranes with BAE Systems Inc. in the US. Hiab'sorder book at the end of the year, totalling EUR 119 (164) million, was 27percent less than a year before.Kalmar's orders received in 2009 totalled EUR 738 (1,566) million, which was 53percent less than in the comparison period. Demand fell due to a clear drop inthe number of containers handled in the world's ports and faltering industrialproduction. Orders received during the fourth quarter totalled EUR 162 (348)million. Major agreements included E-One rubber-tyred gantry crane (RTG) ordersfrom Namibia, Portugal, Poland, Turkey and Vietnam, orders for two ship-to-shorecranes (STS) from Latin America, an order for 20 shuttle carriers from Spain andorders for terminal tractors from China, Tunis and Russia. In addition, ordersfor more than 100 rough terrain container handlers were received fromTank-Automotive Armament Command (TACOM), which is part of the US Department ofDefence. Cargotec Port Security, which is part of Kalmar, won its firstcommercial contract for a spreader-mounted radiation detection system from theUS-based Lockheed Martin. Kalmar's order book at the end of 2009, totalling EUR427 (704) million, was 39 percent lower than at the end of 2008.MacGregor's orders received in 2009 accounted for EUR 569 (1,393) million, 59percent less than in 2008. Orders received during the fourth quarter totalledEUR 160 (129) million. The drop in orders received reflected a strong slow-downin the exceptional ship order boom of the last couple of years. However, othermarket participants' delivery problems had a positive impact, with shipyardsseeking to secure their project schedules with MacGregor's help.MacGregor received several important orders during the year. An order for hatchcovers to be installed on 10 bulk carriers was received from a South Koreanshipyard. Hatch covers for 32 container ships under construction in Japan andSouth Korea and 30 cargo handling cranes and hatch covers for six containerships under construction at a Chinese shipyard, will be delivered during2010-2012. In addition, agreements were made for the delivery of 120 cargohandling cranes destined for 32 bulk carriers under construction in China andIndia, for two twin boom level luffing cargo handling cranes for the US Navy andfor specialist cargo handling systems for two logistics support vessels for theAustralian Navy. MacGregor also agreed on the delivery of six cranes for STXEurope and of hatch covers for two new-generation heavy duty ships for a Germanshipyard.Significant orders for RoRo equipment were received from France, Germany,Ireland, Japan, Jordan and Morocco. The order from Japan includeselectrically-driven RoRo equipment for two car carriers and the German orderRoRo systems for seven RoRo vessels.MacGregor also received an order for 28 hose handling and provision cranes fromKorean shipyard Daewoo Shipbuilding & Marine Engineering Co. and an order forselfunloading systems to be installed on two coastal cement carriers from aJapanese company.In December, a contract was signed to deliver a range of advanced offshore andsubsea load handling systems for a deepsea research vessel which will be builtat a Japanese shipyard. An active heave compensated offshore crane will bedelivered to a US customer during early 2010. Two knuckle-jib ship cranes willbe delivered and installed for a researched vessel under construction at aRussian shipyard and one ship crane for an offshore vessel under construction inCanada, also in early 2010. Moreover, in July, MacGregor won an order for a shipunloader for handling coal from Brazil.MacGregor's order book at the end of the financial period was EUR 1,604 (2,187)million, which was 27 percent less than at the end of 2008. More than 60 percentof the order book is bulk, general cargo and container ship related. Offshoresupport vessel related orders comprise more than 10 percent of the order book.The orders cancelled during the financial period, EUR 175 million, were removedfrom the order book.Services' market activity also declined compared to the previous year, but to asmaller extent than in the equipment market. Although a large number of smallcontracts typical of the services business were signed, customers are delayingdecision-making related to major contracts. Major service orders received duringthe year included three-year service agreement renewal for all RoRo equipmentfor 27 vessels from Grimaldi, refurbishment of 13 straddle carries for aTunisian port operator and five-year equipment servicing and maintenancecontract signed with an Albanian port operator.SalesYear 2009 sales declined 24 percent from the comparison period and totalled EUR2,581 (3,399) million. Only deliveries of marine cargo handling equipment grewfrom the previous year. In terms of sales, EMEA (Europe, Middle East, Africa)was the largest market, its share declining to 46 (56) percent of consolidatedsales. The America's share of sales was 18 (16) and that of Asia Pacific 36 (28)percent. Sales for the fourth quarter were EUR 669 (924) million.Sales by business area+------------+---------+--+---------+--+--------+----------+----------+--------+|MEUR |1-12/2009| %|1-12/2008| %|Change %|10-12/2009|10-12/2008|Change %|+------------+---------+--+---------+--+--------+----------+----------+--------+|Hiab | 568|22| 907|27| -37| 152| 216| -29|+------------+---------+--+---------+--+--------+----------+----------+--------+|Kalmar | 1,008|39| 1,515|44| -34| 213| 413| -48|+------------+---------+--+---------+--+--------+----------+----------+--------+|MacGregor | 1,009|39| 985|29| 2| 305| 298| 2|+------------+---------+--+---------+--+--------+----------+----------+--------+|Internal | -4| | -8| | | -1| -3| ||sales | | | | | | | | |+------------+---------+--+---------+--+--------+----------+----------+--------+|Total | 2,581| | 3,399| | -24| 669| 924| -28|+------------+---------+--+---------+--+--------+----------+----------+--------+Hiab's sales in 2009 totalled EUR 568 (907) million, which was 37 percent lessthan in the previous year. Sales were on a low level all year, reflecting thegeneral weakness in the load handling equipment market. Fourth quarter saleswere EUR 152 (216) million.Kalmar's sales in 2009 totalled EUR 1,008 (1,515) million. The decline from theprevious financial period was 34 percent. In the second half of 2009, deliveryvolumes saw a clear drop due to a low order intake which continued throughoutthe year. Fourth quarter sales were EUR 213 (413) million.MacGregor's sales 2009 totalled EUR 1,009 (985) million. Growth was two percentfrom 2008. This sales growth was the result of the strong order intake inprevious years and successful project deliveries. Fourth quarter sales were EUR305 (298) million.Services sales during the financial period amounted to EUR 690 (871) million,representing 27 (26) percent of total sales. Sales from services declined 21percent from the comparison period level, which is a consequence of lower demandin all areas of the services business. Services accounted for 30 (23) percent ofsales at Hiab, 33 (29) percent at Kalmar and 19 (23) percent at MacGregor.Financial resultThe operating profit for 2009 weakened from 2008, totalling EUR 0.3 (173.7)million. Operating profit includes EUR 61.1 (19.1) million in restructuringcosts. EUR 26.8 (14.1) million of the restructuring costs are related to Hiab,EUR 16.4 (4.5) million to Kalmar and EUR 1.9 (-) million to MacGregor. Inaddition, a total of EUR 15.9 (0.3) million in write-offs and personnel-relatedrestructuring costs were booked at corporate level.Operating profit in 2009, excluding restructuring costs, was EUR 61.3 (192.8)million, representing 2.4 (5.7) percent of sales. This includes a EUR 4.8 (8.3)million cost impact for the purchase price allocation treatment of acquisitionsand EUR 12.2 (9.4) million costs from the On the Move change programme.Operating profit in 2009 for Hiab, excluding restructuring costs, was EUR -35.0(49.4) million, EUR 24.6 (89.6) million for Kalmar and EUR 105.2 (83.6) millionfor MacGregor.Fourth quarter operating profit totalled EUR 7.4 (16.8) million. The operatingprofit includes EUR 24.3 (19.1) million in restructuring costs. Operating profitfor the fourth quarter, excluding restructuring costs, was EUR 31.7 (35.9)million, representing 4.7 (3.9) percent of sales. Fourth quarter operatingprofit, excluding restructuring costs, totalled EUR -5.7 (3.7) million for Hiab,EUR 3.5 (12.1) million for Kalmar and EUR 40.5 (30.7) million for MacGregor.MacGregor's profitability improved during each quarter. Hiab's and Kalmar'soperating profit was eroded by low production capacity utilisation. During thefirst half of the year, the product profitability of deliveries was weakened bymaterial costs, which were still at the previous high price levels. However,towards the end of the financial period, the decrease in material prices beganto have a positive impact. In addition, costs savings from significantrestructuring measures totalled EUR 90 million during the year.Net financing expenses were EUR 27.0 (61.9) million in 2009.Net income in 2009 was EUR 7.1 (120.8) million and earnings per share EUR 0.05(1.91).Balance sheet, cash flow and financingThe consolidated balance sheet total was EUR 352 million lower at EUR 2,687million than at the end of 2008. Equity at the end of 2009 was EUR 871 (855)million representing EUR 14.20 (13.95) per share. Return on equity (ROE) was0.8 (13.7) percent, return on capital employed (ROCE) 0.2 (12.7) percent and thetotal equity/total assets ratio 37.5 (33.0). Tangible assets on the balancesheet were EUR 301 (284) million and intangible assets EUR 784 (754) million.Cash flow from operating activities before financial items and taxes in 2009 wasEUR 290 (134) million. Cash flow was positively affected by the fall of EUR 201million during the year in net working capital. At the end of 2009, net workingcapital was EUR 123 (324) million. This fall was due to shrunken component andmaterials inventories and lower receivables. In addition, at the beginning of2009, the balance sheet showed a significant amount of work-in-progress, whichhealthy early-year delivery volumes within Kalmar and MacGregor have reduced.Cargotec's liquidity is healthy. The dividend payment totalled EUR 37.4 (66.0)million.Net debt at year-end was EUR 335 (478) million, including EUR 612 (565) millionin interest-bearing debt. Gearing was 38.0 (55.3) percent.Cargotec's financing structure is healthy. Interest-bearing debt consists mainlyof long-term corporate bonds maturing from the year 2012. In order to strengthenits financial structure, Cargotec raised a total of EUR 100 million as five-yearPension Premium Loans (TyEL) in March and June 2009. In addition, Cargotec hadEUR 585 million of unused long-term credit facilities at the end of thefinancial period.New products and product developmentResearch and product development expenditure in 2009 was EUR 36.5 (47.0)million, representing 1.4 (1.4) percent of sales. Despite the weak marketsituation, Cargotec continues to invest in product development.During the financial period, Hiab introduced a new medium range loader cranespecially designed for the construction industry, and several new products inthe small crane product family. In addition, Hiab launched its first stiff boomcrane for the Chinese market. Furthermore, a new 30-tonne demountable and threenew hooklifts were introduced in Hiab's demountable product family. The safetyof Hiab cranes was enhanced in order to fulfil the new Machine Directive2006/42/EC in Europe, which entered into force in December 2009.During the financial period, Kalmar continued its product development andintroduced several new products improving energy efficiency in particular. A newstreamlined reachstacker ensures cost-effective and flexible container handlingfor medium capacity ports. Due to the new technology used in Kalmar's electricalshuttle carriers, this equipment features reduced fuel consumption and loweremissions. Moreover, the all-electric rubber-tyred gantry crane (RTG) wasfurther improved with several safety and environmental features. Additionally,three new hybrid terminal tractors for technology trials were supplied to thePort of Long Beach, US. Kalmar also launched a customised automation platformfor the management of container handling equipment fleet in ports and terminalsand a new heavy range terminal tractor for LoLo (lift-on, lift-off) operations.The tractor has been designed in close co-operation with customers and meets thestrictest requirements for ergonomics and driveability, energy-efficiency aswell as environmental friendliness.During the first half, Kalmar finalised performance testing related to thedevelopment of its automatic stacking crane system in the Hamburg CTB terminal.The automatic stacking crane meets German requirements for security systems.Integration testing with the customer's terminal system will continue in 2010.In addition, Kalmar prepared the commencement of ship-to-shore crane productionin Asia. At the same time, Kalmar changed its cranes to enable easier finalassembly at the customer's site. This makes their transportation simpler andless expensive. New Kalmar ship-to-shore cranes will be delivered with a novelcrane control system featuring the crane's control, crane management and faultdiagnostics.In November, an electric drive innovation MacRack was introduced to simplify theoperation of MacGregor side-rolling hatch covers.In May, MacGregor introduced an innovative ultra-deepwater lifting system, whichincludes a side-mounted hang-off frame for the transfer of loads from asteel-rope winch fitted standard crane, to vertically suspended fibre ropes.This development is a continuation of the January delivery of the first subseaknuckle-jib crane equipped with an option for fibre rope handling. Technologyfor handling lightweight fibre rope rather than traditional steel wire ropeoffers several advantages: much heavier loads can be handled without placing astrain on the crane at unlimited depths and, consequently, overall safety isimproved due to lighter equipment still capable of carrying out heavy workoperations.Capital expenditureCapital expenditure for the financial period, excluding acquisitions andcustomer financing, totalled EUR 87.8 (76.8) million. Investments in customerfinancing were EUR 19.0 (35.9) million. Depreciation for 2009 amounted to EUR58.7 (57.4) million.Cargotec made the decision to proceed with an investment plan for amulti-assembly unit (MAU) in Stargard Szczecinski in Northern Poland, to improveits global supply footprint. This new MAU is intended to support the productionof a wide range of Cargotec equipment. Production began in rented premises atthe end of the third quarter. Production in Cargotec's own premises at a newsite is planned for the second quarter of 2010. The cash flow impact of theinvestment cost was EUR 19.1 million in 2009.The expansion of container spreader production capacity in Malaysia wasfinalised during the fourth quarter. The new factory for rough terrain containerhandlers in Texas, USA, started production. In addition, the capacity expansioninvestment in Narva, Estonia and the doubling of production capacity inShanghai, China, were finalised during the first half of 2009.On the Move change programmeIn January 2008, Cargotec announced the launch of an extensive On the Movechange programme. This change programme was intended to form a basis forprofitable growth through improved customer focus and efficiency. Of theprogramme's estimated EUR 80-100 million savings target, half will result fromnon-volume related cost-structure adjustments and supply set-up changes and hasbeen included in an overall cost savings estimate exceeding EUR 150 million. Thematerialisation of the other, volume-related half of the original On the Movesavings target will require an improvement in the market situation. Thisstand-alone change programme was concluded at the end of the year. Ongoingissues were transferred to operative areas of responsibility.The projects in the first phase focused on streamlining support functions andthe company structure as well as initiating information management (IM) projectsfor the improvement of efficiency. Changes in company structure were to a largeextent finalised during the year. IM projects will continue in 2010.At the beginning of 2009, Cargotec established a common Supply organisation,responsible for sourcing and supply and which is developing global supply closerto customers as well as steering such operations towards lower costenvironments. During 2009, Cargotec implemented a major change in its supplyfootprint. In 2008, the decision was taken to close a factory in the USA andFinland. Further, similar decisions were taken during the year 2009, affectingfactories in Indonesia, the Netherlands and Sweden. As a consequence of thesefactory closures and in order to enhance efficiency, the operations and capacityutilisation of the remaining factories will be developed.As part of the On the Move change programme, Cargotec merged Hiab and Kalmarbusiness areas globally. The resulting new business area, Industrial andTerminal, comprising Hiab and Kalmar business areas, began operating at thebeginning of October while financial reporting continued according to previousstructure until year-end. The new Industrial and Terminal organisation includesProduct Solutions, charged with ensuring the competitiveness of the globalproduct offering, Service Solutions with responsibility for ensuring thecompetitiveness of the global service offering and three regional organisationswith responsibility for sales and service: Americas, Asia-Pacific and EMEA.Acquisitions and disposalsDuring the financial period, Cargotec completed two acquisitions. In December,Cargotec acquired the port service and equipment related part of MoroccanSoci? Maghrepic S.A.'s business operations. Maghrepic has been Cargotec'sdealer representative in Morocco and has long experience of service and spareparts. According to the deal, Cargotec employed 44 persons, most of whom areservice technicians. In August, Cargotec acquired the assets of a Danish salesand services company Arne Holst & Co. A/S. This acquisition included thetakeover of business assets and customer contacts as well as the transfer offour employees to Cargotec. In addition, Cargotec acquired an 18 percentminority holding in Kalmar Espa?.A. and 20 percent minority holdings inItalian Officine Cargotec Ferrari Genova S.r.l and Officine Cargotec FerrariPrato S.r.l. as well as in Australian Hiab Australia Pty Ltd. Subsequent tothese transactions, Cargotec owns all shares in the companies.In November, Cargotec agreed on the termination of the 2006 signed cooperationagreement with the Chinese company Goodway. The cooperation agreement will beterminated in early 2010.In October, Cargotec agreed to transfer its off-road forestry cranes business tothe Finnish Mesera Salo Oy. The transfer agreement also included stationarymounted off-road crane models. As part of the deal, some key employees in theoff-road crane business transferred to Mesera. The real estate related to thebusiness and located in Salo, Finland, was sold to the Finnish Rakennus-J?i Oyin December.PersonnelCargotec employed 9,606 (11,826) people at the end of the year, 2,220 fewer thanat the end of 2008. Due to restructuring measures, the number of personneldeclined most in Sweden and Finland. Hiab employed 3,127 (4,308) people, Kalmar3,862 (4,766), and MacGregor 2,286 (2,577). The average number of employees in2009 was 10,785 (11,777). Part-time personnel represented 3 (3) percent ofemployees. 16 (15) percent of the personnel were female and 84 (85) percentmale. The number of personnel in corporate level support functions increased dueto the establishment of Cargotec's shared service centre as well as commonsupply and country organisations.At the end of 2009, 19 (20) percent of Cargotec's total employees were locatedin Sweden, 11 (13) percent in Finland and 30 (30) percent in the rest of Europe.North and South American personnel represented 11 (11) percent, Asia Pacific 26(24) percent and the rest of the world 2 (2) percent of total employees.Salaries and remunerations to employees totalled EUR 351 (387) million for thefinancial period.During the year, all of Cargotec's human resources (HR) policies were revised.These policies contain provisions on the HR principles and practices as well asrecruitment, internal transfers, training, performance management, foreignassignments, management contracts, compensation and rewarding, job titles, andrespect for the employee in the workplace. HR policies are updated annually andare implemented in Cargotec's operating countries through its global HRmanagement network.A dramatic change in Cargotec's operating model characterised 2009. Focus areasin human resources management had to be adjusted to the rapidly changingcircumstances. The key objective was to offer strong global support for changemanagement.Adjusting capacity to demand and other restructuring measuresIn September 2008, capacity adjustment measures were begun, mainly in WesternEurope and North America, due to the fall in demand and profitability. During2009, these measures were extended to Cargotec units all over the world, withthe goal of improving the company's profitability and securing itscompetitiveness.Adjustment measures began with reductions in temporary employees andsubcontractors. During 2009, as part of a long-term plan, Cargotec implemented amajor transformation of its production set-up. The decision taken in 2008 toclose a factory in the United States and Finland was followed in 2009 byclosures in the Netherlands, Indonesia and Sweden. Alongside employee dismissalsdue to these factory closures, other units saw permanent employee reductions. Inaddition, temporary lay-offs or shorter working weeks were implemented inseveral production units, in line with the flexibility possible under locallegislation.As part of the On the Move change programme, Cargotec decided to merge Hiab andKalmar business areas throughout the world. The elimination of overlaps led toemployee reductions in several units.Cargotec also began planning the conversion of the Tampere unit into acompetence and technology centre, which will improve the worldwidecompetitiveness of the company's products. The plan is to shift the operationalfocus from traditional production to a developer of new products and conceptsand an enabler of serial production. In the wake of this almost three-yearprocess of transformation, it is estimated that the Tampere unit will employaround 250 people in place of the current 550.Due to capacity adjustment and other restructuring measures, the number ofemployees had fallen by the end of 2009 by 2,867: 1,497 in Hiab, 1,079 inKalmar, 281 in MacGregor and 10 in group administrative functions. In Swedenthere were employee reductions of 595, plus 550 in Finland and a total of 1,722in other countries. During the first half of 2010, it is estimated thatapproximately 400 people will leave the company as a result of already initiatedrestructuring measures.It is estimated that already completed and ongoing restructuring initiatives,including structural capacity adjustment measures, will create total annual costsavings exceeding EUR 150 million. This savings estimate includes all coststructure streamlining actions announced since the beginning of 2008. By theyear end, the running rate of savings achieved was EUR 140 million.EnvironmentThe environmental principles are specified in Cargotec's environmental policy.Cargotec's operations, in other words its assembly plants, service units andoffices, mainly have local impacts while the most significant environmentalimpacts globally are generated through the use of Cargotec's equipment. Furtherenvironmental impacts are the result of material deliveries associated withCargotec's operations, and of business travel.Cargotec has introduced a corporate-wide environmental key performance indicator(KPI) monitoring system. International standards were applied when creating thesystem. At the moment, the related monitoring covers 16 assembly plants and nineother units. The KPIs are published on Cargotec's website annually.Environmental impact assessment is repeated in line with a standard procedureevery time operations are affected by major changes such as mergers oracquisitions, or when entirely new operations are launched. Environmental impactassessment involves an analysis of the local impacts of the units' operations onsoil, water systems, the natural environment and the atmosphere. In 2009, themost significant environmental impact assessment was conducted in the vicinityof a plant being constructed in Poland.Internal control and risk managementThe key task of internal control is to ensure that management decisions areimplemented across the organisation, that operations run efficiently and thatbusiness-related decision making is sound and appropriate. Internal control isalso responsible for ensuring that risk management efforts are adequate and thatpersonnel comply with company policies as well as non-company regulations andlaws.Cargotec's Board of Directors has approved the Company's risk managementpolicy. A core principle is preventive action for identifying, assessing andhandling risks and, if they materialise, treating them effectively. ThePresident and CEO and the Executive Board are responsible for the methods,implementation and supervision of risk management, and report on these to theBoard of Directors. Risk management is spread across business areas and units.Each unit is responsible for assigning responsibility for risk management andidentifying, managing and reporting risks. The Corporate Risk Managementfunction is responsible for the overall development of risk management,supported by corporate-wide risk management principles, practices and riskreports. Financial risks are centrally managed by the Corporate Treasury.Strategic and business risks are related to business cycles in the world economyand Cargotec's customer sectors, the availability of raw materials andcomponents and the related price trends, mergers and acquisitions, and theoperations of dealers and subcontractors. The company prepares for them bysigning long term delivery agreements and seeking alternative suppliers.Cargotec requires that the companies in its supply chain are familiar withCargotec's risk management principles and practices, and follow similarprinciples. Risk management guidelines and instructions on self-assessment havebeen drafted for suppliers and subcontractors.Operational risks relate to persons, property, processes, products, informationtechnology and practices. The materialisation of operational risks may result inbodily injuries, property damage, business interruptions or product liabilityclaims. First and foremost, Cargotec's main operational risk managementmeasures involve better product safety and business processes in order to ensurebusiness continuity. With respect to key person risks, succession plans forleadership and key assignments are updated on an annual basis for the purpose ofensuring continuity in operations.Main hazard risks include risks related to personnel, property, businessinterruptions and logistics. In addition to preventive risk management measures,the company protects itself against these risks by taking out global insurancepolicies covering all units.Efforts to develop the risk management system will continue in accordance withthe Company's risk management policy.Changes in the organisation and managementIn June 2009, Cargotec announced the merger of Hiab and Kalmar business areas.As a result, two business areas were formed: Marine, comprising former MacGregorbusiness area, and Industrial and Terminal, which comprises former Hiab andKalmar business areas. Olli Isotalo continues to head the Marine business whilePekka Vauramo heads the Industrial and Terminal business. Pekka Vauramo is alsocontinuing in his role as Deputy to CEO. These changes did not affect Cargotec'sexternal financial reporting in 2009. As of 1 January 2010, Cargotec will reportin two reporting segments Industrial and Terminal, and Marine.The new Industrial and Terminal organisation includes Product Solutions, chargedwith ensuring the competitiveness of the global product offering, ServiceSolutions with responsibility for ensuring the competitiveness of the globalservice offering and three regional organisations with responsibility for salesand service: EMEA, Americas, Asia Pacific.Unto Ahtola was appointed Executive Vice President, Product Solutions, and amember of Cargotec's Executive Board. He joined Cargotec on 2 November 2009.Stefan Gleuel, formerly Senior Vice President, MacGregor Service Division, wasappointed Executive Vice President, Service Solutions as of 1 October 2009, anda member of Cargotec's Executive Board.Harald de Graaf was appointed Executive Vice President, EMEA, as of 1 July2009. He continues as a member of Cargotec Executive Board. Ken Loh wasappointed Executive Vice President, Asia Pacific and a member of Cargotec'sExecutive Board as of 1 October 2009. Mr Loh's previous post was President,Kalmar Asia Pacific Region. As of 1 October 2009, Lennart Brelin was appointedExecutive Vice President, Americas and a member of Cargotec's Executive Board.Lennart Brelin worked previously as Senior Vice President, Hiab Americas region.Kirsi Nuotto, a member of Cargotec's Executive Board, was appointed ExecutiveVice President, Human Resources and Communications as of 1 July 2009.New branding strategyCargotec defined a new corporate-wide branding strategy and launched a newvisual image, aimed at strengthening the Cargotec name and its main strategicbrands Hiab, Kalmar and MacGregor. The new brand strategy supports Cargotec's'One Company' approach and is built on the strong reputation of its market-leading brands.Cargotec itself is more visibile in the common, new visual identity of thesebrands: they all share a common symbol, the elephant. The Cargotec elephant willbe displayed on most materials together with the three main brands, Hiab, Kalmarand MacGregor. These three brands all have a strong reputation within Cargotec'scustomer base and, in the future, products will continue to be branded withthese names.Annual General MeetingDecision taken at Cargotec Corporation's Annual General MeetingCargotec Corporation's Annual General Meeting (AGM) was held on 5 March 2009 inHelsinki. The AGM approved the financial statements and consolidated financialstatements and granted discharge from liability to the President and CEO and themembers of the Board of Directors for the accounting period 1 January-31December 2008.The AGM approved a dividend of EUR 0.59 per class A share and EUR 0.60 per classB share outstanding be paid.The number of the members of the Board of Directors was confirmed at six. TapioHakakari, Ilkka Herlin, Peter Immonen, Karri Kaitue and Antti Lagerroos werere-elected to the Board of Directors. Anja Silvennoinen was elected as a newmember to the Board of Directors. The meeting decided that a yearly remunerationof EUR 80,000 be paid for the Chairman, EUR 55,000 for the Deputy Chairman andEUR 40,000 for the other Board members. In addition, it was decided that membersreceive EUR 500 for attendance at Board and Committee meetings and that 30percent of the yearly remuneration will be paid in Cargotec Corporation's classB shares and the rest in money.Authorised public accountants Johan Kronberg and PricewaterhouseCoopers Ltd werere-elected as auditors.Authorisations granted by the Annual General MeetingThe AGM authorised the Board of Directors to decide on purchasing of own shareswith non-restricted equity. The shares may be repurchased in order to developthe capital structure of the Company, to finance or carry out possibleacquisitions, to implement the Company's share-based incentive plans, to betransferred for other purposes or to be cancelled. Altogether no more than6,400,000 own shares may be repurchased, of which no more than 952,000 are classA shares and 5,448,000 are class B class. The above mentioned amounts includethe 2,990,725 class B shares repurchased during 2005-2008 in the Company'spossession on the AGM date.In addition, the AGM authorised the Board to decide on issuance of a maximum of6,400,000 treasury shares, of which no more than 952,000 are class A shares and5,448,000 are class B shares, in one or more lots. The share issue can bedirected and it is to be used to as compensation in acquisitions and in otherarrangements, to finance acquisitions or for personnel incentive purposes.Both authorisations shall remain in effect for a period of 18 months from dateof decision of the AGM.Organisation of the Board of DirectorsThe Board of Directors elected Ilkka Herlin to continue as Chairman of theBoard. Tapio Hakakari was elected as Deputy Chairman. Cargotec's SeniorExecutive Vice President Kari Heinist?ntinues to act as secretary of theBoard of Directors.The Board of Directors decided that the Audit Committee and Nomination andCompensation Committee continue to assist the Board in its work. The Board ofDirectors elected among its members Ilkka Herlin, Karri Kaitue (chairman) andAnja Silvennoinen as members of the Audit Committee. Tapio Hakakari, IlkkaHerlin (chairman), Peter Immonen and Antti Lagerroos were elected to theNomination and Compensation Committee.Shares and tradingShare capitalCargotec's share capital on 31 December 2009 totalled EUR 64,304,880. The sharecapital increased by EUR 600 due to share subscriptions with Cargotec 2005Boption rights during the financial period. On 31 December 2009, the number ofclass B shares listed on the NASDAQ OMX Helsinki was 54,778,791 while that ofunlisted class A shares totalled 9,526,089. Class B shares accounted for 85.2(85.2) percent of the total number of shares and 36.5 (36.5) percent of votes.Class A shares accounted for 14.8 (14.8) percent of the total number of sharesand 63.5 (63.5) percent of votes. The total number of votes attached to allshares was 15,002,624 (15,002,744).Own sharesAt the end of 2009, Cargotec held a total of 2,959,487 own class B shares, whichcorresponds to 4.60 percent of the total number of shares and 1.97 percent ofvotes. The shares were repurchased in 2005-2008.The Board of Directors decided to exercise the authorisation conferred by theAGM held on 5 March 2009, to acquire own shares. In accordance with thisauthorisation, the shares may be repurchased in order to develop the capitalstructure of the Company, to finance or carry out possible acquisitions, toimplement the Company's share-based incentive plan, to be transferred for otherpurposes or to be cancelled. No own shares were repurchased in 2009.Share-based incentive programme - issue of own shares as rewardOn 5 March 2009, the Board of Directors decided on a directed bonus issue of31,356 class B shares owned by the Company to the 61 participants in theCompany's share-based incentive programme as a reward for the earnings period2007-2008. A total of 118 class B shares were returned to the Company, entailinga directed bonus issue of 31,238 class B shares. The decision in favour of adirected bonus issue is based on the authorisation of the AGM of Shareholdersheld on 5 March 2009. The maximum amount to be paid out as shares from theincentive programme during 2007-2011 is 387,500 class B shares.Option rightsThe Company has no valid option programme. The subscription period with 2005Boption rights ended on 31 March 2009. A total of 333,570 Cargotec class B shareswere subscribed under 2005B option rights during the subscription period. Afterthe end of the subscription period, the unused option rights became null andvoid and have been removed from their holders' book-entry accounts.Market capitalisation and tradingAt the end of 2009, the total market value of class B shares was EUR 1,001million, excluding treasury shares held by the Company. The year-end marketcapitalisation, in which unlisted class A shares are valued at the average priceof class B shares on the last trading day of the year, was EUR 1,183 million,excluding treasury shares held by the Company.The class B share closed at EUR 19.31 on the year end. The average share pricein 2009 was EUR 11.55, the highest quotation being EUR 19.31 and the lowest EUR6.37. The share value increased 139 percent during the year. In 2009,approximately 55 million class B shares were traded on the NASDAQ OMX Helsinki,corresponding to a turnover of approximately EUR 630 million. The average dailytrading volume of class B shares was 218,255 shares or EUR 2,509,293.Short-term risks and uncertaintiesDespite signs of recovery in the world economy and financial markets, economictrends are still characterised by uncertainty. Similar uncertainty surrounds thedevelopment of demand for Cargotec's products and services, and the willingnessof its customers to invest, during 2010.The uncertain market situation may continue to lead to the deferment ofinvestment decisions or the postponement or cancellation of orders. Furthermore,customers' financial situations will affect the collection of receivables andthe level of credit loss. The weak market situation is also burdening suppliersand sub-contractors, which may have a knock-on effect on Cargotec's supplychain.Cargotec estimates that approximately EUR 300 million of the order book at thebeginning of 2010 involves a risk of cancellation. A continuation in shippingovercapacity may lead to a reappraisal by ship owners of the need to cancelordered vessels.Events after the reporting periodIn January 2010, Cargotec sold its US-based hydraulic cylinders manufacturingbusiness Waltco Hydraulics to Ligon Industries, LLC. Waltco Hydraulics, situatedin Ohio, was part of Waltco Lift Corp. belonging to the Industrial and Terminalbusiness area at Cargotec. Waltco Hydraulics employed 25 people.In January 2010, Cargotec announced that its Executive Board is renewed. TheExecutive Board consists of the following members: Mikael M?nen, President andCEO; Pekka Vauramo, Deputy to CEO and Senior Executive Vice President,Industrial and Terminal business area; Olli Isotalo, Executive Vice President,Marine business area; Axel Leijonhufvud, Executive Vice President, Supply; EevaSipil?Executive Vice President, Chief Financial Officer; Kirsi Nuotto,Executive Vice President, HR and Communications; Matti Sommarberg, ExecutiveVice President, Chief Technology Officer; Harald de Graaf, Executive VicePresident, EMEA region; Ken Loh, Executive Vice President, Asia Pacific region;Lennart Brelin, Executive Vice President, Americas region; Unto Ahtola,Executive Vice President, Product Solutions, I&T and Stefan Gleuel, ExecutiveVice President, Service Solutions, I&T.Senior Executive Vice President Kari Heinist?d Executive Vice President ofHiab business area Pekka Vartiainen will leave the Executive Board. KariHeinist?ll join a new employer as of 1 April 2010. Pekka Vartiainen willdevelop a common way of working towards Cargotec's defence business customers.Board of Directors' proposal on the distribution of profitThe parent company's distributable equity on 31 December 2009 was EUR875,129,857.79 of which net income for the period was EUR -48,369,672.04. TheBoard of Directors proposes to the AGM convening on 5 March 2010, that of thedistributable profit, a dividend of EUR 0.39 for each of the 9,526,089 class Ashares and EUR 0.40 for each of the 51,819,304 outstanding class B shares bepaid, totalling EUR 24,442,896.31. The remaining distributable equity, EUR850,686,961.48 will be retained and carried forward.No significant changes have occurred in the Cargotec's financial position afterthe end of the financial year. Liquidity is good and, in the Board of Director'sview, the proposed distribution of dividend poses no risk to the Company'sfinancial standing.OutlookThere are tentative positive signs visible in the order intake for industrialbusiness. Uncertainty continues in port terminal business. Based on the strongorder book, sales in marine cargo handling business are expected to remain on ahealthy level in 2010. Cargotec's 2010 sales are estimated to be on 2009 leveland operating profit to exceed EUR 100 million. It is estimated that still a fewmillion euro in restructuring costs from currently ongoing restructuringmeasures will be booked during early-2010.Annual General Meeting 2010Cargotec Corporation's Annual General Meeting will be held at the MarinaCongress Center in Helsinki on 5 March 2010 at 11.00 am EET.Financial calendar 2010Interim Report January-March 2010, on Thursday, 29 April 2010Interim Report January-June 2010, on Wednesday, 21 July 2010Interim Report January-September 2010, on Wednesday, 27 October 2010Cargotec Corporation will publish its Corporate Governance Statement 2009 onweek 6 together with the 2009 Annual Report. The statement will be publishedseparately from the Board of Directors' report and it will be available afterpublishing on Cargotec's website www.cargotec.com.Helsinki, 3 February 2010Cargotec CorporationBoard of Directors Consolidated Statement of Income MEUR 10-12/2009 10-12/2008 1-12/2009 1-12/2008-------------------------------------------------------------------------------- Sales 668.6 923.5 2,580.9 3,399.2 Cost of goods sold -546.6 -763.8 -2,158.7 -2,762.5-------------------------------------------------------------------------------- Gross profit 122.1 159.7 422.2 636.7 Gross profit, % 18.3 % 17.3 % 16.4 % 18.7 % Other operating income 12.5 15.0 42.7 39.1 Selling and marketing expenses -32.5 -49.4 -144.5 -189.9 Research and development expenses -9.2 -13.2 -34.4 -43.6 Administration expenses -42.2 -58.7 -179.0 -212.0 Restructuring costs -24.3 -19.1 -61.1 -19.1 Other operating expenses -19.8 -18.1 -46.5 -38.0 Share of associated companies' and joint ventures' net income 0.9 0.5 0.8 0.6-------------------------------------------------------------------------------- Operating profit 7.4 16.8 0.3 173.7 Operating profit, % 1.1 % 1.8 % 0.0 % 5.1 % Financing income 3.4 1.8 14.5 16.0 Financing expenses -10.4 -15.2 -41.6 -44.5-------------------------------------------------------------------------------- Income before taxes 0.5 3.4 -26.7 145.2 Income before taxes, % 0.1 % 0.4 % -1.0 % 4.3 % Taxes 12.5 5.6 33.9 -24.4-------------------------------------------------------------------------------- Net income for the period 13.0 9.0 7.1 120.8-------------------------------------------------------------------------------- Net income for the period, % 1.9 % 1.0 % 0.3 % 3.6 % Net income for the period attributable to: Equity holders of the Company 11.3 8.5 3.1 118.4 Minority interest 1.7 0.4 4.0 2.4-------------------------------------------------------------------------------- Total 13.0 9.0 7.1 120.8-------------------------------------------------------------------------------- Earnings per share for profit attributable to the equity holders of the Company: Basic earnings per share, EUR 0.18 0.14 0.05 1.91 Diluted earnings per share, EUR 0.18 0.14 0.05 1.91 Consolidated Statement of Comprehensive Income-------------------------------------------------------------------------------- 10-12/2009 10-12/2008 1-12/2009 1-12/2008-------------------------------------------------------------------------------- Net income for the period 13.0 9.0 7.1 120.8 Gain/loss on cash flow hedges -10.5 -67.8 6.9 -131.1 Gain/loss on cash flow hedges transferred to Statement of Income 1.1 30.6 36.2 29.2 Translation differences 6.9 0.7 20.5 9.8 Taxes relating to components of other comprehensive income 0.6 10.8 -14.6 27.9-------------------------------------------------------------------------------- Comprehensive income for the period 11.1 -16.8 56.1 56.6-------------------------------------------------------------------------------- Comprehensive income for the period attributable to: Equity holders of the Company 9.8 -18.2 52.1 53.2 Minority interest 1.4 1.4 4.0 3.4-------------------------------------------------------------------------------- Total 11.1 -16.8 56.1 56.6-------------------------------------------------------------------------------- Consolidated Statement of Financial Position MEUR 31 Dec 2009 31 Dec 2008-------------------------------------------------------------------------------- ASSETS Non-current assets Goodwill 689.6 669.2 Other intangible assets 94.7 85.0 Property, plant and equipment 301.2 283.5 Investments in associated companies and joint ventures 7.5 7.0 Available-for-sale investments 1.5 2.0 Loans receivable and other interest-bearing assets 1) 7.4 7.7 Deferred tax assets 113.9 97.2 Derivative assets 9.1 55.0 Other non-interest-bearing assets 8.0 8.1-------------------------------------------------------------------------------- Total non-current assets 1,233.0 1,214.6 Current assets Inventories 609.3 881.9 Loans receivable and other interest-bearing assets 1) 2.9 0.2 Income tax receivables 30.6 18.5 Derivative assets 38.8 130.4 Accounts receivable and other non-interest-bearing assets 506.1 714.0 Cash and cash equivalents 1) 266.6 79.2-------------------------------------------------------------------------------- Total current assets 1,454.5 1,824.3-------------------------------------------------------------------------------- Total assets 2,687.4 3,038.9 1) Included in interest-bearing net debt MEUR 31 Dec 2009 31 Dec 2008-------------------------------------------------------------------------------- EQUITY AND LIABILITIES Equity attributable to the equity holders of the Company Share capital 64.3 64.3 Share premium account 98.0 98.0 Translation differences -1.1 -20.4 Fair value reserves -24.9 -54.5 Retained earnings 734.6 768.0-------------------------------------------------------------------------------- Total equity attributable to the equity holders of the Company 870.8 855.3 Minority interest 10.6 9.1-------------------------------------------------------------------------------- Total equity 881.5 864.4 Non-current liabilities Loans 1) 511.2 440.2 Deferred tax liabilities 29.7 43.0 Pension obligations 37.8 33.5 Provisions 19.0 34.6 Derivative liabilities 28.4 84.5 Other non-interest-bearing liabilities 28.6 26.6-------------------------------------------------------------------------------- Total non-current liabilities 654.7 662.5 Current liabilities Current portion of long-term loans 1) 23.0 4.0 Other interest-bearing liabilities 1) 60.1 110.6 Provisions 66.2 70.4 Advances received 339.0 420.4 Income tax payables 40.1 53.2 Derivative liabilities 58.0 129.3 Accounts payable and other non-interest-bearing liabilities 564.8 724.0-------------------------------------------------------------------------------- Total current liabilities 1,151.3 1,512.0-------------------------------------------------------------------------------- Total equity and liabilities 2,687.4 3,038.9 1) Included in interest-bearing net debt. In addition, the calculation of the interest-bearing net debt includes the hedging of cross-currency risk relating to the USD 300 million Private Placement bond, totalling on 31 December 2009, EUR 17.5 (31 Dec 2008: 10.2) million. Consolidated Statement of Changes in Equity Attributable to the equity holders of the Company | | Trans- | | Share lation Fair | | Share premium differ- value Retained |Minority| Total MEUR capital account rences reserves earnings Total|interest|equity---------------------------------------------------------------+--------+------- Equity on 1 | | Jan 2008 64.2 97.4 -29.6 19.9 738.7 890.6| 6.1| 896.7---------------------------------------------------------------+--------+------- Comprehensive | | income for | | the period* 9.2 -74.5 118.4 53.2| 3.4| 56.6 | | Dividends | | paid -65.3 -65.3| -0.6| -66.0 | | Shares | | subscribed | | with options 0.1 0.6 0.7| | 0.7 | | Acquisition of | | treasury | | shares -23.6 -23.6| | -23.6 | | Share-based | | incentives, | | value of | | received | | services* -0.2 -0.2| | -0.2 | | Other changes | 0.2| 0.2---------------------------------------------------------------+--------+------- Equity on | | 31 Dec 2008 64.3 98.0 -20.4 -54.6 768.0 855.3| 9.1| 864.4---------------------------------------------------------------+--------+----------------------------------------------------------------------+--------+------- Equity on | | 1 Jan 2009 64.3 98.0 -20.4 -54.6 768.0 855.3| 9.1| 864.4---------------------------------------------------------------+--------+------- Comprehensive | | income | | for the | | period* 19.3 29.6 3.1 52.1| 4.0| 56.1 | | Dividends paid -36.7 -36.7| -1.5| -38.2 | | Shares | | subscribed | | with options 0.0 0.0 0.0| | 0.0 | | Share-based | | incentives, | | value of | | received | | services* 0.1 0.1| | 0.1 | | Other changes | -1.0| -1.0---------------------------------------------------------------+--------+------- Equity on | | 31 Dec 2009 64.3 98.0 -1.1 -24.9 734.6 870.9| 10.6| 881.5---------------------------------------------------------------+--------+------- * Net of tax Key Figures 1-12/2009 1-12/2008------------------------------------------------------- Equity/share EUR 14.20 13.95 Interest-bearing net debt MEUR 334.8 477.8 Total equity/total assets % 37.5 33.0 G
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:Leseranfragen:PresseKontakt / Agentur:Bereitgestellt von Benutzer: hugin
Datum: 03.02.2010 - 05:32 Uhr
Sprache: Deutsch
News-ID 1009954
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Phone:
Kategorie:
Anmerkungen:
Diese Pressemitteilung wurde bisher
195 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"
Cargotec's Financial Statements Review 2009 - Year of streamlining operations and structural changes
"
steht unter der journalistisch-redaktionellen Verantwortung von
Cargotec Oyj
(
Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum
Haftungsauschluß (gemäß
TMG - TeleMedianGesetz) und dem
Datenschutz (gemäß der
DSGVO).
