- The plan to demerge the company into two separately listed corporations, KONE Corporation and Cargotec Corporation, and to extend the current accounting period to end 31 March, 2005 was approved by an extraordinary shareholders’ meeting on 17 December, 2004. As a result, the consolidated figures for the 15-month period under review are not comparable to the figures for year 2003, which are shown in brackets.
- The period under review includes non-recurring revenue from the sale of businesses and a provision for the non-recurring costs of an elevator and escalator operations development and restructuring program.
- Consolidated net sales totaled MEUR 5,562 (1–12/2003: 5,410).
- Operating income was MEUR 530.4 (437.0), or 9.5 (8.1) percent of net sales. Consolidated operating income includes a provision of MEUR 89,2 million for the non-recurring cost of the development and restructuring program and capital gains of EUR 187.8 (24.9) million.
- Cash flow from operating activities was MEUR 270.3 (435.5).
- Interest-bearing net debt decreased to MEUR 335.2 (end of 2003: 746.7).
- Net income was MEUR 308.4 (302.7).
- Diluted earnings per share from continuing operations was EUR 3.72 (3.96).
- The Board of Directors proposes that a dividend of EUR 1.98 (1.98) be paid for each class A share and EUR 2.00 (2.00) for each class B share from retained earnings.
- Matti Alahuhta started in the position of President of KONE Corporation on 1 January, 2005.
KONE changed over to the International Financial Reporting Standards (IFRS) effective 1 January, 2004. The comparison figures for 2003 have been adjusted to reflect IFRS practices. For further information regarding the impact of the transition from Finnish Accounting Standards (FAS) to IFRS, please refer to KONE’s 8 April, 2004 and 18 June, 2004 announcements.
Pro forma figures for the period 1 January–31 March 2005 for the corporations to be formed in the demerger will be disclosed as separate releases. KONE’s demerger prospectus published on 9 December, 2004 includes the pro forma calculation principles.
Executive Vice President, Finance and Information Services
Senior Vice President, Corporate Communications & IR
For further information please contact:
Aimo Rajahalme, Executive Vice President, Finance and Information Services,
tel. +358 (0)204 75 4484