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KONE Corporation’s financial statement bulletin 2009

Stock Exchange Release Published 26/01/2010

October-December 2009: Strong year-end
- In October-December 2009, orders received totaled EUR 813.5 (10–12/2008: 845.2) million. Orders received declined by 3.8% at historical exchange rates, but increased by 0.3% at comparable exchange rates.
- Net sales decreased by 0.3% to EUR 1,427 (1,432) million. At comparable exchange rates it grew by 2.3%.
- Operating income was EUR 202.7 (189.2) million or 14.2% (13.2%) of net sales.
- Cash flow was exceptionally strong at EUR 198.2 (88.5) million.
January-December 2009: Overall good performance
- In January-December 2009, orders received totaled EUR 3,432 (2008: 3,948) million. Orders received declined by 13.0%, or 12.7% at comparable exchange rates. At the end of December 2009, the order book was EUR 3,309 (3,577) million.
- Net sales increased by 3.1% to EUR 4,744 (4,603) million. At comparable exchange rates, the growth was 3.7%.
- Operating income, excluding a one-time restructuring cost, was EUR 600.3 (558.4) million or 12.7% (12.1%) of net sales. The operating income, including the one-time restructuring cost of EUR 33.6 million related to the fixed cost adjustment program, was EUR 566.7 million. Earnings per share were 1.84 (1.66).
- Cash flow was exceptionally strong at EUR 825.1 (527.4) million.
- In 2010, KONE’s net sales is estimated to decline approximately 5% at comparable exchange rates. The operating income (EBIT) is expected to be in the range of EUR 560-610 million.
- The Board proposes a dividend of EUR 0.65 per class B share from the year 2009. Further the Board proposes an extra dividend of EUR 0.65 per class B share due to the centennial year 2010 of KONE and therefore the total proposed dividend is 1.30 per class B share.

Key Figures
10-12/
2009
10-12/
2008
Change
%
1-12/
2009
1-12/
2008
Change
%
Orders
received

MEUR

813.5

845.2

-3.8

3,432.4

3,947.5

-13.0
Order
book

MEUR

3,309.1

3,576.7

-7.5

3,309.1

3,576.7

-7.5
SalesMEUR1,426.81,431.6-0.34,743.74,602.83.1
Operating
income

MEUR

202.7

189.2

7.1

600.3 x)

558.4

7.5
Operating
income

%

14.2

13.2

12.7 x)

12.1
Cash flow
From
operations (before
financing
items and
taxes)

MEUR

198.2

88.5

825.1

527.4
Net income
MEUR
166.6

147.9

466.4

418.1
Total comprehensive income
MEUR

165.9

156.6

449.5

436.7
Basic earnings per share
EUR

0.66

0.59

1.84

1.66
Interest-bearing net debtMEUR-504.7-58.3-504.7-58.3
Total equity / total assets
%

47.0

39.0

47.0

39.0
Gearing%-37.7-5.6-37.7-5.6

x) Excluding a MEUR 33.6 one-time restructuring cost related to the fixed costs adjustment program, which was booked in the second quarter.


KONE President & CEO, Matti Alahuhta, in conjunction with the review:

“I am very pleased with our 2009 results. Our personnel has done an excellent job in a very demanding environment. I therefore want to thank every KONE employee for a work well done.

EBIT continued to grow. We made good progress in the service business. The quality and efficiency of the new equipment deliveries developed very positively as well. I am particularly delighted with the exceptionally strong cash flow during the year. The orders received development in the fourth quarter was also pleasing. This was the case particularly in China, where our market position continued to strengthen.

From this strong position, we have now started in a good spirit our efforts to continue to develop our business in order to reach a good performance again in 2010.”

Financial statements bulletin 2009 (pdf) >

Analyst and media meeting and conference call

A meeting for the press, conducted in Finnish, will be held on Tuesday, January 26, 2010 at 2:15 p.m. Eastern European Time.

A telephone conference and a meeting for analysts, conducted in English, will begin at 3:45 p.m. Eastern European Time. The meeting can also be followed as a webcast on www.kone.com.

Both meetings will take place in the KONE Building, located at Keilasatama 3, Espoo, Finland.

Telephone conference numbers:

US callers: +1 866 458 4087
Non-US callers: +44 203 043 2436
Participant code: KONE

An on demand version of the telephone conference will be available on www.kone.com later the same day.

About KONE

KONE’s objective is to offer the best people flow experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. KONE provides its customers with industry-leading elevators, escalators and innovative solutions for modernization and maintenance, and is one of the global leaders in its industry. In 2009, KONE had annual net sales of EUR 4.7 billion and almost 34,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki in Finland.

www.kone.com

For further information please contact:
Henrik Ehrnrooth, CFO, tel. +358 (0) 204 75 4260

Sender:

KONE Corporation

Henrik Ehrnrooth
CFO

Anne Korkiakoski
Executive Vice President,
Marketing and Communications