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KONE Corporation’s Interim Report for January-June 2009

Stock Exchange Release Published 20/07/2007

KONE’s Q2: Strong Growth in Sales and EBIT – 2007 Outlook Upgraded

  • KONE upgrades its outlook for 2007. KONE’s target for 2007 is to achieve a growth of 10 to 15 percent in net sales, calculated at comparable exchange rates, compared to 2006. The operating income (EBIT) target is to achieve growth of 25 to 30 percent from the comparable 2006 figure of EUR 360 million. This target excludes the EUR 142.0 million fine for the European Commission’s decision.
  • Orders received growth was 11 percent in January-June, or 14 percent at comparable exchange rates. Orders received totaled EUR 1,847 (1,662) million. In the second quarter, orders received growth was 15 percent, or 17 percent at comparable exchange rates. Orders received totaled EUR 944.4 (821.9) million.
  • Net sales grew by 15 percent to EUR 1,813 (1,575) million in January-June; at comparable exchange rates growth was 18 percent. In the second quarter, net sales grew by 19 percent to EUR 1,002 (840.4) million; at comparable exchange rates growth was 21 percent.
  • Operating income was EUR 43.7 (135.6) million in January-June. Excluding the EUR 142.0 million fine for the European Commission’s decision, operating income was EUR 185.7 million or 10.2 (8.6) percent of net sales. In the second quarter, operating income was EUR 116.4 (83.9) million or 11.6 (10.0) percent of net sales.

Key Figures

Orders received, MEUR944.4821.91,846.51,662.23,116.3
Order book, MEUR3,318.02,818.03,318.02,818.02,762.1
Sales, MEUR1,001.9840.41,813.11,575.43,600.8
Operating income, MEUR116.483.9185.7 (x135.6360.1
Operating income, %11.610.010.2 (x8.610.0
Cash flow from operations
(before financing items and taxes), MEUR
Net income, MEUR82.952.1-12.183.9234.4
Interest-bearing net debt, MEUR263.4201.9263.4201.9124.9
Total equity/total assets, %
Gearing, %46.734.046.734.017.9

(x Excluding the EUR 142.0 million fine for the European Commission’s decision.

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

“KONE’s development programs are bringing results. We are gradually becoming more customer focused, more globally aligned and more productive. The rapid renewal of our product portfolio has made it possible for us to increase our market share in many key markets. Also the service operations have developed well. I want to thank all our employees for a job well done! The work in the development programs continues and simultaneously we are preparing for the next phase of change.”

Analyst and Media Conference and Conference Call

A meeting for the press, conducted in Finnish, will be held on July 20, 2007 at 2:00 PM at KONE Building, Keilasatama 3, Espoo.

A combined analyst meeting and conference call/web cast, conducted in English, will be held on July 20, 2007 at 3:30 PM at KONE Building, Keilasatama 3, Espoo. Conference call participants may access the conference directly at the following telephone numbers:

US callers: +1 334 323 6201
Non-US callers: +44 (0)20 7162 0025
Participant code: KONE

The conference call will also be available as a web cast on the company website. An on demand version of the conference will be available at www.kone.com later the same day.


KONE Corporation

Aimo Rajahalme
Executive Vice President,

Minna Mars
Senior Vice President,
Corporate Communications & IR

For further information please contact:

Aimo Rajahalme, Executive Vice President, Finance, tel. +358 (0) 204 75 4484

KONE is one of the world’s leading elevator and escalator companies. It provides its customers with industry-leading elevators and escalators, with innovative solutions for their maintenance and modernization. KONE also provides maintenance of automatic building doors. In 2006, KONE had annual net sales of EUR 3.6 billion and approximately 29,000 employees. Its class B shares are listed on the OMX Nordic Exchange in Helsinki, Finland.



Interim report 1-6/2007