KONE Corporation will on 31 May, 2005 be demerged into two corporations, KONE Corporation and Cargotec Corporation, which will be listed on the main list of the Helsinki Stock Exchange on 1 June in accordance with the disclosed demerger plan.
The pro forma comparison figures for January-March 2004, 2004 and 2003 for the two new corporations are presented in this release in order to facilitate the evaluation of the financial performance and status of KONE and Cargotec.
The 2002, 2003, 1-9/2003 and 1-9/2004 pro forma figures of KONE and Cargotec were disclosed in the Demerger Prospectus on 9 December 2004, and the 2003 and 2004 pro forma figures in the 12-month interim report on 28 January, 2005. This release includes revised pro forma figures for 2003 and 2004, as well as the pro forma figures for the first quarter of 2004. On 2 May, 2005 KONE Corporation will disclose its financial statements for the 15-month accounting period 1 January, 2004 - 31 March, 2005, and also separate pro forma reviews for KONE and Cargotec for the first quarter of 2005.
The pro forma information presents KONE’s and Cargotec’s financial results according to the business and corporate structure prevailing after the demerger, and it is based on KONE Corporation’s Financial Statements with the addition of MacGREGOR operations. The most significant deviation between KONE Corporation’s consolidated financial statements and the pro forma figures is due to the allocation of corporate costs to KONE and Cargotec.
The previously disclosed pro forma information has been revised as a result of the acquisition of marine cargo-flow solution and service provider MacGREGOR Group. Cargotec’s 1-3/2004 and 2003-2004 pro forma figures include MacGREGOR, excluding its elevator operations, which will be transfered to KONE and is included in KONE’s pro forma figures.
Detailed pro forma calculation principles can be found in the Demerger Prospectus of 9 December, 2004.
The entire release with tables
Executive Vice President, Finance and Information Services
Senior Vice President, Corporate Communications & IR
For further information please contact:
Pekka Sihvola, Senior Vice President, Corporate Controller, KONE, tel. +358 (0)40 525 4071
Kari Heinistö, Senior Executive Vice President, Kone Cargotec, tel. +358 (0)400 530 820