Hiab Oyj

Quarterly Report • Apr 26, 2013

Cargotec's January–March 2013 interim report: Orders grew. Low sales weakened operating profit.

January–March 2013 in brief

• Orders received grew 7 percent and totalled EUR 791 (737) million.
• Order book amounted to EUR 2,203 (31 Dec 2012: 2,021) million at the end of the period.
• Sales fell 14 percent to EUR 679 (793) million.
• Operating profit excluding restructuring costs was EUR 15.0 (37.5) million, representing 2.2 (4.7) percent of sales.
• Operating profit was EUR 13.1 (37.5) million, representing 1.9 (4.7) percent of sales.
• Cash flow from operations before financial items and taxes totalled EUR 21.2 (-2.2) million.
• Net income for the period amounted to EUR 6.4 (26.2) million.
• Earnings per share was EUR 0.10 (0.42).

Outlook for 2013 unchanged

Cargotec's sales are expected to be slightly below 2012 and operating profit excluding restructuring costs to be at 2012 level. Positive impact of efficiency improvement measures implemented will be weighted on the second half of the year.

Cargotec's key figures

MEUR	Q1/13	Q1/12	Change	2012
Orders received	791	737	7%	3,058
Order book, end of period	2,203	2,342	-6%	2,021
Sales	679	793	-14%	3,327
Operating profit*	15.0	37.5	-60%	157.5
Operating profit, %*	2.2	4.7		4.7
Operating profit	13.1	37.5	-65%	131.4
Operating profit, %	1.9	4.7		3.9
Income before taxes	10.8	34.7		122.5
Cash flow from operations	21.2	-2.2		97.1
Net income for the period	6.4	26.2		89.5
Earnings per share, EUR	0.10	0.42		1.45
Net debt, end of period	506	389		478
Gearing, %	42.0	34.1		39.2
Personnel, end of period	10,015	10,486		10,294

* excluding restructuring costs

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Cargotec's President and CEO Mika Vehviläinen:

In terms of order book development, the markets began the year on a positive note: we are satisfied with our growth in orders of seven percent. In MacGregor, with the merchant shipping markets remaining subdued, orders chiefly comprised marine cargo handling equipment for RoRo vessels and offshore support vessels. Orders also developed favourably for Kalmar, but those for Hiab fell somewhat compared to the rather high figure recorded for the comparison period in the previous year.

Sales fell by 14 percent, mainly due to low delivery volumes by MacGregor, as customers delayed their receipt of deliveries. Low delivery volumes reduced MacGregor's profitability. However, we foresee higher sales in the forthcoming quarters. At Kalmar and Hiab, much work remains to be done before we can achieve a satisfactory profit level. In general, we cannot rest content with our profit level for the first quarter; we continue determined measures aimed at improving our profitability.

Press conference for analysts and media

A press conference for analysts and media, combined with a live international telephone conference, will be arranged on the publishing day at 10:00 a.m. EEST at Cargotec's head office, Porkkalankatu 5, Helsinki. The event will be held in English. The report will be presented by President and CEO Mika Vehviläinen and Executive Vice President, CFO Eeva Sipilä. The presentation material will be available at www.cargotec.com by 10:00 a.m. EEST.

The telephone conference, during which questions may be presented, can be accessed using the following numbers ten minutes before the beginning of the event: US callers +1 334 323 6201, non-US callers +44 20 7162 0025, access code Cargotec/930661.

The event can also be viewed as a live webcast at www.cargotec.com. An on-demand version of the conference will be published at Cargotec's website later during the day.

A replay of the conference call will be available until midnight 28 April 2013 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 930661.

For further information, please contact:

Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104 Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084

Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's brands MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.3 billion in 2012 and it employs approximately 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com

Cargotec's January–March 2013 interim report

Operating environment

Apart from RoRo, general cargo and offshore support vessels, in which healthy demand supported marine cargo handling equipment orders, the shipping markets were challenging in general. Some players experienced difficulties in obtaining credit. Market challenges are reflected in delays in agreed deliveries. However, the latest market forecasts are more positive. Cost-saving by shipowners lowered demand in Europe for services.

Volumes of containers handled in ports are expected to grow by around 4.5 percent during the year, i.e. faster than in 2012. Demand for smaller container handling equipment and automation solutions used in ports was healthy. In addition, the market activity for larger container handling equipment picked up during the early part of the year. Demand for services was generally on a healthy level although in some European ports customers' low capacity utilisation affected demand.

Market environment variations by country characterised the load handling equipment markets within Europe, with respect to both new equipment and maintenance services. Demand was healthy in the United States.

Orders received and order book

Orders received during the first quarter grew seven percent from the comparison period and totalled EUR 791 (737) million. Orders received grew in MacGregor and Kalmar from the comparison period. Orders for Hiab fell from the comparison period's high level. Service orders declined five percent from the comparison period.

Of the first-quarter orders, 26 percent were received by MacGregor, 46 percent by Kalmar and 27 percent by Hiab. In geographical terms, 40 (47) percent of the orders were received in EMEA (Europe, Middle East, Africa). Asia-Pacific accounted for 31 (32) percent of all orders, while that of Americas grew to 29 (21) percent. Service orders accounted for 23 (26) percent of total orders.

The order book increased nine percent from the 2012 year-end level, and at the end of the first quarter it totalled EUR 2,203 (31 Dec 2012: 2,021) million. MacGregor's order book totalled EUR 886 (848) million, representing 40 (42) percent, Kalmar's EUR 1,106 (983) million, or 50 (49) percent, and that of Hiab EUR 214 (192) million, or 10 (9) percent of the consolidated order book.

MEUR	Q1/13	Q1/12	Change	2012
MacGregor	209	155	35%	645
Kalmar	366	337	9%	1,565
Hiab	216	246	-12%	850
Internal orders	0	-1		-2
Total	791	737	7%	3,058

Orders received by reporting segment

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Orders received by geographical area

MEUR	Q1/13	Q1/12	Change	2012
EMEA	319	348	-8%	1,403
Asia-Pacific	246	233	5%	945
Americas	226	156	45%	710
Total	791	737	7%	3,058

Sales

First-quarter sales fell 14 percent from the comparison period to EUR 679 (793) million. Sales in services, EUR 180 (178) million, was at comparison period's level, representing 26 (22) percent of consolidated sales. Sales in MacGregor clearly declined, due to low deliveries, as customers delayed receipt of deliveries. Hiab's sales also fell short of the comparison period. Kalmar's sales achieved the comparison period's level. Services saw growth in the Americas, but fell slightly in EMEA. Services for Asia-Pacific were the comparison period's level. EMEA represented 48 (40) percent of consolidated sales, Asia-Pacific 28 (37) percent and Americas 24 (23) percent.

Sales by reporting segment

MEUR	Q1/13	Q1/12	Change	2012
MacGregor	165	271	-39%	995
Kalmar	323	320	1%	1,495
Hiab	192	202	-5%	840
Internal sales	0	0		-2
Total	679	793	-14%	3,327

Sales by geographical area

MEUR	Q1/13	Q1/12	Change	2012
EMEA	323	315	3%	1,341
Asia-Pacific	190	296	-36%	1,178
Americas	165	183	-10%	808
Total	679	793	-14%	3,327

Financial result

Operating profit for the first quarter was a third of the comparison period totalling EUR 13.1 (37.5) million. Operating profit includes EUR 1.8 million in restructuring costs. There were no restructuring costs booked in the comparison period. EUR 0.2 million of the restructuring costs are related to MacGregor, EUR 0.0 million to Kalmar, EUR 1.6 million to Hiab and EUR 0.1 million to corporate administration and support functions.

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Operating profit for the first quarter, excluding restructuring costs, was EUR 15.0 (37.5) million, representing 2.2 (4.7) percent of sales. Excluding restructuring costs, operating profit for MacGregor amounted to EUR 12.2 (36.9) million, Kalmar EUR 7.0 (6.2) million, and Hiab EUR 3.6 (7.5) million. MacGregor's operating profit declined as a result of low sales. Kalmar's operating profit slightly improved thanks to cost saving initiatives. Hiab's operating profit was burdened by low sales, as well as overcapacity and associated costs due to prolongation of cooperation negotiations in Hudiksvall, Sweden.

Net interest expenses for interest-bearing debt and assets for the first quarter totalled EUR -4.7 (-4.9) million. Net financing expenses totalled EUR -2.3 (-2.9) million. Despite the increase in net debt, net financing expenses were lower due to favourable interest differentials in the major currencies (EUR, SEK and USD) of Cargotec's business operations.

Net income for the first quarter totalled EUR 6.4 (26.2) million and earnings per share EUR 0.10 (0.42).

Balance sheet, cash flow and financing

The consolidated balance sheet total was EUR 3,248 (31 Dec 2012: 3,298) million at the end of the first quarter. Equity attributable to equity holders was EUR 1,202 (1,214) million, representing EUR 19.60 (19.80) per share. Tangible assets on the balance sheet were EUR 308 (304) million and intangible assets EUR 1,035 (1,021) million. The total equity/total assets ratio was 40.9 (40.8) percent.

Return on equity (ROE, annualised) in January–March dropped to 2.1 (9.1) percent and return on capital employed (ROCE, annualised) to 3.3 (10.0) percent.

Cash flow in the first quarter from operating activities, before financial items and taxes, totalled EUR 21.2 (- 2.2) million. Net working capital increased during the quarter from EUR 219 million at the end of 2012 to EUR 229 million. Working capital was tied up in inventories.

Gearing rose from its 2012 year-end 39.2 percent level to 42.0 percent.

Cargotec's financing structure and liquidity are healthy. Interest-bearing net debt at the end of the first quarter was EUR 506 (31 Dec 2012: 478) million. Interest-bearing debt amounted to EUR 674 (697) million, of which EUR 319 (259) million was current and EUR 356 (438) million non-current debt. On 31 March 2013, the average interest rate on the loan portfolio was 2.6 (3.6) percent. Cash and cash equivalents, loans receivable and other interest-bearing assets totalled EUR 168 (31 Dec 2012: 219) million.

New products and product development

Research and product development expenditure in the first quarter totalled EUR 15.0 (17.7) million, representing 2.2 (2.2) percent of sales and 2.3 (2.3) percent of all operating expenses. Research and product development investments were focused on projects aimed at improving competitiveness and cost efficiency of products.

MacGregor

During the first quarter, MacGregor introduced a new offshore crane to the market, which enables threedimensional motion compensation. The crane can be used to transfer containers of tools and equipment to the

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top of offshore windmill foundations. MacGregor also introduced a new simulation platform that allows MacGregor engineers and equipment users to accurately plan and illustrate complex systems in operation in a "real-world" environment and real-time mode. Additionally, MacGregor finalised its development work related to a new lashing bar. This new lashing bar allows new and existing container ships to employ an external lashing system, which can enable a ship to carry more payload containers.

Kalmar

Kalmar continued to develop products and solutions for the automation of ports and terminals. As part of a consortium, Kalmar received a commendation award of USD 100,000 in the Next Generation Container Port (NGCP) Challenge.

Hiab

Hiab has received funding from the European Union, for a three-year research cooperation project with three academic partners in Poland and Sweden. This project will boost research and development aimed at creating more sustainable load handling equipment. EU funding for the project totals EUR 1.4 million. Under the project, a new approach to control systems will be developed, in order to improve operational safety conditions and the efficiency of load handling equipment. The project will also involve the creation of design strategies for advanced light materials used in load handling structures, in order to reduce both their weight and fuel consumption.

Capital expenditure

Capital expenditure in the first quarter, excluding acquisitions and customer financing, totalled EUR 15.0 (16.2) million. Investments in customer financing were EUR 4.5 (8.0) million. Depreciation, amortisation and impairment amounted to EUR 15.8 (16.3) million.

In June 2012, Cargotec announced plans to invest in its multi-assembly unit (MAU) in Stargard Szczecinski, Northern Poland. The value of the investment in a new painting and assembly area, expected to reach completion in 2014, will be close to EUR 20 million. Some EUR 3 million of this was invested in the first quarter.

Acquisitions and divestments

During the period, Cargotec sold 100 percent of O'Leary's Material Handling Services Pty Ltd, in Australia. The transaction had no material effect on Cargotec's result.

Personnel

Cargotec employed 10,015 (31 Dec 2012: 10,294) people at the end of the first quarter. MacGregor employed 1,788 (1,868) people, Kalmar 5,102 (5,190), Hiab 2,967 (3,025) and corporate administration and support functions 158 (211). The average number of employees in January–March was 10,088 (10,612).

At the end of the first quarter, 17 (31 Dec 2012: 17) percent of the employees were located in Sweden, nine (9) percent in Finland and 29 (29) percent in the rest of Europe. Asia-Pacific personnel represented 27 (28) percent, North and South American 15 (14) percent, and the rest of the world three (3) percent of total employees.

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Employee cooperation negotiations started in October 2012 in Hudiksvall, Sweden, were completed in March. As a result, a total of 105 persons will be made redundant. Employee cooperation negotiations outside Finland and Sweden resulted in 78 redundancies.

Listing of MacGregor in Asia

In February, Cargotec's Board of Directors decided to establish the domicile of the future parent company of MacGregor business area in Singapore. As a result, MacGregor's management will be based in Singapore. Cargotec continued preparations for the separation and possible listing of MacGregor in Singapore. It is estimated that this listing, which is subject to market conditions, will occur at the earliest during the first half of 2014.

President and CEO Mika Vehviläinen

On 27 January 2013, Cargotec's Board of Directors appointed Mr Mika Vehviläinen as Cargotec's new President and CEO. Mr Vehviläinen started work at Cargotec on 1 March 2013.

The total remuneration of President and CEO Mika Vehviläinen comprises a fixed monthly base salary of EUR 50,000 including fringe benefits. The employment contract does not include a housing benefit. However, a onetime compensation of EUR 80,000 for changing housing was paid due to his transition from his previous employer to Cargotec. The President and CEO is entitled to five weeks' annual holiday with pay each calendar year. In 2013, he will be entitled to the full five weeks of annual holiday.

The President and CEO is covered by short- and long-term incentive plans in line with Cargotec's bonus programmes applicable at the time. According to the short-term incentive plan, the President and CEO's maximum annual bonus level is 100 percent of the annual base salary. All bonus programmes are discretionary and Cargotec has a unilateral right to decide on changes to these programmes and on their termination. On 20 March 2013, Cargotec's Board of Directors decided to grant President and CEO Mika Vehviläinen 60,500 Cargotec Corporation 2010A stock options. In granting stock options, the aim is to ensure the alignment of shareholders' objectives with those of executives, in order to increase the value of Cargotec, while committing the executives to the company. Mika Vehviläinen will be obliged to retain these stock options, and any shares subscribed for using the stock options, for a period of one year until 1 April 2014.

The employment contract does not include any additional pension benefits. The President and CEO is entitled to a statutory pension. The retirement age is determined in line with the statutory pension scheme. For Finnish nationals, the statutory retirement age is currently 63 years.

The period of notice of the President and CEO is six months for both parties to the contract, with no obligation to disclose the reason for the termination. If the contract is terminated by Cargotec, the President and CEO is entitled to compensation for termination of employment, corresponding to 12 months' salary at the time of termination.

Executive Board

On 20 March 2013, Cargotec's Board of Directors decided to form an Extended Executive Board to support the company's Executive Board, from 1 April 2013. The members of Cargotec's Executive Board are

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President and CEO Mika Vehviläinen, Executive Vice President and Chief Financial Officer Eeva Sipilä and business area Presidents Mikael Mäkinen (MacGregor), Olli Isotalo (Kalmar) and Axel Leijonhufvud (Hiab). Senior Vice President, General Counsel Outi Aaltonen will act as Secretary to the Executive Board from 1 April 2013.

In addition to the above Executive Board members, the Extended Executive Board includes the following members: Outi Aaltonen, Senior Vice President, General Counsel; Stephen Foster, Senior Vice President, Corporate Audit; Soili Mäkinen, Chief Information Officer; Matti Sommarberg, Executive Vice President, Chief Technology Officer; Anne Westersund, Senior Vice President, Communications and Public Affairs. The main responsibilities of the Extended Executive Board include providing support for the President and CEO and the Executive Board in business area reviews, major projects, shared services and brand coordination.

Reporting segments

MacGregor

MEUR	Q1/13	Q1/12	Change	2012
Orders received	209	155	35%	645
Order book, end of period	886	1,176	-25%	848
Sales	165	271	-39%	995
Sales of services	34	38		161
% sales	20	14		16
Operating profit/loss (EBIT)	12.0	36.9		127.7
% sales	7.3	13.6		12.8
Operating profit/loss (EBIT)*	12.2	36.9		130.8
% sales*	7.4	13.6		13.2
Personnel, end of period	1,788	2,007		1,868

* excluding restructuring costs

MacGregor's orders for the first quarter grew 35 percent from the comparison period and accounted for EUR 209 (155) million. Demand for marine cargo handling equipment for RoRo vessels and offshore support vessels was clearly healthier than the general shipping market. RoRo orders accounted for one third and offshore orders for 25 percent of orders received.

Major orders received by MacGregor during the first quarter were:

• RoRo equipment for four car/truck carriers to be built in China,
• two offshore cranes for Malaysia and two for Norway,
• cement handling systems for two bulk carriers for a Singaporean shipowner,
• RoRo equipment, hatch covers and cell guides for container lashings for five container/RoRo vessels to be built in China
• RoRo equipment for five container/RoRo vessels to be built in South Korea, as well as
• 32 electric cranes for eight container vessels to be built in China.

MacGregor's order book grew by four percent from the 2012 year-end, totalling EUR 886 (31 Dec 2012: 848) million at the end of the first quarter. 60 percent of the order book is bulk, general cargo and container ship-related. Both offshore support vessels-related orders and RoRo ship-related orders comprised 17 percent of the order book. It is estimated that over EUR 500 million of the order book will be delivered in 2013.

MacGregor's first quarter sales declined 39 percent from the comparison period, totalling EUR 165 (271) million. Sales fell due to low deliveries, as customers delayed receipt of deliveries. Share of services sales was 20 (14) percent or EUR 34 (38) million. The fall in services sales was due to shipowners saving costs by postponing maintenance especially in Europe.

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MacGregor's operating profit for the first quarter totalled EUR 12.0 (36.9) million. Operating profit includes EUR 0.2 million in restructuring costs. Operating profit, excluding restructuring costs, totalled EUR 12.2 (36.9) million, representing 7.4 (13.6) percent of sales. Operating profit declined as a result of low sales.

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Kalmar

MEUR	Q1/13	Q1/12	Change	2012
Orders received	366	337	9%	1,565
Order book, end of period	1,106	939	18%	983
Sales	323	320	1%	1,495
Sales of services	92	85		377
% sales	29	27		25
Operating profit/loss (EBIT)	7.0	6.2		32.4
% sales	2.2	1.9		2.2
Operating profit/loss (EBIT)*	7.0	6.2		42.3
% sales*	2.2	1.9		2.8
Personnel, end of period	5,102	5,147		5,190

* excluding restructuring costs

In the first quarter, orders received by Kalmar grew nine percent totalling EUR 366 (337) million. Orders received in the Americas doubled compared to comparison period, mainly due to port equipment orders from Venezuela.

Major orders received by Kalmar during the first quarter were as follows:

• 15 rubber-tyred gantry cranes (RTG) to Venezuela,
• 30 reachstackers, four empty container handlers, eight heavy and nine light forklifts, seven heavy and 41 medium terminal tractors and one RTG to Venezuela, as well as
• 11 automatic stacking cranes to the Netherlands.

The order book grew 12 percent from 2012 year-end and at the end of the first quarter it totalled EUR 1,106 (31 Dec 2012: 983) million.

Kalmar's first quarter sales, EUR 323 (320) million, were at the comparison period's level. Sales for services grew to EUR 92 (85) million, representing 29 (27) percent of sales.

Kalmar's first quarter operating profit improved slightly from the comparison period totalling EUR 7.0 (6.2) million, representing 2.2 (1.9) percent of sales. Operating profit includes EUR 0.0 million in restructuring costs. Additional costs of EUR 5 million for projects were booked in the quarter. These were mainly caused by logistics problems related to ship-to-shore crane (STS) delivery in Africa.

Hiab

MEUR	Q1/13	Q1/12	Change	2012
Orders received	216	246	-12%	850
Order book, end of period	214	229	-7%	192
Sales	192	202	-5%	840
Sales of services	54	55		229
% sales	28	27		27
Operating profit/loss (EBIT)	2.0	7.5		16.7
% sales	1.0	3.7		2.0
Operating profit/loss (EBIT)*	3.6	7.5		27.1
% sales*	1.9	3.7		3.2
Personnel, end of period	2,967	3,073		3,025

* excluding restructuring costs

Hiab's orders received for the first quarter fell by 12 percent from the comparison period, to EUR 216 (246) million, mainly due to weaker market situation in some European countries compared to previous year. Orders during the comparison period were high. Orders secured by Hiab were individually small orders, which are typical of the business. Order book grew 11 percent from 2012 year-end, totalling EUR 214 (31 Dec 2012: 192) million at the end of the first quarter.

Hiab's first quarter sales decreased five percent from the comparison period and totalled EUR 192 (202) million. Sales for services amounted to EUR 54 (55) million, representing 28 (27) percent of sales.

Operating profit for Hiab in the first quarter totalled EUR 2.0 (7.5) million. Operating profit includes EUR 1.6 million in restructuring costs. Operating profit, excluding restructuring costs, amounted to EUR 3.6 (7.5) million, representing 1.9 (3.7) percent of sales. Operating profit was burdened by low sales, as well as overcapacity and associated costs due to prolongation of cooperation negotiations in Hudiksvall, Sweden.

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Decisions taken at Cargotec Corporation's Annual General Meeting

Cargotec Corporation's Annual General Meeting (AGM) held on 20 March 2013 approved the 2012 financial statements and consolidated financial statements, discharging the President and CEO and members of the Board of Directors from liability for the accounting period 1 January–31 December 2012. The AGM approved the proposals by the Board to authorise the Board to decide on the repurchase of own shares. The authorisation for the repurchase of own shares shall remain in effect for a period of 18 months from the AGM's resolution. More detailed information on the authorisation was published in a stock exchange release on the date of the AGM, 20 March 2013.

The AGM approved the payment of a dividend of EUR 0.71 per class A share and EUR 0.72 per class B share outstanding. The dividend was paid on 3 April 2013.

The number of members of the Board of Directors was confirmed at seven. Tapio Hakakari, Ilkka Herlin, Peter Immonen, Antti Lagerroos, Teuvo Salminen and Anja Silvennoinen were re-elected to the Board of Directors. Jorma Eloranta was appointed as a new member. The meeting decided their yearly remuneration as follows: EUR 80,000 for the Chairman, EUR 55,000 to the Vice Chairman, EUR 55,000 for the Chairman of the Audit and Risk Management Committee and EUR 40,000 for other Board members. In addition, it was decided that members should receive EUR 500 for attendance of Board and Committee meetings and that 30 percent of their yearly remuneration will be paid in Cargotec Corporation's class B shares, with the rest paid in cash.

Authorised public accountants Jouko Malinen and PricewaterhouseCoopers Ltd were elected as auditors. The decision was taken to pay the auditors' fees in accordance with the invoice approved by the company.

Organisation of the Board of Directors

On 20 March 2013, the Board of Directors elected Ilkka Herlin to continue as Chairman of the Board and Tapio Hakakari as Vice Chairman. Outi Aaltonen, Senior Vice President, Cargotec's General Counsel, will continue as Secretary to the Board of Directors.

From among its members, the Board of Directors elected Ilkka Herlin, Teuvo Salminen (chairman) and Anja Silvennoinen as members of the Audit and Risk Management Committee. Board members Tapio Hakakari, Ilkka Herlin (chairman), Peter Immonen and Antti Lagerroos were elected to the Nomination and Compensation Committee.

The Board decided to continue the practice by which members retain their ownership of any Cargotec shares they have obtained as remuneration, for at least two years from the day they obtained them. These shares will be purchased at their market price on a quarterly basis.

Shares and trading

Share capital and own shares

Cargotec Corporation's share capital totalled EUR 64,304,880 at the end of March. The number of class B shares listed on NASDAQ OMX Helsinki Ltd. was 54,778,791 while that of unlisted class A shares totalled 9,526,089. This amount includes 2,959,487 own class B shares held by the company, accounting for 4.60

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percent of the share capital. These shares were repurchased in 2005–2008. Excluding treasury shares held by the company, the number of issued class B shares totalled 51,819,304 at the end of March.

The 2013 AGM authorised the Board to decide on the repurchase of own shares, however, the Board did not exercise this authorisation during the reporting period.

Share-based incentive programme

In 2010, Cargotec established a share-based incentive programme for Cargotec executives. This programme aims to ensure the alignment of the objectives of shareholders and executives in order to increase the value of Cargotec, while committing executives to the company and offering them a competitive incentive programme based on company ownership. The programme includes three earnings periods, each lasting three calendar years, which commenced in 2010, 2011 and 2012. Since the minimum earnings criteria for the first earnings period 2010-2012 was not fulfilled, there will be no payout based on the first earnings period. The earnings criteria for the second earnings period consist of the operating profit margin and sales for the financial period 2013. The potential payment will be made in spring 2014.

Option programme

In Cargotec, there is an option programme 2010 for key personnel of Cargotec and its subsidiaries. This programme is intended to encourage key personnel to engage in long-term work in increasing the company's shareholder value, as well as to commit key personnel to the employer. The programme includes 2010A, 2010B and 2010C stock options and the maximum total number of stock options issued will be 1,200,000.

A total of 400,000 2010A stock options assigned to 50 key employees has been listed on the main list of NASDAQ OMX Helsinki as of 2 April 2013. Each stock option entitles its holder to subscribe for one (1) new class B share in Cargotec between 1 April 2013 and 30 April 2015. The share subscription price currently amounts to EUR 19.02 per share.

The share subscription, involving a total of 25 456 2010B stock options, will commence on April 2014. The earnings criterion for stock options 2010C subscription to commence was not fulfilled.

Market capitalisation and trading

At the end of March, the total market value of class B shares was EUR 1,239 (1,484) million, excluding treasury shares held by the company. The period-end market capitalisation, in which unlisted class A shares are valued at the average price of class B shares on the last trading day of the period, was EUR 1,310 (1,758) million, excluding treasury shares held by the company.

The class B share closed at EUR 23.91 (28.64) on the last trading day of March in NASDAQ OMX Helsinki Ltd. The volume weighted average share price for the period was EUR 22.89 (29.61), the highest quotation being EUR 27.57 (33.62) and the lowest EUR 20.19 (23.12). During the first quarter, a total of 13 (16) million class B shares were traded on NASDAQ OMX Helsinki Ltd., corresponding to a turnover of EUR 288 (482) million. In addition to NASDAQ OMX Helsinki Ltd., a total of eight (13) million class B shares were traded in several alternative market places, corresponding to a turnover of EUR 181 (369) million. Shares were mainly traded in BATS Chi-X CXE and Turquoise.

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Short-term risks and uncertainties

Developments in the global economy and cargo flows have a direct effect on Cargotec's business environment and customers' willingness to invest. Economic developments are characterised by uncertainty, especially in Europe. Risks stemming from the financing sector and volatility on the currency markets could add to this uncertainty. Greater difficulty in obtaining financing would weaken customers' liquidity and investments.

In the MacGregor business area, risks are mainly associated with postponements of deliveries. Sales in 2013 are expected to total approximately EUR 850 million. If sales fall markedly below this due to postponed deliveries, this will impact on Cargotec's sales and profitability.

Kalmar is engaged in several major port automation projects. In order to manage the associated business risks, these require close management of both the project itself and, in particular, the supply chain. The projects include automation solutions, which involve challenges related to technical and scheduling issues. This could lead to cost and scheduling overruns.

Cargotec has established Rainbow-Cargotec Industries Co. Ltd (RCI), a joint venture with Jiangsu Rainbow Heavy Industries Co., Ltd., in China. The joint venture RCI is launching operations at a new facility in Taicang, China. Improvement in Kalmar's profitability in big cranes requires rapid and successful launch of production.

Among Cargotec's business areas, Europe accounts for the greatest share in Hiab business area. This equipment has an order lead time of three to four months, whereas other Cargotec products have a clearly longer lead time. If demand deteriorates rapidly, it may weaken Hiab's profitability.

Outlook for 2013

Cargotec's sales are expected to be slightly below 2012 and operating profit excluding restructuring costs to be at 2012 level. Positive impact of efficiency improvement measures implemented will be weighted on the second half of the year.

Financial calendar 2013

January–June 2013 interim report, Thursday, 18 July 2013 January–September 2013 interim report, Thursday, 24 October 2013

Helsinki, 25 April 2013 Cargotec Corporation Board of Directors

This interim report is unaudited.

EEST 16 (31)

Condensed consolidated statement of income

MEUR	1-3/2013	1-3/2012	1-12/2012
Sales	678.8	793.1	3,327.3
Cost of goods sold	-556.1	-635.1	-2,693.0
Gross profit	122.6	157.9	634.3
Gross profit, %	18.1	19.9	19.1
Costs and expenses	-108.7	-120.5	-502.7
Share of associated companies' and joint ventures' net income	-0.7	0.1	-0.3
Operating profit	13.1	37.5	131.4
Operating profit, %	1.9	4.7	3.9
Financing income and expenses	-2.3	-2.9	-8.9
Income before taxes	10.8	34.7	122.5
Income before taxes, %	1.6	4.4	3.7
Income taxes	-4.4	-8.5	-33.1
Net income for the period	6.4	26.2	89.5
Net income for the period, %	0.9	3.3	2.7
Net income for the period attributable to:
Equity holders of the company	6.2	26.0	89.1
Non-controlling interest	0.2	0.2	0.3
Total	6.4	26.2	89.5
Earnings per share for profit attributable to the equity holders of the company:
Basic earnings per share, EUR	0.10	0.42	1.45
Diluted earnings per share, EUR	0.10	0.42	1.45

From the beginning of 2013, Cargotec applies the amendment to IAS 19 Employee benefits. The data for the comparison periods has been restated accordingly. Additional information available in note 10.

EEST 17 (31)

Consolidated statement of comprehensive income

MEUR	1-3/2013	1-3/2012	1-12/2012
Net income for the period	6.4	26.2	89.5
Items that will not be reclassified to statement of income:
Defined benefit plan acturial gains (+) / losses (-)	-0.4	-0.1	-5.1
Taxes relating to items that will not be reclassified to statement of
income	0.1	0.0	0.8
Total	-0.4	0.0	-4.3
Items that may be reclassified subsequently to statement of income:
Gain/loss on cash flow hedges	0.9	10.1	32.0
Gain/loss on cash flow hedges transferred to statement of income	0.7	-2.3	-26.8
Translation differences	31.4	2.9	33.9
Taxes relating to items that may be reclassified subsequently to
statement of income	-7.7	-4.4	-13.1
Total	25.3	6.2	25.9
Comprehensive income for the period	31.4	32.4	111.1
Comprehensive income for the period attributable to:
Equity holders of the company	31.0	32.0	110.6
Non-controlling interest	0.4	0.4	0.5
Total	31.4	32.4	111.1

From the beginning of 2013, Cargotec applies the amendment to IAS 19 Employee benefits. The data for the comparison periods has been restated accordingly. Additional information available in note 10.

EEST 18 (31)

Condensed consolidated balance sheet

ASSETS, MEUR	31 Mar 2013	31 Mar 2012	31 Dec 2012
Non-current assets
Intangible assets	1,035.0	981.7	1,021.3
Property, plant and equipment	307.7	278.2	303.7
Loans receivable and other interest-bearing assets *	6.6	10.0	8.2
Investments in associated companies and joint ventures	97.5	10.7	97.3
Non-interest-bearing assets	179.2	145.2	176.8
Total non-current assets	1,625.9	1,425.8	1,607.3
Current assets
Inventories	766.0	853.5	747.2
Loans receivable and other interest-bearing assets *	1.3	1.6	1.6
Accounts receivable and other non-interest-bearing assets	694.6	664.8	733.0
Cash and cash equivalents *	159.8	129.9	209.0
Total current assets	1,621.7	1,649.8	1,690.8
Assets held for sale	-	10.4	-
Total assets	3,247.6	3,086.0	3,298.2

EEST 19 (31)

EQUITY AND LIABILITIES, MEUR	31 Mar 2013	31 Mar 2012	31 Dec 2012
Equity
Equity attributable to the equity holders of the company	1,202.3	1,134.4	1,214.5
Non-controlling interest	4.4	4.4	4.1
Total equity	1,206.7	1,138.8	1,218.5
Non-current liabilities
Interest-bearing liabilities *	364.1	405.2	439.7
Deferred tax liabilities	69.1	53.6	64.7
Provisions	36.9	34.1	37.3
Pension obligations and other non-interest-bearing liabilities	140.0	79.6	127.6
Total non-current liabilities	610.0	572.5	669.3
Current liabilities
Interest-bearing liabilities *	318.6	123.8	259.0
Provisions	77.6	67.1	80.2
Advances received	299.6	387.3	315.0
Accounts payable and other non-interest-bearing liabilities	735.1	796.4	756.1
Total current liabilities	1,430.9	1,374.7	1,410.3
Liabilities directly associated with assets held for sale	-	-	-
Total equity and liabilities	3,247.6	3,086.0	3,298.2

* 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 Mar 2013, EUR -8.5 (31 Mar 2012: 1.1 and 31 Dec 2012: -1.6) million.

From the beginning of 2013, Cargotec applies the amendment to IAS 19 Employee benefits. The data for the comparison periods has been restated accordingly. Additional information available in note 10.

EEST 20 (31)

Consolidated statement of changes in equity

	Attributable to the equity holders of the company
MEUR	Share capital	m account Share premiu	Translation differences	Fair value reserves	Retained earnings	Total	Non-controlling interest	Total equity
Equity on 31 Dec 2011	64.3	98.0	105.6	9.6	895.7	1,173.2	4.0	1,177.1
Change in accounting principles					-9.6	-9.6		-9.6
Equity on 1 Jan 2012	64.3	98.0	105.6	9.6	886.1	1,163.5	4.0	1,167.5
Net income for the period					26.0	26.0	0.2	26.2
Cash flow hedges *				5.9		5.9		5.9
Translation differences *			0.2			0.2	0.2	0.4
Defined benefit plan actuarial
gains (+) / losses (-) *					0.0	0.0		0.0
Total other comprehensive income for the period			0.2	5.9	25.9	32.0	0.4	32.4
Dividends paid					-61.3	-61.3		-61.3
Share-based incentives *					0.2	0.2		0.2
Transactions with owners of the company					-61.1	-61.1	0.0	-61.1
Equity on 31 Mar 2012	64.3	98.0	105.8	15.4	850.9	1,134.4	4.4	1,138.8
Equity on 31 Dec 2012	64.3	98.0	127.2	13.7	924.8	1,228.1	4.1	1,232.2
Change in accounting principles					-13.6	-13.6		-13.6
Equity on 1 Jan 2013	64.3	98.0	127.2	13.7	911.2	1,214.5	4.1	1,218.5
Net income for the period					6.2	6.2	0.2	6.4
Cash flow hedges *				1.2		1.2		1.2
Translation differences *			23.9			23.9	0.2	24.1
Defined benefit plan actuarial
gains (+) / losses (-) *					-0.4	-0.4		-0.4
Total other comprehensive income for the period			23.9	1.2	5.9	31.0	0.4	31.4
Dividends paid					-44.1	-44.1		-44.1
Share-based incentives *					0.9	0.9		0.9
Transactions with owners of the company Equity on 31 Mar 2013	64.3	98.0	151.2	14.9	-43.2 873.9	-43.2 1,202.3	0.0 4.4	-43.2 1,206.7

* Net of tax

From the beginning of 2013, Cargotec applies the amendment to IAS 19 Employee benefits. The data for the comparison periods has been restated accordingly. Additional information available in note 10.

EEST 21 (31)

Condensed consolidated statement of cash flows

MEUR	1-3/2013	1-3/2012	1-12/2012
Net income for the period	6.4	26.2	89.5
Depreciation, amortisation and impairments	15.8	16.3	70.0
Other adjustments	7.0	11.2	34.0
Change in working capital	-8.0	-56.0	-96.4
Cash flow from operations	21.2	-2.2	97.1
Cash flow from financial items and taxes *	-36.2	-23.5	-37,6
Cash flow from operating activities	-14.9	-25.8	59.5
Acquisitions, net of cash acquired	-	-0.2	-22.1
Divestments, net of cash sold	0.2	10.5	10.5
Investments to associated companies and joint ventures	-	-	-89.7
Cash flow from investing activities, other items	-15.0	-20.2	-77.9
Cash flow from investing activities	-14.8	-9.9	-179.3
Proceeds from long term borrowings	-	-	62.1
Repayments of long term borrowings	-1.6	-8.3	-49.9
Proceeds from short term borrowings	0.6	16.9	160.5
Repayments of short term borrowings	-5.7	-2.4	-9.9
Dividends paid	-	-57.8	-61.4
Cash flow from financing activities	-6.7	-51.6	101.5
Change in cash	-36.5	-87.3	-18.3
Cash, cash equivalents and bank overdrafts at the beginning of period	183.9	200.4	200.4
Effect of exchange rate changes	-0.4	0.9	1.8
Cash, cash equivalents and bank overdrafts at the end of period	147.0	114.0	183.9
Bank overdrafts at the end of period	12.8	15.9	25.0
Cash and cash equivalents at the end of period	159.8	129.9	209.0

* Investments to intangible assets and property, plant and equipment include capitalised interests in the comparison periods: EUR 0.1 million in 1-3/2012 and EUR 1.0 million in 1-12/2012.

From the beginning of 2013, Cargotec applies the amendment to IAS 19 Employee benefits. The data for the comparison periods has been restated accordingly. Additional information available in note 10.

Key figures

		1-3/2013	1-3/2012	1-12/2012
Equity/share	EUR	19.60	18.49	19.80
Interest-bearing net debt	MEUR	506.3	388.6	478.2
Total equity/total assets	%	40.9	42.2	40.8
Gearing	%	42.0	34.1	39.2
Return on equity, annualised	%	2.1	9.1	7.5
Return on capital employed, annualised	%	3.3	10.0	8.2

From the beginning of 2013, Cargotec applies the amendment to IAS 19 Employee benefits. The data for the comparison periods has been restated accordingly. Additional information available in note 10.

Notes to the Interim financial statements review

1. General information

Cargotec Corporation is a limited liability company domiciled in Helsinki, Finland. The registered address is Porkkalankatu 5, 00180 Helsinki, Finland.

Cargotec Corporation and its subsidiaries form the Cargotec Group (later referred to as Cargotec or company). Cargotec Corporation's class B shares are listed on the NASDAQ OMX Helsinki since 1 June 2005.

2. Accounting principles and new accounting standards

The interim financial statements review has been prepared according to the IAS 34 Interim Financial Reporting. The accounting policies adopted are consistent with those of the annual financial statements for 2012. All figures presented have been rounded and consequently the sum of individual figures may deviate from the presented sum figure.

Adoption of the new and revised IFRS standards as of 1 January 2013:

Starting from 1 January 2013, Cargotec has adopted the amendment to IAS 19 Employee benefits. Comparison periods have been restated to comply with the revised standard. Most significant change for Cargotec was the elimination of the 'corridor approach'. Detailed information on the changes to the comparison figures has been presented in note 10.

Revised accounting principle for pension obligations is the following:

Cargotec has various pension plans which comply with local conditions and practices. The plans are classified either as defined contribution plans or defined benefit plans. Contributions to the defined contribution plans are charged directly to the statement of income in the year to which these contributions relate.

The liability recognised in the balance sheet for defined benefit pension plans is the present value of the defined benefit obligation at the end of reporting period less fair value of plan assets. The defined benefit obligation is calculated using projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate or government bonds.

EEST 23 (31)

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in the statement of income.

Defined benefit pension costs consist of service costs, net interest costs and the effects of any curtailment or settlement.

Restatement of reporting segments' comparable figures

Cargotec has three reporting segments which are based on business areas MacGregor, Kalmar and Hiab. Bulk Handling business was transferred from MacGregor to Kalmar as of 1 January 2013. Reporting segments' financial information for comparable periods has been restated accordingly.

EEST 24 (31)

3. Segment information

Sales, MEUR	1-3/2013	1-3/2012	1-12/2012
MacGregor	165	271	995
Kalmar	323	320	1,495
Hiab	192	202	840
Internal sales	0	0	-2
Total	679	793	3,327
Operating profit, MEUR	1-3/2013	1-3/2012	1-12/2012
MacGregor	12.0	36.9	127.7
Kalmar	7.0	6.2	32.4
Hiab	2.0	7.5	16.7
Corporate administration and support functions	-7.8	-13.0	-45.4
Total	13,1	37.5	131.4
Operating profit, % MacGregor	1-3/2013 7.3	1-3/2012 13.6	1-12/2012 12.8
Kalmar	2.2	1.9	2.2
Hiab	1.0	3.7	2.0
Cargotec	1.9	4.7	3.9
Operating profit excl. restructuring costs, MEUR	1-3/2013*	1-3/2012	1-12/2012*
MacGregor	12.2	36.9	130.8
Kalmar	7.0	6.2	42.3
Hiab	3.6	7.5	27.1
Corporate administration and support functions	-7.8	-13.0	-42.7
Total	15.0	37.5	157.5
Operating profit excl. restructuring costs, %	1-3/2013*	1-3/2012	1-12/2012*
MacGregor	7.4	13.6	13.2
Kalmar	2.2	1.9	2.8
Hiab	1.9	3.7	3.2
Cargotec	2.2	4.7	4.7

* Q1/2013 excluding EUR 1.8 million restructuring costs, of which EUR 0.2 million in MacGregor, EUR 0.0 million in Kalmar, EUR 1.6 million in Hiab and EUR 0.1 million in corporate adminstration and support functions. 2012 excluding EUR 26.2 million restructuring expenses, of which EUR 3.2 in MacGregor, EUR 9.9 million in Kalmar, EUR 10.4 million in Hiab and EUR 2.8 million incorporate administration and support functions.

EEST 25 (31)

Sales by geographical area, MEUR	1-3/2013	1-3/2012	1-12/2012
EMEA	323	315	1,341
Asia-Pacific	190	296	1,178
Americas	165	183	808
Total	679	793	3,327
Sales by geographical area, %	1-3/2013	1-3/2012	1-12/2012
EMEA	47.7	39.7	40.3
Asia-Pacific	28.1	37.3	35.4
Americas	24.3	23.1	24.3
Total	100.0	100.0	100.0
Orders received, MEUR	1-3/2013	1-3/2012	1-12/2012
MacGregor	209	155	645
Kalmar	366	337	1,565
Hiab	216	246	850
Internal orders received	0	-1	-2
Total	791	737	3,058
Order book, MEUR	31 Mar 2013	31 Mar 2012	31 Dec 2012
MacGregor	886	1,176	848
Kalmar	1,106	939	983
Hiab	214	229	192
Internal order book	-2	-3	-2
Total	2,203	2,342	2,021
Number of employees at the end of period	31 Mar 2013	31 Mar 2012	31 Dec 2012
MacGregor	1,788	2,007	1,868
Kalmar	5,102	5,147	5,190
Hiab	2,967	3,073	3,025
Corporate administration and support functions	158	258	211
Total	10,015	10,486	10,294
Average number of employees	1-3/2013	1-3/2012	1-12/2012
MacGregor	1,801	2,021	1,951
Kalmar	5,125	5,133	5,195
Hiab	2,999	3,193	3,129
Corporate administration and support functions	162	265	247

Bulk Handling business was transferred from MacGregor to Kalmar as of 1 January 2013. Reporting segments' financial information for comparison periods has been restated accordingly.

EEST 26 (31)

4. Capital expenditure, depreciation and amortisation

Capital expenditure, MEUR	1-3/2013	1-3/2012	1-12/2012
Intangible assets	4.1	6.3	22.7
Property, plant and equipment	15.4	17.9	87.7
Total	19.5	24.2	110.5
Depreciation, amortisation and impairment, MEUR	1-3/2013	1-3/2012	1-12/2012
Intangible assets	4.5	4.2	19.2
Buildings	2.1	1.9	9.2
Machinery & equipment	9.1	10.2	41.6

5. Taxes in statement of income

MEUR	1-3/2013	1-3/2012	1-12/2012
Current year tax expense	3.9	13.4	35.5
Deferred tax expense	0.4	-5.1	-5.4
Tax expense for previous years	0.1	0.1	2.9
Total	4.4	8.5	33.1

6. Interest-bearing net debt and liquidity

MEUR	31 Mar 2013	31 Mar 2012	31 Dec 2012
Interest-bearing liabilities*	674.1	530.2	697.0
Loans receivable and other interest-bearing assets	-7.9	-11.7	-9.8
Cash and cash equivalents	-159.8	-129.9	-209.0
Interest-bearing net debt	506.3	388.6	478.2
Equity	1,206.7	1,138.8	1,218.5
Gearing	42.0%	34.1%	39.2%

*The fair values do not materially differ from book values. One exception is the hedging of currency risk relating to the USD 300 million Private Placement bond, which affected the interest-bearing liabilities on 31 March 2013 by EUR -8.5 (31 Mar 2012: 1.1 and 31 Dec 2012: -1.6) million.

MEUR	31 Mar 2013	31 Mar 2012	31 Dec 2012
Cash and cash equivalents	159.8	129.9	209.0
Committed long-term undrawn revolving credit facilities	300.0	300.0	300.0
Repayments of interest-bearing liabilities in following 12
months	-301.1	-108.0	-258.6
Total liquidity	158.7	321.9	250,4

EEST 27 (31)

7. Derivatives

Fair values of derivative financial instruments

	Positive fair value	Negative fair value	Net fair value	Net fair value	Net fair value
MEUR	31 Mar 2013	31 Mar 2013	31 Mar 2013	31 Mar 2012	31 Dec 2012
Currency forward contracts	49.2	30.4	18.8	19.4	26.3
Cross-currency and interest rate swaps	46.4	29.6	16.8	10.9	8.8
Total	95.6	60.0	35.6	30.3	35.1
Non-current portion:
Currency forward contracts	0.9	0.2	0.7	-0.5	0.6
Cross-currency and interest rate swaps	40.6	27.1	13.5	10.9	8.8
Non-current portion	41.5	27.3	14.2	10.3	9.4
Current portion	54.1	32.7	21.4	19.9	25.7

Cross-currency and interest rate swaps hedge the US Private Placement corporate bond funded in February 2007.

Financial assets and liabilities recognised at fair value through profit and loss comprise solely currency derivatives as well as cross-currency and interest rate swaps, which are classified to level 2, observable input information, in the fair value hierarchy.

Nominal values of derivative financial instruments

MEUR	31 Mar 2013	31 Mar 2012	31 Dec 2012
Currency forward contracts	3,411.6	3,846.0	3,575.9
Hedge accounting	1,869.5	1,963.8	1,926.8
Cross-currency and interest rate swaps	234.3	224.6	227.4
Total	3,645.9	4,070.6	3,803.3

The fair values of derivatives have been recognised as gross values to the balance sheet, as the netting agreements are related to credit events, and do not normally allow netting at the balance sheet date. The group has not given or received securities from the counterparties related to derivatives.

8. Commitments

MEUR	31 Mar 2013	31 Mar 2012	31 Dec 2012
Guarantees	0.9	1.0	0.9
End customer financing	9.6	9.4	10.0
Operating leases	73.9	71.4	81.2
Off balance sheet investment commitments	8.8	-	9.0
Other contingent liabilities	3.1	3.2	3.0
Total	96.2	85.0	104.2

Cargotec Corporation has guaranteed obligations of Cargotec companies, arising from ordinary course of business, up to a maximum of EUR 419.6 (31 Mar 2012: 462.9 and 31 Dec 2012: 411.3) million.

Cargotec leases property, plant and equipment under non-cancellable operating leases. The leases have varying terms and renewal rights. It is not anticipated that any material liabilities will arise from customer finance commitments.

The future minimum lease payments under non-cancellable operating leases

MEUR	31 Mar 2013	31 Mar 2012	31 Dec 2012
Less than 1 year	18.8	21.5	20.7
1-5 years	36.9	33.2	39.6
Over 5 years	18.2	16.7	21.0
Total	73.9	71.4	81.2

The aggregate operating lease expenses totaled EUR 6.7 (1-3/2012: 9.1 and 1-12/2012: 27.6) million.

In 2011, Cargotec Finland Oy received an action brought against the co-operation procedure at the Salo factory in 2008. The case is still on progress. Cargotec finds the action unfounded and inappropriate, denies non-compliance and has made no provision in relation to it.

Some lawsuits, claims and disputes based on various grounds are pending against Cargotec around the world. Management believes that the outcome of these disputes will not have a material effect on Cargotec's financial position.

EEST 29 (31)

9. Acquisitions and disposals

There were no acquisitions in the first quarter of 2013.

During the period, Cargotec sold 100 percent of O'Leary's Material Handling Services Pty Ltd, in Australia. The transaction had no material effect on Cargotec's result.

10. Effect of the change in the accounting principles for pensions

MEUR	Reported	Change	Restated
1 January 2012
Pension obligations	45.6	13.2	58.7
Equity	1,177.1	-9.6	1,167.5
Deferred tax assets	121.6	3.9	125.5
Deferred tax liabilities	51.4	0.3	51.7
Net income for 2012	89.2	0.3	89.5
Comprehensive income for 2012	115.1	-4.0	111.1
31 December 2012
Pension obligations	50.4	17.9	68.3
Equity	1,232.2	-13.6	1,218.6
Deferred tax assets	125.7	4.4	130.1
Deferred tax liabilities	64.6	0.1	64.7
Equity / share, EUR	20.02	-0.2	19.80
Total equity / total assets, %	41.4	-0.6	40.8
Gearing, %	38.8	0.4	39.2
Return on equity in 2012, %	7.4	0.1	7.5
Return on capital employed in 2012, %	8.1	0.1	8.2

The change had no effect to earnings / share.

Key exchange rates for the Euro

Closing rate	31 Mar 2013	31 Mar 2012	31 Dec 2012
SEK	8.355	8.846	8.582
USD	1.281	1.336	1.319
Average rate	1-3/2013	1-3/2012	1-12/2012
SEK	8.504	8.866	8.701
USD	1.317	1.323	1.293

Calculation of key figures

Equity / share, EUR	=		Total equity attributable to the equity holders of the company ____________
Interest-bearing net debt, MEUR	=		Number of outstanding shares at the end of period Interest-bearing debt* - interest-bearing assets
Total equity / total assets (%)	=	100 x	Total equity ____________ Total assets - advances received
Gearing (%)	=	100 x	Interest-bearing debt* - interest-bearing assets ____________ Total equity
Return on equity (%)	=	100 x	Net income for the period ____________ Total equity (average for the period)
Return on capital employed (%)	=	100 x	Income before taxes + interest and other financing expenses ____________ Total assets - non-interest-bearing debt (average for the period)
Basic earnings / share, EUR	=		Net income for the period attributable to the equity holders of the company ____________ Average number of outstanding shares during the period
Diluted earnings / share, EUR	=		Net income for the period attributable to the equity holders of the company ____________ Average number of outstanding diluted shares during the period

* Including cross-currency hedging of the USD 300 million Private Placement corporate bonds.

EEST 31 (31)

Quarterly figures

Cargotec		Q1/2013	Q4/2012	Q3/2012	Q2/2012	Q1/2012
Orders received	MEUR	791	710	719	892	737
Order book	MEUR	2,203	2,021	2,312	2,413	2,342
Sales	MEUR	679	890	794	850	793
Operating profit	MEUR	13.1	14.2	38.5	41.1	37.5
Operating profit	%	1.9	1.6	4.9	4.8	4.7
Operating profit*	MEUR	15.0	39.9	39.0	41.1	37.5
Operating profit*	%	2.2	4.5	4.9	4.8	4.7
Basic earnings/share	EUR	0.10	0.15	0.41	0.48	0.42
MacGregor		Q1/2013	Q4/2012	Q3/2012	Q2/2012	Q1/2012
Orders received	MEUR	209	194	125	170	155
Order book	MEUR	886	848	984	1,096	1,176
Sales	MEUR	165	238	229	257	271
Operating profit*	MEUR	12.2	39.0	21.9	33.0	36.9
Operating profit*	%	7.4	16.4	9.6	12.9	13.6
Kalmar		Q1/2013	Q4/2012	Q3/2012	Q2/2012	Q1/2012
Orders received	MEUR	366	313	402	514	337
Order book	MEUR	1,106	983	1,102	1,089	939
Sales	MEUR	323	417	374	383	320
Operating profit*	MEUR	7.0	3.9	16.7	15.5	6.2
Operating profit*	%	2.2	0.9	4.5	4.0	1.9
Hiab		Q1/2013	Q4/2012	Q3/2012	Q2/2012	Q1/2012
Orders received	MEUR	216	203	192	208	246
Order book	MEUR	214	192	229	230	229
Sales	MEUR	192	235	191	211	202
Operating profit*	MEUR	3.6	8.5	5.8	5.3	7.5
Operating profit*	%	1.9	3.6	3.0	2.5	3.7

* Operating profit excluding restructuring costs