12.12.2007

Demag breaks the € billion

Demag Cranes Group the industrial overhead crane, harbour crane and port automation company has exceeded its revised revenues and earnings forecast, with revenues up 9.6 percent to €1.08 billion.

The industrial crane division saw revenues rise by over eight percent to €485 million, the Port Technology sector increased revenues by just over 10.8 percent to €299 million thanks to strong sales of harbour mobile cranes. Finally the services division increased sales by 10.4 percent to €296 million.

Earnings before Interest and Tax increased by 11.9 percent to over €94 million.

Industrial cranes contributed €23.6 million up by over 118 percent on 2006, Port Technology saw Earnings plunge by over 60 percent to €9.6 million and earnings form the Service business grew 25 percent to €61.4 million.

Group net income after tax increased by 48 percent to almost €33 million.

Order intake and the year end order books were up in all three sectors, Industrial cranes booked €575 million, an increase of 20 percent – boosting the order book by 55 percent to over €251 million.
Port Technology saw order intake rise 7.6 percent to €323 million with its order book growing 24 percent to €129 million. Finally €306 million of orders were booked in the services sector with an end of year order backlog of €47 million, 26 percent higher than last year.

Outlook
Demag is forecasting sales of €1.13 to €1.16 billion for 2007/2008
With an EBIT of €110.0 million

Harald J. Joos, chief executive of Demag said: “Despite the unexpected challenges in the Port Technology segment, the 2006/2007 financial year closed successfully for the group as a whole with further growth in revenue and earnings.”