DEUTSCHE BANK 11th PAN EUROPEAN SMALL & MID CAP CONFERENCE

Transcription

1 DEUTSCHE BANK 11th PAN EUROPEAN SMALL & MID CAP CONFERENCE March 30, 2011 Teo Ottola, CFO Miikka Kinnunen, Director, IR 2011 Konecranes Plc. All rights reserved. 1

2 HIGHLIGHTS OF Q4/10 Positives Key macroeconomic indicators continuously positive Pick-up in Port Cranes boosted Equipment order intake Continued EBIT margin expansion Negatives New equipment orders still relatively low in developed markets Board of Directors proposes a dividend of EUR 1.00 per share 2011 Konecranes Plc. All rights reserved. 2

3 CAPACITY UTILIZATION: EU27 AND USA SOURCES: Eurostat (latest data point Q1/11), Federal Reserve Bank of St. Louis (January 2011) 2011 Konecranes Plc. All rights reserved. 3

4 CONTAINER TRAFFIC Annual container handling volume Monthly container handling volume SOURCES: Drewry Container Annual 2009/2010, Drewry Freight Shipper Insight (latest data point December 2010) 2011 Konecranes Plc. All rights reserved. 4

5 MARKET OUTLOOK AND FINANCIAL GUIDANCE AS OF FEBRUARY 3, 2011 The demand for maintenance services is expected to be above last year s level due to higher capacity utilization within customer industries The demand for new equipment is expected to continue to grow in Asia-Pacific and in emerging markets in general. Also, customers in Western Europe and North America are gradually gaining confidence to increase their new equipment investments We forecast year 2011 sales and operating profit to be higher than in Konecranes Plc. All rights reserved. 5

6 ABU DHABI PORTS COMPANY (ADPC) RELIES ON KONECRANES Order of 30 automated stacking cranes (ASC) and a container terminal operating system (TOS) Order value over EUR 80 million Delivery in 2012 Konecranes has a proven solution for ASCs Earlier delivery of 30 ASCs to Norfolk, Virginia, USA, in operation 36 ASCs on order for Barcelona, Spain, for delivery in Konecranes Plc. All rights reserved. 6

7 ACQUISITIONS IN 2010 Six MTS companies: two in Denmark, in the UK and in the US Two crane service companies in France and Morocco Purchase of 22% of shares in Kito Capex on acquisitions and investments in associated companies EUR 46.5 million in 2010 Acquisitive impact approximately 3% on orders and 2% on sales in Konecranes Plc. All rights reserved. 7

8 ACQUISITION OF TECHNIPLUS IN MOROCCO Port crane service and modernization company in Morocco Konecranes first acquisition in North Africa Before the acquisition Techniplus was the distributor of Konecranes lifttrucks and port equipment in Morocco Techniplus has 120 employees and net sales of EUR 7 million (2009) 2011 Konecranes Plc. All rights reserved. 8

9 ACQUISITION OF GRUAS KOMAN IN CHILE IN JANUARY 2011 The acquisition also includes the Peruvian start-up subsidiary Specialized in providing overhead lifting solutions and maintenance services in Chile, Peru, and Bolivia Installed base of almost 500 cranes, a majority of these built on Konecranes technology Gruas Koman has 60 employees and net sales of EUR 7 million (2009) 2011 Konecranes Plc. All rights reserved. 9

10 MARKET SHARE AND SIZE IN 2010 Machine Tool Service market estimated to be 2x Crane Service market Total market ~10 BEUR Open market >3 BEUR Note that market share and size are based on Konecranes estimates as no comprehensive statistics are available. Market size ~8 BEUR Market size ~11 BEUR 2011 Konecranes Plc. All rights reserved. 10

11 GROUP ORDERS AND NET SALES Q4 Orders: (361.1) MEUR, +32.3% Net sales: (428.9) MEUR, +9.5% 2011 Konecranes Plc. All rights reserved. 11

12 GROUP ORDER BOOK (607.0) MEUR, +24.6% 2011 Konecranes Plc. All rights reserved. 12

13 GROUP EBIT & MARGIN Q4 EBIT: 45.8 (27.3) MEUR Margin: 9.8% (6.4%), excluding restructuring costs 2011 Konecranes Plc. All rights reserved. 13

14 GROUP ORDERS RECEIVED ( ) MEUR, +13.9% 2011 Konecranes Plc. All rights reserved. 14

15 GROUP NET SALES ( ) MEUR, -7.5% 2011 Konecranes Plc. All rights reserved. 15

16 GROUP EBIT & MARGIN EBIT: (118.8) MEUR MARGIN: 7.4% (7.1%), excluding restructuring costs 2011 Konecranes Plc. All rights reserved. 16

17 SALES SPLIT BY BUSINESS AREA AND REGION (R12M) 17% (16) FY ,546 MEUR 57% (1,671) 43% (63) (37) FY ,546 MEUR 30% 53% (1,671) (29) (55) Numbers are adjusted for sum to match 100% Konecranes Plc. All rights reserved. 17

18 RETURN ON CAPITAL EMPLOYED ROCE % * *The 2007 ROCE including capital gain was 50.4% 2011 Konecranes Plc. All rights reserved. 18

19 SERVICE 2011 Konecranes Plc. All rights reserved. 19

20 SERVICE: ORDERS AND NET SALES Q4 Orders: (121.8) MEUR, +26.7% Net sales: (170.5) MEUR, +24.0% New orders grew in all regions and business units 2011 Konecranes Plc. All rights reserved. 20

21 SERVICE: EBIT AND MARGIN Q4 EBIT: 22.1 (15.8) MEUR MARGIN: 10.5% (9.3%), excluding restructuring costs Profitability up on higher volume 2011 Konecranes Plc. All rights reserved. 21

22 SERVICE CONTRACT BASE 376 (363) thousand units, +3.4% annual value (122.3) MEUR, +20.1% 2011 Konecranes Plc. All rights reserved. 22

23 SERVICE ORDER BOOK (75.9) MEUR, +36.0% 2011 Konecranes Plc. All rights reserved. 23

24 EQUIPMENT 2011 Konecranes Plc. All rights reserved. 24

25 EQUIPMENT: ORDERS AND NET SALES Q4 Orders: (262.2) MEUR, +33.2% Net sales: (284.0) MEUR, +1.6% Order intake rose in all regions New orders up in all business units, except Lifttrucks, which saw strong orders already in Q4/09 Significant Port Crane orders both in Q4/09 and Q4/ Konecranes Plc. All rights reserved. 25

26 EQUIPMENT: EBIT AND MARGIN Q4 EBIT: 27.4 (15.4) MEUR MARGIN: 9.5% (5.4%), excluding restructuring costs EBIT margin improved due to cost savings and sales mix 2011 Konecranes Plc. All rights reserved. 26

27 EQUIPMENT ORDER BOOK (547.8) MEUR, +19.2% 2011 Konecranes Plc. All rights reserved. 27

28 BALANCE SHEET AND CASH FLOW 2011 Konecranes Plc. All rights reserved. 28

29 NET WORKING CAPITAL Q (138.8) MEUR 12.4% (8.3%) of sales *Q1/10 excluding dividend liability of EUR 53 million 2011 Konecranes Plc. All rights reserved. 29

30 CASH FLOW BEFORE FINANCING ACTIVITIES 37.6 MEUR capex on acquisitions and investments in associated companies in Konecranes Plc. All rights reserved. 30

31 GEARING Q4 Equity: (407.1) MEUR Net debt: (-77.7) MEUR Gearing: -3.8% (-19.1%) 2011 Konecranes Plc. All rights reserved. 31

32 APPENDIXES 2011 Konecranes Plc. All rights reserved. 32

33 STATEMENT OF INCOME MEUR Q Q % Change Sales Other operating income Depreciation and impairments Other operating expenses Operating profit Share of associates and joint ventures result Financial income and expenses Profit before taxes Taxes Net profit for the period Konecranes Plc. All rights reserved. 33

34 BALANCE SHEET MEUR December 31, 2010 December 31, 2009 MEUR December 31, 2010 December 31, 2009 Non-current assets Equity Inventories Non-current liabilities Other current assets Provisions Cash and cash equivalents Current liabilities Total assets Total equity and liabilities Konecranes Plc. All rights reserved. 34

35 CASH FLOW STATEMENT MEUR Q Q Operating income before change in net working capital Change in net working capital Financing items and taxes Net cash from operating activities Cash flow from investing activities Cash flow before financing activities Proceeds from options exercised and share issues Change of interest-bearing debt Net cash used in financing activities Translation differences in cash Change of cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Change of cash and cash equivalents Konecranes Plc. All rights reserved. 35

36 KEY FIGURES MEUR Q Q % Change Sales Operating profit (EBIT), including restructuring costs Profit before taxes Net profit for the period Net cash from operating activities Interest bearing net debt Gearing (%) Solidity (%) Return on capital employed (%), (R12M) Return on equity (%), (R12M) Equity per share (EUR) Investments total (excl. acquisitions) Personnel at end of period Personnel on average during the period Konecranes Plc. All rights reserved. 36

37 THE LARGEST SHAREHOLDERS Largest shareholders on December 31, 2010 Number of shares % of all shares Market cap EUR 1,821 million excluding treasury shares 1 Htt 2 Holding Oy Ab 6,215, lmarinen Mutual Pension Insurance Company 2,074, Gustavson Stig, Chairman of the Board of Konecranes 2,038, Varma Mutual Pension Insurance Company 2,005, Nordstjernan Ab 1,380,024 2,2 6 Nordea Investment Management, total 893, % 38.5% 7 Sigrid Juselius Foundation 638, SEB Gyllenberg Funds, total 604, Handelsbanken Funds, total 548, Folkhälsan non-governmental organization svenska Finland rf 2011 Konecranes Plc. All rights reserved. 535, Konecranes treasury shares * 3,042, Nominee registered shares 27,783, Other shareholders 14,242, Total number of shares 62,002, *) Konecranes Plc is in possession of 2,524,760 own shares directly and 517,696 own shares indirectly through KCR Management Oy % 13.2% *) According to the flagging notification on January 5, 2011, BlackRock Inc. holds 6,441,109 (10.39%) Trading information Konecranes Plc shares. Listing: NASDAX OMX Helsinki Date of listing: March 27, 1996 Segment: Large Cap Sector: Industrials Trading code: KCR1V 1-12/10 average daily trading volume 349,257 shares, EUR 8.3 million

38 INVESTOR PRESENTATION

39 CONTENTS Konecranes in a nutshell Long-term objectives The big picture for Konecranes Strategy going forward Business Area Service Business Area Equipment 39

40 KONECRANES IN A NUTSHELL 2011 Konecranes Plc. All rights reserved. 3/16/ Presentation Name / Author

41 MISSION AND VISION Mission We are not just lifting things, but entire businesses We deliver the highest lifecycle value by focusing on: Maximizing the productivity of uptime Minimizing the cost of downtime Vision We want to be the undisputed leader of the lifting industry, and a benchmark for business performance and customer service 41

42 OUR PRODUCTS AND SERVICES MANIPULATORS LIGHT LIFTING SYSTEMS STANDARD DUTY CRANES HEAVY DUTY CRANES YARD CRANES STRADDLE CARRIERS SHIP-TO-SHORE CRANES GOLIATH SHIPYARD CRANES NUCLEAR CRANES FORKLIFT TRUCKS AND REACH STACKERS SERVICE AND MODERNIZATIONS MACHINE TOOL SERVICE 42

43 OUR CUSTOMERS 2010 sales MEUR 1,546 43

44 TWO SYNERGETIC BUSINESS AREAS: SERVICE AND EQUIPMENT 3/16/ IR presentation / Miikka Kinnunen

45 COMPETITIVE LANDSCAPE 45

46 LONG-TERM OBJECTIVES 46

47 LONG-TERM OBJECTIVES Profitability 10 % operating margin over the cycle Growth Vision to reach a global market share of 30 % Capital structure No quantitative target for the capital structure, but the optimal long-term gearing (net debt/equity) is considered to be in the range of % 47

48 THE BIG PICTURE FOR KONECRANES 48

49 KEY BUSINESS DRIVERS Developed markets Outsourcing of service Automation Eco-efficiency Safety Developing markets Significant share of industrial investments Service market only recently started Basic technology Multiple local players 49

50 COMBINATION OF ORGANIC AND ACQUISITIVE GROWTH 1. Our main strategy is to grow organically 2. In M&A, our first priority are bolt-on acquisitions 3. We also keep an open mind towards larger M&A 50

51 MAJOR ACQUISITIONS AND JOINT VENTURES WMI Cranes, India Kito (22%), Japan Machine Tool Solutions Unlimited, USA Dynamic Crane Systems, South Africa Knight Europe, Germany ACS Technologies, Austria Sanma, China Electron Services, UK Ausio Sistemas, Spain Kongsberg Automation, Norway Consens Transportsysteme, Germany Savcor One, Finland Morris Materials Handling, USA Zaporozhcrane, Ukraine R.Stahl Fördertechnik, Germany SMV Liftrucks, Sweden Morris Material Handling, UK Meiden Hoist System Company (Joint Venture), Japan Noell Service und Maschinentechnik, Germany Trost & Hilterhaus, Germany MAN SWF Krantechnik, Germany Kranco, USA Lloyds British Testing, UK, Australia Landel, USA Verlinde, France R&M Materials Handling, USA Wisbech-Refsum, Norway

52 BALANCED GROWTH BETWEEN THE BUSINESS AREAS Service Equipment 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 %

53 APAC S SHARE OF REVENUES HAS INCREASED FROM 7% TO 16% IN 10 YEARS EMEA AME APAC 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 %

54 STRATEGY GOING FORWARD 54

55 KEY STRATEGIES Differentiation through service and technology innovation Lifting people Global footprint Alpha/beta channels Global, demand-driven supply chain Real-time information 55

56 DIFFERENTIATION THROUGH SERVICE AND TECHNOLOGY INNOVATION MAXIMIZING THE PRODUCTIVITY OF UPTIME MINIMIZING THE COST OF DOWNTIME SERVICE Preventive approach Five service levels Services for lifting equipment of every make 3,300 well-trained technicians in 545 locations servicing contract base of 377,000 items of equipment TECHNOLOGY Increased R&D investment through the recession Focus on digital controls, software, automation and service enabling technologies High attention to safety, quality and environment Smart Solutions to improve customers productivity 56

57 LIFTING PEOPLE Important issues of: Finding new talent Retaining old talent Ageing population COMPANY CULTURE LEADERSHIP PERFORMANCE MANAGEMENT COMPETENCE DEVELOPMENT 57

58 GLOBAL FOOTPRINT Footprint expansion Footprint expansion Footprint expansion Footprint expansion Main production sites Sales and service locations 58

59 LEADING POSITION BOTH IN CHINA AND INDIA Access mid market segment in China Further strengthening of manufacturing and sourcing in China Cross-distribution of certain products Enhances presence in Far East and North America Development of offering in India Adds in India to supply and sourcing network *Closing subject to regulatory approvals 59

60 CHANNEL STRATEGY Our market is fragmented and there is a large number of small crane builders out there who 1) do not have their own component technology 2) who buy hoists or crane kits from the market >We have a dual channel strategy to maximize market coverage Crane builder, Dealer Alpha (distribution brands) End users Beta (Konecranes brand) Konecranes Group 60

61 GLOBAL, DEMAND-DRIVEN SUPPLY CHAIN Main production sites 61

62 REAL-TIME INFORMATION 62

63 SERVICE 63

64 CUSTOMERS BUSINESS DRIVERS AND OUR RESPONSE Globalization 545 locations in 43 countries and growing Productivity Smart maintenance and Konecranes lifting equipment Tighter time frames No breakdowns with smart maintenance Higher flexibility Resources according to the need Lack of competent resources Global Training Network 64

65 SERVICE MARKET Western countries - closed markets mostly in steel and ports Strong unions Municipal owners In-house service 67 % Open market 33 % Competing external suppliers < 80 % Konecranes > 20 % Developing countries dominance of in-house maintenance Lack of service providers Poor service culture Social responsibilities Total market ~10 BEUR Open market >3 BEUR Strategy in developing countries Build local presence around own deliveries and FDI Remote services Acquisitions Machine Tool Service market estimated to be 2x Crane Service Market 65

66 SERVICE PRODUCTS OVERVIEW Preventive maintenance services Corrective maintenance services Modernization services Consultation services Spare parts, accessories and lifting equipment Inspection services Maintenance services Planned repairs On call repairs Field modernizations Predictive consulting services Equipment assesment services Spare parts Accessories Measurement services Repair shop services (inhouse repairs) Engineered modernizations Training services Remote services Lifting equipment 66

67 FIVE LEVELS OF SERVICE FULL SCOPE OUTSOURCING 5 COMPLETE Fully outsourced material handling 4 COMMITMENT Full scope maintenance outsourcing Tied to customers KPI s 3 CARE 3 CARE Preventive maintenance contract 2 CONDITION Contract on periodic and scheduled inspections Maintenance action recommendations 1 CONTACT CONTACT One-off repairs, spare parts, inspections, modernizations, emergency on-call ONE-OFF TRANSACTIONS 67

68 ACTIONS TO DRIVE GROWTH Contract base growth continues 50 years experience of selling inspection and preventive maintenance contracts 10 years experience of selling higher commitment contracts Equipment sales opportunities (both won and lost cases) Service innovation Crane Relability Survey (CRS) New measurement and analysis tools such as RailQ, RopeQ Remote Services More to come Acquisitions Acquisitions of small service companies will continue Larger acquisitions normally add service business too Parts Activating sales to non-contract customers 68

69 NEW SERVICES CRANE RELIABILITY SURVEY (CRS) Designed to enhance safety, improve performance, and extend life span of equipment Customized review process and in-depth analysis Helps customers to create maintenance plans, control ownership costs and maximize ROI over equipment s life-cycle REMOTE SERVICES Launched to support Konecranes advanced maintenance concept Utilizes real-time equipment usage data Maintenance needs and expert support can be optimized and predicted RailQ New runway measurement and analysis method Customer gets a 3D model and report to bring runway back to accepted tolerances 69

70 MACHINE TOOL SERVICE Synergy from shared customers in Crane Service Why Konecranes a professional worldwide business partner with service as core competence Located in countries with established Crane Service operations Nordic countries, the UK, the US Level 3 (preventive maintenance) or level 4 (outsourcing) contracts within general manufacturing 70

71 ACTIONS TO IMPROVE EBIT Smart growth Fixed cost control growth less than sales growth Investments will improve profitability once completed New service products differentiation and better profitability New maintenance management software rollout underway Service management training Supply and distribution of parts & materials Distribution Centers (DCs) linked with service branches Consolidating service purchase volumes via DCs 71

72 DIFFERENTIATION THROUGH SERVICE A UNIQUE BUSINESS IN THE INDUSTRY WITH ITS OWN RIGHT TO GROW WIN-WIN SITUATION FOR CUSTOMER AND KONECRANES Improved productivity and uptime 3,300 service Technicians servicing cranes and machine tools of all makes Own, dedicated management 75% of equipment in maintenance contract base non- Konecranes equipment Preventive maintenance performed by well-trained professionals Level-based service concept up to fully outsourced material handling 2/3 OF THE INSTALLED EQUIPMENT SERVICED IN-HOUSE Productivity of the service technicians low Reactive maintenance > Too high downtime > Challenges to maintain skills to service modern equipment 72

73 EQUIPMENT 73

74 OUR MARKETS Market size ~8 BEUR INDUSTRIAL CRANES & COMPONENTS Position # 1 Opportunity Other suppliers 87 % Konecranes 13 % # 3 5 PORT CRANES Equipment only LIFT TRUCKS # 3 4 NUCLEAR CRANES Market just re-starting 74

75 PRODUCT POSITIONING The lowest total cost of ownership High quality High reliability Safe to operate and maintain Performance Ergonomics Eco-efficient Excellent service back-up 75

76 INDUSTRIAL CRANES Compact technical solutions Additional semi or full automatic features Workstation Lifting Systems Products & solutions for light loads Manipulators & light lifting equipment (from 60 kg to 2,500 kg) Standard Duty Cranes Typically general manufacturing applications (1 t 80 t) Good market coverage, streamlined sales and order execution process Heavy Duty Cranes Heavy loads (100 t 1,000 t) & purpose build 24/7 process solutions Mass customization and project management 76

77 COMPONENTS Serial produced crane components for industrial cranes Electric chain and wire rope hoists End trucks, controls, electrics Customers are local independent crane makers and distributors Complements and adds our geographical market coverage Brings additional scale benefits into our supply chain 77

78 PORT CRANES Advanced high performance solutions Component, electronics and software synergies with Industrial Cranes (R&D, supply chain) Steel structures by global subcontracting Full offering for container handling Ship-to-Shore cranes (STS) Rail Mounted Gantry cranes (RMG) Rubber Tyred Gantry cranes (RTG) Automatic Stacking Cranes (ASC) Straddle Carriers (SC) High capacity bulk material unloaders (coal, iron ore) Large, high lifting capacity (..1,200 t) cranes for shipyards 78

79 LIFTTRUCKS Full offering from 10 tons upwards Fork lift trucks (up to 60 tons) Empty container handlers Reach stackers Not in below 10 tons mass market Premium class Performance Reliability Driver comfort, ergonomics Safety Lowest total cost of ownership Same customers as in Ports Cranes and Industrial Cranes Own direct sales, distributors and agents across the globe Active cross-selling for cranes (and vice versa) Components by subcontractors, assembly & testing by own operations 79

80 NUCLEAR CRANES All nuclear material handling equipment needed in nuclear power plants We are the only the kind of vendor Over 50% of the existing plants have our equipment Safe, reliable, compact and high quality solutions Same solutions in new equipment and in modernizations Covering the whole world, currently the strongest position in USA Special equipment Standard components 80

81 Lifting capacity (tons) GROWTH AGENDA Organic introduce new products 1000 New >32 tons model family Several safety enhansing features PAST 18 MONTHS World s most compact polar crane Cask transporter for spent fuel Shipyard cranes Volume (Pcs) Chain hoist family for developing markets Lift trucks Port Cranes Charging crane Polar crane Light Crane Systems Standard Duty Cranes Heavy Duty Cranes 1000 Wire rope hoist Delivery time: Price: Hours 0,1k Electric chain hoist Manipulators Manual winch Renewed wire rope hoist Q- platform, adding smart features Smarton: New, modularized core product family, with smart user friendly safety Years& productivity features Nx10m

82 GROWTH AGENDA Footprint expansion China, India End users: FDI Prime SOE Prime SOE Prime Chinese (Prime Chinese) Developing Chinese Local Chinese End users: FDI International Indian Prime & developing Indian Local Indian ~ + 10 % p.a. WRH ~200, ,000 pcs ~ + 30% p.a. WRH 15,000 pcs 82

83 PROFITABILITY AGENDA Improvement strategy Quality, safety, technology: price premium Modular products Serial effect for components Purchasing Global sourcing Consolidate vendors Smart partnerships Focus on saving in complete costs of operations Cost efficient manufacturing, with constant focus on improving productivity 83

84 MANUFACTURING STRATEGY Assembly Lift trucks Own operations Steel structures, crane assembly Industrial cranes Port cranes High volumes: own operations Low volumes: subcontracted Components Hoists & trolleys Electrics High volumes: own operations Own operations Single units: subcontracted Parts End trucks Rope drums Wheels Gears Load carrying key parts: own operations Target for scale benefit 84

85 MANUFACTURING STRATEGY Supply chain = global & demand driven Protect & manage your know-how Target scale benefit: Via lower level component families Via benefiting from similar type of production Develop supply chain, which is able to balance exchange rate fluctuations Own plant must always be overloaded Have flexibility buffer in own plants: Rented labor in EU Outsource also part of own production $ 85

86 PROFITABILITY AGENDA Current improvement actions Consolidate part of outsourced production in China into Sanma, i.e. Sanma = Own Chinese brand with own products Part of our global supply chain WMI (India): India to enter into our supply chain Ukraine (Zaporozch): Development to continue Our LCC hubs 86

87 FINANCIAL DATA 2010 Konecranes Plc. All rights reserved. 87

88 COST BREAKDOWN 2010 Konecranes Plc. All rights reserved. 3/16/ IR presentation / Miikka Kinnunen

89 EPS AND DPS * ** * 2007 EPS excl. capital gain EUR1.95 ** Board s proposal to the AGM 2011 Konecranes Plc. All rights reserved. 89

90 CONTACT INFORMATION Pekka Lundmark, President and CEO Tel (0) Teo Ottola, Chief Financial Officer Tel.+358 (0) Miikka Kinnunen, Director, Investor Relations Tel (0) Anna-Mari Kautto, Assistant, Investor Relations Tel (0) Konecranes Plc. All rights reserved. 90

91 NOT JUST LIFTING THINGS, BUT ENTIRE BUSINESSES 91