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Demag results slide

August 27 - Demag Cranes AG has seen its results suffer a "dramatic decline" in the third quarter of its 2009 financial year.

The Demag Cranes group reported orders down 49.8 percent from EUR346.5m in the third quarter of the 2008 fiscal year to EUR174m, with its order book sitting at EUR384.4m, down 27.8 percent from the EUR532.2m recorded during the same period last year. Revenue was down 28.4 percent from EUR308.2m to EUR220.6m, and net income after tax fell from EUR26m to a loss of EUR31.3m.

In Demag Cranes' industrial cranes segment, order intake was down 58.7 percent from EUR183.4m to EUR75.8m, the order book was down 29.7 percent from EUR352.1m to EUR247.5m and revenue was down 17.7 percent from EUR145.2m to EUR119.5m.

Results for its port technology segment, which includes Gottwald, saw order intake down 55.9 percent from EUR75.5m to EUR33.3m, the order book value down 31 percent from EUR121.5m to EUR83.9m and revenue down 56.9 percent from EUR81.7m to EUR35.2m.

Services fared little better, with order intake down 26 percent from EUR87.6m to EUR64.9m, the order book down 9.4 percent from EUR58.5m to EUR53m and revenue down 19 percent from EUR81.3m to EUR65.8m.

Demag Cranes said it is now working to ensure the long-term financial stability of the company.

The previously announced restructuring plan that will see 750 jobs cut worldwide will result in savings of up to EUR60m, it said. The restructuring plan will see fixed and variable costs reduced in the industrial cranes and port technology segments and the management of shared services such as IT, human resources and purchasing united. Demag Cranes is also working to reduce net debt through focusing on cash and working capital management.

"We have seen a dramatic decline in business in the past few months," said CEO Aloysius Rauen. "With our comprehensive restructuring programme, we have taken the necessary countermeasures to make the group fit for the future on a lasting basis."

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