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WHY INVEST IN KONE?
KONE is one of the leading companies in the elevator and escalator industry, with globally diversified operations
Why invest in KONE?
Several global megatrends support the growth of the elevator and escalator business: urbanization, demographic change, technological disruption, increasing focus on safety and the increasing importance of environmental considerations.
GLOBAL EXPOSURE
The global scale of the business provides stability: KONE is present in the Europe, Middle East and Africa area (41% of sales in 2017), Asia-Pacific (39%) and North America (20%).
A LIFE-CYCLE BUSINESS WITH HIGH AMOUNT OF SERVICE REVENUE
- KONE’s business model is to provide solutions for the full lifecycle of equipment, starting from the sale of new equipment, through maintenance and modernization.
- Strong megatrends supporting new equipment market growth, which feeds into growth of equipment in maintenance.
- Recurring business model in maintenance with a strong cash flow profile.
- The installed base of elevators and escalators is aging, providing a growing need of equipment modernization.
CONSTANT DEVELOPMENT OF COMPETITIVENESS
With constant development of competitiveness, KONE has grown faster than the market.
CAPITAL-LIGHT AND CASH-GENERATIVE BUSINESS MODEL
- Low amount of fixed assets required
- Negative working capital
- High return on invested capital
Key figures and ratios
For interactive analysis options, see Key figures.
| 2019 | 2018
| 2017*
| 2016
| 2015 | 2014 | 2013 | ||
| Orders received
| MEUR | 8,400 | 7,797
| 7,554
| 7,621
| 7,959 | 6,813 | 6,151 |
| Sales
| MEUR | 9,982 | 9,071
| 8,797*
| 8,784
| 8,647 | 7,334 | 6,933 |
| EBIT
| MEUR | 1,192 | 1,042 | 1,192*
| 1,293
| 1,241 | 1,036 | 953 |
| Adjusted EBIT 5)
| MEUR | 1,237 | 1,112 | 1,206* | - | - | - | - |
| Cash flow from operations
(before financing items and taxes) | MEUR | 1,550 | 1,150
| 1,263
| 1,509
| 1,474 | 1,345 | 1,213 |
| Net working capital 1) 2)
| MEUR | -856 | -758
| -876
| -1,055
| -983 | -750 | -612 |
| Fixed assets 1)
| MEUR | 742 | 397 | 377
| 368
| 345 | 317 | 270 |
| Assets employed 1) 2)
| MEUR | 1,640 | 1,377 | 1,339*
| 1,108
| 1,063 | 1,151 | 1,103 |
| Total equity 1)
| MEUR | 3,193 | 3,081 | 3,029* | 2,796
| 2,576 | 2,062 | 1,725 |
| Net debt 1)
| MEUR | -1,553 | -1,704 | -1,690
| -1,688
| -1,513 | -912 | -622 |
| ROE
| % | 30.1 | 27.7 | 32.1*
| 38.1
| 45.4 | 40.9 | 40.1 |
| ROCE
| % | 25.1 | 25.0 | 28.8*
| 34.1
| 41.7 | 37.7 | 36.3 |
| Gearing 1)
| % | -48.6 | -55.3 | -55.8*
| -60.4
| -58.7 | -44.2 | -36.1 |
| Basic EPS
| EUR | 1.80 | 1.63 | 1.86*
| 2.00
| 2.01 | 1.47 | 1.37 |
| Basic dividend per B share 4)
| EUR | 1.70 | 1.65 | 1.65
| 1.55 (4
| 1.40 | 1.20 | 1.00 |
| Comparative figures for 2012 have been restated according to the revised IAS 19 'Employee Benefits'.
1) At the end of the period; 2) Including tax receivables and liabilities, accrued interest and derivative items; 3) Excluding one-time items. Including one-time items, basic earnings per share was EUR 1.17 in 2012 and EUR 1.26 in 2011. 4) In addition, KONE has distributed extraordinary dividends, EUR 0.33 for 2009, EUR 0.75 for 2011 and EUR 0.65 for 2012. 2016 board's proposal to the AGM. 5) In September 2017, KONE introduced a new alternative performance measure, adjusted EBIT, to enhance comparability of the business performance between reporting periods during the Accelerate program. Restructuring costs related to the Accelerate program are excluded from the calculation of the adjusted EBIT. *KONE has applied new IFRS 15 and IFRS 9 standards from January 1, 2018 onwards and some of the 2017 financials are restated retrospectively. | ||||||||