KONE s interim report for January March 2016 APRIL 21, 2016 HENRIK EHRNROOTH, PRESIDENT & CEO

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1 KONE s interim report for January March 2016 APRIL 21, 2016 HENRIK EHRNROOTH, PRESIDENT & CEO

2 Figures for January March 2016

3 Q Key figures STRONG OPERATING PERFORMANCE; ORDERS DECLINED FROM A HIGH LEVEL Q1/2016 Q1/2015 Historical change Comparable change Orders received MEUR 1, , % -4.3% Order book MEUR 8, , % 7.6% Sales MEUR 1, , % 4.2% Operating income (EBIT) MEUR % Operating income (EBIT) % Cash flow from operations (before financing items and taxes) MEUR Basic earnings per share EUR

4 Q Orders received DECLINE IN CHINA; GROWTH IN THE EMEA AND AMERICAS REGIONS MEUR 2,500 2,000 1,500 1, % 1,942 Growth in the EMEA region and the Americas, significant decline in Asia-Pacific due to China Some growth in modernization orders; clear decline in new equipment orders 0 Q1 Q2 Q3 Q4 Growth at historical exchange rates. 4

5 Q Sales GROWTH IN SALES DRIVEN BY THE SERVICE BUSINESS, MODERNIZATION IN PARTICULAR MEUR 3,000 2,500 2,000 1,500 1, % 1,748 New equipment sales was stable, some growth in maintenance and significant growth in modernization Sales in EMEA was stable, slight growth in Asia-Pacific and significant growth in the Americas 0 Q1 Q2 Q3 Q4 Growth at historical exchange rates. 5

6 Q Operating income GROWTH DRIVEN BY POSITIVE DEVELOPMENT ACROSS REGIONS AND IN ALL BUSINESSES MEUR % 221 Development particularly positive in North America and Asia-Pacific Progress in product and cost competitiveness helped in offsetting price pressure 0 Q1 Q2 Q3 Q4 Operating income excluding one-time items. Growth at historical exchange rates. 6

7 Q Sales split SHARE OF MODERNIZATION AND THE AMERICAS OUT OF TOTAL SALES GREW BY BUSINESS BY AREA 13% (11%) 18% (17%) 49% (51%) 41% (41%) 38% (38%) 41% (42%) New equipment Maintenance Modernization Asia-Pacific EMEA (Europe, Middle East and Africa) Americas 1 3/2015 figures in brackets. Figures in charts are rounded and at historical exchange rates. 7

8 Business and market development

9 Q Business development highlights OUR DEVELOPMENT PROGRAMS First in Customer Loyalty A Winning Team of True Professionals Development of our personnel continued as a focus area We extended opportunities for learning through job rotation and we introduced new mobile training solutions The Most Competitive People Flow Solutions Preferred Maintenance Partner To further develop our service business, we began co-operation with IBM in using their Watson IoT Cloud platform Top Modernization Provider We will bring a step change in our abilities in remote equipment monitoring and diagnostics as well as in providing added value and new services to our customers 9

10 Q New equipment markets GLOBAL NEW EQUIPMENT MARKET VOLUMES WEAKENED FOLLOWING A DECLINE IN CHINA NEW EQUIPMENT Market weakened following a clear market decline in China ASIA-PACIFIC Markets in India and Australia grew, while other markets in the region remained varied Pricing competition was the most pronounced in the new equipment market in China EMEA REGION Market grew clearly in Central and North Europe, while the South European market was rather stable Market in the Middle East showed growth opportunities NORTH AMERICA Market grew slightly driven by the United States in particular Pricing of new equipment continued to improve slightly 10

11 Q Service markets SERVICE MARKETS CONTINUED TO GROW GLOBALLY MAINTENANCE MODERNIZATION EMEA REGION Maintenance market grew in the region, although with significant variation between countries; price competition remained intense Modernization market grew clearly in Central and North Europe, while South Europe saw some signs of stabilization in modernization demand NORTH AMERICA Maintenance market continued to grow; price competition remained rather intense Modernization market grew slightly ASIA-PACIFIC Maintenance market developed positively, following the growth in new equipment installations in the region Demand developed positively 11

12 Elevator and escalator market in 2015 NEW EQUIPMENT MARKET 840,000 units (2014: 850,000 units, adjusted*) EQUIPMENT BASE 13.5 M (>12.5 M) units 20% (19%) 8% (7%) 3% 4% (3%) (3%) 2% (2%) 63% (66%) 9% 4% (9%) 9% (4%) (9%) 28% (26%) 7% (7%) China Rest of Asia-Pacific EMEA North America South America Japan and Korea 43% (45%) KONE s estimated market share globally (in new equipment units) 19% (2014: 18%*) *2014 new equipment market size estimates have been reassessed. The previous 2014 estimate for the market size was units and the corresponding market share estimate 19%. Based on KONE s estimate. Figures have been rounded. 12

13 KONE s market positions in 2015 STRONG MARKET POSITION IN NEW EQUIPMENT; CHALLENGER IN MAINTENANCE Market position, KONE s estimate EMEA North America China Rest of Asia- Pacific New equipment #2 shared #3 #1 #1 Maintenance #3 #4 shared #1 #2 13

14 Outlook

15 Market outlook NEW EQUIPMENT MARKETS Asia-Pacific: The market in China is expected to decline by 5 10% in units ordered and also the price competition to continue intense. In the rest of Asia-Pacific, the market is expected to see some growth. Europe, Middle East and Africa: the market is expected to grow slightly with growth in Central and North Europe and a more stable development in South Europe and the Middle East. North America: the market is expected to see some growth. MAINTENANCE MARKETS The maintenance markets are expected to see the strongest growth rate in Asia- Pacific, and to develop rather well also in other regions. MODERNIZATION MARKETS The modernization market is expected to grow slightly in Europe, to continue to grow in North America, and to develop strongly in Asia-Pacific. 15

16 Business outlook SALES KONE s net sales is estimated to grow by 2 6% at comparable exchange rates as compared to OPERATING INCOME The operating income (EBIT) is expected to be in the range of EUR 1,220 1,320 million, assuming that translation exchange rates would remain at approximately the average level of January March

17

18 APPENDIX 18

19 E&E market and KONE s performance in China in Q NEW EQUIPMENT MARKETS New equipment orders received in units vs. market growth CHINA S SHARE OF TOTAL ORDERS/SALES In monetary value ~44% KONE Market ~30% <40% ~40% ~35% ~23% ~20% >15% >15% ~10% <5% CAGR ~-5% ~-8% >-10% 2015 Q1/2016 Share of orders received Q Share of sales Share of orders received FY 2015 Share of sales 19

20 Q Balance sheet - assets employed MEUR Mar 31, 2016 Mar 31, 2015 Dec 31, 2015 Assets employed Goodwill 1, , ,306.7 Other intangible assets Tangible assets Investments Net working capital -1, Assets employed total , ,062.9 Financed by Equity 1, , ,575.5 Net debt -1, ,512.6 Equity and net debt total , ,

21 Q Net working capital MEUR Mar 31, 2016 Mar 31, 2015 Dec 31, 2015 Net working capital Inventories 1, , ,326.7 Advance payments received -2, , ,829.4 Accounts receivable 1, , ,480.2 Other non-interest-bearing assets Net deferred tax assets / liabilities Provisions Accounts payable Other non-interest-bearing liabilities -1, , ,651.3 Net working capital total -1,

22 Q Consolidated cash flow MEUR 1 3/ / /2015 Operating income ,241.5 Change in working capital before financing items and taxes Depreciation and amortization Cash flow from operations before financing items and taxes ,473.7 Financing items and taxes Cash flow from operating activities ,446.7 Investing activities Purchase of own shares Increase in equity (option rights) Profit distribution Changes in non-controlling interest Free cash flow

23 As approximately 75% of KONE s revenues are in other currencies than the euro, currency fluctuations have a translation impact SALES BY CURRENCY 1 12/2015 TRANSACTION RISK Others EUR A substantial part of KONE operations are denominated in local functional currencies and do not therefore give rise to transaction risk. In addition, KONE s policy is to hedge the foreign exchange exposure of the order book. TRANSLATION RISK USD RMB As approximately 75% of KONE s revenues occur in functional currencies other than the euro, the translation risk is significant for KONE. In 2015, KONE s biggest geographical market areas outside the eurozone in terms of net sales included China, United States, Great Britain, Australia, Sweden and India. 23

24 Our absolute EBIT has grown faster than sales 12 months quarterly rolling absolute EBIT and EBIT margin progression, 2009 Q1/2016 MEUR 1, % 1,200 1, % 12% 10% We have seen improvement both in absolute and relative EBIT EBIT EBIT-% 0 Q1/2010 Q1/2011 Q1/2012 Q1/2013 Q1/2014 Q1/2015 0% Q1/2016 Excluding one-time items. 24

25 Sales by market (MEUR) 10,000 8,647 8,000 6,000 4,000 2, ,242 66% 22% 12% 2005* 3,601 65% 22% 13% ,079 65% 21% 14% ,603 65% 19% 16% ,744 62% 21% 17% ,987 58% 21% 21% ,225 55% 18% 27% ,277 49% 16% 35% ,933 46% 16% 38% ,334 44% 15% 41% % 17% 44% % 10.0% 11.6% 12.1% 12.7% 14.0% 13.9% 13.2% 13.8% 14.1% 14.4% EBITmargin % EMEA Americas Asia-Pacific *2005 figures are pro forma. 25

26 Sales by business (MEUR) 10,000 8,647 8,000 6,000 4,000 2, ,242 40% 19% 41% 2005* 3,601 41% 19% 40% ,079 45% 19% 36% ,603 48% 19% 33% ,744 47% 19% 34% ,987 46% 17% 37% ,225 46% 17% 37% ,277 50% 16% 34% ,933 54% 14% 32% ,334 55% 13% 32% % 12% 31% % 10.0% 11.6% 12.1% 12.7% 14.0% 13.9% 13.2% 13.8% 14.1% 14.4% EBITmargin % New equipment Modernization Maintenance *2005 figures are pro forma. 26

27 Market size development IN NEW EQUIPMENT UNITS ORDERED 780,000 18% 4% 3% 3% 850,000 19% 3% 2% 3% 840,000 20% 4% 2% 3% EMEA North America South America Japan and Korea 64% 66% 63% China Rest of APAC 8% 7% 8% KONE s estimate for new equipment market size have been readjusted for 2013 and 2014 for some previously underestimated markets. Hence, estimates after 2012 are not fully comparable with figures before

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