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IR Blog: Frequently asked questions about Cargotec's Q4/2021 and the 2021 results


What is your outlook for 2022? Why did the operating profit decrease? Here you can find answers to some of the most topical questions regarding our financial statements review.

What is your outlook for 2022?
Cargotec expects its comparable operating profit for 2022 to improve from 2021 (EUR 232 million).

Why did Cargotec’s comparable operating profit decrease by 35% to EUR 45 (70) million in Q4?
The comparable operating profit decreased primarily due to EUR 27 million one-time cost overruns related to new product developments in offshore wind energy vessel projects. Lower profitability in Hiab due to delayed deliveries and growth-enabling investments also had an impact to the result.

Cargotec’s orders increased by 9% in Q4. What were the drivers?
Cargotec’s Q4 orders received increased to EUR 1,051 million.

  • Strong growth in all key demand drivers
  • High utilisation of connected equipment
  • Increase in MacGregor and Kalmar, strong demand in Hiab despite decrease from the comparison period

How much did component shortage and delivery bottlenecks impact your sales?
The impact was approximately EUR 80 million in sales in Q4. We saw the largest impact in Hiab, approximately EUR 50 million, and in Kalmar, approximately EUR 30 million. 

How much impact from supply and logistic chain issues do you estimate for Q1 and in 2022?
We expect the component and logistics challenges to continue a good part of 2022. The visibility is weak as the shortages vary from week to week.

How did Kalmar Q4 orders received develop?
Kalmar’s Q4 orders received increased by 15% to 513 MEUR. Orders received improved in automation and project business, mobile equipment and services.

Kalmar Q4 comparable operating profit increased, why?
Kalmar’s comparable operating profit increased due to higher sales and good project execution.

How much did the sale of Navis impact Kalmar’s 2021 comparable operating profit?
Without Navis, Kalmar’s results would have improved slightly from 2020 as Navis was a profitable business.

Hiab’s Q4 orders received decreased by 8%, why?
Strong underlying demand continues despite a slight decrease from last year record level. Q4/21 orders received, EUR 384 million, was the second highest ever fourth quarter order intake for Hiab.

Why did Hiab’s comparable EBIT decrease by 2 MEUR y-o-y in Q4?
Hiab’s comparable operating profit decreased due to global component shortages and lower profitability caused by delivery delays as well as investments aimed at supporting future growth. Investments were targeted towards service business, acquisitions and new facilities.


Why did MacGregor’s Q4 orders received improve by 53%
Orders received improved driven by the strong development of key the demand driver, new vessel contracting.

Why did MacGregor’s comparable operating profit decrease by 29 MEUR?
MacGregor’s comparable operating profit decreased due to one-time cost overruns in the new product developments in offshore wind energy vessel projects. The overruns amounted to EUR 27 million in Q4.

What is the Board of Directors’ dividend proposal for the financial year 2021?
The Board’s proposal to the annual general meeting is EUR 1.08 per B share, same as in 2020, according to the maximum of EUR 70 million in respect to the combination agreement.

What is your estimate for restructuring costs for 2022?
The restructuring costs in 2022 are estimated to be approximately EUR 15 million in total from ongoing programs. Konecranes merger related costs are not included in this number.

How did the sales of your eco portfolio develop?

Share of the eco portfolio sales were 19% in 2021. The decrease from last year was driven by the Navis disposal and Kalmar’s lower automation and project deliveries.

However, we see increasing interest towards our fully electric equipment. For example, over a quarter of our forklift orders were in fully electric versions in 2021.

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