Cargotec as an investment

Cargotec is determined to grow its business through strong customer focus. We offer products, integrated solutions and services designed to meet customers’ specific needs. Our customers include leading global and local players within their industries.

Main customers by business areas

Ports
Terminals
Distribution centres

Transportation companies
Fleet operators
Single truck owners
Rental companies
Truck manufacturers
Municipalities and governments
Defence forces

Ship owners
Ship and terminal operators
Design offices and ship yards in offshore and merchant sector
Ports and navies

​Cargotec is a leading player in all of its business areas. Below you can find a table of the competitors of Cargotec's business areas.

Source: Cargotec’s interim report January–June 2019. The text is updated quarterly.

Developments in the global economy and cargo flows have a direct effect on Cargotec’s business environment and customers’ willingness to invest. A slowdown in global economic growth could reduce the growth in container traffic. Furthermore, the consolidation of ship companies and container terminal operators as well as the relatively low penetration of automation technology could postpone the customers’ investment decisions regarding container handling automation. Project executions may face risks related to schedule, cost and delivery guarantees. Furthermore, potential bottlenecks in the supply chain could postpone deliveries and have a negative impact on sales and results. Also challenges related to the availability of skilled workforce and the company’s ability to retain it could impact operational performance negatively. Uncertainty may be increased by risks stemming from political instability, volatility on the currency and raw material markets, or from the financing sector. In addition, a trade war could have an impact on global flow of goods and therefore on the demand of Cargotec’s solutions. Hiab’s demand is impacted by the development of the construction market. A significant share of Hiab’s orders are from the United States. Even though the cash flows are hedged for the existing order book, the weakening of the US dollar in the longer term could weaken Hiab’s results. Greater difficulty in obtaining financing would weaken customers’ liquidity and investments.

MacGregor's market situation still involves uncertainties. It is anticipated that the oversupply in the merchant ship market will take time to balance out, since capacity will continue to increase while demand is expected to grow very moderately. The tightening emission regulation for ships may limit new investments in the short term. The uncertainty regarding oil price development has led to an intense fall in investments by the oil industry and created oversupply in the offshore market. The concurrent deterioration in both markets has a negative impact on the financial situation of shipyards and ship owners, as well as ship operators. In the challenging market situation, customers may also try to postpone or cancel orders. In some cases, the financial situation of customers may deteriorate significantly or even lead to customer insolvency.

Cargotec is involved in certain legal disputes and trials. The interpretation of international agreements and legislation may weaken the predictability of the end results of legal disputes and trials.

Risks regarding Cargotec’s acquisitions are related to, for example, the knowledge of the local markets, authority processes, customers, corporate culture, integration as well as key employees. 

There are also ethical risks related to the industries and the geographical scope where Cargotec operates in. Cargotec has increased its investments to ensure ethical business practices and the related internal processes are continuously being developed further.

More information on risks is available at Internal control and risk management.

Outlook for 2018, 14 December 2018

Cargotec lowers the guidance for operating profit excluding restructuring costs and expects the operating profit excluding restructuring costs for 2018 to be EUR 235-245 million.

Outlook for 2018, 26 October 2018

Cargotec reiterates its outlook published on 8 February 2018 and expects its operating profit excluding restructuring costs for 2018 to improve from 2017 (EUR 258.6 million, IFRS 15 restated).

Outlook for 2018, 19 July 2018

Cargotec reiterates its outlook published on 8 February 2018 and expects its operating profit excluding restructuring costs for 2018 to improve from 2017 (EUR 258.6 million, IFRS 15 restated).

Outlook for 2018, 24 April 2018

Cargotec reiterates its outlook published on 8 February 2018 and expects its operating profit excluding restructuring costs for 2018 to improve from 2017 (EUR 258.6 million, IFRS 15 restated).

Outlook for 2018, 28 March 2018

Cargotec confirms the 2018 outlook published on 8 February 2018: Cargotec’s operating profit excluding restructuring costs for 2018 is expected to improve from 2017 (EUR 258.6 million, IFRS 15 restated).

Outlook for 2018, 8 February 2018

 Operating profit excluding restructuring costs for 2018 is expected to improve from 2017 (EUR 263.2 million).

Outlook for 2017, 27 October 2017

Cargotec reiterates its outlook published on 8 February 2017 and expects its operating profit excluding restructuring costs for 2017 to improve from 2016 (EUR 250.2 million).  

Outlook for 2017, 20 July 2017

Cargotec reiterates its outlook published on 8 February 2017 and expects its operating profit excluding restructuring costs for 2017 to improve from 2016 (EUR 250.2 million).  

Outlook for 2017, 26 April 2017

Cargotec reiterates its outlook published on 8 February 2017 and expects its operating profit excluding restructuring costs for 2017 to improve from 2016 (EUR 250.2 million).

Outlook for 2017, 8 February 2017

Cargotec’s operating profit excluding restructuring costs for 2017 is expected to improve from 2016 (EUR 250.2 million).

Outlook for 2016,  25 October 2016

Cargotec’s 2016 sales are expected to be at the 2015 level (EUR 3,729 million) or slightly below. Operating profit excluding restructuring costs for 2016 is expected to improve from 2015 (EUR 230.7 million).

Outlook for 2016,  20 July 2016

Cargotec’s 2016 sales are expected to be at the 2015 level (EUR 3,729 million) or slightly below. Operating profit excluding restructuring costs for 2016 is expected to improve from 2015 (EUR 230.7 million).

Outlook for 2016, 29 April 2016

Cargotec’s 2016 sales are expected to be at the 2015 level (EUR 3,729 million) or slightly below. Operating profit excluding restructuring costs for 2016 is expected to improve from 2015 (EUR 230.7 million).

Outlook for 2016, 10 February 2016

Cargotec’s 2016 sales are expected to be at the 2015 level (EUR 3,729 million) or slightly below. Operating profit excluding restructuring costs for 2016 is expected to improve from 2015 (EUR 230.7 million).

Outlook for 2015, 21 October 2015

Cargotec’s 2015 sales are expected to grow from 2014. Operating profit excluding restructuring costs for 2015 is expected to improve from 2014.

Outlook for 2015, 21 July 2015

Cargotec’s 2015 sales are expected to grow from 2014. Operating profit excluding restructuring costs for 2015 is expected to improve from 2014.

Outlook for 2015, 28 April 2015

Cargotec’s 2015 sales are expected to grow from 2014. Operating profit excluding restructuring costs for 2015 is expected to improve from 2014.

Outlook for 2015, 10 February 2015

Cargotec’s 2015 sales are expected to grow from 2014 (3,358 MEUR). Operating profit excluding restructuring costs for 2015 is expected to improve from 2014 (149.3 MEUR).

Outlook Q3 2014, 23 October 2014

Cargotec’s 2014 sales are expected to grow from 2013. Operating profit excluding restructuring costs for 2014 is expected to improve from 2013.

Outlook Q2 2014, 18 July 2014

Cargotec’s 2014 sales are expected to grow from 2013. Operating profit excluding restructuring costs for 2014 is expected to improve from 2013.

Outlook Q1 2014, 29 April 2014

Cargotec’s 2014 sales are expected to grow from 2013. Operating profit excluding restructuring costs for 2014 is expected to improve from 2013.

Outlook Q4 2013, 4 February 2014

Cargotec's 2014 sales are expected to grow from 2013. Operating profit excluding restructurings costs for 2014 is expected to improve from 2013. The acquisition of the Aker Solution's mooring and loading systems unit was completed 30 January 2014. Consolidation of the acquisition does not impact Cargotec's above-mentioned outlook for 2014.

Outlook Q3 2013, 24 October 2013 (published on 15 October 2013)

The sales and operating profit excluding restructuring costs for 2013 are expected to fall short of 2012.

Outlook, 15 October 2013

Cargotec reduces its full-year 2013 guidance given in July. Due to continued slippage in merchant ship deliveries, MacGregor's sales and operating profit for the second half of 2013 will be lower than expected. However, the underlying merchant marine market has continued to improve and the offshore market has remained active. In Kalmar, overall development in the third quarter has been positive, but there were further cost overruns in certain ship-to-shore crane projects.The sales and operating profit excluding restructuring costs for 2013 are expected to fall short of 2012. Earlier guidance was for sales to be slightly below 2012 and operating profit excluding restructuring costs to be at or slightly below 2012 level.

Outlook Q2 2013, 18 July 2013

Certain deliveries for MacGregor will be delayed and customers are postponing services. MacGregor's 2013 operating profit margin is expected to be slighty below 10 percent, as 2013 sales are falling short of the previously expected approximately EUR 850 million and now are expected to total closer to EUR 800 million. Cargotec's sales are expected to be slightly below 2012 and operating profit excluding restructuring costs to be at or slighty below 2012 level.This outlook is excluding the Hatlapa acquisition announced in July.

Outlook Q1 2013, April 2013

Cargotec’s sales are expected to be slightly below 2012 and operating profit excluding restructuring costs to be at 2012 level. Positive impact of efficiency improvement measures implemented will be weighted on the second half of the year.

Outlook Q4 2012, February 2013

Cargotec's sales are expected to be slightly below 2012 and operating profit excluding restructuring costs to be at 2012 level. Positive impact of efficiency improvement measures implemented will be weighted on the second half of the year

Outlook Q3 2012, 25 October 2012 (published 15 October 2012)

The operating profit margin for 2012 is expected to be approximately 5 percent excluding non-recurring costs. Sales are expected to grow from 2011.

Outlook, 15 October 2012

Cargotec reduces its full-year 2012 operating profit margin guidance given in July. Due to cost overruns, the profitability of large projects in the Terminals business area fell below expectations in the third quarter, and therefore also the fourth quarter performance is expected to remain below previous expectations. Cargotec's guidance is also affected by slippages of deliveries over the year-end into 2013 in the Marine business area.

The operating profit margin for 2012 is expected to be approximately 5 percent excluding non-recurring costs. Sales are still expected to grow from 2011.

Outlook Q2 2012, 19 July 2012

Cargotec's 2012 operating profit margin is expected to be approximately 6 percent. Sales are expected to grow from 2011.

Outlook 12 June 2012

Cargotec reduces its 2012 profitability guidance given in April due to lower operating result in Terminals segment than previously expected. Cargotec's 2012 operating profit margin is expected to be approximately 6 percent. Sales are still expected to grow from 2011. Earlier guidance was for sales to grow and operating profit margin to improve from previous year's 6.6 percent level. Terminals and Load Handling segments' operating profit margins are still expected to improve from the previous year, but the margin improvement in Terminals will be clearly less than previously expected.

Outlook Q1 2012, 26 April 2012

Marine segment profitability is expected to continue healthy, although full year sales are expected to decline slightly from previous year. Sales in Terminals and Load Handling segments are expected to grow as a result of the order book. Terminals segment order book supports expectations that the segment’s profitability will clearly improve from the first quarter.Cargotec expects its 2012 sales to grow and operating profit margin to improve compared to 2011.

Outlook Q4 2011, 7 February 2012

Cargotec expects its 2012 sales to grow and operating profit margin to improve compared to 2011.

Outlook Q3 2011, 27 October 2011

Cargotec reiterates its 2011 guidance: Cargotec's 2011 sales are estimated to grow approximately 20 percent based on healthy January - September order intake. Cargotec's 2011 operating profit margin is estimated to be approximately 7 percent.

Outlook Q2 2011, 21 July 2011

Cargotec reiterates its 2011 guidance: Cargotec’s 2011 sales are estimated to grow approximately 20 percent. Healthy first half order intake both in Industrial & Terminal and Marine segments together with the recovery in the market situation support a more positive growth expectation. Sales growth and significant efficiency improvement measures executed during the past years, support profitability, but there is cost pressure on the markets. Cargotec’s 2011 operating profit margin is estimated to be approximately 7 percent.

Outlook Q1 2011, 28 April 2011

Cargotec’s 2011 sales are estimated to grow approximately 20 percent. Healthy first quarter order intake both in Industrial & Terminal and Marine segments together with the recovery in the market situation supports a more positive growth expectation. Sales growth and significant efficiency improvement measures executed during the past years, support profitability, but there is cost pressure on the markets. Cargotec’s 2011 operating profit margin is estimated to be approximately 7 percent.In February, Cargotec’s 2011 sales were estimated to grow over 10 percent and 2011 operating margin was estimated to continue to improve.

Outlook Q4 2010, 3 February 2011

Cargotec’s 2011 sales are estimated to grow over 10 percent based on estimated strong growth both in the Industrial & Terminal and Marine segments. The recovery in the market situation and increased order intake are estimated to boost growth for Industrial & Terminal while the strong order book in the beginning of the year is estimated to support growth in Marine sales. Cargotec’s 2011 operating profit margin is estimated to continue to improve as a result of growth and significant efficiency improvement measures executed during the past years.

Outlook Q3 2010, 27 October 2010

Guidance published 18 October 2010 reiterated: Cargotec continues to estimate 2010 sales to be on 2009 level for both Industrial & Terminal and Marine segments. Operating profit for 2010 is expected to be in the range of EUR 120-130 million including one-time restructuring costs.The recovery in the market environment and the resulting growth in order volumes support growth in Industrial. The sales of Terminal are expected to fall short of 2009 levels due to the slower recovery of these markets, as second half orders will not have an effect on full-year sales due to delivery times. Based on the healthy nine-month development, strong order book and new orders received still to be delivered during 2010, sales in Marine will reach year 2009 level.

Outlook 18 October 2010

Based on the operational performance in the third quarter and particularly in September, Cargotec’s visibility on the timing and profitability of deliveries during the remainder of the year has increased. As a result Cargotec specifies upwards its operating profit guidance. Operating profit for 2010 is estimated to be in the range of EUR 120–130 million. Earlier operating profit was estimated to exceed EUR 100 million. Both the previous and now specified operating profit guidance includes one-time restructuring costs.Cargotec repeats its sales guidance published in July. Cargotec’s 2010 sales are estimated to be on 2009 level for both Industrial & Terminal and Marine reporting segments.

Outlook Q2 2010, 21 July 2010

Cargotec continues to estimate 2010 consolidated sales to be on 2009 level for both Industrial & Terminal and Marine segments and consolidated operating profit to exceed EUR 100 million. The recovery in the market environment and the resulting growth in order volumes support growth in Industrial. The sales of Terminal are expected to fall short of 2009 levels due to the slower recovery of these markets, as second half orders will have a minor effect on full-year sales due to delivery times. Based on the healthy first half development, strong order book and new orders received still to be delivered during 2010, sales in Marine will reach year 2009 level.

Outlook Q1 2010, 29 April 2010

There are tentative positive signs visible in the order intake for the Industrial business whereas uncertainty continues in the Terminal business. Based on the strong order book, sales in the Marine business are expected to remain on a healthy level in 2010. Cargotec’s 2010 sales are estimated to be on 2009 level and operating profit to exceed EUR 100 million.

Outlook Q4 2009, 3 February 2010

There are tentative positive signs visible in the order intake for industrial business. Uncertainty continues in port terminal business. Based on the strong order book, sales in marine cargo handling business are expected to remain on a healthy level in 2010. Cargotec's 2010 sales are estimated to be on 2009 level and operating profit to exceed EUR 100 million. It is estimated that still a few million euro in restructuring costs from currently ongoing restructuring measures will be booked during early-2010.

​Outlook Q3 2009, 22 October 2009

Due to the weak market situation, demand for Cargotec's products and services is expected to continue clearly lower than last year. Despite expected growth in marine cargo handling business Cargotec's 2009 sales are estimated to decline approximately 25 percent from the previous year's.
An estimated total of approximately EUR 70 million will be booked as productivity-improving restructuring costs for 2009, with EUR 37 million booked in January-September. Cargotec estimates 2009 operating result after restructuring costs to be negative.

Outlook Q2 2009, 20 July 2009

Due to the weak market situation, demand for Cargotec's products is expected to continue clearly lower than last year, the decline being milder in services.
Despite expected growth in marine cargo handling business Cargotec's 2009 sales are estimated to decline approximately 25 percent from the previous year's level.An estimated total of approximately EUR 50 million will be booked as productivity-improving restructuring costs for 2009, with EUR 22 million reported in the first half.Cargotec estimates 2009 operating profit after restructuring costs to be slightly positive, however, cash flow from operations is estimated to continue clearly positive in the second half of 2009.

Outlook Q1 2009, 28 April 2009

The economic situation and investment activity continue to be uncertain, which makes it difficult to estimate demand for Cargotec’s products. This is further complicated by possible order postponements and cancellations. Sales in MacGREGOR are expected to grow in 2009. Sales of Hiab and Kalmar are expected to clearly decline from 2008 level. A total of approximately EUR 40 million of restructuring costs improving competitiveness are expected to be booked in 2009, of which EUR 9 million was booked in the first quarter.

Outlook Q4 2008, 2 February 2009

In the current uncertain economic situation it is difficult to estimate the demand for Cargotec's products. This is further complicated by possible order cancellations and delays. The preconditions for sales growth exist in services and MacGREGOR. Sales of Hiab and Kalmar are expected to decline from 2008. Significant restructuring measures costing EUR 35 million were decided on during 2008 to create a new supply platform and improve profitability in Cargotec. Focus is on the rapid implementation of these measures. Approximately EUR 16 million of these costs remain for 2009.

Cargotec shares

1. Where are Cargotec’s shares listed?

Cargotec’s class B share is listed on the Nasdaq Helsinki stock exchange.

2. How many share series does Cargotec have?

Cargotec has two share series, out of which B share is listed.

3. How many outstanding shares does Cargotec have?

The number of B shares is 55,182,079 and the number of unlisted A shares is 9,526,089.

4. Who are Cargotec’s largest shareholders?

The list of Cargotec’s largest shareholders is updated every month and can be found under Shareholders section.

Cargotec’s three major shareholders are Wipunen varainhallinta Oy controlled by Ilkka Herlin, Mariatorp Oy controlled by Niklas Herlin’s estate and Pivosto Oy, a company controlled by Ilona Herlin. Together these shareholders hold approximately 37% of total shares and 69% of the votes. 

5. What is the current share price?

Information about our current and past share prices can be found on shares section.

6. What is Cargotec’s dividend policy?

Cargotec’s target for the dividend: increasing dividend in the range of 30-50% of EPS, dividend paid twice a year.

You can find more information about dividend and dividend policy in Shares section.

7. When is the dividend paid out?

For 2019, the Board of Directors proposes to the Annual General Meeting that convenes in 19 March 2019, that the dividend would be paid in two instalments, in March and October 2019. The payout dates for dividends are reported in IR calendar. 

Financial information

1. When does Cargotec publish its financial results?

The publication date varies from year to year. The Financial review 2018 was published on 8 February 2019. Please refer to our IR calendar to find publication dates.

2. How are software sales calculated?

Software sales include Navis business unit and automation software.

3. What is the basis of preparation of Cargotec’s financial statements?

Cargotec Corporation’s consolidated financial statements are prepared according to the International Financial Reporting Standards (IFRS) as adopted by the European Union.

4. What is Cargotec’s reporting currency?

The consolidated financial statements are presented in euros, which is the functional and reporting currency of the parent company.

5. Who are Cargotec’s auditors?

On 27 December, the Finnish Patent and Registration Office designated Markku Katajisto, Authorised Public Accountant, as the company's statutory auditor for the financial year 2018, with the role taking effect immediately.

Markku Katajisto replaced Tomi Hyryläinen as the company's auditor, as Tomi Hyryläinen announced on 20 December 2018 his resignation from this position.

After the change, Cargotec's statutory auditors are PricewaterhouseCoopers Oy, Authorised Public Accountants and Markku Katajisto, Authorised Public Accountant.

6. Why does Cargotec use alternative performance measures (APM)?

Cargotec uses and presents alternative performance measures (APMs) to better convey underlying business performance and to enhance comparability from period to period. APMs are reported as complementary information.

Read more about APMs in section calculation of key figures.

7. What is included in restructuring costs?

Restructuring costs include restructuring provisions, asset impairments and disposals, expenses for vacant premises and other restructuring-related expenses in case of a significant restructuring programme of Cargotec or its business area.

Corporate governance

1. Who are the members of the Board of Directors?

At the annual general meeting 2018, Kimmo Alkio, Jorma Eloranta, Tapio Hakakari, Ilkka Herlin, Peter Immonen, Teresa Kemppi-Vasama, Johanna Lamminen, Kaisa Olkkonen, Teuvo Salminen and Heikki Soljama were re-elected to the Board of Directors.

2. Who are the members of Cargotec’s executive board?

The list and information about the members of the executive board can be found in Governance section.

3. What are Board members’ annual remunerations?

Based on the decision of the AGM of 20 March 2018, the Board’s annual remunerations are as follows:

• Chairman: EUR 85,000
• Vice Chairman: EUR 60,000
• Chairman of the Audit and Risk Management Committee: EUR 60,000
• Other Board members: EUR 45,000

In addition, a fee of EUR 1,000 is paid for attendance of meetings of the Board and its committees.

4. How are Cargotec’s Executive Board members remunerated?

The principles of remuneration at Cargotec can be viewed here.