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Cargotec is a technology leader with strong market positions in all business areas, Kalmar, Hiab and MacGregor. We have leading brands in markets with long term growth potential and several megatrends, such as urbanisation and growing middle class, support our businesses.
Our aim is to transform from an equipment provider into a leader in intelligent cargo handling. We will achieve this by focusing on our four strategic must-win battles: customer centricity, services, digitalisation and productivity.
End markets: Ports, terminals, distribution centers
Market position: 1st / 2nd
Key drivers and supporting megatrends:
Competitive advantage:
End markets: Construction, distribution, forestry, defence, waste and recycling
Market position: 1st / 2nd
Key drivers and supporting megatrends:
Competitive advantage:
End markets: Maritime transportation and offshore industries
Market position: 1st / 2nd
Key drivers and supporting megatrends:
Competitive advantage:
*Software sales defined as Navis business unit and automation software
Year 2017 figures have been restated according to IFRS 15 and 2013-2017 figures are calculated by using the new definitions for the equipment, service and software businesses announced in March 2018
Target to grow faster than market
Targeting service and software sales 40% of net sales, minimum EUR 1.5 billion in 3-5 years (Target announced in September 2017)
Target gearing < 50% and increasing dividend in the range of 30-50% of EPS, dividend paid twice a year
Target 10% operating profit and 15% ROCE in 3-5 years*
Higher service and software sales key driver for profitability improvement
2020 EUR 30 million (indirect purchasing and new Business Services operations)
Product re-design and improved project management
**Excluding restructuring costs
***2017 figures have been restated according to IFRS 15.
Presentation of the acquisition
MacGregor receives clearance from the German competition regulator for the acquisition of the marine and offshore business of TTS (Link to release on 6 Nov 2018)
MacGregor, part of Cargotec, has entered into an agreement to acquire the major businesses from TTS Group, a global provider of cargo handling equipment and services for merchant and offshore ships for an enterprise value of EUR 87 million. The combination of two highly complementary businesses will produce greater scale and diversification and will strengthen MacGregor's portfolio and market position in key markets for cargo and load handling equipment. Based on preliminary estimates, potential cost synergies are estimated to be around EUR 30-35 million on annual level and are expected to be reached within 3 years from closing.
Cargotec’s M&A strategy is focusing on bolt on acquisitions. In Kalmar, the focus is on service footprint expansion and software offering. Hiab is focusing on expanding geographical presence and product offering, whereas MacGregor is looking for M&A opportunities on distressed assets and software as well as intelligent technology.
| Company name | Announced | Closed | Transaction value | Business area | Sales | Employees |
| Effer | 31 July 2018 | 6 November 2018 | EUR 50 million | Hiab | EUR 71 million in 2017 | 400 |
| Divestment of Kalmar Rough Terrain Center (KRTC) | 3 July 2018 | 3 July 2018 | Not disclosed | Kalmar | Not disclosed | - |
| Siwertell AB Siwertell AB, previously owned by Kalmar, will be owned by a joint venture called Bruks Siwertell Group which was established together with JCE Invest AB |
9 May 2018 | 9 May 2018 | Not disclosed | Kalmar | SEK 582 million in 2017 | 114 |
| Marine and offshore business from TTS Group Presentation of the acquisition |
8 February 2018 | EUR 87 million | MacGregor | EUR 161 million in January-September 2017 | Whole TTS 930 | |
| 2017 | ||||||
| Inver Port Services | 21 December 2017 | 29 December 2017 | Not disclosed | Kalmar | 5M€ in 2017 | 23 |
| Rapp Marine Group | 21 December 2017 | 5 February 2018 | EV 16M€ | MacGregor | 40M€ in 2017 | 120 |
| Argos | 1 August 2017 | 4 October 2017 | Not disclosed | Hiab | Under 10M€ in 2016 | 60 |
| 2016 | ||||||
| INTERSCHALT | 20 January 2016 | 2 March 2016 | Not disclosed | Kalmar and MacGregor | 42M€ in 2014 | Over 200 |
| Flintstone (51% share) | 29 September 2016 | 22 September 2016 | Not disclosed | MacGregor | Not disclosed | 10 |
| 2014 | ||||||
| Deep Water Solutions | 27 February 2014 | 27 February 2014 | Not disclosed | MacGregor | Not disclosed | - |
| 2013 | ||||||
| Pusnes | 30 October 2013 | - | EV 180M€ | MacGregor | 130M€ in 2012 | 370 |
| Hatlapa Group | 16 July 2013 | - | EV 160M€ | MacGregor | 120M€ in 2013 (estimate) | 585 |
| Mareiport | 7 May 2013 | - | Not disclosed | Kalmar | 20M€ in 2012 | 250 |
| 2012 | ||||||
| Automation technology and expertise from Asciano | 29 June 2012 | 1 July 2012 | Not disclosed | Kalmar | Not disclosed | 23 |
| 2011 | ||||||
| Component manufacturing in Estonia (divestment) |
30 November 2011 | - | Not disclosed | - | Not disclosed | 370 |
| Navis | 31 January 2011 | - | 140M€ | Kalmar | ~55M€ in 2011 (estimate) | Over 300 |
| Company name | Announced | Closed | Transaction value | Business Area | Sales | Employees |
| 2010 | ||||||
| Majority share in Kalmar (Malaysia) Sdn.Bhd. | 15 December 2010 | Early January 2011 | Not disclosed | Kalmar | Approximately 12 M€ per year | 125 |
| Hallberg-Ivarsson Hydraulik & Påbyggnad | 15 November 2010 | 1 January 2011 | Not disclosed | Hiab | - | 2-3 part-time |
| Waltco Hydraulics (divestment) | 7 January 2010 | - | Not disclosed | - | - | - |
| 2009 | ||||||
| Sales and service business in Morocco | 11 December 2009 | - | Not disclosed | - | - | 44 |
| Danish sales and services company | 19 August 2009 | - | Not disclosed | - | - | - |
| 2008 | ||||||
| 80% of CVS Technoports S.r.l. and CVS Service S.r.l. | 3 November 2008 | - | Not disclosed | - | 8M€ in 2007 | 65 |
| Equipos y Servicios para Terminales y Puertos SRL | 11 August 2008 | - | Not disclosed | Kalmar | 1M€ in 2007 | 17 |
| Zepro Tailgate (1987) Ltd | 17 June 2008 | - | Not disclosed | - | - | - |
| Platform Crane Services International Inc | 10 April 2008 | - | MacGregor | 16 M$ in 2007 | 105 | |
| South African Bowman Cranes Ltd | 1 April 2008 | July 2008 | Not disclosed | Hiab | - | - |
| DEL Equipment (UK) Limited and Ultron Lift Corp. | 27 February 2008 | March 2008 | Not disclosed | Hiab | 23M€ in 2007 | 164 |
| O’Leary’s Material Handling Services | 20 February 2008 | - | Not disclosed | Hiab | 2.6 M€ in 2007 | 24 |
| Company name | Announced | Closed | Transaction value | Business area | Sales | Employees |
| Advanced Cargo Transhipment B.V. (ACT) | 28 August 2007 | August 2007 | Not disclosed | Kalmar | - | - |
| Bay Equipment Repairs Inc. | 13 August 2007 | July 2007 | Not disclosed | Hiab | 1 M€ in 2006 | 13 |
| Balti ES | 30 May 2007 | June 2007 | Not disclosed | - | 14 M€ in 2006 | 600 |
| Vestnorsk Hydraulikkservice AS (VNH) | 14 May 2007 | June 2007 | Not disclosed | MacGregor | - | 21 |
| Kalmar Asia Pacific Ltd | 23 April 2007 | - | Not disclosed | - | - | - |
| Plimsoll Corporation Pte Ltd | 28 March 2007 | April 2007 | Not disclosed | MacGregor | 43 M€ in 2006 | 500 |
| Hydramarine AS | 15 March 2007 | April 2007 | Not disclosed | MacGregor | 63 M€ in 2006 | 150 |
| Vietnam Shipbuilding Industry Group | 6 March 2007 | - | Not disclosed | MacGregor | - | - |
| Indital Construction Machinery Ltd. (Indital) | 14 April 2007 | April 2007 | Not disclosed | All business areas | 8 M€ | 100 |
| Port Equipment Service, Inc. | 2 February 2007 | March 2007 | Not disclosed | Kalmar | 4 M€ in 2006 | 56 |
| BG Crane Pty. Ltd. | 30 Januarý 2007 | March 2007 | Not disclosed | Hiab | - | - |
| Truck och Maskin i Örnsköldsvik AB | 29 January 2007 | March 2007 | Not disclosed | Kalmar | 13 M€ in 2006 | - |
| Berger | 17 January 2007 | May 2007 | Not disclosed | Hiab | 15 M€ | 85 |
| Tagros d.o.o. | 15 January 2007 | After signing | Not disclosed | Kalmar | 2 M€ in 2006 | 35 |
| Company name | Announced | Closed | Transaction value | Business area | Sales | Employees |
| 2006 | ||||||
| Kalmar España S.A. | 18 December 2006 | April 2007 | Not disclosed | Kalmar | 11 M€ in 2005 | 6 |
| Catracom | 16 September 2006 | November 2006 | Not disclosed | Kalmar | 70 M€ in 2005 | 100 |
| African National Engineering | 1 September 2006 | After signing | Not disclosed | Kalmar | - | - |
| Grampian Hydraulics | 11 August 2006 | After signing | Not disclosed | MacGregor | Approx. 4 M€ in 2006 | 30 |
| BMH Marine AB | 12 June 2006 | July 2006 | Approx. 32 M€ | MacGregor | 70 M€ in 2006 (estimate) | 140 |
| East Coast Cranes and Electrical Contracting Inc. | 16 March 2006 | After signing | Not disclosed | Kalmar | USD 25 million in 2005 | - |
| AMA | 26 January 2006 | April 2006 | Not disclosed | Hiab | 4 M€ in 2005 | 55 |
| 2005 | ||||||
| Divestment of 42% stake in Consolis |
21 September 2005 | October 2005 | 80 M€ | - | 646 MEUR | 5,100 |
| All Set Marine Lashing | 8 July 2005 | November 2005 | Not disclosed | MacGregor | 15 M€ in 2004 | - |
All releases can be found in here.
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 13 May (Q2/19) | Kalmar | Two AutoRTG cranes | Ireland/Dublin Ferryport Terminals | Not disclosed |
| 30 April (Q2/19) | Kalmar | 32 diesel-electric straddle carriers | Italy/Medcenter Container Terminal (MCT) | Not disclosed |
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 3 April (Q1/19) | Kalmar | 12 straddle carriers | Australia/Patrick Terminals | Not disclosed |
| 28 March (Q1/19) | MacGregor | Linkspans, cruise access equipment and RoRo solutions | Europe and Japan /pure car truck carriers (PCTC) | Ca. MEUR 19 |
| 26 March (Q1/19) | MacGregor | On-vessel mooring systems | China/China National Offshore Oil Corporation | Not disclosed |
| 8 March (Q1/19) | MacGregor | Port, cruise access and equipment for roro/passenger (RoPax) ferries | Europe, China | Ca. MEUR 22 |
| 6 March (Q1/19) | Kalmar | 63 hybrid straddle carriers | France, Belgium, UK/DP World | Not disclosed |
| 11 February (Q1/19) | Kalmar | Six zero emission RTGs | USA/South Florida Container Terminal, LLC | Not disclosed |
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 17 January (Q4/18) | Kalmar | A complete AutoRTG system with eight automated rubber-tyred gantry cranes (AutoRTGs) controlled by the Kalmar Terminal Logistic System (TLS) and new-generation remote control (RC) desks | Northern Ireland/Belfast Container Terminal (BCT) | Not disclosed. |
| 15 January (Q4/18) | Kalmar | Four rubber-tyred gantry cranes (RTGs) with hybrid drivelines | Argentina/Exolgan S.A. | Not disclosed |
| 9 January (Q4/18) | MacGregor | Deck machinery equipment | USA/The US navy | Not disclosed |
| 3 January (Q4/18) | Kalmar | Four Kalmar SmartPower rubber-tyred gantry cranes (RTGs) | USA/Norfolk Southern | Not disclosed |
| 21 December 2018 (Q4/18) | MacGregor | Cruise access equipment | Three European shipyards | Appr. MEUR 22 |
| 19 December 2018 (Q4/18) | Kalmar | Six Gloria reachstackers | Chile/Sitrans, part of the Ultramar Group | Not disclosed |
| 18 December 2018 (Q4/18) | MacGregor | Hatch covers | South Korea/Hyundai Mipo Dockyard (HMD) | Not disclosed |
| 17 December 2018 (Q4/18) | Kalmar | 41 Kalmar TL2 Terminal Tractors | SPT Services Sdn Bhd/Malaysia | Not disclosed |
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 26 September (Q3/18) | Kalmar | 12 hybrid straddle carriers, including maintenance and operator training as well as six months of on-site maintenance support | DP World Southampton | Not disclosed |
| 26 September (Q3/18) | MacGregor | Complete hatch cover sets and container fixed fittings for eight 1,800 TEU container ships | Hyundai Mipo Dockyard (HMD), in South Korea | Not disclosed |
| 7 September | Kalmar, Navis | Web-based fleet performance solution Bluetracker | Zeaborn Ship Management | Not disclosed |
| 6 September (Q3/18) | Kalmar | Two Kalmar Ship-to-Shore (STS) cranes, including related spare parts | Curaçao Port Services B.V. | Not disclosed |
| 13 August (Q3/18) | Kalmar | Three electrically powered rail-mounted gantry cranes (RMGs) with DCT specific customisation | Deepwater Container Terminal (DCT) Gdansk | Not disclosed |
| 9 August (Q3/18) | Kalmar | 10 new straddle carriers | Hamburger Hafen und Logistik AG (HHLA) | Not disclosed |
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 19 June (Q2/18) | Kalmar | Two Kalmar rail-mounted gantry (RMG) cranes with remote control and extensive customisation | Rotterdam Short Sea Terminals (RST) | Not disclosed |
| 8 June (Q2/18) | Kalmar, Navis | State-of-the-art, fully automated intermodal terminal solution. The order includes the supply of the OneTerminal solution comprising Kalmar's automated train handling, automated yard crane and automated horizontal transportation equipment and the Navis N4 terminal operating system (TOS) | Qube's Moorebank Logistics Park (MLP) in south-western Sydney | Approx. EUR 80 million |
| 4 June (Q2/18) | Kalmar | Comprehensive upgrade of one of the terminal's ship-to-shore (STS) cranes | The Bristol Port Company | Not disclosed |
| 24 May (Q2/18) | Kalmar | Fully autonomous equipment, software and services for a unique, fully digitalised container handling solution at Yara's Porsgrunn facility | Yara,Norway | Not disclosed |
| 4 April (Q4/17 and Q1/18) | MacGregor | Upgrading and optimising the container stowage systems on board seven Hapag-Lloyd C-class (Samsung 9,300 TEU series) container vessels. | Hapag-Lloyd | Not disclosed |
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 27 March (Q1/18) | Kalmar | Total of five electrically powered rubber-tyred gantry cranes (RTGs) with extensive customisation, including also the supply of a spare parts package for the machines | Poland | Not disclosed |
| 15 March | Kalmar, Navis | Subscription agreement with Cosco Shipping Ports Ltd. (CSP) for the Navis N4 terminal operating system (TOS) | COSCO Shipping | Not disclosed |
| 14 March (Q4/17) | Kalmar | Service agreement to cover maintenance and service of 16 Kalmar straddle carriers at the Port of Helsinki, Finland | Finland | Not disclosed |
| 13 Feb (Q3/17) | Kalmar | Full outsourcing contract for maintenance activities at Yilport Holding's three cargo terminals under a Kalmar Care service agreement | Sweden | Not disclosed |
| Date (and booking quarter) | Business unit | Description | Country | Value |
|---|---|---|---|---|
| 18 Dec (Q4/17) | Kalmar | Four automated straddle carriers and an emulation system | Germany | Not disclosed |
| 11 Dec (Q4/17) | Kalmar | 12 Classic Straddle Carriers | Russia | Not disclosed |
| 4 Dec (Q3&Q4/17) | MacGregor | Orders to optimise the container carrying capabilities of 31 MSC Mediterranean Shipping Company vessels from six different ship series | Mediterrenean shipping company | Not disclosed |
| 23 Nov (Q3&Q4/17) | Kalmar | Two rail-mounted gantry cranes (RMGs) for intermodal operation | Spain | Not disclosed |
| 22 Nov (Q4/17) | MacGregor | Fabrication, engineering and project management of a complete subsea mooring and riser system | Bangladesh-based company | Not disclosed |
| 13 Nov (Q4/17) | Kalmar | Ten Kalmar Rough Terrain Container Handlers (RTCH) | North America | Approximately EUR 10 million |
| 8 Nov (Q4/17) | Kalmar | Xvela collaborative stowage solution | Not disclosed | |
| 2 Nov (Q4/17) | Kalmar | Siwertell ST 490-M ship unloader | Norway | Not disclosed |
| 4 Oct (Q3/17) | Kalmar | Four Kalmar SmartPower Rubber-Tyred Gantry (RTG) Cranes | Thailand | Not disclosed |
| 12 Sep (Q3/17) |
MacGregor | Three linkspan facilities | France | Around EUR 25 million |
| 7 Sep (Q3/17) |
MacGregor | Hatch cover and crane contracts for five Chinese bulk carriers | China | Not disclosed |
| 23 Aug (Q1/17) |
Kalmar | 7 reachstackers, 11 loaded and 20 empty container handlers | Australia | Not disclosed |
| 20 Jul (Q2/17) |
MacGregor | On-vessel equipment, product fabrication, engineering and project management for a complete mooring and riser system | | Not disclosed |
| 5 Jul (Q2/17) |
MacGregor | Oceanographic winches and Triplex deck handling systems |
Germany | Not disclosed |
| 3 Jul (Q2/17) |
Hiab | 600 HIAB loader cranes | India | Not disclosed |
| 22 Jun (Q2/17) |
Kalmar | Six Kalmar Rubber Tyred Gantry (RTG) cranes | USA | Not disclosed |
| 13 Jun (Q2/17) |
Kalmar | Sixteen hybrid shuttle carriers | USA | Approximately EUR 13 million |
| 20 Apr (Q1/17) | Kalmar | Kalmar ship-to-shore (STS) cranes | Netherlands | Not disclosed |
| 29 Mar (Q1/17) |
Hiab | 69 MULTILIFT hooklifts and 7 HIAB X188 cranes | Finland | Around 2.5 million |
| 13 Mar (Q1/17) |
Kalmar | 11 diesel electric straddle carriers | | Not disclosed |
| 17 Feb (Q4/16) |
Kalmar | 30 Kalmar Hybrid Shuttle Carriers | Morocco | Not disclosed |
| 9 Feb (Q1/17) |
Kalmar | 708 terminal tractors | Americas | 70 million |
| 20 Jan (Q4/16) |
Kalmar | 13 container handlers | United Arab Emirates | Not disclosed |
| Date (and booking quarter) | Business unit | Description | Country | Value |
|---|---|---|---|---|
| 22 Dec (Q4/16) | Kalmar | Seven RTG cranes | Algeria | Approximately 10 million |
| 15 Dec (Q3/16) | Kalmar | 93 terminal tractors | Malaysia | 5 million |
| 14 Dec | MacGregor | Maintenance agreement of 39 ferries | Sweden | Not disclosed |
| 14 Nov (Q3/16) | Kalmar | 23 straddle carriers | South Africa | Not disclosed |
| 13 Oct (Q3/16) | MacGregor | Deck machinery | China | Not disclosed |
| 5 Oct (Q3/16) | Kalmar | 34 Kalmar Gloria reachstackers | Europe |
Not disclosed
|
| 13 Sep | Kalmar | 12 empty container handlers | USA |
Not disclosed
|
| 25 Aug (Q1/16) | Kalmar | 25 forklift trucks | Algeria |
Not disclosed
|
| 18 Aug | Kalmar | Four diesel-electric straddle carriers, ten heavy-duty terminal tractors for RoRo handling, four light forklift trucks and two heavy forklift trucks | Finland | Not disclosed |
| 11 Aug (Q2/16) | Kalmar | Seven top loaders and eight reachstackers | Americas |
Not disclosed
|
| 11 Jul (Q2/16) | MacGregor | Design and delivery of key components and the fabrication of steel structures for the hatch covers on board five 14,000 TEU container vessels under construction | Japan | Not disclosed |
| 28 Jun (Q4/16) | Kalmar | Eight diesel-electric straddle carriers | New Zealand |
Not disclosed
|
| 21 Jun | Kalmar | 18 all-electric AGVs | Singapore |
Not disclosed
|
| 2 Jun (Q4/15 and Q1/16) | Kalmar | 10 diesel-electric straddle carriers | Australia |
Not disclosed
|
| 17 May (Q1/16) | Kalmar | Heightening three ZPMC ship-to-shore (STS) cranes | Belgium |
Not disclosed
|
| 4 May | Kalmar | Upgrading seven ship-to-shore (STS) cranes | Malaysia | More than 20 million |
| 4 May (Q1/16) | Kalmar | Nine Diesel-electric straddle carriers | Germany |
Not disclosed
|
| 27 Apr (Q1/16) | MacGregor | Comprehensive RoRo access equipment packages for four car carriers | Japan |
Not disclosed
|
| 25 Apr (Q1/16) | Hiab | 250 Hiab loader cranes | India |
Not disclosed
|
| 21 Apr (Q1/16) | Kalmar | Nine Diesel-electric straddle carriers | Germany |
Not disclosed
|
| 12 Apr (Q1/16) | MacGregor | Electrically-operated shell doors and electric frequency-controlled Hatlapa winches for four next-generation eco-cruise ships | Germany and Finland | Not disclosed |
| 6 Apr (Q1/16) | MacGregor | Loose lashing orders for twelve container vessels | Europe |
Not disclosed
|
| 1 Apr (Q1/16) | MacGregor | Loose lashing contract to complete the optimized handling solution for five container ships | South Korea |
Not disclosed
|
| 30 Mar | MacGregor | For each of the two vessels, three K3030-4 mechanical grab cargo cranes with a safe working load of 30 tonnes at 30m outreach, design and key components package for multi folding-type hatch covers (6+6), electrically-driven Hatlapa deck machinery and Porsgrunn steering gear | Finland |
Not disclosed
|
| 22 Mar (Q2/15) | Kalmar | 37 Kalmar reachstackers and 8 Kalmar empty container handlers | South Africa |
Not disclosed
|
| 14 Mar (Q4/15) | Kalmar | Four Kalmar E-One2 rubber-tyred gantry cranes | Egypt |
Not disclosed
|
| 9 Mar | MacGregor | Cargo system upgrades for five 14,000 TEU container vessels, including modifications to the lashing system along with lashing bridge enhancement and the provision of Lashmate software | China |
Not disclosed
|
| 7 Mar | Siwertell | ST640-M screw-type unloader | Europe and China | Not disclosed |
| 17 Feb | MacGregor | Pusnes bow loading and offloading systems | China |
Not disclosed
|
| 5 Feb | Siwertell | Two road-mobile unloaders for cement unloading operations | Libya and Vietnam |
Not disclosed
|
| 4 Feb (Q3/15) | Kalmar | 27 straddle carriers | USA |
Not disclosed
|
| 11 Jan (Q3/15) | Kalmar | 60 Kalmar Ottawa T2 off-highway terminal tractors | USA |
Not disclosed
|
| Date (and booking quarter) | Business unit | Description | Country | Value |
|---|---|---|---|---|
| 17 Dec | Kalmar | Fifteen all-electric RTGs | Greece | Approximately EUR 20 million |
| 27 Nov | MacGregor | Five sets of Pusnes substructure mooring connection systems including instrumentation for load monitoring. The ballast-stabilised turbine structures will each be equipped with a three-point mooring system employing site-specific anchors | UK | Not disclosed |
| 25 Nov | Kalmar | Seven Kalmar rubber-tyred gantry (RTG) cranes and Kalmar service and support | Morocco | Not disclosed |
| 25 Nov | MacGregor | Pusnes deck machinery for the following ship types: twelve very large crude carriers (VLCC); four Suezmax tankers; six liquefied petroleum gas (LPG) carriers; one liquefied ethylene gas (LEG) carrier; two long-range 75,000 dwt product tankers and one liquefied natural gas/floating storage regasification unit (LNG/FSRU) carrier. For each deck machinery package MacGregor will be responsible for the design, contract management and the supply of all key components | South Korea | Not disclosed |
| 24 Nov | MacGregor | RoRo access equipment packages for a series of two post-Panamax 8,000 lane metre's RoRo carriers. Each package comprise a stern ramp, internal ramps, bulkhead doors and four levels of hoistable electrically-operated car decks | South Korea | Not disclosed |
| 16 Nov (Q3/15) | Hiab | 90 HIAB loader cranes and their installation from Coates Hire | Australia | 2 million |
| 11 Oct (Q1/15) | Kalmar | 6 rubber-tyred gantry (RTG) cranes | Mexico | Not disclosed |
| 6 Nov | Siwertell | Road-mobile Siwertell 10 000 S ship unloader | Vladivostok, Russia | Not disclosed |
| 2 Nov (Q3/15) | Siwertell | ST 940 DOB-type ship unloader | Taiwan | Not disclosed |
| 8 Oct (Q3/15) | Kalmar | 23 RTG cranes and 79 terminal tractors | Colombia | EUR 45 million |
| 8 Oct (Q3/15) | MacGregor | Anchor handling/towing winch packages for five 48m anchor handling tug supply (AHTS) vessels. Order include a medium-pressure 150-tonne capacity anchor handling/towing winch, a tugger winch, capstan and hydraulic power unit for each of the 48m AHTS vessels, and a 100-tonne capacity anchor handling/towing winch, a tugger winch, capstan and hydraulic power unit for the 40m AHTS vessel | China | Not disclosed |
| 7 Oct (Q3/15) | Hiab | 60 MOFFETT truck-mounted forklifts | US | USD 3 million |
| 7 Oct (Q3/15) | MacGregor | Design and delivery of key components and the fabrication of steel structures for the Hatch covers on board six 14,000 TEU container vessels | Japan | Not disclosed |
| 6 Oct (Q3/15) | MacGregor | Deck machinery package including a 200-tonne line pull / 300-tonne brake holding anchor handling towing winch, complete with a hydraulic spooling device, as well as Triplex shark jaws and guide pins | Not disclosed | |
| 5 Oct (Q3/15) | Kalmar | Upgrade of eight ship-to-shore cranes (STS) | Spain | Not disclosed |
| 29 Sep | Kalmar | Eight automatic stacking cranes (ASC) and related automation | Australia | Not disclosed |
| 22 Sep | MacGregor | Optimised cargo handling systems for five 10,500 TEU container vessels | Germany | USD 21 million |
| 26 Aug | Hiab | 1,200 HIAB loader cranes | India | Not disclosed |
| Kalmar | Two Kalmar DCT80-45E7 empty container handlers, six Kalmar DRT 450 reachstackers and seven Kalmar TT 612d terminal tractors together with ten terminal chassis | Kazakhstan | Not disclosed | |
| 17 Aug | MacGregor | Comprehensive RoRo access equipment packages for a series of five post-Panamax 7,800 CEU pure car/truck carriers (PCTCs) | China | Not disclosed |
| 13 Aug (Q2/15) | Kalmar | 14 Kalmar E-One2 rubber-tyred gantry cranes (RTGs) and six Kalmar forklift trucks | Colombia | More than EUR 25 million |
| 14 Jul (Q2/15) | Kalmar | Seven Kalmar Gloria reachstackers for intermodal handling, three Kalmar TT 618i terminal tractors and one Kalmar DCG 160-12 forklift. All of the machines come with an all-inclusive Kalmar Care maintenance contract and service support provided by Kalmar Austria | Austria | Not disclosed |
| 9 Jul | Kalmar | Automated straddle carrier solution | Australia | Not disclosed |
| 8 Jul (Q2/15) | Kalmar | Retrofitting both electrically and mechanically two ship-to-shore (STS) cranes | Egypt | Approximately EUR 3.5 million |
| 8 Jul | MacGregor | Design and key components for hatch covers; deck cranes, electric deck machinery, steering gear, air compressor | China | Not disclosed |
| 7 Jul | MacGregor | Four 20015-6045 LBC cranes | Singapore | Not disclosed |
| 16 Jun | MacGregor | Electrically-driven deck machinery, windlasses and mooring winches | South Korea | Not disclosed |
| 11 Jun | Kalmar | Nine all-electric rubber-tyred gantry cranes (ERTGs) | Greece | Not disclosed |
| 11 Jun | Kalmar | Seven further remote control (RC) desks | Portugal | Not disclosed |
| 9 Jun | Kalmar | Two Kalmar automatic stacking cranes (ASCs) | USA | Not disclosed |
| 22 May | Kalmar | Two new Kalmar automatic stacking cranes (ASCs) | Australia | Not disclosed |
| 21 May (Q1/15) | Kalmar | Heightening of three Kalmar ship-to-shore (STS) cranes | Belgium | Not disclosed |
| 20 May | Kalmar | 18 rough terrain container handlers | USA | Approximately EUR 16 million (USD 18 million) |
| 19 May | Kalmar | Rail-travelling Siwertell type ST 790-D unloader | Philippines | Not disclosed |
| 4 May | Kalmar | Upgrading seven ship-to-shore (STS) cranes | Malaysia | EUR 20 million |
| 23 Apr (Q1/15) | Kalmar | 11 reachstackers and 16 forklift trucks | Algeria | Not disclosed |
| 22 Apr (Q1/15) | Kalmar | Seven Kalmar DCE330-RORO units | Italy | Not disclosed |
| 21 Apr (Q1/15) | Kalmar | Two subsea knuckle boom cranes | Singapore | Not disclosed |
| 21 Apr | Siwertell | Road-mobile unloader | Kuwait | Not disclosed |
| 21 Apr (Q1/15) | Kalmar | 42 Kalmar Ottawa terminal tractors, five Kalmar reachstackers and two Kalmar rubber-tyred gantry cranes (RTGs) to Manila International Container terminal, and 16 Kalmar Ottawa terminal tractors and two Kalmar RTGs | Philippines | Not disclosed |
| 20 Apr (Q1/15) | MacGregor | Triplex deck handling equipment and cranes for four customised Havyard 843 anchor handling tug supply vessels (AHTS) | Brasil | Not disclosed |
| 17 Apr (Q1/15) | MacGregor | Pusnes bow loading systems for three newbuild shuttle tankers | South Korea | Not disclosed |
| 16 Apr | Hiab | 60 stiff boom cranes | China | Not disclosed |
| 31 Mar | Hiab | MOFFETT truck mounted forklifts | North America | Approximately USD 10 million |
| 30 Mar | Siwertell | Road mobile unloader | Saudi Arabia | Not disclosed |
| 24 Mar | Siwertell | Siwertell screw-type ship unloader | Korea | Not disclosed |
| 23 Mar | MacGregor | Two complete deck equipment packages for a pair of 78m anchor handling, supply and oil recovery vessels | China | Not disclosed |
| 16 Mar | MacGregor | Crane and observation gondola | US | Not disclosed |
| 9 Mar | MacGregor | Complete turnkey delivery of RoRo cargo access and handling equipment | Finland | Not disclosed |
| 9 Mar | Kalmar | Additional system of 20 automatic stacking cranes | UK | Not disclosed |
| 5 Mar | MacGregor | Eight MacGregor dry bulk cement handling systems | China | Not disclosed |
| 4 Feb | Kalmar | 512 units of Kalmar Ottawa T2 terminal tractors | North America | Not disclosed |
| 29 Jan (Q4/14) | Hiab | Five models of folding loader crane, ranging from versatile 4-ton cranes to powerful 14-ton cranes, together with a service and maintenance package | UK | Not disclosed |
| 28 Jan (Q4/14) | Siwertell | Road-mobile unloader | Turkey | Not disclosed |
| 20 Jan (Q4/14) | Kalmar | Integrated automation system: control systems of automatic stacking cranes (ASCs) and AutoShuttles, and terminal logistic system (TLS) as well as for the integration of the system components and terminal operating system (TOS) | Australia | Approximately EUR 15 million |
| 19 Jan (Q4/14) | MacGregor | Cargo and passenger access equipment for two cruise ships | France | Not disclosed |
| 16 Jan (Q4/14) | MacGregor | Deck equipment packages for two 78m anchor-handling/offshore support vessels. Each package includes a medium pressure anchor windlass/mooring winch, capstans, tugger winches, storage reels, a provisions crane and power packs. From its Hatlapa range, MacGregor will supply each vessel with a 350 tonne line pull/450 tonne brake holding capacity low pressure anchor-handling/towing winch | China | Not disclosed |
MEUR 3,304
MEUR 243.8 - 7.4 percent of sales
MEUR 3,756
11,987
*Excluding restructuring costs
* 2017 EPS figure has been restated according to IFRS 15
** Board proposal to AGM
* Software sales defined as Navis business unit and automation software
2017 figures have been restated according to IFRS 15 and calculated by using the new definitions for the equipment, service and software businesses announced in March 2018
*Figures have been restated according to IFRS 15
Source: Oxford Economics: Industry output forecast 9/2018
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.
| Global main competitors |
ZPMC |
Palfinger |
TTS |
| Other competitors |
ABB |
Fassi |
Navalimpianti Group |
| Kalmar | Hiab | MacGregor |
Source: Cargotec’s interim report January–March 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 longer to balance out, since capacity will continue to increase while demand is expected to grow very moderately. At the same time, 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 andtrials.
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 develop 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.
The following external organizations provide relevant and useful information about the markets of Cargotec and the business areas. You may access the material below via the links which direct you to the website of each organisation.
Drewry - Information and analyses of shipping industry, e.g. estimates on future global cargo volumes.
Oxford Economics - Leader in global forecasting and quantitative analysis. For instance, analyses of construction industry in different geographical areas.
Clarksons - World’s leading provider of integrated shipping services. Clarksons provides forecasts of e.g. merchant ship and offshore unit numbers.
IHS Markit - Useful analyses of Maritime & trade or automotive industries.
Research and product development expenditure in 2018 totalled EUR 89.0 (92.5) million, representing 2.7 (2.8) percent of sales. EUR 0.5 (0.5) million was capitalised.
Product launches
Other actions
Product launches
The portfolio of JONSERED recycling cranes was extended with four renewed and two new models, the 1250RZ and 1500RZ.
In services, Hiab rolled out it’s ProCare™ Total Repair & Maintenance (R+M) programme globally. At a fixed monthly price, customers benefit from increased equipment uptime and reduced total cost of ownership, with their equipment value maintained with Hiab original parts.
Hiab rolled out its connected service HiConnect™. HiConnect enables businesses to gain real-time insights into their fleet and load-handling equipment utilisation and operation, enhancing uptime, productivity and safety.
Hiab launched its renewed HIAB light range loader cranes with a capacity from 4 to 11 metric tonnes.
Hiab launched the new MOFFETT M5 NX truck mounted forklift which is especially designed for medium to heavy-duty tasks.
The new MULTILIFT COMMANDER container handling unit was also presented to the markets. This application is new for the commercial hooklift market, enabling handling containers safely and efficiently in locations where no infrastructure exists to load or unload containers from the truck.
Other actions
Hiab opened Vision Lab, the latest addition to the Test and Innovation Centre in Hudiksvall, Sweden. The new facility enables testing the latest technologies with imaging, visual and object recognition under different conditions.
Hiab’s production units were awarded new, stricter ISO certifications for quality assurance, sustainability and safety, replacing earlier Hiab-wide ISO certifications.
Hiab continued to expand its spare parts web shop which now covers 46 countries.
Hiab launched the MULTILIFT hooklifts for the US market.
Hiab opened a new installation and competence centre in Meppel, the Netherlands.
MacGregor developed a unique new system for improving port and voyage efficiency for RoRo vessels.
MacGregor and SeaFocus announced a collaboration agreement that will support companies in creating new cooperation models to benefit maritime trade and drive industry innovation.
According to our knowledge the following analysts have regular coverage on Cargotec Corporation. The list may be incomplete. The listed analysts follow Cargotec on their own initiative. Cargotec is not responsible for their views.
You can find the consensus estimates here.
| Company | Analyst | Telephone |
| ABG Sundal Collier | Karl Bokvist | +46 8 566 286 33 |
| Carnegie | Tom Skogman | +358 9 6187 1234 |
| Credit Suisse | Leo Carrington | +44 20 7883 4532 |
| Kepler Cheuvreux | Johan Eliason | +46 8 723 5177 |
| Danske Markets | Antti Suttelin | +358 10 2364 708 |
| DNB | Tomi Railo | +44 20 7621 6085 |
| Handelsbanken | Timo Heinonen | +358 10 444 2483 |
| Inderes | Erkki Vesola | +358 50 549 5512 |
| Nordea Bank | Manu Rimpelä | +358 9 530 05172 |
| OP Financial Group | Henri Parkkinen | +358 10 252 4409 |
| SEB | Antti Kansanen | +358 9 616 28724 |
| UBS | Magnus Kruber | +46 8 453 7311 |
Sustainability is a great business prospect for Cargotec as the inefficiencies in the industry are clear. Only the moving of empty containers cause 19 million CO2 equivalent tonnes annually while some calculations show that the inefficiencies in cargo handling chain cause EUR 17 billion costs to the industry. We see the need for increasing efficiency in the industry as a major business potential, while at the same time it means decreasing emissions. The future growth in our business comes from increasing demands for operational efficiency, the proliferation of lifetime solutions and from increasing cargo volumes.
On the other hand, we need to ensure transparent and fair corporate governance, efficient environmental and health&safety management practices, efficient non-compliance programme and clear supplier management processes to have a license to operate in a more sustainability-driven market.
For Cargotec, the willingness to increase more sustainable cargo flow is not only a sentence. We have created a product group which demonstrates the solutions which can benefit customers’ operational, emissions or resource efficiency. In environmental industries, our products and solutions can enhance the industry efficiency. Increased growth in offering for eco-efficiency is driven by R&D and digitalisation investments.
Customers benefit from using our products and solutions as they enable
Cargotec’s eco-efficiency product group sales during 2018 was about 21 (2017: 18) percent of the total sales.
Three most important areas to manage in our own operations during 2018 are safety, supply chain management and increased usage of renewable energy. Additionally, we will continue our extensive work around anti-corruption practices, employee engagement and Offering for eco-efficiency development.
We monitor our sustainability performance closely on various areas and set annual sustainability targets to ensure development. You can read more about our targets from Our sustainability work and targets section.
Cargotec expects its comparable operating profit for 2019 to improve from 2018 (EUR 242.1 million).
Cargotec uses alternative performance measures (APMs) to better convey underlying business performance and to enhance comparability from period to period. Starting from 1 January 2019, Cargotec replaces the alternative performance measure of "operating profit excluding restructuring costs" with "comparable operating profit" for measuring business performance in the financial reporting. Comparable operating profit does not contain items significantly affecting comparability. In addition to restructuring costs, these items mainly include capital gains and losses, income and expenses related to business acquisitions and disposals, impairments of assets and reversals of impairments, insurance benefits, and expenses related to legal proceedings. Cargotec's comparable operating profit for 2018 is EUR 242.1 (2017: 258.6) million.
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.
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).
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).
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).
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).
Operating profit excluding restructuring costs for 2018 is expected to improve from 2017 (EUR 263.2 million).
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).
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).
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).
Cargotec’s operating profit excluding restructuring costs for 2017 is expected to improve from 2016 (EUR 250.2 million).
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).
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).
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).
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).
Cargotec’s 2015 sales are expected to grow from 2014. Operating profit excluding restructuring costs for 2015 is expected to improve from 2014.
Cargotec’s 2015 sales are expected to grow from 2014. Operating profit excluding restructuring costs for 2015 is expected to improve from 2014.
Cargotec’s 2015 sales are expected to grow from 2014. Operating profit excluding restructuring costs for 2015 is expected to improve from 2014.
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).
Cargotec’s 2014 sales are expected to grow from 2013. Operating profit excluding restructuring costs for 2014 is expected to improve from 2013.
Cargotec’s 2014 sales are expected to grow from 2013. Operating profit excluding restructuring costs for 2014 is expected to improve from 2013.
Cargotec’s 2014 sales are expected to grow from 2013. Operating profit excluding restructuring costs for 2014 is expected to improve from 2013.
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.
The sales and operating profit excluding restructuring costs for 2013 are expected to fall short of 2012.
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.
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.
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.
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
The operating profit margin for 2012 is expected to be approximately 5 percent excluding non-recurring costs. Sales are expected to grow from 2011.
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.
Cargotec's 2012 operating profit margin is expected to be approximately 6 percent. Sales are expected to grow from 2011.
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.
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.
Cargotec expects its 2012 sales to grow and operating profit margin to improve compared to 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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's board of Directors has confirmed the updated financial targets for Cargotec Corporation, announced on 5 September 2017.
Updated targets are the following:
The updated financial targets reflect Cargotec’s increased profitability and stability. Cargotec’s must-win battles - Build world-class services offering, Lead digitalisation, Build world-class leadership - continue to form the core of the company’s strategy. With the must-win battles, we aim to become the global leader in intelligent cargo handling.
ROCE (return on capital employed), annualised *) Excluding restructuring costs
* 2017 EPS figure has been restated according to IFRS 15
** Board proposal to AGM
*Year 2017 figures have been restated according to IFRS 15
The demand for Cargotec’s load handling solutions continued to be strong during the first quarter of 2019. Orders received grew in total by 18 percent compared to the comparison period, and the growth was evenly spread between all of our business areas. Sales developed favourably as well,increasing by 11 percent.
Our comparable operating profit remained at the comparison period’s level. Kalmar’s profitabilityimprovement was driven by higher sales. The sales grew also in Hiab, but especially the challenges in the supply chain led to a decline in the comparable operating profit compared to the first quarter of 2018. We continued our efforts to solve these issues, and believe that Hiab’s performance will improve during the second half of 2019. Despite the increase in MacGregor’s orders received, the market situation remains difficult. Nevertheless, MacGregor’s comparable operating profit remained positive.
The development in our service and software business was good during the first quarter. Services ales grew by five percent and software sales by 18 percent. During the quarter, we strengthened our software offering by acquiring the US-based Cetus Labs, Inc., which offers a cloud-based Octopi terminal operating system (TOS) for small container and mixed cargo terminals. With the addition of Octopi to its software portfolio, Navis is better positioned to support thousands of smaller terminals around the world that are eager to modernise their terminal operations, yet lack the technology infrastructure or technical expertise required to support a full-scale Navis N4 TOS deployment. Service and software sales constituted around one third of our sales. Our target is to increase the annual sales of our service and software business to 1.5 billion euros.
Here you can find some frequently asked questions about Cargotec as an investment. Questions are divided to categories which can be accessed from the navigation list. In case you have other questions, please contact Investor Relations team.
1. What are Cargotec’s financial targets?
Cargotec’s financial targets, confirmed by the Board of Directors:
Read more about Cargotec's financial targets and the development towards the targets here.
2. Which are Cargotec’s business areas?
Cargotec’s business areas are Kalmar, Hiab and MacGregor. Kalmar offers industry shaping cargo handling equipment and automated terminal solutions, software and service; Hiab is the global market leader in on-road load handling, and MacGregor provides world-leading engineering solutions and services for offshore and marine industries.
3. What are Cargotec’s main customer segments?
All business areas serve different customer segments. You can find the main customers by business areas here.
4. What is Cargotec’s geographical presence like?
Cargotec operates in more than 100 countries all over the world. In 2018, 49 percent of sales came from EMEA, 31 percent from Americas and 20 percent from APAC.
5. When was Cargotec founded?
Cargotec Corporation was formed in June 2005 when Kone Corporation demerged into two companies to be listed, Cargotec and KONE. However, the history of Cargotec did not start that year but over 100 years ago when Kalmar, one of Cargotec’s three business areas, started its operations.
Read more about Cargotec’s history.
6. How many people does Cargotec employ?
Cargotec employed 11,987 people at the end of 2018.
7. How much of Cargotec’s net sales is allocated to R&D?
In 2018, R&D expenditure totalled EUR 89.0 million, representing 2.7 percent of sales.
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.
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.
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:
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.
Cargotec |
|
| AMER | Americas |
| APAC | Asia-Pacific |
| Brownfield terminal | Existing terminal |
| Construction output | Construction production volume, a key market driver for Hiab |
| Container throughput | A measure of the number of containers handled over a period of time. It is a standard measure for the productivity of a seaport. Container throughput is measured by twenty-foot equivalent units (TEU). Key market driver for Kalmar |
| EMEA | Europe, Middle East and Africa |
| Greenfield terminal | Brand-new terminal whose construction does not contain constrainsts of buildings and infrastructure |
| Rainbow-Cargotec Industries (RCI) | A joint venture with Cargotec’s partner in China, Jiangsu Rainbow Heavy Industries (RHI) |
| RCI | Rainbow-Cargotec Industries (RCI), a joint venture with Cargotec’s partner in China, Jiangsu Rainbow Heavy Industries (RHI) |
| SAF | Semi-automated folding, used in some of Hiab's products |
| Software sales | When reported, software sales includes Navis business unit and automation software |
| TEU | TEU stands for Twenty-Foot Equivalent Unit which can be used to measure a ship's cargo carrying capacity. The dimensions of one TEU are equal to that of a standard 20′ shipping container. 20 feet long, eight feet tall. |
| TLS | Terminal logistic system |
| TOS | Terminal operating system |
Kalmar |
|
| ASC crane | Automated stacking crane (image) |
| Forklift truck | Trucks for lifting different kinds of loads (more information) |
| Intermodal handling | Involving two or more different modes of transportation |
| Loaded container handler | Masted container handler for containers that are loaded |
| Logstacker | Stacker for handling logs (image) |
| Masted container handler | Masted container handlers to handle both empty and loaded containers (image) |
| OneTerminal | Kalmar's OneTerminal is an integrated automation solution that brings together Kalmar and Navis software systems, equipment and services (more information) |
| Port 2060 | Kalmar's initiative that was originally launched in 2011 to spark discussion on the future of the port industry. Read the blog |
| Reachstacker | Reachstackers are machines for container handling, industrial handling and intermodal handling (more information) |
| RMG crane | Rail-mounted gantry crane (more information) |
| Rough terrain handler | Rough terrain handlers are designed specifically for use in the world’s most challenging environments (more information) |
| RTG crane | Rubber-tyred gantry crane for large terminals (more information) |
| Shuttle carrier | Carriers to pick, carry, stack and ground containers or for example moving containers from ship to shore (more information) |
| Straddle carrier | Carriers for ship-to-shore operations (more information) |
| STS crane | Ship-to-shore crane for moving containers from ships to terminal (more information) |
| Terminal tractor | Terminal tractors can be used for short distance transportations in ports and container terminals, distribution and logistic centres as well as industrial sites (more information) |
Hiab |
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| HiConnectTM | Hiab's connected service offering, which enhances the productivity of Hiab equipment for fleet operators by enabling real-time insights via web-based dashboards showing the utilisation, condition and operation of their connected Hiab equipment (more information) |
| HiVisionTM | HiVision, Hiab's 3D technology product for forestry cranes, makes possible to move the crane from a truck cabin (more information) |
| Loader crane | Crane attached to a truck (more information) |
| Truck mounted forklift | Forklifts for loading and unloading cargo without assistance. Fits at the rear of a truck or trailer. Hiab produces truck mounted forklift under MOFFETT brand (more information) |
MacGregor |
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| Offshore | Industrial activity at sea, e.g. drilling and pumping at an oil or gas well |
| RoRo vessel | Roll-on/roll-off vessel, designed to carry wheeled cargo that are driven on and off the ship |
| RoPax vessel | Roll-on/roll-off passanger vessel for freight vehicle transport and passenger accommodation |
