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Cargotec in figures

Financials

Latest reports & presentations

The objective of Cargotec treasury management is to secure sufficient funding for business operations, avoiding financial constraint at all times, to provide business units with financial services, to minimise the costs of financing, to manage financial risks (currency, interest rate, liquidity and funding, credit and operational risks) and to provide management with information on the financial position and risk exposures of Cargotec and its business units.

Key figures

Q1/182017​​2016​201520142013​2012
Net debt​, MEUR 574 472​​ 503 622 719​ 578​ 478​
​Gearing, % 41.5 33.1​ 36.0 46.4 59.2​ 46.7​ 38.8​
​Total equity/total assets, % 40.9 41.4​​ 39.1 39.8 36.0​ 39.5​ ​40.8
​Net working capital, MEUR 173 115​ 57 ​151 186 229​ ​237

 

Net debt 31 March 2018

Interest-bearing liabilities, MEUR 793
Cash and cash equivalent, MEUR 212
Other interest-bearing assets, MEUR 7
Net debt, MEUR 574

  

*2017 figures have been restated according to IFRS 15
Figures are updated quarterly.

Debt and liquidity

Debt and liquidity

Interest-bearing liabilities 31 March 2018 (MEUR)

EUR 250 million bonds (maturing in 2022 and 2024)
Cargotec Corporation announced its decision to issue two bonds in the total aggregate amount of EUR 250 million 17 March 2017. The first EUR 150 million bond matures on 28 March 2022 and carries a fixed annual interest of 1.75 per cent. The other, a EUR 100 million bond matures on 28 March 2024 and carries a fixed annual interest of 2.375 per cent. The prospectus relating to the listing of the bond on Nasdaq Helsinki Ltd can be accessed through the link below.

Listing prospectuses for the bonds

EUR 150 million bond
On 24 March 2014, Cargotec Corporation issued a senior unsecured bond of EUR 150 million. The six-year bond matures on 31 March 2020 and it carries a fixed annual interest of 3.375 percent. The offering was allocated to approximately 70 investors. The prospectus relating to the listing of the bond on Nasdaq Helsinki Ltd can be accessed through the link below.

Listing prospectus for the bond

Interest-bearing liabilities 31 March 2018

  Average rate​ Book value
Corporate bonds​* 2.82% 464 MEUR
​Bilateral bank loans, subsidiary external loans, financial leases ​1.28% 302 MEUR
​Cash pool overdrafts ​4.16% 28 MEUR


* Corporate bonds 

  ​Coupon rate ​Nominal value ​Book value
​2007 - 2019**                                                   ​5.68% 85 MUSD 69  MEUR 
​2014 - 2020 3.38% ​150 MEUR 150 MEUR
2017 - 2022 ​1.75% 150 MEUR​ 150 MEUR
2017 - 2024 ​2.38% ​100 MEUR ​100 MEUR

** USD denominated Private Placement corporate bonds are fully hedged via cross currency swaps and resulting in EUR 64.0 million load with average interest rate of 5.68%.  

 

Covenants


In addition to general terms and conditions, Cargotec has a financial covenant restricting its capital structure. According to the covenant, Cargotec gearing must be retained below 125 percent. On 31 March 2018, gearing was 41.5 percent.


Liquidity 31 March 2018

​Cash and cash equivalents ​+ 212 MEUR
​​Committed long-term undrawn revolving credit facilities​* + 300 MEUR
​Repayments of interest-bearing liabilities during next 12 months ​- 192 MEUR
Total liquidity 320 MEUR

*Read here  more information about revolving credit facility refinanced on 26 June 2017.

In addition, Cargotec Corporation holds a EUR 150 million domestic Commercial Paper facility of which EUR 0.0 million was in use on 31.12.2017.

Figures are updated quarterly.

Credit ratings

Cargotec has not applied for a credit rating from any rating agency.

Year 2017 figures have been restated according to IFRS 15

Maturing profile

​Repayment schedule of interest-bearing liabilities on 31 March 2018

Graph is updated quarterly.

Financial risk management

Organisation of finance function and financial risk management

Cargotec finance function and financial risk management are conducted according to the Treasury Policy, approved by the Board of Directors. Organization, responsibilities and principles of financial risk management, monitoring and reporting are defined in the Treasury Policy. Treasury Committee, appointed by the Board, is responsible for Treasury Policy compliance and for organising and monitoring treasury function. Detailed guidelines for financing functions in accordance with Treasury Policy are defined in Treasury Instructions, approved by the Treasury Committee.

The objectives of treasury management are to secure sufficient funding for business operations, avoiding financial constraint at all times, to provide business units with financial services, to minimise the costs of financing, to manage financial risks (currency, interest rate, liquidity and funding, credit and operational risks) and to regurarly provide management with information on the financial position and risk exposures of Cargotec and its business units.

Cargotec Treasury is responsible for funding at corporate level, for managing liquidity and financial risks, for providing efficient set up of financing operations and for monitoring business unit financial positions. Cargotec Treasury reports on these issues monthly. The business units are responsible for hedging their financial risks according to the Treasury Policy and instructions from Cargotec Treasury.

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Consensus estimates

By clicking the “I agree” button below, you will be transferred to a web page which is maintained and contains information provided by Vara Research. Cargotec has neither no impact on nor control over the content or reliability of the linked web page. Under no circumstances shall Cargotec be held responsible for the accuracy or completeness of the information or for its use by any person.

The information on the page is based on estimates and forecasts of external analysts following Cargotec.  The information appearing on the pages maintained by Vara Research does not represent the opinion, forecasts or predictions of Cargotec or its management.  The information is not in any case  intended to provide investment advice.


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Calculation of key figures

Alternative performance measures (APMs) used in Cargotec's financial reporting

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


The alternative performance measures used by Cargotec are:

  • Operating profit excluding restructuring costs (MEUR and % of shares) = Operating profit + restructuring costs
  • ​Interest-bearing net debt (MEUR) = Interest-bearing liabilities – loans receivable and other interest-bearing assets +/- foreign currency hedge of corporate bonds
  • Net interest-bearing debt / EBITDA, rolling 12 months = Net interest bearing debt / EBITDA (earning before interests, taxes, depreciation and amortisation, rolling 12 months)


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.

Formulas for calculation of key figures

Formulas

Return on equity (ROE) (%) = 100 x Net income for period / Total equity (average for the period)

Return on capital employed (ROCE) (%) = 100 x (Income before taxes + interest and other financing expenses) / (Total assets - non-interest-bearing debt) (average for the period)

Total equity / total assets (%) = 100 x Total equity / (Total assets - advances received)

Gearing (%) = 100 x (Interest-bearing debt*- interest-bearing assets) / Total equity

Basic earnings / share (EUR)= Net income attributable to the equity holders of the parent / Average number of outstanding shares during period
Diluted earnings / share (EUR) = Net income attributable to the equity holders of the parent / Average number of diluted outstanding shares during period

Equity / share (EUR) = Total equity attributable to the equity holders of the parent / Number of outstanding shares at the end of period

Dividend / share (EUR) = Dividend for financial period / Number of outstanding shares at the end of financial period

Dividend / earnings (%) = 100 x (Dividend for financial period / share) / (Basic earnings / share)

Effective dividend yield (%) = 100 x (Dividend / share) / Closing price for the class B share at the end of financial period

Price / earnings (P/E) = Closing price for the class B share at the end of period / (Basic earnings / share)

Average share price = EUR amount traded during period for the class B share / Number of class B shares traded during period

Market capitalisation at the end of financial period = Number of class B shares outstanding at the end of period x closing price for the class B share at the end of period + Number of class A shares outstanding at the end of period x closing day average price for the class B share

Trading volume = Number of class B shares traded during period

Trading volume (%) = 100 x Number of class B shares traded during period / Average weighted number of class B shares during period
 
* Including cross-currency hedging of the USD Private Placement corporate bond.

Cargotec's stock exchange release on 28 March 2018:

Cargotec applies the new IFRS 15 and IFRS 9 accounting standards as well as the amendments to the IFRS 2 standard starting from 1 January 2018. Cargotec discloses the financial impacts of the transitional adjustments related to the adoption of IFRS 15 and IFRS 9 and the amended IFRS 2, as well as the restated figures for 2017 due to the retrospective adoption of IFRS 15. Cargotec has also aligned the definitions of the equipment, service and software businesses from the beginning of 2018 and discloses the restated comparison period figures of 2017 for the reporting segments.

The adoption of IFRS 15 decreased sales in 2017 by EUR 30.3 million, of which Kalmar’s share was EUR 25.2 million, Hiab’s EUR 0.1 million and MacGregor’s EUR 5.0 million. The 2017 operating profit, excluding restructuring costs, decreased by EUR 4.6 million, of which Kalmar’s share was EUR 3.6 million, Hiab’s EUR 0.1 million and MacGregor’s EUR 1.0 million.

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). The previous 2017 comparison figure for operating profit excluding restructuring costs was EUR 263.2 million.

The adoption of the new accounting principles resulted in an increase of EUR 3.5 million in Cargotec’s equity in the opening balance 2018, including the following adjustments:

  • IFRS 15, Revenue from contracts with customers, was adopted retrospectively with the allowed transitional reliefs. The adoption of IFRS 15 resulted in changes in the timing of revenue recognition related to certain products. The retrospective adoption of these changes resulted in an increase of EUR 1.3 million in Cargotec’s equity in the opening balance of 2017, and a reduction of EUR 3.7 million in the net income for the year 2017.
  • IFRS 9, Financial instruments, was adopted prospectively with the allowed transitional reliefs. The adoption of IFRS 9 resulted in an increase in the credit loss provision regarding the less than 90 days overdue receivables related to which Cargotec previously recognized no generic credit loss provision. In addition, certain loan receivables were impaired on the adoption of IFRS 9. These transitional adjustments resulted in a reduction of EUR 1.6 million in Cargotec’s equity in the opening balance of 2018.
  • Amendments to IFRS 2 regarding the classification and measurement of share-based payment transactions were adopted prospectively. As a result of the amendments, the share-based payments that are settled net in shares after withholding taxes are accounted for in full as equity-settled arrangements despite the fact that Cargotec pays in cash the taxes related to the rewards on behalf of the participants. The adoption of IFRS 2 amendments resulted in an increase of EUR 7.5 million in Cargotec’s equity in the opening balance of 2018.

Additional information regarding the transitional adjustments is disclosed in Cargotec’s Financial review 2017 under the section Accounting principles for the consolidated financial statements.

Due to the aligned definitions of the equipment, service and software businesses, EUR 32.8 million was restated from equipment sales into service sales in 2017, of which Hiab’s share was EUR 16.2 million and MacGregor’s EUR 16.6 million.

The first interim report of 2018 to be published on 24 April will be prepared in accordance with the new accounting principles.

The restated financial information is unaudited.

___________________

As of 1 January 2013, Cargotec's external financial reporting comprises of three reporting segments: MacGregor (Marine until 31 Dec 2012), Kalmar (Terminals unti 31 Dec 2012) and Hiab (Load Handling until 31 Dec 2012).

In addition, the Bulk Handling business was transfered from MacGregor business area to Kalmar business area as of 1 January 2013. Segment information for 2011 - 2012 has been restated accordingly.

___________________

In October 2011, Cargotec announced plans to accelerate the implementation of its strategic initiatives by changing its operational model. Effective from 1 January 2012, Industrial & Terminal was divided into two new business areas: Terminals and Load Handling. Cargotec's Supply organisation was divided into the new business areas. Business areas Marina and Services will continue unchanged.

Cargotec's external financial reporting segments are Marine, Terminals and Load Handling. These changes were effective from 1 January 2012. Comparative figures will be provided before reporting the figures for Q1/2012.

___________________

In June 2009, Cargotec announced the merger of Hiab and Kalmar business areas. As a result, two business areas were formed: Industrial & Terminal, comprising former Hiab and Kalmar business areas, and Marine, which comprises former MacGregor business area.

Cargotec will as of 1 January 2010 report financial information in two reporting segments: Industria & Terminal and Marine. On these reporting segments, Cargotec will disclose quarterly figures for orders received, order book, sales, operating profit and number of employees. In financial reporting the third business area, Services, will be included in the figures of these two reporting segments while its sales will continue to be reported as additional information.

In addition to segment reporting, Cargotec will continue to disclose quarterly sales and number of employees by geographical areas, which are EMEA (Europe, Middle East and Africa), Americas and Asia-Pacific.

The first interim report of 2010 to be published on 29 April 2010 will be prepared according to the new reporting segment structure. Cargotec's 2007-2009 financial information has been restated to comply with the new reporting segment structure. The restated comparison figures are available through the attached link.

Cargotec was listed on the NASDAQ OM Helsinki on 1 June 2005 and the company's first official financial period was 1 June - 31 December 2005. Unaudited pro forma comparison figures are presented for those periods for which official comparative figures are not available. 

Pro forma figures present Cargotec's financial information based on its business and corporate structure at the time of the listing to facilitate the financial evaluation of the company. Hence, MacGregor's marine cargo flow business acquired in spring 2005 is included in the pro forma figures of all comparison periods as if the acquisition would have happened before the periods presented. Pro forma information is based on IFRS and the accounting principles of Cargotec's official consolidated financial statements have been applied when suitable. The final accounting impact of the MacGregor acquisition according to IFRS 3 is included in the official result as of June 1, 2005. In pro forma figures the impact has been recognised as an adjustment to equity. The pro forma accounting principles prior to the listing are presented in Cargotec's listing particulars.

MEUR Pro forma
1-12/2005
Pro forma
1-12/2004
Orders received 2,384.9 2,337.3
Order book 1,256.9 1,218.5
Sales 2,357.9 1,900.4
Operating income 179.4* 123.9
Operating income, % 7.6* 6.5
Basic earnings/share, EUR 1.90* 1.20
     
Cash flow from operations 194.1 157.5
Net working capital 206 183
     
Equity/share, EUR 11.93 10.17
Total equity/total assets, % 46.2 42.2
Gearing, % 15.7 43.0
Return on equity, % 19.2 12.6
Return on capital employed, % 20.9 12.9
 
* excluding EUR 15.4 million gain from the sale of Consolis