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| | Q3/18 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Net debt, MEUR | 639 | 472 | 503 | 622 | 719 | 578 | 478 |
| Gearing, % | 45.3 | 33.1 | 36.0 | 46.4 | 59.2 | 46.7 | 38.8 |
| Total equity/total assets, % | 40.7 | 41.4 | 39.1 | 39.8 | 36.0 | 39.5 | 40.8 |
| Net working capital, MEUR | 301 | 115 | 57 | 151 | 186 | 229 | 237 |
| Interest-bearing liabilities, MEUR | 868 |
|---|---|
| Cash and cash equivalent, MEUR | 189 |
| Other interest-bearing assets, MEUR | 39 |
| Net debt, MEUR | 639 |
2017 figures have been restated according to IFRS 15
Figures are updated quarterly.
Interest-bearing liabilities 30 September 2018 (MEUR)
EUR 150 million Schuldschein loans (maturing 2023 and 2025)
On 7 November 2018 Cargotec Corporation announced it had issued a series of Schuldschein loans in the amount of EUR 150 million. The transaction included floating and fixed rate tranches with maturities of 5 and 7 years. The Schuldschein loans were targeted to banks and institutional investors, with the proceeds going towards general corporate purposes, including refinancing and acquisitions.
Read more from a press release (7 November 2018)
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 30 September 2018
| Average rate | Book value | |
| Corporate bonds* | 2.82% | 464 MEUR |
| Bilateral bank loans, subsidiary external loans, financial leases | 1.41% | 291 MEUR |
| Commercial papers | 0.17% | 85 MEUR |
| Cash pool overdrafts | 4.16% | 29 MEUR |
* Corporate bonds
| Coupon rate | Nominal value | Book value | |
| 2007 - 2019** | 5.68% | 85 MUSD | 73 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 30 September 2018, gearing was 45 percent.
Liquidity 30 September 2018
| Cash and cash equivalents | + 189 MEUR |
| Committed long-term undrawn revolving credit facilities* | + 300 MEUR |
| Repayments of interest-bearing liabilities during next 12 months | - 292 MEUR |
| Total liquidity | 198 MEUR |
*Read here more information about revolving credit facility refinanced on 26 June 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
Repayment schedule of interest-bearing liabilities on 30 September 2018
Graph is updated quarterly.
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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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:
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.
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:
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 |
