|Net debt, MEUR||851||774||625||472||503||622||719||578|
|Total equity/total assets, %||35.3||36.4||40.9||41.4||39.1||39.8||36.0||39.5|
|Net working capital, MEUR||238||158||271||115||57||151||186||229|
In 2019 Cargotec adopted IFRS 16, which impacts net debt and gearing. Q3 2020 figures excluding on-balance sheet lease liabilities: net debt MEUR 677 , gearing 52%.
|Interest-bearing liabilities leasing, MEUR||175|
|Interest-bearing liabilities other, MEUR||1,083|
|Cash and cash equivalent, MEUR||378|
|Other interest-bearing assets, MEUR||28|
|Net debt, MEUR||851|
Figures are updated quarterly.
Interest-bearing liabilities 30 September 2020 (MEUR)
|Other interest-bearing liabilities||1|
|Loan from financial institutions||576|
EUR 250 million bonds (maturing 2025 and 2026)
Cargotec Corporation decided on 13 September 2019 to issue two unsecured bonds in the total aggregate nominal amount of EUR 250 million. The first EUR 100 million bond matures on 23 January 2025 and carries a fixed annual interest of 1.250 per cent (ISIN: FI4000399688). The other, a EUR 150 million bond matures on 23 September 2026 and carries a fixed annual interest of 1.625 per cent (ISIN: FI4000399696). The prospectus related to the listing of the bond on Nasdaq Helsinki Ltd are accessible through the link below.
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.
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.
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.
Interest-bearing liabilities 30 September 2020
|Average rate||Book value|
|Corporate bonds*||1.74%||498 MEUR|
|Bilateral bank loans, subsidiary external loans||1.15%||577 MEUR|
|Commercial papers||0 MEUR|
|Cash pool overdrafts||3.73%||8 MEUR|
Changes in interest-bearing loans
|Outstanding balance at the beginning of the period||1,320.3||1,224.3||1,068.1||1,108.0||1,108.0|
|Exch. rate diff, commitment fees and other lease changes||-4.2||-8.8||0.9||2.8||2.9|
|Outstanding balance at the ending of the period||1,257.4||1,257.4||1,344.6||1,344.6||1,224.3|
* Corporate bonds
|Coupon rate||Nominal value||Book value|
|2017 - 2022||1.75%||150 MEUR||149.8 MEUR|
|2017 - 2024||2.38%||100 MEUR||99.6 MEUR|
|2019 - 2025||1.25%||100 MEUR||99.5 MEUR|
|2019 - 2026||1.63%||150 MEUR||148.9 MEUR|
In addition to general terms and conditions, Cargotec has a financial covenant in its bilateral loan agreements and revolving credit facility (RCF), which restricts its capital structure. According to the covenant, Cargotec’s gearing must be retained below 125 percent. The covenant is based on accounting standards applied on the signing date of the loan agreement, and applies only for bilateral loans and RCF. On 30 September 2020, pre-IFRS 16 gearing was approximately 52% and including IFRS 16 approximately 66%.
Liquidity 30 September 2020
|Cash and cash equivalents||+ 378 MEUR|
|Committed long-term undrawn revolving credit facilities*||+ 300 MEUR|
|Repayments of interest-bearing liabilities during next 12 months||- 175 MEUR|
|Total liquidity||504 MEUR|
Cargotec holds EUR 300 million syndicated revolving credit facility, maturing in June 2024. Currently the Facility remains unused.
Figures are updated quarterly.
Cargotec has not applied for a credit rating from any rating agency.