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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

2020 2019 2018 2017​​ 2016 ​2015 2014 2013​
Net debt​, MEUR 682 774 625 472​​ 503 622 719​ 578​
​Gearing, % 52.4 54.2 43.8 33.1​ 36.0 46.4 59.2​ 46.7​
​Total equity/total assets, % 35.3 36.4 40.9 41.4​​ 39.1 39.8 36.0​ 39.5​
​Net working capital, MEUR 103 158 271 115​ 57 ​151 186 229​

In 2019 Cargotec adopted IFRS 16, which impacts net debt and gearing. Q4 2020 figures excluding on-balance sheet lease liabilities: net debt MEUR 682, gearing 52%.

 

Net debt 31 December 2020

Interest-bearing liabilities leasing, MEUR 166
Interest-bearing liabilities other, MEUR 1,017
Cash and cash equivalent, MEUR 485
Other interest-bearing assets, MEUR 23
Financial asset and liabilities held for sales 7
Net debt 682

Figures are updated quarterly.

Debt and liquidity

Debt and liquidity

Interest-bearing liabilities 31 December 2020 (MEUR)

Lease liabilities 166
Bank overdraft 2
Loan from financial institutions 516
Corporate bonds 498
Interest-bearing liabilities directly associated with assets held for sale 8
Commercial paper 0

 

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.

Listing prospectuses for the bonds

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 31 December 2020

  Average rate Book value
Corporate bonds* 1.74% 498 MEUR
Bilateral bank loans, subsidiary external loans 1.09% 516 MEUR
Commercial papers   0 MEUR
Cash pool overdrafts 4.45% 2 MEUR


Changes in interest-bearing loans

MEUR

9-12/2020

1-12/2020

9-12/2019

1-12/2019

2019

Outstanding balance at the beginning of the period

1,257.5

1, 224.3

1, 344.6

1, 108.0

1, 108.0

IB issues

17.8

419.1

21.1

681.9

681.9

IB repayments

-87.1

-446.4

-141.5

-568.4

-568.4

Exch. rate diff, commitment fees and other lease changes

2.5

-6.3

0.1

2.9

2.9

Outstanding balance at the ending of the period

1,190.7

1, 190.7

1,224.3

1,224.3

1,224.3

Interest Liabilities held for sales

-7.7

-7.68

0.0

0.0

0.0

Outstanding balance at the end of the period 

1,183.06

1,183.06

1,224.3

1,224.3

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 99.7 MEUR
2019 - 2025 1.25% 100 MEUR 99.5 MEUR
2019 - 2026 1.63% 150 MEUR 148.9 MEUR

 

Covenants
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 31 December 2020, pre-IFRS 16 gearing was approximately 39% and including IFRS 16 approximately 52%.


Liquidity 31 December 2020

Cash and cash equivalents + 485 MEUR
Committed long-term undrawn revolving credit facilities* + 300 MEUR
Repayments of interest-bearing liabilities during next 12 months - 156 MEUR
Total liquidity in balance sheet 629 MEUR
Financial assets and liabilities held for sale
-2
Total liquidity 627 MEUR

Cargotec holds EUR 300 million syndicated revolving credit facility, maturing in June 2024. Currently the Facility remains unused.

Figures are updated quarterly.

Credit ratings

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

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