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.
|Net debt, MEUR||465||682||774||625||472||503||622||719|
|Total equity/total assets, %||39.1||35.3||36.4||40.9||41.4||39.1||39.8||36.0|
|Net working capital, MEUR||206||103||158||271||115||57||151||186|
In 2019 Cargotec adopted IFRS 16, which impacts net debt and gearing. Q3 2021 figures excluding on-balance sheet lease liabilities: net debt MEUR 302, gearing 20%.
|Interest-bearing liabilities leasing, MEUR||163|
|Interest-bearing liabilities other, MEUR||907|
|Cash and cash equivalent, MEUR||590|
|Other interest-bearing assets, MEUR||15|
|Financial asset and liabilities held for sales||-|
Figures are updated quarterly.
Interest-bearing liabilities 30 September 2021 (MEUR)
|Loan from financial institutions||406|
|Interest-bearing liabilities directly associated with assets held for sale||-|
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. On 10 November 2021, Cargotec announced irrevocably that Cargotec will redeem the notes in whole on 28 December 2021 at their principal amount, together with any accrued but unpaid interest in accordance with the terms and conditions of the notes.
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.
Interest-bearing liabilities 30 September 2021
|Average rate||Book value|
|Corporate bonds*||1.74%||498 MEUR|
|Bilateral bank loans, subsidiary external loans||0.95%||406 MEUR|
|Commercial papers||0 MEUR|
|Cash pool overdrafts||4.45%||3 MEUR|
|Coupon rate||Nominal value||Book value|
|2017 - 2022||1.75%||150 MEUR||149.9 MEUR|
|2017 - 2024||2.38%||100 MEUR||99.7 MEUR|
|2019 - 2025||1.25%||100 MEUR||99.6 MEUR|
|2019 - 2026||1.63%||150 MEUR||149.0 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 2021, pre-IFRS 16 gearing was approximately 20% and including IFRS 16 approximately 31%.
Liquidity 30 September 2021
|Cash and cash equivalents||+ 590MEUR|
|Committed long-term undrawn revolving credit facilities*||+ 300 MEUR|
|Repayments of interest-bearing liabilities during next 12 months||- 193 MEUR|
|Total liquidity in balance sheet||696 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.