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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

  2022 2021 2020 2019 2018 2017 2016 2015
Net debt, MEUR 378 414 682 774 625 472 503 622
Gearing, % 24.8 26.8 52.4 54.2 43.8 33.1 36.0 46.4
Total equity/total assets, % 39.2 40.6 35.3 36.4 40.9 41.4 39.1 39.8
Net working capital, MEUR 286 184 103 158 271 115 57 151

In 2019 Cargotec adopted IFRS 16, which impacts net debt and gearing. Q4 2022 figures excluding on-balance sheet lease liabilities: net debt MEUR 214, gearing 14 percent.

Net debt 31 December 2022

Interest-bearing liabilities lease liabilities, MEUR 165
Interest-bearing liabilities other, MEUR 673
Cash and cash equivalent, MEUR 452
Other interest-bearing assets, MEUR 7
Financial asset and liabilities held for sales -
Net debt 378

Figures are updated quarterly.

Debt and liquidity

Debt and liquidity

Interest-bearing liabilities 31 December 2022, MEUR

Lease liabilities 165
Bank overdraft 6
Loan from financial institutions 318
Corporate bonds 349
Commercial paper -

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. 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.

Listing prospectuses for the bonds

 

Interest-bearing liabilities 31 December 2022

  Average rate Book value
Corporate bonds* 1.73% 349 MEUR
Bilateral bank loans, subsidiary external loans 2.40% 318 MEUR
Commercial papers  
Cash pool overdrafts 5.76% 6 MEUR

*Corporate bonds

  Coupon rate Nominal value Book value
2017 - 2024 2.38% 100 MEUR 99.9 MEUR
2019 - 2025 1.25% 100 MEUR 99.8 MEUR
2019 - 2026 1.63% 150 MEUR 149.3MEUR

 

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. On 31 December 2022 , the Gearing was approximately 25 percent.


Liquidity 31 December 2022

Cash and cash equivalents 452 MEUR
Committed long-term undrawn revolving credit facilities* 330 MEUR
Repayments of interest-bearing liabilities during next 12 months -87 MEUR
Total liquidity in balance sheet 695 MEUR

*Cargotec holds EUR 330 million syndicated revolving credit facility, maturing in December 2027. 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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