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Cargotec in figures Financials

Reports and 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

  Q1/2024 2023 2022 2021 2020 2019 2018 2017
Net debt, MEUR


179 378 414 682 774 625 472
Gearing, % 3.1 10.2 24.8 26.8 52.4 54.2 43.8 33.1
Total equity/total assets, % 45.8 43.8 39.2 40.6 35.3 36.4 40.9 41.4
Net working capital, MEUR 297 329 286 184 103 158 271 115

In 2019 Cargotec adopted IFRS 16, which impacts net debt and gearing. Q1 2024 figures excluding on-balance sheet lease liabilities: net debt MEUR -120 , gearing -7 percent.

Net debt 31 March 2024

Interest-bearing liabilities lease liabilities, MEUR


Interest-bearing liabilities other, MEUR


Cash and cash equivalent, MEUR


Other interest-bearing assets, MEUR


Financial assets and liabilities held for sale  
Net debt, MEUR 57

Figures are updated quarterly.

Debt and liquidity

Debt and liquidity

Interest-bearing liabilities 31 March 2024, MEUR

Lease liabilities 177
Bank overdraft 1
Loan from financial institutions 333
Corporate bonds 249
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 March 2024

  Average rate Book value
Corporate bonds* 1.49% 249
Bilateral bank loans, subsidiary external loans 4.85% 333
Commercial papers    
Cash pool overdrafts   1

*Corporate bonds

  Coupon rate Nominal value Book value
2017 - 2024 2.38% 100 MEUR 0
2019 - 2025 1.25% 100 MEUR 99.9
2019 - 2026 1.63% 150 MEUR 149.5

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 March 2024, the gearing was approximately 3 percent.

Liquidity 31 March 2024, MEUR

Cash and cash equivalents 702
Committed long-term undrawn revolving credit facilities* 430
Repayments of interest-bearing liabilities during next 12 months -154
Total liquidity in balance sheet 978

* Cargotec holds a EUR 330 million syndicated revolving credit facility, maturing in December 2027, as well as a EUR 100 million revolving credit facility, maturing in November 2025. Currently both facilities remain unused.

Figures are updated quarterly.

Credit ratings

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

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