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Interim report January–March 2023
Release Presentation Teleconference WebcastBrowse all Cargotec’s investor publications in this section. In case you need additional information, please contact Cargotec Investor Relations team.
This section contains Cargotec's IR newsletters, mainly published quarterly before the three-week silent period. You can find the most recent letter below.
As our silent period is about to start, we would like to highlight some of the most notable events of the first quarter of 2023. Cargotec’s interim report January-March 2023 will be published on Thursday, 27 April 2023, and the silent period starts on Thursday, 6 April 2023.
Cargotec Investor Event on Eco portfolio and taxonomy was held on Monday 3 April, recording and material available below!
Cargotec had the pleasure to invite analysts, investors and media to join Cargotec’s Eco portfolio and taxonomy investor event on Monday 3 April 2023. The event was a success, with around 30 participants attending the event either virtually or in Helsinki.
The event included presentations by Cargotec’s Head of Sustainability, Päivi Koivisto, Mette Kjems Bærentzen, Head of Sustainability of Kalmar and Tobias Bunne, Head of Sustainability of Hiab.
The recording of the event can be viewed at https://cargotec.videosync.fi/
Cargotec changed the definition of the alternative performance measure comparable operating profit and discloses figures in accordance with the new definition for the comparison periods 2020, 2021 and 2022.
The restated comparable operating profit will also include the impacts of the purchase price allocation, which amounted to EUR 16 million in 2022. Of these items, EUR 1 million were related to Kalmar, EUR 3 million to Hiab, and EUR 12 million to MacGregor. Comparison figures have been calculated based on the new definition, which is identical to the definition used prior to the previous change in 2021. Outlook for 2023 remains unchanged.
All figures in table form are available from the stock exchange release published on 4 April 2023.
Figures in accordance with the new definition for the comparison periods are unaudited.
Date (booking quarter): 5 April (Q1/23)
Business area: MacGregor
Description: comprehensive packages of RoRo equipment for five PCTC vessels.
Country/Customer: Italy/
Value: more than 20 MEUR
Date (booking quarter): 30 March (Q1/23)
Business area: MacGregor
Description: RoRo equipment packages for two dual-fuel LNG PCTC vessels
Country/Customer: Switzerland/
Value: Not disclosed (large order)
Date (booking quarter): 20 February (Q1/23)
Business area: Kalmar
Description: 8 Kalmar Eco reachstackers with a fuel saving guarantee
Country/Customer: Italy/PSA Italy
Value: Not disclosed (large order)
Date (booking quarter): 15 February (Q1/23)
Business area: MacGregor
Description: RoRo-equipment for 2 8000 LM vessels
Country/Customer: Built in South Korea for CLdN/Luxembourg
Value: Not disclosed (significant order)
Date (booking quarter): 7 February (Q1/23)
Business area: Kalmar
Description: 9 Kalmar hybrid straddle carriers
Country/Customer: Belgium/DP World
Value: Not disclosed (significant order)
In January, Cargotec published that the Board of Directors appointed Casimir Lindholm (M.Sc. (Econ.), MBA), b. 1971, as Cargotec's new President and CEO, a role which Lindholm started on 1 April 2023. The announcement comes after former CEO Mika Vehvilainen announced his intention to retire from Cargotec's CEO position during 2023.
Mr. Lindholm has held CEO positions both in Eltel and Lemminkäinen and many board memberships, bringing a wealth of experience to Cargotec. Casimir Lindholm has been a member of Cargotec's Board of Directors since 2021, and due to his appointment, he was no longer available for re-election in Cargotec’s AGM held on 23 March 2023.
“I’m honored and excited to be leading Cargotec at such a pivotal moment in the company’s history, with a strong foundation and a clear vision into its next development phase of growth as we have communicated before. With a talented team, a strong portfolio of businesses with decision making close to customers, and a commitment to sustainability and profitable growth, I believe that the company is in an excellent position to create value by empowering our businesses even further in the years to come,” says Casimir Lindholm.
In February, Cargotec's Annual Report 2022 and financial statements for the financial year 2022 was published in English and Finnish.
The Annual Report 2022 consists of the annual review, financial review, corporate governance statement and remuneration report. The financial review includes the Board of Directors’ report, the financial statements and the auditor’s report. Cargotec also reports the eco portfolio sales, in accordance with the revised criteria, for the first time. More information on these can be found from the release, where also the whole report is attached.
In March, the Annual General Meeting of Cargotec Corporation was held in Helsinki on Thursday, 23 March 2023. The AGM decided in line with the Board's proposals. Information about the AGM and the decisions made can be found at Cargotec's investor pages.
Cargotec hosted its Q1/2023 pre-silent call on 4 April. In this video, Cargotec's CFO Mikko Puolakka is interviewed by Atte Leskinen from Cargotec's Investor Relations, with most frequent questions received from investors during the first months of 2023.
You can follow Cargotec investor-related and other news also in Instagram. Be sure to go to @cargotecglobal and subscribe!
Check our IR blog section for interesting stories about various topics around our industry and activities.
We maintain a list with all mergers and acquisitions as well as divestments on the Cargotec website Investors section - you can find the M&A history here.
Visit the IR calendar section on the Cargotec website for more information about upcoming and past events.
Have a look at the latest VARA consensus estimates.
The fourth quarter of 2019 is coming to its end, and we would like to remind you of the most important events of the quarter. Cargotec’s financial statements review 2019 will be published on Thursday,6 February 2020.
Cargotec’s Financial Statements review 2019 will be published on Thursday, 6 February 2020 at approximately 9:00 AM EET.
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 23 December (Q4/19) | Kalmar | 4 Kalmar Zero Emission rubber-tyred gantry cranes (RTGs), 1 reachstacker, 1 empty container handler, 2 forklift trucks | Mauritania/ARISE Mauritania | Not disclosed |
| 2 December (Q4/19) | Kalmar | Six diesel-electric straddle carriers | Finland/Steveco | Not disclosed |
| 29 November (Q4/19) | MacGregor | MacGregor equipment and TTS products | Europe/Not disclosed | Not disclosed |
| 24 October (Q4/19) | Kalmar | Six Kalmar Zero Emission rubber-tyred gantry (RTG) cranes and Kalmar SmartPort solutions, part of the Kalmar One automation system | Turkey/Asyaport | Not disclosed |
On 8 October, Cargotec announced the appointment of Aki Vesikallio as Investor Relations Director to Cargotec's IR team. Aki joined Cargotec from Outokumpu, where he worked as Investor Relations Manager. "Aki has solid experience from both investor relations and the banking sector, and we are excited to have him strengthen our team," says Hanna-Maria Heikkinen, VP, Investor Relations, Cargotec.
On 1 October, Cargotec's Board of Directors confirmed the record date and payment date of the second instalment of the dividend. The payment date was 10 October 2019. Cargotec Corporation's Annual General Meeting approved on 19 March 2019 a dividend of EUR 1.09 be paid for each of class A shares and a dividend of EUR 1.10 be paid for each of class B shares outstanding. The dividend was paid in two instalments, in March and October 2019.
During Q4 2019, Cargotec's Investor Relations held roadshows in Europe (Frankfurt, London), and in the US (New York, Boston and Chicago). We also held a presentation in the Danske Winter Seminar in Copenhagen, Denmark.
Visit the IR calendar section on the Cargotec website for more information about upcoming and past events.
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
Cargotec’s investor relations offers a podcast channel in Finnish and English, listen to it here. Both Finnish and English podcasts are also available on iTunes.
In recent Cargotec IR blog entries, VP IR Hanna-Maria Heikkinen writes about how companies can talk about sustainability so that it resonates better with investors, while IR Director Aki Vesikallio shares his first experiences on how to understand Cargotec as an investment case.
Outlook for 2019, as stated in the January-September 2019 interim report:
Cargotec reiterates its outlook published on 8 February 2019 and expects its comparable operating profit for 2019 to improve from 2018 (EUR 242.1 million).
Take a look at the latest Vara consensus estimates.
On 26 February 2020, we arrange an event in Helsinki, Finland, where Stefan Lampa, President of Kalmar Mobile Solutions, will give an update on the mobile solutions business. Please contact Tiina (tiina.aaltonen@cargotec.com) if you are interested to participate in the event.
Take a look at our IR calendar for other upcoming events and roadshows in 2019.
The third quarter of 2019 is coming to its end, and we would like to remind you of the most important events of the quarter. Cargotec’s Q3 2019 interim report will be published on Tuesday, 22 October 2019. The silent period will commence on Tuesday 1 October 2019. If you would like to book a call with us before our silent period, please contact Tiina (tiina.aaltonen@cargotec.com).
The publication date for the Interim report January–September 2019 is Tuesday, 22 October 2019.
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 29 August (Q2/19) | Kalmar | 15 rubber-tyred gantry cranes (RTGs) with 24 months on-site maintenance support | India/Nhava Sheva International Container Terminal | Not disclosed |
| 20 August (Q3/19) | Kalmar | Upgrade four ZPMC ship-to-shore (STS) cranes | Morocco/EUROGATE Tanger | Not disclosed |
| 13 August (Q3/19) | Kalmar | Preventive and corrective maintenance services to customer's Las Palmas container terminal | Spain/Operaciones Portuarias Canarias S.A. (OPCSA) | Not disclosed |
| 18 July (Q3/19) | Hiab | Truck mounted forklifts with service contracts | USA/not disclosed | MEUR 29 |
On 13 September, Cargotec announced that it issues two senior unsecured bonds in the total aggregate nominal amount of EUR 250 million. The first approximately 5.5-year bond in the nominal amount of EUR 100 million matures on 23 January 2025 and it carries a fixed annual interest of 1.250 per cent. The other, 7-year bond in the nominal amount of EUR 150 million matures on 23 September 2026 and it carries a fixed annual interest of 1.625 per cent.
On 31 July, Cargotec’s MacGregor business area announced to have completed the acquisition of the marine and offshore businesses of TTS Group ASA. Cargotec announced in February 2018 an agreement to acquire the businesses for an enterprise value of approximately EUR 87 million. Completion of the acquisition follows receipt of required approvals from the relevant countries and authorities. The acquired businesses will be integrated within MacGregor's operating structure, and their results will be consolidated into MacGregor's financial figures as of 1 August 2019. Based on preliminary estimates, approximately 30 percent of TTS sales are related to TTS companies where the Group's ownership is 50 percent. Cargotec plans to consolidate these companies using the equity method, whereby 50 percent of the companies' net profit will be presented as a separate row in Cargotec's financial statements before EBIT. This means that sales income from these companies will not be consolidated into Cargotec's sales.
On 4 September, Cargotec IR organised a site visit for analysts and investors to Hiab’s and Kalmar’s sites in Stargard, Poland, where their main assembly units are located. The visit involved presentations given by the local managers, Q&A sessions and a field tour of the assembly facilities. Read a blog post of the event, or take a look at the presentation materials (Kalmar, Hiab) of the event.
In addition, Cargotec hosted roadshows in Helsinki, Stockholm, London, and Paris.
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
For the Finnish audience, Cargotec’s investor relations has started a podcast channel. Listen on Soundcloud the latest Finnish episode. You can also find quarterly webcasts in English there. Both Finnish and English podcasts are also available on iTunes.
Take a look at the latest Vara consensus estimates.
Cargotec will participate in the Finnish Industrial Days in China together with Kone, Wärtsilä and Kemira and organise a site visit in Shanghai on 25 September.
Take a look at our IR calendar for other upcoming events and roadshows in 2019.
The second quarter of 2019 is coming to its end, and we would like to remind you of the most important events of the quarter. Cargotec’s Q2 2019 interim report will be published on Thursday, 18 July 2019. The silent period will commence on Thursday, 27 June 2019. If you would like to book a call with us before our silent period, please contact Tiina (tiina.aaltonen@cargotec.com).
The publication date for the Interim report January–September 2019 is Tuesday, 22 October 2019.
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 27 May (Q2/19) | MacGregor | Port equipment and RoPax ferry conversions |
Scandinavia/not disclosed |
MEUR 10 |
| 13 May (Q2/19) | Kalmar | Two AutoRTG cranes |
Ireland/Dublin Ferryport Terminals |
Not disclosed |
| 30 April (Q2/19) | Kalmar | 32 diesel-electric straddle carriers |
Italy/Medcenter Container Terminal (MCT) |
Not disclosed |
On 13 June, Navis, a part of Cargotec, announced the signing of a partnership agreement with the equipment manufacturer Shanghai Zhenhua Heavy Industry Co., Ltd. (ZPMC), to jointly address opportunities for Navis to supply its software and services and ZPMC to provide its products and services and act as a system integrator. The agreement represents an important step for both parties to combine forces in an integrated approach to solve critical needs for improved performance, optimisation and automation in terminal operations.
On 3 June, Cargotec confirmed that the National Bureau of Investigation in Finland has initiated a preliminary investigation about a suspected aggravated fraud in connection with its MacGregor business area. The National Bureau of Investigation issued a statement about the case earlier on the same day (in Finnish only). Cargotec detected the suspected financial fraud during an internal review and made an investigation request to the Finnish authorities. The suspected misconduct does not have an impact on Cargotec's financial result.
On 14 May, Cargotec announced that it will cooperate with seven startups to solve maritime industry inefficiencies. Cargotec will continue joint projects with seven startups as an outcome of the Rainmaking Trade & Transport Impact Programme, a leading maritime startup collaboration platform. The intention of the programme is to address the largest challenges in maritime, cargo transport and logistics.
On 25 April, Cargotec announced that it simplifies its leadership structure and combines its Executive Board and Extended Executive Board to form a new Cargotec Leadership Team. The Leadership Team consists of former Executive Board members Mika Vehviläinen, CEO, Mikko Puolakka, Executive Vice President, CFO, Stefan Lampa, President, Kalmar Mobile Solutions, Antti Kaunonen, President, Kalmar Automation Solutions, Scott Phillips, President, Hiab, Michel van Roozendaal, President, MacGregor, Mikael Laine, Senior Vice President, Strategy, Soili Mäkinen, CIO, Mikko Pelkonen, Senior Vice President, Human Resources, and former Extended Executive Board members Outi Aaltonen, Senior Vice President, General Counsel, and Carina Geber-Teir, Senior Vice President, Communications. The Leadership Team members report to Cargotec's CEO.
During the second quarter, Cargotec organised a Service Day for investors and analysts in Helsinki on 11 June. The event included presentations by the service business heads from Cargotec’s three business areas Kalmar, Hiab and MacGregor. Read a blog post of the event, watch a video interview of the presentors, or take a look at the presentation materials of the event.
In addition, Cargotec hosted roadshows in New York, Chicago, London, Barcelona and Milan as well as participated in the Handelsbanken Small/ Midcap Seminar in Stockholm
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
For the Finnish audience, Cargotec’s investor relations also started a podcast channel. Listen to the first episode on Soundcloud or on iTunes.
Take a look at the latest Vara consensus estimates.
On 4 September, Cargotec’s investor relations will organise a site visit to Hiab and Kalmar assembly site in Stargard Szczecinski, Poland.
Cargotec will participate in the Finnish Industrial Days in China together with Kone, Wärtsilä and Kemira and organise a site visit in Shanghai on 25 September.
Take a look at our IR calendar for other upcoming events and roadshows in 2019.
The first quarter of 2019 has come to its end, and we would like to remind you of the most important events of the quarter. Cargotec’s Q1 2019 interim report will be published on Thursday, 25 April 2019. The silent period will commence on Thursday, 4 April 2019. If you would like to book a call with us before our silent period, please contact Tiina (tiina.aaltonen@cargotec.com).
The publication dates for the 2019 half year financial report and Q3/19 interim report:
| Date (and booking quarter) | Business area | Description | Country/ Customer | Value |
| 28 March (Q1/19) | MacGregor |
Linkspans, cruise access equipment and RoRo solutions |
Europe and Japan /pure car truck carriers (PCTC) | Ca. MEUR 19 |
| 26 March (Q1/19) | MacGregor | On-vessel mooring systems |
China/China National Offshore Oil Corporation | Not disclosed |
| 8 March (Q1/19) | MacGregor | Port, cruise access and equipment for roro/passenger (RoPax) ferries | Europe, China | Ca. MEUR 22 |
| 6 March (Q1/19) | Kalmar | 63 hybrid straddle carriers | France, Belgium, UK/DP World | Not disclosed |
| 11 February (Q1/19) | Kalmar | Six zero emission RTGs | USA/South Florida Container Terminal, LLC | Not disclosed |
On 25 March, Cargotec announced that due to a longer than expected regulatory process in China, the company currently expects the closing of the TTS Group ASA transaction to take place in Q2 2019. The acquisition is subject to regulatory approvals from the competition authorities in Germany, South Korea and China. MacGregor announced the approval from the German regulator on 6 November 2018 and the approval from the South Korean regulator on 27 December 2018.
Cargotec’s Annual General Meeting (AGM) was held on Tuesday, 19 March 2019 in Helsinki. The decisions taken at the AGM are available here. In his review, CEO Mika Vehviläinen concentrated on the financial results in 2018, strategy development, sustainability as a future growth driver, and on 2019 outlook. In addition, Cargotec's investments in the development of operations as well as progress in M&A was presented. All of the AGM materials, including a video recording of the CEO presentation with English subtitles is available here.
On 7 March, Cargotec announced that it enhances Kalmar's growth opportunities by reorganising its businesses and appointing Stefan Lampa as President of Kalmar Mobile Solutions. Cargotec reorganises Kalmar into three strategic business units (SBU); Kalmar Mobile Solutions, Kalmar Automation Solutions and Navis as of April 1, 2019. Cargotec's financial reporting structure based on three business areas Kalmar, Hiab and MacGregor, will remain unchanged.
On 19 February, Cargotec Cargotec published its 2018 annual report and financial statements. The documents, together with the 2018 Corporate Governance Statement, Remuneration Statement as well as the GRI index are available here.
During the first quarter, Cargotec organised a Hiab investor breakfast in Helsinki on 21 March. The event included presentations by Hiab’s new president since October 2018, Scott Phillips, together with Hiab’s CFO Simon Greaves and Jan-Erik Lindfors who is in charge of Hiab’s new business solutions. Read a blog post of the event, watch Scott’s video interview or take a look at the presentation materials of the event.
In addition, Cargotec hosted roadshows in London, Amsterdam, Frankfurt and Milan as well as participated in the Carnegie Capital Goods Conference in Stockholm and the OP Seminar in Helsinki.
Cargotec maintains a list with all mergers and acquisitions as well as divestments on the investor webpage - take a look at it here.
Watch a short video interview where Hiab’s newly appointed President Scott Phillips tells about his first impressions about the company.
For the Finnish audience, Cargotec’s investor relations also started a podcast channel. Listen to the first episode on Soundcloud or on iTunes.
Take a look at the latest Vara consensus estimates.
On 11 June, Cargotec’s investor relations will organise a Service Day in Helsinki. The service business heads from Kalmar, Hiab and MacGregor will be presenting.
On 4 September, Cargotec’s investor relations will organise a site visit to Hiab and Kalmar assembly site in Stargard Szczecinski, Poland.
Cargotec will participate in the Finnish Industrial Days in China together with Kone, Wärtsilä and Kemira and organise a site visit in Shanghai on 25 September.
Take a look at our IR calendar for other upcoming events and roadshows in 2019.
