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Financial statements review 2022

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Browse all Cargotec’s investor publications in this section. In case you need additional information, please contact Cargotec Investor Relations team.

IR Newsletter

This section contains Cargotec's IR newsletters, mainly published quarterly before the three-week silent period. You can find the most recent letter below.

 

Pre-silent newsletter Q4/2022

 

11 January 2023

As our silent period is about to start, we would like to highlight some of the most notable events of the very eventful fourth and last quarter of 2022. Cargotec’s Financial Statements Review 2022 will be published on Thursday, 2 February 2023, and the silent period starts on Thursday, 12 January 2023.

Cargotec CMD in Helsinki held on 15 November 

Capital Markets Day 2022 – Cargotec focuses on profitable growth through solving its customers' sustainability challenges

Cargotec hosted its Capital Markets Day in Helsinki, Finland, in mid-November. About 30 investors and analysts participated in the event on site, hearing leadership presentations and insights about Cargotec’s core business Hiab and Kalmar prospects for the future, and the company ambitions in sustainability, service, technology and innovation. Read more about the event from Cargotec's IR blog here.

On the next day after the CMD, 15 participants climbed on a bus and took a ride to Raisio, Western Finland, to see and hear about Hiab business area’s assembly unit activities there. The Raisio unit focuses on assembling Hiab’s world leading Multilift hooklifts, a demountables solution. Read the story at Cargotec's IR blog.

All information and materials published at the event is available here. Thank you for participating the event, either virtually or on-site!

Announced orders in Q4 2022

Date (booking quarter): 11 January (Q4/22)
Business area: Kalmar
Description: Total 64 Kalmar medium and heavy forklift trucks
Country/Customer: Germany/Hanselmann GmbH
Value: Not disclosed (significant order) 

Date (booking quarter): 9 January (Q4/22)
Business area: Hiab
Description: Premium heavy duty WALTCO WDV railgates for a US national retailer
Country/Customer: USA/undisclosed national retailer
Value: almost EUR 4 million 

Date (booking quarter): 29 December (Q4/22)
Business area: MacGregor
Description: RoRo equipment for two 6,900 CEU Pure Car and Truck Carrier vessels.
Country/Customer: Japan/K Line
Value: Not disclosed (large order)

Date (booking quarter): 23 December (Q4/22)
Business area: Kalmar
Description: Six Kalmar Gloria reachstackers with a lifting capacity of 45 tons to a German rental equipment provider.
Country/Customer: Germany/Uwe Kleinwort GmbH
Value: Not disclosed (large order)

Date (booking quarter): 22 December (Q4/22)
Business area: MacGregor
Description: Comprehensive packages of RoRo equipment for a total of 15 Pure Car and Truck Carrier vessels to be built at three shipyards in China and South Korea for three different ship owners.
Country/Customer: Not disclosed/Three different ship owners
Value: EUR 90 million

Date (booking quarter): 19 December (Q4/22)
Business area: Hiab
Description: 135 MULTILIFT hooklifts and seven HIAB loader cranes with installation, accessories and training, with option for 127 additional MULTILIFT hooklifts. The equipment will be installed on trucks and delivered to the Finnish Defence Forces.
Country/Customer: Finland/Veho Oy Ab
Value: Not disclosed (large order)

Date (booking quarter): 19 December (Q4/22)
Business area: Hiab
Description: MULTILIFT Optima hooklifts and medium and heavy range HIAB loader cranes for a manufacturer of commercial vehicles for the construction and concrete industry in Germany.
Country/Customer: Germany/Euromix MTP GmbH
Value: EUR 4.75 million

Date (booking quarter): 15 December (Q4/22)
Business area: Kalmar
Description: Comprehensive five-year service agreement including the provision of equipment, parts and service personnel.
Country/Customer: Sweden/undisclosed steel producer
Value: EUR 25 million

Date (booking quarter): 9 December (Q4/22)
Business area: MacGregor
Description: Heavy-duty cranes for ten floating crane barges.
Country/Customer: Indonesia/PT Karya Teknik Utama
Value: Not disclosed (Two large orders)

All announced orders

Other releases from Q4 2022

In November, Cargotec published new performance targets for its core businesses Hiab and Kalmar ahead of the Capital Markets Day. Cargotec’s Board of Directors has set the following performance targets:

  • Eco portfolio sales: double the growth compared to traditional products
  • Reduce CO2 emissions in Cargotec’s value chain1 by 25% by 2025 and by 50% by 2030
  • Sales growth faster than market2
  • Comparable operating profit 12% by 2025 and 15% by 2030

Cargotec also aims for a growing dividend 30–50% of EPS and to keep gearing below 50%.
1) Scopes 1, 2 & 3, compared to 2019
2) global GDP, IMF World Economic Outlook, current prices.

In November, we also announced that Cargotec has completed the strategic evaluation of MacGregor. Based on the evaluation, Cargotec’s Board of Directors has concluded that MacGregor will not be part of Cargotec’s portfolio in the future. Cargotec will focus on profitable growth of its core businesses, Hiab and Kalmar, by solving customers' sustainability challenges.

During the strategic evaluation, it became clear that there is considerable interest in MacGregor. However, from a value creation perspective, the timing for divesting the business is not ideal at the moment. This is due to the current uncertainty in the financial market combined with the early phase of MacGregor turnaround. Hence, Cargotec has decided not to initiate an active sales process now. The Board of Directors continues to evaluate the timing of the divestment. In the meanwhile, MacGregor will focus on improving the profitability of the business and has started a restructuring program in its offshore business. 

On 20 December, Cargotec announced that CEO Mika Vehviläinen has informed Cargotec’s Board of Directors of his intention to retire from Cargotec during 2023, in accordance with the terms of his CEO service contract. The Board has initiated a search for a successor. Mika Vehviläinen was appointed as Cargotec CEO in 2013, and the announcement comes after nearly 10-year period as CEO of Cargotec.

“Mika’s retirement next year will mark the end of a remarkable career with Cargotec. Under his leadership, Cargotec has made critical changes to its strategy, structure and performance that position it strongly for success. The work to develop the company to its full potential continues, and we will thank Mika warmly for his leadership and contribution to our business when he leaves next year,” says Jaakko Eskola, Chair of the Board of Directors. 

On the same day, Hiab announced the acquisition of a family-owned Swedish industrial group Olsbergs, which designs, manufactures and supplies hydraulic valves and remote control systems used to manoeuvre Hiab’s truck mounted loader cranes and forestry cranes. The closing took place on 1 January 2023 and the integration of Olsbergs into Hiab as a separate business unit started immediately after closing. After the acquisition is completed, Olsbergs will become a business unit in Hiab’s Loader Cranes Light & Medium division and all 100 employees join Hiab. 

On 21 December, Cargotec announced that it has entered into an EUR 330 million sustainability-linked revolving credit facility with a syndicate of its seven relationship banks on 21 December 2022. The facility has a tenor of five years with two one-year extension options. The purpose of this facility is to refinance the existing EUR 300 million revolving credit facility maturing in June 2024. With this facility, Cargotec strengthens its long-term liquidity and includes sustainability targets to the facility.

The key performance indicator (KPI) of the facility is directly linked to Cargotec's climate-related performance target, which is to reduce CO2 emissions in our value chain by 50% by 2030.

All releases

Q4 pre-silent video

Cargotec hosted its Q4/2022 pre-silent call on 11 January. In this video, CFO Mikko Puolakka summarises the key messages and answers the most common questions we have received during the quarter.

IR activities during Q4

The quarter was full of exciting meetings, with the CMD and the following site visit bringing a lot of investors to Helsinki in November. During the fourth quarter, road shows took us to US, Canada, UK and Denmark, and we have also hosted some visits at our headquarters in Helsinki, Finland. We are also available for virtual and hybrid events. 

If you are interested to meet with us, please do not hesitate to contact Heidi at heidi.gustafsson(at)cargotec.com to agree on the details.

IR calendar

Take a look also at these contents 

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.

Consensus

Have a look at the latest VARA consensus estimates.

2019 pre-silent newsletters

Q4/2019 pre-silent newsletter

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 information in 2020

Cargotec’s Financial Statements review 2019 will be published on Thursday, 6 February 2020 at approximately 9:00 AM EET.

Orders announced in Q4/2019

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

Other announcements during Q4/2019

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.

Investor activities and events during Q4 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.

Take a look at these contents on our website

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.

 

Our latest outlook

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).

Consensus

Take a look at the latest Vara consensus estimates.


Upcoming activities

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.

Q3/2019 pre-silent newsletter

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).

Cargotec’s financial information in 2019

The publication date for the Interim report January–September 2019 is Tuesday, 22 October 2019.

Orders announced in Q3/2019

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

Other announcements during Q3/2019

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.

Investor activities and events during Q3 2019

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.

Take a look at these contents on our website

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.

Consensus

Take a look at the latest Vara consensus estimates.


Upcoming activities

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.

Q2/2019 pre-silent newsletter

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).

Cargotec’s financial information in 2019

The publication date for the Interim report January–September 2019 is Tuesday, 22 October 2019.

Orders announced for Q2/2019

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

Other announcements during Q2/2019

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.

Investor activities and events during Q2 2019

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

Take a look at these contents on our website

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.

Consensus

Take a look at the latest Vara consensus estimates.


Upcoming activities

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.

Q1/2019 pre-silent newsletter

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).

Cargotec’s financial information in 2019

The publication dates for the 2019 half year financial report and Q3/19 interim report:

  • Half year financial report January–June 2019, on Thursday, 18 July 2019
  • Interim report January–September 2019, on Tuesday, 22 October 2019

Orders announced for Q1/2019

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.

Investor activities and events during Q1 2019

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.

Take a look at these contents on our website

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.

Consensus

Take a look at the latest Vara consensus estimates.

Upcoming activities

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.

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